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Citigroup Sale of OneMain Hits Snag: Report

NEW YORK ( TheStreet) -- Citigroup's (C - Get Report) attempts to sell its OneMain Financial unit have hit a snag over concerns among potential bidders about its funding as a standalone business, The Financial Times reported.

OneMain, formerly known as CitiFinancial, is the largest U.S. consumer finance company.

Citigroup has been trying to sell the unit for six months. Potential buyers are trying to determine how much OneMain would need to raise, as well as how much funding Citigroup will commit to complete a deal, the newspaper reported.

The three remaining bidding groups for OneMain are waiting on reviews by credit ratings agencies, expected in the next two weeks, The Financial Times said, citing people familiar with the matter.

Among the potential buyers is a private-equity consortium of Blackstone (BX - Get Report), Carlyle, and Brysam Global Partners, a group led by former Citigroup executives Bob Willumstad and Marjorie Magner. Apollo Management and JC Flowers form the second bidding group, while Centerbridge Capital Partners leads a third, the newspaper said.

OneMain has a book value of about $2 billion.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here: Joseph Woelfel

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