By LAURA SANTINI

The global credit crunch may be claiming another victim: the listed infrastructure fund.

The chairman and the chief executive of Australia's Babcock & Brown Ltd., one of the largest managers of such funds, stepped down Thursday after a 30% drop in first-half profits and a share price that has fallen 92% since the beginning of the year. Babcock is expected to sell assets to help pay back 9.6 billion Australian dollars (US$8.38 billion) in parent-company debt and billions more in debt at various funds, according to people familiar with the matter. It also expects to cut head count by around 25%, or about 300 positions. Its shares Thursday fell 36% to a record low of A$2.22.

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Posted by boyang at August 22, 2008 3:11 PM