* Says considering sale of some or all assets
* Says received non-binding proposals from PE firms
* Shares down 5 percent
March 16 (Reuters) - Troubled lender Sterling Financial Corp said it was exploring strategic alternatives, including a possible sale of the company or some of its assets, sending its shares down 5 percent after the bell.
The holding company for Sterling Savings Bank is trying to recapitalize itself and said it has received several non-binding proposals from private equity firms and has entered into a non-binding letter of intent with one firm to provide additional capital.
The company could also look at raising of capital through public or private equity offerings, it said in a statement.
The company said it expects to restructure its capital and liabilities as part of its recovery plans.
Sterling said as part of its recapitalization plans it received conditional support from the U.S. Treasury for a plan to convert preferred stock held by the Treasury into common stock only after it raises at least $650 million of additional capital, among other things.
Shares of the Spokane, Washington-based were down 4 cents at $0.73 after the bell. They closed at $0.77 Tuesday on Nasdaq.
(Reporting by Jochelle Mendonca in Bangalore; Editing by Jarshad Kakkrakandy) Keywords: STERLINGFINANCIAL/ (jochelle.mendonca@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: jochelle.mendonca.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Says received non-binding proposals from PE firms
* Shares down 5 percent
March 16 (Reuters) - Troubled lender Sterling Financial Corp said it was exploring strategic alternatives, including a possible sale of the company or some of its assets, sending its shares down 5 percent after the bell.
The holding company for Sterling Savings Bank is trying to recapitalize itself and said it has received several non-binding proposals from private equity firms and has entered into a non-binding letter of intent with one firm to provide additional capital.
The company could also look at raising of capital through public or private equity offerings, it said in a statement.
The company said it expects to restructure its capital and liabilities as part of its recovery plans.
Sterling said as part of its recapitalization plans it received conditional support from the U.S. Treasury for a plan to convert preferred stock held by the Treasury into common stock only after it raises at least $650 million of additional capital, among other things.
Shares of the Spokane, Washington-based were down 4 cents at $0.73 after the bell. They closed at $0.77 Tuesday on Nasdaq.
(Reporting by Jochelle Mendonca in Bangalore; Editing by Jarshad Kakkrakandy) Keywords: STERLINGFINANCIAL/ (jochelle.mendonca@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: jochelle.mendonca.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.