Sallie Mae claims buyers to back out of deal

Student loan giant Sallie Mae, which employs 2,300 workers in Fishers and another 500 in Muncie, said today that the private-equity buyers who offered to buy it for $25 billion want to back out of terms of the agreement.

Earlier this month, Virginia-based Sallie Mae warned the investors to follow through with the deal. The consortium includes J.C. Flowers, J.P. Morgan Chase & Co. and Bank of America.

Buyers have gotten cold feet lately as financing tightens, and the economy slows due to the collapse of the subprime mortgage market.

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