Reuters – Court Orders China’s Ambow into Provisional Liquidation

A court has ordered China’s Ambow Education Holdings Ltd into provisional liquidation, a move that could end months of wrangling between the CEO and external shareholders that include Avenue Capital, Baring Asia and Macquarie, writes Reuters. A court in the Cayman Islands issued the order for New York-listed Ambow, a private schools and career training company, and appointed members of KPMG as the provisional liquidators, according to a June 10 Ambow statement.

Quiznos Close to Deal to Restructure Debt

U.S. sandwich chain Quiznos, which is struggling with slumping sales and a recent violation of debt terms, is close to a deal to restructure its roughly $870 million of debt, Reuters wrote Thursday, citing the Wall Street Journal. The company is owned by firms CCMP Capital Advisors and Consumer Capital Partners. However, as part of the tentative deal, hedge fund Avenue Capital would convert its debt to equity and invest cash in Quiznos, giving Avenue more than a 70% ownership stake in the chain, Reuters wrote.

From Chapter 11 to M&A Targets

(Reuters) – Hundreds of businesses crawling out of bankruptcy in the hands of hedge funds and other financial owners are hanging the “for sale” sign on their doors. Distressed debt investors such as Paulson & Co, Avenue Capital and Silver Point Capital that took control of bankrupt companies during the financial crisis are looking to […]

Blackstone, Avenue Capital Raising $5B

Blackstone and Avenue Capital are planning to raise $5 billion to invest in the debt markets, Reuters reported, citing a story in the UK’s Sunday Telegraph newspaper. Blackstone, through its GSO Capital Partners unit, plans to raise $3 billion to invest in private equity and other private transactions, replacing bank debt or as mezzanine funding, which is part-equity, party-debt, Reuters wrote. Avenue Capital is looking to raise up to $2 billion to invest in US company debt.

Sea Island Plans Sale To Private Investors

Bankrupt resort and real estate developer Sea Island Company will sell its assets to a new company formed by investors Oaktree Capital Management, Avenue Capital Group, Anschutz Corporation and Starwood Capital Group. Financial terms of the sale – which is part of Sea Island’s Chapter 11 bankruptcy plan – were not released.

Judge: Six Flags Can Craft Own Reorg Plan

NEW YORK (Reuters) – A U.S. judge said on Monday Six Flags Inc (SIXFQ.OB) can keep its exclusive right to file its bankruptcy reorganization plan, overruling objections from a group of noteholders that sought to offer their own plan. The ruling allows the world’s largest regional theme park operator to begin soliciting votes from creditors […]

Avenue Capital Nears Deal for Chinese Med Equipment Co.

HONG KONG (Reuters) – Hedge fund Avenue Capital is in the final stages of talks to buy a Chinese medical equipment company backed by a unit of Citigroup Inc (C.N) in a deal worth over $100 million, sources familiar with the situation said on Tuesday. The exclusive talks for Shenzhen-based Landwind between Avenue Capital, one […]

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