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peHUB First Read

Check out the midweek news with this morning’s First Read including CVC’s Asian fundraising, a first close for New MainStream Fund II and Ares rejecting immediate plans to do an IPO.

KKR strikes deal to restructure ATU – Reuters

Private equity group KKR has struck a deal to restructure the debt of loss-making car repair chain Auto-Teile Unger, writes Reuters. KKR and ATU’s management have agreed on the main points of a debt-for-equity swap with the repair firm’s main creditors, credit investment groups Centerbridge and Babson Capital as well as funds managed by Goldman Sachs, writes Reuters.

Extended Stay Gets $450 million from Centerbridge, Paulson

Bankrupt lodging chain Extended Stay America Inc [ESAIN.UL] said investment firms Centerbridge Partners LP and Paulson & Co Inc agreed to invest up to $450 million in the company once it exits Chapter 11.

In a filing on Friday, Extended Stay said Centerbridge and Paulson would invest $225 million in equity and will backstop a $225 million rights offering.

Ross, Carlyle, Centerbridge Bidding For BankUnited

(Reuters) – Troubled Florida lender BankUnited Financial Corp (BKUNA.O) has drawn at least one bid from a private equity consortium that includes WL Ross & Co, a source familiar with the matter said on Tuesday. Bids for the bank, which had assets of $13.1 billion and deposits of $8.7 billion as of March 31, were […]

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Where Are They Now? The Performance of Failed Take-Privates

Remember when PE firms backed out of signed deals in droves? They looked like jerks at the time, but in retrospect, they were probably smart to avoid the overpriced, highly leveraged deals they had aggressively pursued for the past three years.

Taking into account the Dow’s record breaking drops last year, and assuming that a company’s stock price reflects its health, let’s look at the stock performance of 2008’s busted take-private targets and recoil at the premiums PE firms might have paid.

PE Exec Aids UAW on GM/Chrysler Deal

NEW YORK (Reuters) – Stephen Girsky, a veteran auto-industry analyst and private equity executive, is working with the United Auto Workers union with regards to any potential General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) and Chrysler LLC deal, a source familiar with the situation said on Sunday. Girsky is president of Centerbridge Industrial […]

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