Reuters – US Funds Take Control of Australia’s Nine

Nine Entertainment‘s creditors have approved a $3.6 billion recapitalisation scheme that will see US hedge funds take control of the business, paving the way for a possible listing in 2014, writes Reuters. US hedge funds Oaktree Capital and Apollo Global Management will swap debt to take a 95.5 percent stake in the company. The breakdown between the two funds has not been disclosed.

NAB Exits Nine Entertainment

National Australia Bank has sold its entire A$86 million ($90 million) exposure in Nine Entertainment, writes Reuters. Nine’s owner, CVC Capital Partners, is fighting to retain control of the business as hedge funds led by Oaktree Capital and Apollo Global Management, circle, says Reuters. Reuters – National Australia Bank has sold its entire A$86 million […]

CVC Rebuffs Hedge Fund Plan

Private equity firm CVC has failed to respond to a proposal by Oaktree Capital and Apollo Global Management who own a chunk of $2.9 billion in debt owed by its Australian TV network Nine Entertainment to convert their debt into equity, writes Reuters. The hedge funds put their restructuring proposal to CVC on Friday in […]

Washington Commits $1B+ to Private Equity

The Washington State Investment Board, which manages more than $80 billion in pension assets, made more than $1 billion in commitments to a trio of private equity funds, two of which just started their fundraising efforts.

Cequel to Make $440 Mln Payout to Investors including Quadrangle, GS Capital and Oaktree

The Quadrangle Group is getting some good news.

Today, Cequel Communications Holdings I said that it plans to refinance an existing $2.525 billion loan with a new $2.7 billion credit facility. The new loan will consist of a $500 million revolver and a $2.2 billion term loan B. Proceeds will be used to fund a $370 million distribution in March PLUS another payout of $70 million in May, according to the statement.

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