Blue Wolf’s New Found Health chosen stalking horse bidder for Florence

New Found Health, a portfolio company of Blue Wolf, has been named the “stalking horse bidder” for the assets of Florence Hospital at Anthem. Based in Pinal County, Arizona, Florence filed for chapter 11 bankruptcy in March 2013. According to Blue Wolf, its investment in Florence will allow the hospital to exit bankruptcy.


Jindal Tubular seals PSL North America deal

Jindal Tubular has acquired PSL North America for $104 million. Based in Bay St. Louis, MS, PSL is a manufacturer of large diameter, high pressure steel pipe. Jindal Tubular made the acquisition through a section 363 sale approved by the United States Bankruptcy Court for the District of Delaware.


Sycamore Partners acquires bankrupt Coldwater Creek retail brand

Sycamore Partners said Monday that it has bought the Coldwater Creek brand and other intellectual property. No financial terms were disclosed. The firm plans on re-launching Coldwater Creek, a women’s clothing retailer that filed for bankruptcy, as an independent portfolio company.


Green Field sells assets to Gordon Brothers Group

Green Field, an oilfield service firm based in Lafayette, Louisiana, has sold its equipment and inventory assets to Gordon Brothers Group. No financial terms were disclosed. Carl Marks served as an investment banker to Green Field on the transaction. Green Field filed for bankruptcy last October.


EFH Chapter 11 filing as soon as Monday: Reuters

Leading Texas power company Energy Future Holdings is expected to file for bankruptcy as early as Monday evening, sources close to the situation told sister news service Reuters on Friday, as it struggles to pay its hefty debt load of more than $40 billion because of cheap electricity prices.

Specialty retailer Brookstone plans bankruptcy filing – Reuters

Specialty retailer Brookstone Inc is preparing to file for bankruptcy with a plan in place to be bought by another specialty retailer, the Wall Street Journal reported, writes Reuters. Brookstone was taken private in 2005 by a group led by Osim, Asia’s biggest maker of massage chairs, in a $445 million deal. The group included Temasek Holdings and private equity firm JW Childs Associates LP.

Gordon Brothers to liquidate Green Field Energy Services assets

Gordon Brothers Group, a Boston-based advisory, restructuring and investment firm, has received approval by bankruptcy court to sell all assets formerly owned by Green Field Energy Services. A well service provider specializing in turbine-powered hydraulic fracturing services, Green Field filed for bankruptcy on October 27, 2013. The company’s assets are valued at more than $250 million.

VC-backed Plextronics files for bankruptcy, gets $32.6 mln buyout offer – VentureWire

According to VentureWire, Pittsburgh-based Plextronics has filed for bankruptcy. The outlet reported that existing investor Solvay SA has made a $32.6 million buyout offer for the printed electronics developer. Plextronics’s backers include Applied Ventures, Birchmere Ventures , Draper Triangle Ventures, Firelake Capital Management, Innovation Works, Newlin Investment Co. and Solvay North America Investments.

Fidelity hires advisers for Energy Future reshuffle plan – Reuters

Fidelity Investments, a creditor of Energy Future Holdings Corp, has hired advisers to propose a restructuring plan for the Texas utility in the hope of saving it from a protracted bankruptcy, writes Reuters. Fidelity, which has amassed EFH bonds, is working on a proposal it aims to present this month, writes Reuters.

Arcapita emerges from Chapter 11

Arcapita, an investment firm headquartered in Bahrain, has emerged from Chapter 11 reorganization proceedings in the United States. Under the terms of the reorganization, Arcapita (legally referred to as AIM Group Limited) led by the existing management team will continue to manage the Arcapita investment portfolio on behalf of investors and creditors, with the objective of maximizing exit values across the portfolio.

Chances slim for prepackaged bankruptcy for Energy Future – Reuters

Chances are growing slim for Texas utility Energy Future Holdings to negotiate a prepackaged bankruptcy with its creditors that would avoid a lengthy spell in Chapter 11, writes Reuters. The embattled company has been in talks for months with secured lenders, which hold about $20 billion in debt, writes Reuters.

Reuters – Germany’s Praktiker Appoints Macquarie

The insolvency administrators of German DIY store chain Praktiker have stepped up the search for an investor by appointing Macquarie as advisor and asking for bids by September, writes Reuters. Sources told Reuters last week there had already been interest from private equity.

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