News and Analysis

Boscov’s Department Store LLC has extended the bankruptcy court-supervised sale process of its assets, with a hearing now scheduled for November 5. Earlier this month, the company agreed to sell substantially all its assets to Versa Capital Management.

NEW YORK (Reuters) – The market for initial public offerings is facing its worst drought in decades, and history gives few clues as to when the market will turn around. The IPO market has typically reopened fairly soon after a slumping stock market begins rising again. But this time there will need to be an […]

The infrastructure fund of Citigroup and the Vancouver Airports Authority are planning a joint £2 billion (US$3.2bn) bid for Gatwick Airport, The Sunday Times reported without citing sources. Operator BAA put the London airport up for sale after Britain’s Competition Commission said in a provisional ruling in August that the unit of Spain’s Ferrovial must sell […]

NEW YORK (Reuters) – Private equity firms TPG and Apollo Management LP are going to have to mark down their investments in Harrah’s Entertainment, as the casino giant grapples with a soft economy and a heavy debt load, the Wall Street Journal reported on its website on Sunday. TPG and Apollo bought Harrah’s Entertainment, which […]

NEW YORK (Reuters) – Huntsman Corp (HUN.N) said on Friday it has has received a written opinion from valuation firm American Appraisal, which states that the company to be formed from the pending merger of Hexion Specialty Chemicals, Inc and Huntsman Corp would be solvent. The deal has teetered on collapse for months after private […]

Most of the U.S. auto industry is on its back, but Carousel Capital may have found a niche that is still surging forward: Companies that repair and spruce up old vehicles, so that folks needn’t buy new ones. Carousel yesterday announced that it has acquired Driven Brands, parent of economy repair chains like Meineke Car […]

DETROIT (Reuters) – Chrysler LLC is targeting a 25 percent reduction in its salaried and supplemental workforce in response to the deepening slump in the U.S. auto industry amid declining consumer confidence. “Due to the unprecedented conditions in the auto industry, both in our home and international markets, we are targeting a 25 percent reduction […]

Brysam Global Partners has agreed to invest around $98 million for an 18.84% stake in Columbian bank BCSC. Fundación Social would remain the bank’s largest shareholder with a 71.7% stake, while IFC holds the remainder. www.brysam.com

Jupitermedia Corp. (Nasdaq: JUPM) has agreed to sell its online images business to Getty Images Inc. for $96 million in cash. Hellman & Friedman took Getty private earlier this year for $2.3 billion.

Fitness Holdings International, a Long Beach, Calif.-based fitness equipment retailer, has filed for Chapter 11 bankruptcy. It plans to hire a liquidator for its 111 stores, which operate under such brands as Omni Fitness, Busy Body Home Fitness and LA Gym Equipment. Hancock Park Associates had acquired the company out of bankruptcy in 2001. www.busbody.com