NEW YORK (Reuters) – Foamex International Inc (FMXLQ.PK) , a bankrupt maker of polyurethane foam for bedding and cushions, said on Wednesday that it has reached a deal to sell substantially all of its assets to an affiliate of debt investment firm MatlinPatterson. MatlinPatterson intends to purchase the company’s assets as a going concern, subject […]
NEW YORK (Reuters) – Gordon Brothers and an unspecified “group from China” are expected to make bids for the assets of bankrupt department store chain Gottschalks by Wednesday night or Thursday morning, the head of the department’s store’s creditor committee said on Wednesday. “We’re expecting a couple of bids today which we haven’t gotten yet,” […]
NEW YORK (Reuters) – Senior lenders who provided $150 million to Freescale Semiconductor have filed suit against the chip maker over its attempt to exchange about $4 billion in notes for up to $1 billion in a new term loan. The exchange has “unjustly enriched” noteholders because they have swapped nearly worthless notes for a […]
MILAN (Reuters) – Yoox Group has named Goldman Sachs (GS.N) and Mediobanca (MDBI.MI) as advisers for an initial public offering (IPO), refusing to let the global crisis deter it from listing its stock, according to two market sources. The Wall Street Journal had earlier reported the online designer clothing retailer had hired the banks to […]
HONG KONG (Reuters) – China’s rejection of Coca-Cola’s (KO.N: Quote, Profile, Research, Stock Buzz) attempt to buy Huiyuan Juice (1886.HK: Quote, Profile, Research, Stock Buzz) should not deter global private equity firms from investing in the country, JPMorgan’s (JPM.N: Quote, Profile, Research, Stock Buzz) top Asia private equity banker said on Wednesday. Anand Narayan, the […]
NewPage Group Inc., a coated paper manufacturer owned by Cerberus Capital Management, has sold its Little Quinnesec hydroelectric facility in Niagara, Wisconsin to Northbrook Wisconsin LLC, a portfolio company of Energy Investors Funds and Northbrook Energy LLC. No financial terms were disclosed.
NEW YORK (Reuters) – American International Group Inc’s (AIG.N) aircraft leasing unit is likely to get bids from at least three private equity groups in the auction’s second round set for early April, two sources familiar with the matter said. The three groups seen bidding for International Lease Finance Corp (ILFC) include Thomas H. Lee […]
FRANKFURT (Reuters) – German specialty chemicals company Cognis narrowed its net loss to 63 million euros ($85.86 million) in 2008, after divestments lowered the burden of refinancing costs, it said on Wednesday. The private-equity controlled maker of ingredients for consumer goods shied away from providing an outlook, only saying it aims to cut 70 million […]
HONG KONG, March 25 (Reuters) – U.S. investor Carlyle Group said on Wednesday it had invested $20 million in a high-end Chinese women’s fashion maker to support its business expansion at home and help it expand outside China. Carlyle made its investment in Ellassay, established in 1995 in the southern Chinese boomtown of Shenzhen near […]
Despite the past year’s spike in corporate bankruptcies, The Blackstone Group's Timothy Coleman implied that the number has actually been kept down by companies finding new alternatives. Coleman, who is the firm’s Co-Head of Restructuring and Reorganization Advisory, said he’s seen a shift in the nature of the restructuring process over the last year. The comments were made at this morning’s Reuters Private Equity and Hedge Fund Summit in New York. “We’ve seen an increase in the number of out-of-court deals,” he said. “People realize that just going into Chapter 11 isn’t the only way to go.” Coleman cited the example of C-BASS, a New York-based residential mortgage asset issuer that retained Blackstone Group’s restructuring group in 2007. He said the firm worked out a long term restructuring plan that TKKTKs for the next 25 years. “It’s a great example of a deal that before, we would have thrown the company into Chapter 11.”