After each update of The 2008 LBO-Backed Bankruptcy List, I get a few requests for the 2007 list for comparison's sake. Until today, that list didn't exist, but I've spent the morning compiling as comprehensive of a record as possible. That effort resulted in a humbling number: Two. After narrowing down data from Thomson Reuters and Bankruptcy Research Database, I have concluded that only two buyout-backed companies filed for Chapter 11 in 2007.* Compare that total with the 39 companies to date this year. It seems silly to make a chart for just two companies, but, for consistencies sake, here it is: Lbo-backed-bankruptcies-2007. The companies are Remy International Inc, backed by CitiCorp Venture Capital and Berkshire Hathaway, InSight Health Services Holdings Corp, backed by J.W. Childs Associates and Halifax Group. Interesting to note, one of the '07 bankruptcies that was not buyout-backed at the time of filing, might be ripe to file Chapter 22. ...
Acresso, a portfolio company of Thoma Bravo, has agreed to acquire Intraware Inc. (Nasdaq: ITRA), a provider of digital delivery and management services. The total deal is valued at approximately $27 million, or $4 per share (29% premium to last Friday’s closing price). Savvian managed the process for Intraware.
Mervyn’s Holdings LLC will hold liquidation sales during the holiday shopping season, and then shutter its remaining 149 locations. The department store operator filed for Chapter 11 bankruptcy protection earlier this year, after having been purchased in 2004 by a group of investors including Cerberus Capital Management and Sun Capital Partners.
Masonite International Corp., a door manufacturer owned by KKR, missed a $42 million interest payment of subordinated notes due last Wednesday, partially prompting S&P to lower its corporate rating from CC to D. Moody’s followed by lowering its corporate rating to Caa3 from Caa1, and its probability of default rating to Ca from Caa2.   […]
MOSCOW (Reuters) – The Carlyle Group is suing Russian steelmaker NLMK (NLMK.MM: Quote, Profile, Research, Stock Buzz) to force it to complete a $3.5 billion deal to buy U.S. tubular steel maker John Maneely Co., one of Russia’s biggest merger deals this year. Both sides confirmed in e-mails to Reuters on Saturday that the suit […]
(Reuters) – Sumner Redstone, a controlling shareholder of Viacom Inc and CBS Corp, might be forced to sell either of the companies to help tide over the current financial crunch being faced by his movie theater chain, National Amusements Inc, the New York Post said on Sunday.   National Amusements Inc said last week it […]
(Reuters) – General Growth Properties Inc., the No. 2 U.S. mall owner, is trying to sell up to $2 billion in preferred shares to private-equity firms, hedge funds and other investors in a bid to lower its debt burden, the Wall Street Journal reported. The company’s bankers at Goldman Sachs Group Inc (GS.N) have approached […]
Private equity firm CVC Capital Partners has teamed up with Swiss Re, the world’s largest reinsurance group, to make a bid for a majority stake in Royal Bank of Scotland’s UK insurance assets. CVC held talks with RBS last week over a possible deal, according to a source familiar with the matter. The bid would […]
Veritas Capital has sold Continental Electronics Corp. to Lone Star CRA Fund, for an undisclosed amount. CEC provides digital and analog RF transmitter systems, and was advised on the sale by Houlihan Lokey Howard & Zukin. PRESS RELEASE Veritas Capital announced it has sold Continental Electronics Corporation (CEC) to Lone Star CRA Fund, LP. CEC […]
ARKequity LLC has acquired a minority stake in Integrity Health, a Princeton, N.J.-based health benefits management company. No financial terms were disclosed.

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