(Reuters) – U.S. private equity firm TPG is offering to provide bankruptcy financing for Aleris International Inc, a company that it owns, in a strategy that could put it in the position of being paid before some other creditors, the Financial Times said. Aleris, a maker of aluminium products, filed for Chapter 11 bankruptcy protection […]
NEW YORK (Reuters) – Clarion Capital Partners LLC said on Friday that it led a group of investors in winning the bankruptcy auction to acquire the assets of china maker Lenox Group Inc (LENXQ.OB) The transaction is expected to close in March, at which time Peter Cameron, previously the CEO of Waterford Wedgwood plc and […]
MSouth Equity Partners has sponsored an acquisition of LMS Intellibound Group Inc., a provider of outsourced managed labor services, primarily to the grocery and food service sectors. No financial terms were disclosed, except that MCG Capital Corp. sold its position for $40.5 million.
Private equity firm Candover has written-off its investment in Italian yacht maker Ferretti after being unable to reach an agreement on the restructuring of the company. Candover and minority co-investor Permira are not going to participate in the restructuring plan currently on the table. Permira will also loose its investment. “On the terms proposed, Candover […]
(Reuters) – Dow Chemical Co (DOW.N) is in talks with a group of private-equity firms about an investment in its agricultural-sciences unit, said a Wall Street Journal report, citing people familiar with the matter. Dow is in early-stage discussions with a group of firms including Blackstone Group Inc. and Kohlberg Kravis Roberts & Co. about […]
(Reuters) – Debtor-in-possession loans, which help companies fund operations during a bankruptcy, are becoming a new way for distressed investors to take ownership of a bankrupt company, billionaire investor Wilbur Ross said on Friday. In bankruptcy situations, distressed investors often seek to buy a debt security that will allow them to convert their stake into […]
LONDON (Reuters) – Peter Davies, the former chief executive of Principles, has submitted a bid for the British women’s fashion brand, he said on Friday. Principles’ owner, Mosaic Fashions, said earlier this month it had received expressions of interest in the brand. Mosaic, which also has brands including Karen Millen, Oasis and Warehouse, is 49 […]
I was on Reuters Insider earlier today (vid after the jump), to discuss the possibility of private equity firms buying ILFC, the aircraft leasing unit of AIG. Reports are that Carlyle is leading one possible consortium, while Greenbriar Equity and Onex Partners are teaming on another. KKR and TPG each had expressed early interest, but have since bailed. To me, there are two huge obstacles to PE firms buying IFLC: (1) Financing the transaction and (2) Owning and operating IFLC. The first obstacle is obviously first. IFLC reportedly is valued at $8 billion, which would require a minimum of $4 billion or $5 billion in leverage. That type of outlay is theoretically possible, but far from probable. Credit still hasn't loosened much when it comes to large leveraged loans, which means I only see this working if the government steps in as the lender of last resort.
Regency Energy Partners (Nasdaq: RGNC), Alinda Capital Partners and an affiliate of GE Energy Financial Services are forming a joint venture to finance and construct Regency’s Haynesville Expansion Project, a North Louisiana pipeline that will transport gas from the Haynesville Shale. Regency will contribute its Regency Intrastate Gas System in North Louisiana, for a 38% stake. Alinda will contribute $126.5 million in cash for a 12% stake, while GE will contribute $526.5 million for a 50% stake.
Aspen Surgical Products Holding Inc., a portfolio company of RoundTable Healthcare Partners, has acquired of the Wound Care and Ophthalmics business of UK-based Unomedical Ltd. No financial terms were disclosed.