(Reuters) – American Greetings Corp (AM.N), the second-largest U.S. greeting-card maker behind Hallmark Cards, will buy bankrupt rival Recycled Paper Greetings Inc to enhance its humorous greeting-card offerings. The deal consideration includes a combination of $54.7 million of new 7.375 percent notes due in 2016 and up to $18.4 million of cash in addition to […]
HONG KONG (Reuters) – China’s foreign exchange watchdog, the State Administration of Foreign Exchange, will cut back on overseas equity buys next year after suffering major losses on the collapse of U.S. lender Washington Mutual, according to sources. Earlier this year, SAFE, which controls around $2 trillion of China’s foreign reserves, agreed to invest up […]
LONDON (Reuters) – Aberdeen Asset Management (ADN.L) will acquire Credit Suisse’s (CSGN.VX) fund management arm in an all-share deal valued at 250 million pounds ($363.3 million), boosting its funds under management by almost 50 percent and adding clout to its sales and distribution network. Adding to earlier fourth-quarter losses, Credit Suisse said on Wednesday it […]
NEW YORK (Reuters) – The federal bailout of auto lender GMAC LLC puts a floor under the potential losses for its owner Cerberus Capital Management and could provide a roadmap for the private equity firm and its investors to cash out with their remaining capital. The development underscores how the deepening government support for the […]
NEW YORK (Reuters) – KKR Financial Holdings LLC (KFN.N), a debt fund managed by private equity firm Kohlberg Kravis Roberts & Co., said on Tuesday it had received a listing standards notice from the New York Stock Exchange. KKR Financial said it was notified that it had fallen below the NYSE’s continued listing standard, which […]
NEW YORK (Reuters) – Chesapeake Corp (CSKE.PK), a maker of paperboard and plastic packaging, has filed for Chapter 11 bankruptcy protection and plans to sell itself to a group of private equity firms, according to court documents. The Richmond, Virginia-based company said it could not keep up with interest payments on its debt as the […]
Energy Capital Partners has completed its sale of FirstLight Power Enterprises Inc. to SUEZ Energy North America for a reported $1.89 billion. FirstLight owns and operates 15 power generation plants, primarily storage and traditional hydro facilities in New England.
NEW YORK (Reuters) – DHP Holdings II Corp, parent of fireplace and heater maker Desa Heating, filed for Chapter 11 bankruptcy protection on Monday and said it would pursue an orderly wind down of its businesses, citing the sagging economy and credit crunch. The Bowling Green, Kentucky-based maker of indoor and outdoor heaters and garden electrical […]
PARIS (Reuters) – French women’s clothing company Morgan has gone into administration, a company spokesman said on Tuesday, as the global financial crisis continues to hit the luxury goods and retail sectors. Morgan employs 1,000 staff in total, with 750 of them based in France. The company said it was expecting a 9 percent fall […]
Odyssey Investment Partners has completed its take-private acquisition of SM&A, a Newport Beach, Calif.–based management consulting firm for procurement projects. The deal was valued at $119.6 million, or $6.25 per SM&A share. Caltius Mezzanine provided financing, while Wedbush Morgan Securities advised SM&A.