First Read helps you through the post-holiday hangover with news tech purchases on Black Friday [...]Continue
Trending in private equity, Pennsylvania cancels Centerbridge commitment, Ares Management seeks VP of investment operations, [...]Continue
Catch up on the midweek news as First Read has Qualcomm making a $2.5 billion [...]Continue
Check out the midweek news with this morning's First Read including CVC's Asian fundraising, a [...]Continue
Private equity group KKR has struck a deal to restructure the debt of loss-making car repair chain Auto-Teile Unger, writes Reuters. KKR and ATU’s management have agreed on the main points of a debt-for-equity swap with the repair firm’s main creditors, credit investment groups Centerbridge and Babson Capital as well as funds managed by Goldman Sachs, writes Reuters.Continue
Bankrupt lodging chain Extended Stay America Inc [ESAIN.UL] said investment firms Centerbridge Partners LP and Paulson & Co Inc agreed to invest up to $450 million in the company once it exits Chapter 11.
In a filing on Friday, Extended Stay said Centerbridge and Paulson would invest $225 million in equity and will backstop a $225 million rights offering.Continue
(Reuters) – Troubled Florida lender BankUnited Financial Corp (BKUNA.O) has drawn at least one bid from a private equity consortium that includes WL Ross & Co, a source familiar with the matter said on Tuesday. Bids for the bank, which had assets of $13.1 billion and deposits of $8.7 billion as of March 31, were […]Continue
Remember when PE firms backed out of signed deals in droves? They looked like jerks at the time, but in retrospect, they were probably smart to avoid the overpriced, highly leveraged deals they had aggressively pursued for the past three years.
Taking into account the Dow’s record breaking drops last year, and assuming that a company’s stock price reflects its health, let’s look at the stock performance of 2008’s busted take-private targets and recoil at the premiums PE firms might have paid.Continue
NEW YORK (Reuters) – Stephen Girsky, a veteran auto-industry analyst and private equity executive, is working with the United Auto Workers union with regards to any potential General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) and Chrysler LLC deal, a source familiar with the situation said on Sunday. Girsky is president of Centerbridge Industrial […]Continue