It's taken a bit longer than (the markets) expected, but Tim Geithner this morning released details of how the public-private partnership would work. For the uninitiated, this is the program whereby private equity and hedge funds would buy toxic assets from bank balance sheets, in partnership with the U.S. government. You can get all the details here, and we've posted the basic fact sheet after the jump. Much more on this later today, after we've had a chance to read and digest...
(Reuters) Potential bidders for London’s Gatwick Airport are to be assessed by Britain’s competition regulator next week on their suitability to run the country’s second-busiest airport. A spokesman for the Competition Commission told Reuters that the three consortiums currently preparing bids for the up to 2 billion pound ($2.91 billion) asset would be judged on […]
CI Capital Partners plans to acquire a majority of Ply Gem Industries Inc.’s 9% senior subordinated notes. No financial terms were disclosed. CI is an existing shareholder in Ply Gem, a Cary, N.C.-based maker of products for use in the residential new construction, do-it-yourself and professional renovation markets.
WASHINGTON (Reuters) – The United States offered on Monday financing for private investors to help cleanse banks of up to $1 trillion in toxic assets that are blocking lending and worsening a deep U.S. recession. Markets rallied on the news, in contrast to a disappointed reaction last month to the bare outline of Treasury Secretary […]
NEW YORK (Reuters) – The lack of big investor interest in the debut of the Federal Reserve’s consumer lending program is heightening fears private capital will also shun the government’s toxic-asset plan amid public outrage over outsized executive bonuses. The Fed’s new program to resuscitate consumer credit, the Term Asset-Backed Securities Loan Facility, or TALF, […]
NEW YORK (Reuters) – Sportsman’s Warehouse, a Utah-based sporting goods retailer, on Saturday filed for Chapter 11 bankruptcy protection citing a liquidity crisis triggered by declining sales and the global economic slowdown. The company, which sells goods relating to fishing, hunting, camping and other outdoor activities, said it intends to operate 29 stores as a […]
LONDON/NEW YORK (Reuters) – Private equity groups Hellman & Friedman, Bain Capital and TPG Capital have each shown interest in the iShares unit from British bank Barclays (BARC.L), sources familiar with the situation said. Talks with a consortium around Hellman & Friedman were moving “quickly and smoothly,” one of the sources said. It was not […]
No scandal is without its embarrassing details. Yesterday’s pay-for-play indictments revealed one especially juicy tidbit. State of NY’s Chief Investment Officer David Loglisci is charged with taking gifts and bribes in exchange for commitments from the state’s pension fund. Among those gifts? Sham investments to help his brothers produce a low-budget movie called “Chooch.” The movie, released in 2004, bares the tagline: In the neighborhood of Bocci Park, Queens, God forbid you mess up and someone gives you a nickname. It can stick with you the rest of your life. Thank private equity for inadvertently helping to bring this gem to the public. A reviewer on RottenTomatoes.com called it “an absolute chore to sit through, unless you happen to come from the same block as the filmmakers, in which case you might produce a few charitable chuckles, just to be nice.” We've posted the trailer after the jump...
BANGALORE (Reuters) – India’s Spice Group and Tech Mahindra (TEML.BO) said on Friday they were in the race for fraud-hit Satyam Computer Services (SATY.BO), but as a deadline passed U.S.-based iGate Corp (IGTE.O) said it would not proceed. Other potential suitors who registered last week, such as engineering firm Larsen & Toubro (LART.BO), had not […]
As usual, I have a week’s worth of Moody’s and S&P downgrades on PE-backed companies. These are only the downgrades that affect companies that S&P and Moody’s consider part of their respective “Weakest Links” and “Bottom Rung” lists. This week there are five, the majority of which are mega-buyouts. Apollo Management is a repeat offender.