LONDON (Reuters) – Buyout house Montagu Private Equity is turning its attention to the disposal of Survitec after its sale of Kalle on Thursday showed returning appetite for deals in defensive sectors, sources said. Montagu has appointed investment bank NM Rothschild to examine options for safety equipment manufacturer Survitec, a source familiar with the situation […]
NEW YORK (Reuters) – Banco Bilbao Vizcaya Argentaria (BBVA.MC), Spain’s second-largest bank, is expected to win a government-run auction of troubled Texas lender Guaranty Financial Group Inc (GFG.N), sources familiar with the situation said on Wednesday. The Federal Deposit Insurance Corp (FDIC), which was managing Guaranty’s sale, had set a bid deadline of Tuesday for […]
At the beginning of this year, bankruptcy pros looked at the massive hangover of LBO debt, coupled with the deteriorating economy, and predicted a giant wave of bankruptcies would wash over the private equity world in 2009. While bankruptcies are up over last year (on pace to double, in fact), the figure is still not […]
SMART Business Advisory & Consulting LLC, a business advisory owned by Great Hill Partners, has agreed to merger with LECG Corp. (Nasdaq: XPERT). The deal includes the issuance of approximately $39.9 million worth of LECG shares, plus a $25 million investment commitment from Great Hill.
HONG KONG/TOKYO (Reuters) – Japanese trading firm Itochu (8001.T) is in talks with KKR [KKR.UL] to form a joint bid for Citigroup Inc’s (C.N) Bellsystem24, in what might be the largest private equity deal in Japan this year, sources said. U.S. buyout giant Kohlberg Kravis Roberts & Co and European firm Permira have emerged as […]
TAIPEI/HONG KONG (Reuters) – A rich asking price could once again sink AIG’s (AIG.N) plan to sell its Taiwan insurance unit after an attempt at a sale earlier this year met a similar fate. American International Group, once the world’s biggest insurer before the U.S. government had to bail it out last year, is seeking […]
NEW YORK (Reuters) – A consortium that is led by financial services executive Gerald Ford and includes a number of private equity firms, submitted a bid for troubled bank Guaranty Financial (GFG.N) despite uncertainty over U.S. regulation guidelines, sources familiar with the matter said on Tuesday. It was unclear how many offers were submitted in […]
Discussing the Reader's Digest bankruptcy, with Carrie Lee in New York and me just a few paces from the suburban home office: Update: I made a misstatement in the video, in saying that Alpha Media and Vibe had filed for bankruptcy protection. Neither one has done so. Instead, both PE-backed companies were written off by their equity sponsors and were either recapped (Alpha) and/or sold (Vibe). Major apologies.
WILMINGTON, Del. (Reuters) – Apollo Management won a six-month bankruptcy court battle to improve the terms of Pliant Corp’s reorganization plan, which will now be put to a creditors’ vote, according to court documents. The maker of plastic packaging filed for bankruptcy in February with a negotiated plan that proposed transferring ownership to senior lenders. […]
NEW YORK/LOS ANGELES (Reuters) – Metro-Goldwyn-Mayer Inc has replaced its chief executive with a team that includes turnaround expert Stephen Cooper and its production boss, Mary Parent, as the storied Hollywood studio grapples with reducing a high debt load. Harry Sloan, a veteran Hollywood businessman who took the helm a few months after the 2005 […]