Stant Corp., a Connersville, Ind.-based maker of fuel system and vapor emission control products for automotive and industrial applications, has filed for Chapter 11 bankruptcy protection. The 111 year-old company said that it had between $50 million and $100 million in assets and debts. H.I.G. Capital acquired Stant Corp. last year from Tompkins PLC for an undisclosed amount.
LOS ANGELES (Reuters) – Station Casinos filed for bankruptcy in Nevada on Tuesday, becoming another gambling operator felled by the recession. The company, which operates casinos catering to Las Vegas residents rather than tourists, had been seeking for months to restructure its debt. As part of an agreement with senior secured lenders, none of the […]
NEW YORK, July 28 (Reuters) – Private equity firm Apollo Management LP and the other firms planning to invest $1.6 billion in bankrupt Charter Communications Inc., are not trying to take control of the company, a senior partner at Apollo testified on Tuesday. Charter was in U.S. bankruptcy court in Manhattan on Tuesday beginning the […]
TORONTO (Reuters) – Arclin, a closely held maker of resins and other construction-related materials, said on Monday it filed for bankruptcy protection in Canada and the United States and that it reached an agreement in principle to restructure its debt with some of its key lenders. Under the terms of the agreement, Arclin will have […]
DETROIT/NEW YORK (Reuters) – A group of hedge funds that provided bankruptcy funding to Delphi Corp on Monday won a high-stakes auction to take control of the auto parts supplier, scuttling a rival deal brokered by the Obama administration. Delphi’s board of directors and GM both offered their support for the proposed deal that would […]
Take-Downs: The New York Post puts a hit on Sun Capital Partners. Not once, but twice in one issue. When Wasn't Friendster For Sale? (I mean, ever since the social networking site turned down its first ever buyout offer and realized it wasn't getting another...) Either way, TechCrunch has obtained (perhaps in an attempt by Friendster's I-bankers Morgan Stanley to drum up some bids) Friendster's official marketing materials aimed at potential Asian suitors. (TechCrunch) The New Joblessness: The U.S. economy is not only shedding jobs at a record rate; it is shedding more jobs than it is supposed to. (NYT) Surprise! A buyout firm actually write its portfolio up this quarter! (Reuters) Buffet's Cartoon: The "Secret Millionaires Club" is the title of a new cartoon staring the Oracle of Omaha, in which Buffett's cartoon likeness ... dispenses investment advice to a motley crew of kids from Omaha. (Deal Journal)
Rowmark LLC, a portfolio company of Clearview Capital, has acquired the engravable products division of Delmar Products Inc. No financial terms were disclosed. PRESS RELEASE Rowmark, LLC, a portfolio company of Clearview Capital Fund II, LP of Old Greenwich, CT, has acquired the engravable products division of Delmar Products, Inc., effective at the close of […]
(Reuters) – Canadian call center operator TigerTel Communications Inc (TTL.V) said it signed a letter of intent to be taken private by 7212747 Canada Inc (SwiftCo), controlled by TigerTel’s chief executive and former chairman. If the deal is materialized, TigerTel shareholders will get 25 Canadian cents per share, a premium of about 30 percent based […]
BUDAPEST (Reuters) – Hungarian state-owned development bank MFB will provide a 100 million-euro loan to the chemicals firm BorsodChem which was acquired by British private equity fund Permira in 2006, the Financial Times said on Monday. MFB did not respond to written questions and BorsodChem could not be reached for comment. The loan will be […]
MILAN (Reuters) – Debt-laden Italian eyewear maker Safilo (SFLG.MI), which has been seeking to strengthen its balance sheet, postponed release of its first-half results on Monday after talks with private equity groups fell through. The maker of Gucci and Dior eyewear, which has net debt of more than 600 million euros ($856 million) and has […]