HONG KONG, March 25 (Reuters) – U.S. investor Carlyle Group said on Wednesday it had invested $20 million in a high-end Chinese women’s fashion maker to support its business expansion at home and help it expand outside China. Carlyle made its investment in Ellassay, established in 1995 in the southern Chinese boomtown of Shenzhen near […]
Despite the past year’s spike in corporate bankruptcies, The Blackstone Group's Timothy Coleman implied that the number has actually been kept down by companies finding new alternatives. Coleman, who is the firm’s Co-Head of Restructuring and Reorganization Advisory, said he’s seen a shift in the nature of the restructuring process over the last year. The comments were made at this morning’s Reuters Private Equity and Hedge Fund Summit in New York. “We’ve seen an increase in the number of out-of-court deals,” he said. “People realize that just going into Chapter 11 isn’t the only way to go.” Coleman cited the example of C-BASS, a New York-based residential mortgage asset issuer that retained Blackstone Group’s restructuring group in 2007. He said the firm worked out a long term restructuring plan that TKKTKs for the next 25 years. “It’s a great example of a deal that before, we would have thrown the company into Chapter 11.”
BANGALORE (Reuters) – Satyam Computer Services Ltd (SATY.BO) hopes to finalise the buyer of a 51 percent stake by April 30, the fraud-hit Indian outsourcing company said in a filing to the market regulator on Tuesday. As part of the terms of the takeover transaction, Satyam said the buyer’s shareholding, acquired through a preferential […]
Vector Capital has completed its $160 million take-private buyout of Aladdin Knowledge Systems, an Israeli maker of security software. Aladdin stockholders received $11.50 per share.
(Reuters) – MMC Precision Holdings, which supplies Caterpillar Inc (CAT.N) and Deere & Co (DE.N), filed for Chapter 11 bankruptcy and is seeking a buyer for the business, according to court documents. MMC said the recession had cut its sales by a third over the past year and, combined with tight credit markets, forced the […]
NEW YORK (Reuters) – Indalex Inc., an Illinois maker of soft alloy aluminum extrusion products, filed for Chapter 11 bankruptcy protection on Friday, according to court documents. Indalex and four affiliates listed assets of between $100 million to $500 million and liabilities of between $100 million to $500 million, according to documents filed with the […]
Wind Point Partners is in talks to acquire an equity stake in Grand Rapids, Mich.-based contract cereal and snack maker Roskam Baking Co., according to LBO Wire. The deal would include more than $100 million in leveraged financing from GE Capital and CIT Group. www.wppartners.com
(Reuters) – British software firm Innovation Group Plc (TIG.L) said on Tuesday it received an expression of interest at 15 pence per share, about 250 percent premium to the stock’s closing price on Monday, from private-equity firm Carlyle Group. Innovation, which provides outsourcing services to the insurance industry, said discussions were at a “very preliminary” […]
AmWINS Group Inc., a Charlotte, N.C.-based wholesale distributor of specialty insurance products and services, has acquired National Insurance Wholesalers, an insurance wholesaler of medical stop-loss insurance for self-insured companies, from Clark & Wamberg LLC. No financial terms were disclosed. AmWINS is a portfolio company of Parthenon Capital.
TOKYO (Reuters) – U.S. hedge fund Steel Partners said on Tuesday it had withdrawn its proposal to buy Japanese gas and water heater maker Noritz Corp (5943.T), saying the company’s shares were trading above its offer price. Steel Partners, Noritz’s top shareholder with an 18.7 percent stake, offered to buy out the company for 42.3 […]