WASHINGTON (Reuters) – A U.S. Treasury-led effort to soak up toxic assets from bank balance sheets could draw in private investors with the right government financing, a senior Treasury official said on Wednesday. Neel Kashkari, who administers the Treasury’s $700 billion Troubled Asset Relief Program, told a U.S. House of Representatives Oversight and Government Reform […]
NEW YORK (Reuters) – Axsys Technologies (AXYS), a manufacturer of defense surveillance and imaging systems, has put itself up for sale in an auction that drew a first round of bids on Tuesday, sources familiar with the matter said. The sale is being handled by investment bank Jefferies, the sources said, asking not to be […]
LONDON (Reuters) – Flimsy loan agreements drawn up in haste during the credit boom are coming back to haunt lenders as private-equity owned companies blow up without advance warning, forcing banks to rein in lending and tighten standards. Italy’s Ferretti shocked lenders when its value plummeted to little more than 100 million euros ($126.9 million) […]
(Reuters) – Plastics processing and industrial fluids company, Milacron Inc (MZIA.PK), filed for Chapter 11 protection in a U.S bankruptcy court and agreed to sell its assets to its creditors. Avenue Capital Group and DDJ Capital Management LLC will provide $80 million debtor in possession (DIP) term loan facility and purchase substantially all of Milacron’s […]
Sunrise Telecom Inc. (OTC BB: SRTI), a San Jose, Calif.–based provider of test and measurement solutions for telecom, cable and wireless networks, is exploring strategic options that could include a sale to private equity firms. It has retained Cabrillo Advisors as a strategic advisor.
Private equity remained committed to buy-and-build strategies in 2008, although figures were down as expected from the total in 2007. According to research published by mid-market private equity house Silverfleet Capital, there were 326 follow-on acquisitions undertaken in Europe in 2008, down from the record high of 465 in 2007. Recent examples include UK high […]
Friends Provident has ceased discussions regarding the sale of its unwanted 52% stake in F&C Asset Management and will now redistribute the stake to its own shareholders. Friends Provident states: “On 31st January, 2008, the Board of Friends Provident plc (FP) announced that its continuing ownership of its 52 per cent. interest in F&C Asset […]
MILAN (Reuters) – Italian eyewear maker Safilo SpA’s (SFLG.MI) main shareholder said it was in talks with potential investors and could dilute its stake in the company, boosting Safilo shares on hopes of a cash injection. Only 3T, which has 39.9 percent of Safilo — maker of eyewear for designers like Gucci and Dior — […]
LONDON (Reuters) – Europe’s senior index of leveraged loan credit default swaps (LCDS), the LevX, closed at record lows of 67.61 on Tuesday, after brushing an intraday record of 67.39 at midday, official Markit data shows. The European senior synthetic loan index closed at 68 last Friday, having fallen from 79.9 at the turn of […]
What happens when even your creditor doesn’t want your assets? Troubled fund-of-funds manager HRJ Capital is in the process of finding out. Back in December, it was revealed that HRJ was unable to repay a $68.9 million warehouse loan from Silicon Valley Bank, which has essentially been used to “fund” certain outgoing LP commitments. SVB […]