NEW YORK (Reuters) – Printer maker TallyGenicom LP said on Tuesday it filed for Chapter 11 bankruptcy protection to help facilitate the sale of its U.S. assets to competitor Printronix Inc. The company, which filed for bankruptcy in a Delaware court, asked the bankruptcy court to name Printronix as the lead bidder in an auction […]
Maple Leaf Sports & Entertainment Ltd. has agreed to acquire an 80.1% stake in soccer network GolTV Canada from Insight Sports Ltd. for an undisclosed amount. Maple Leaf Sports is majority-owned by Ontario Teachers' Pension Plan.
Polo Resources Ltd. (AIM: PRL), a UK-based coal mining company, said that it had received an unsolicited buyout offer from Denham Capital Management. It also said that the offer significantly undervalues the company. www.poloresources.com
OpenGate Capital has acquired UK modeling agency Models 1 from Nova Capital, for an undisclosed amount. www.models1.co.uk
LONDON (Reuters) – German construction company Hochtief has pulled out of the bidding for London’s Gatwick airport, leaving five suitors to enter a second round, a person familiar with the process said. “It wasn’t a question of valuation, but the deliverability of the proposal,” the source told Reuters on Monday, declining to be more specific. […]
NEW YORK (Reuters) – Linens ‘n Things, the home goods retailer which shut its doors late last year, may live on as a brand name after two investment groups agreed to purchase the retailer’s name and logos for about $1 million. At a bankruptcy auction earlier this month, Hilco Consumer Capital and Gordon Brothers Brands, […]
Earlier today, I posted some S&P data about how leveraged loan defaults are on the rise. It's one of those things that we already knew, but it was nice to have some statistical support. In that same vein, someone just sent over some JPMorgan data showing that private equity distributions fell off a cliff in 2008. It's from the firm's Private Equity Distribution Maangement group, which handles stock distributions for JPMorgan's internal funds-of-funds, plus for 18 outside clients. Seems like a large enough sample to be fairly representative, although I guess it's possible that
Standard & Poor’s has released new data confirming what we already knew anecdotally: Leveraged loan defaults are on the rise. Like a rocket: “For U.S. leveraged loans, the 12-month-trailing default rate (based on the number of loans) increased to a 57-month high of 4.35% in December from 3.32% in September and 0.26% 12 months earlier, according to Standard & Poor’s Leveraged Commentary and Data group. The leveraged loan default rate has increased markedly and is now above its historical average of 3%. The loan distress ratio—defined as the percent of performing loans trading below 80 cents on the dollar—catapulted up to 87.5% at the end of December from 78.9% in September and 13.4% a year ago.” The report does not estimate 2009 leveraged loan default levels, but does predict that overall default rates will continue to increase. What this basically means
The Riverside Company announced that it has acquired Sencore Inc., a Sioux Falls, S.D.-based maker of measuring instruments used in troubleshooting by broadcasters, manufacturers of broadcast hardware, video production engineers, cable operators and retailers of audio and video and audio products. No financial terms were disclosed for the deal, which peHUB first reported on last month.
Topspin Partners has acquired Hart Systems Inc., a New York-based provider of self-scanned physical inventory systems, according to LBO Wire. No financial terms were disclosed. www.hartsystems.com