LONDON (Reuters) – Creditors of French building materials manufacturer Terreal are urgently seeking dialogue with its private equity owner, LBO France, after Terreal defaulted on a 915 million euro loan, banking sources said. Terreal failed a leverage covenant test last Friday on the loan, which specified that its leverage ratio must be eight times and […]
Moody’s Investors Service has cut the corporate family rating of United Site Services Inc. to B1 from Ba3, downgraded its first lien revolving credit facility to B1 from Ba3 and downgraded its second lien term loan to Caa1 from B3. USS is a Westborough, Mass.-based renter of on-site event services like portable restrooms, temporary fencing. It has been owned by DLJ Merchant Banking Partners since 2006.
Moody’s Investors Service has cut the rating outlook for Sabre Holdings Corp. from stable to negative. Sabre is a Southlake, Texas-based online travel reservations company taken private last year by Silver Lake Partners and TPG Capital for approximately $5 billion.
In my final Buyouts West Liveblog, I’m covering a panel called “The Great Debates,” a panel moderated by Houlihan Lokey’s Lindsay Alley. Panelists include Mark Bradley of Morgan Stanley, Kelvin Davis of TPG Capital, Dipanjan Deb of Francisco Partners, Robert Poletti of Levine Leichtman Capital Partners, and Ajay Shah of Silver Lake Sumeru. 2:29 I’m […]
Lance Inc. (Nasdaq: LNCE) has made a $30 million “stalking horse” bid for the assets of snack food company Archway Cookies LLC, a bankrupt portfolio company of Catterton Partners.
The Irish government is in talks with private investors from outside the country about a plan to inject fresh capital into the nation’s major banks. A report in the Irish Times suggested that JC Flowers might be one of the financial groups interested in backing one or more of the lenders, with Anglo Irish Bank […]
Lazy Days RV Center Inc., a portfolio company of Bruckmann, Rosser, Sherrill & Co., has skipped an $8.1 million interest payment to holders of its 11.75% senior unsecured notes due 2012. The move prompted credit ratings downgrades from both S&P and Moody’s. Lazy Days said that it has a 30-day grace period before falling into […]
NEW YORK (Reuters) – The sale of bankrupt retailer Boscov’s Department Store LLC to a family group was delayed again at a court hearing on Tuesday, but is likely to be finalized on Friday. A group led by family members Al Boscov and Edwin Lakin is seeking to rescue the Northeast department store chain from […]
TORONTO (Reuters) – Chrysler Financial Canada said on Tuesday it is closing offices across the country to cut costs, a move that will affect about 145 of its employees, or nearly half its workforce. Facing a plunge in North American vehicle sales, the financial arm for Chrysler in Canada said it will close its Calgary […]
Big: America's 25 largest private equity-backed companies. Not the biggest deals or biggest exits or biggest returns, but the largest companies, in terms of revenues, under PE ownership now. Sneak peek, the top two are Cerberus companies, 3, 4 and 5 have KKR money. O, Canada: Last month I wrote that Canadian banks are not only open for business but healthy. Mergermarket takes it a step further, saying they'll be on the prowl for acquisitions. Scoopy: Apax, Oaktree and 3i are taking a look at Taylor Wimpley, the British Homebuilder. If You Missed the Automaker Hearing: Here's a very detailed liveblog. Kedrosky Was Right: The Path to financial engineering isn't quite as attractive to MBAs anymore, the Journal writes.