NEW YORK (Reuters) – Private equity firms TPG and Apollo Management LP are going to have to mark down their investments in Harrah’s Entertainment, as the casino giant grapples with a soft economy and a heavy debt load, the Wall Street Journal reported on its website on Sunday. TPG and Apollo bought Harrah’s Entertainment, which […]
NEW YORK (Reuters) – Huntsman Corp (HUN.N) said on Friday it has has received a written opinion from valuation firm American Appraisal, which states that the company to be formed from the pending merger of Hexion Specialty Chemicals, Inc and Huntsman Corp would be solvent. The deal has teetered on collapse for months after private […]
Most of the U.S. auto industry is on its back, but Carousel Capital may have found a niche that is still surging forward: Companies that repair and spruce up old vehicles, so that folks needn’t buy new ones. Carousel yesterday announced that it has acquired Driven Brands, parent of economy repair chains like Meineke Car […]
DETROIT (Reuters) – Chrysler LLC is targeting a 25 percent reduction in its salaried and supplemental workforce in response to the deepening slump in the U.S. auto industry amid declining consumer confidence. “Due to the unprecedented conditions in the auto industry, both in our home and international markets, we are targeting a 25 percent reduction […]
Brysam Global Partners has agreed to invest around $98 million for an 18.84% stake in Columbian bank BCSC. Fundación Social would remain the bank’s largest shareholder with a 71.7% stake, while IFC holds the remainder. www.brysam.com
Jupitermedia Corp. (Nasdaq: JUPM) has agreed to sell its online images business to Getty Images Inc. for $96 million in cash. Hellman & Friedman took Getty private earlier this year for $2.3 billion.
Fitness Holdings International, a Long Beach, Calif.-based fitness equipment retailer, has filed for Chapter 11 bankruptcy. It plans to hire a liquidator for its 111 stores, which operate under such brands as Omni Fitness, Busy Body Home Fitness and LA Gym Equipment. Hancock Park Associates had acquired the company out of bankruptcy in 2001. www.busbody.com
Corel Corp. (TSX: CRE), a software company majority-owned by Vector Capital, has ended talks with a third party regarding a potential sale. The company said it will continue to evaluate all strategic alternatives. www.corel.com
D.E. Shaw Laminar Portfolios, a first-lien lender to bankrupt Sleep Innovations, has filed a legal objection to the mattress maker’s plan to access a $35 million loan. Specifically, the lender believes that the financing would practically prevent alternate routes like asset sales. A hearing is scheduled for today in a Delaware court. Sleep Innovations is a […]
Golden Gate Capital and Preferred Unlimited Inc. have agreed to buy U.S. Silica from Harbinger Capital Partners, according to LBO Wire. The deal would include around $180 million in senior financing, including a $145 million term loan from BNP Paribas, and $72 million in mezz debt from Golden Gate. U.S. Silica is a Berkeley Springs, […]