The Big 3 automotive CEOs are currently testifying on Capitol Hill, alongside UAW president ron Gettelfinger. Later this aftenoon, the Congress will listen to a panel of academics and U.S. Comptroller General Gene Dodaro. It's a good witness list, but one name is glaringly absent: Stephen Feinberg, CEO of Cerberus Capital Management. Or if the spotlight is a bit too bright for the reclusive Feinberg, at least Cerberus chairman John Snow -- a former Treasury Secretary who's used to these sorts of things. Representative after representative have asked Chrysler CEO Bob Nardelli why U.S. taxpayers should inject capital into his company, when its majority equity owner has declined to do so. Nardelli has replied that Cerberus has: (a) Allowed Chrysler to draw down $2 billion in equity, (b) Convert its
NEW YORK/OTTAWA (Reuters) – BCE Inc. said on Friday it has not received an offer from private equity funds to take a minority stake in Canada’s biggest telecom company, now that their C$34.8 billion ($26.9 billion) leveraged buyout deal for all of BCE is in jeopardy. BCE’s statement followed reports on Thursday that the buyers, […]
Moody’s Investors Service has downgraded The Reader's Digest Association’s corporate family rating and probability of default rating from B2 to B3. Reader’s Digest is a portfolio company of Ripplewood Holdings.
PNC Equity Partners and Madison Capital Funding have sponsored a recapitalization of Caldwell & Gregory, a Manakin-Sabot, Va.-based provider of laundry equipment and laundry rooms for colleges, apartments and coin laundries, according to LBO Wire. No financial terms were disclosed. www.caldwellandgregory.com
Mubadala Development Co. has agreed to acquire a 24.9% stake in The John Buck Co., an employee-owned Chicago-based real estate services company. No financial terms were disclosed. The investment follows the March signing of a joint venture between the two firms.
Moody’s Investors Service has downgraded Dayton Superior Corp.’s (Nasdaq: DSUP) corporate family rating from B2 to Caa1. It also has reduced ratings on its senior and subordinated debt. Dayton is a Dayton, Ohio-based concrete forming and shoring rental company, which was taken public in late 2006 by private equity backer Odyssey Investment Partners. Odyssey still holds more than 30% of the company’s outstanding shares.
NEW YORK, Dec 4 (Reuters) – A family-led group on Thursday closed its deal to buy bankrupt U.S. department store chain Boscov’s Department Store LLC, a spokesman for the company said. The company, which filed for bankruptcy protection in August, won court approval for the $300 million deal last month. The group, led by Albert […]
NEW YORK (Reuters) – Chipmaker Freescale Semiconductor Inc said on Thursday it will use its payment-in- kind option to make an interest payment on its debt next year, taking advantage of one of the debt relief tools offered by lenders in the height of the private-equity boom. The company, which was bought out by private […]
SEOUL (Reuters) – South Korea’s Doosan Corp (000150.KS: Quote, Profile, Research, Stock Buzz) is considering selling its spirits-making division after receiving “attractive” offers for the business, the group said on Friday, in a deal reportedly worth up to $500 million. The prospective sale would come after food, beverage and clothing company Doosan sold its packaging […]
NEW YORK/TORONTO (Reuters) – Some of the private equity buyers of BCE Inc (BCE.TO: Quote, Profile, Research, Stock Buzz), Canada’s biggest telecom company, are floating an alternative deal to the C$34.8 billion ($28.3 billion) leveraged buyout that was put in jeopardy a week ago, a source familiar with the situation said. The plan would involve […]