NEW YORK (Reuters) – Car and equipment rental firm Hertz Global Holdings Inc (HTZ.N) said on Wednesday that reduced demand means it won’t meet its latest forecast, and suspended estimating earnings until the economy improves. Hertz said third-quarter net income fell to $17.7 million, or 5 cents per share on a diluted basis, from $162.7 […]
EMI Music, the recorded music division of EMI, has returned to health posting earnings before interest, tax, depreciation and amortisation of £59m in the six months to September 30 compared with a £14m loss last year. UK private equity firm Terra Firma acquired struggling music group EMI in a £2.4bn public-to-private transaction in August 2007. […]
LONDON (Reuters) – British cable operator Virgin Media is considering selling its content division, the Financial Times said on Friday. The newspaper, citing people close to the situation, said conversations about selling the unit were at an early stage and no buyer has been found. Talks have been held at board level and with at […]
(Reuters) – Newspaper publisher and broadcaster Tribune Co may end up holding 50 percent or more of its storied Chicago Cubs baseball franchise as the credit crunch stalled sales talks, the Wall Street Journal said. In recent weeks, an early plan to sell a 95 percent stake has fallen to about half as suitors’ ability […]
NEW YORK (Reuters) – Ethanol producer VeraSun Energy Corp. has asked a bankruptcy court to approve debtor-in-possession financing of as much as $30 million from WestLB to help maintain operations, according to court documents. The DIP financing is necessary to “fund purchases of corn, natural gas and other routine operating expenses such as transportation costs” […]
SHANGHAI/SEOUL (Reuters) – Private equity firms, betting that Asia’s obsession with childhood education is recession-proof, are increasingly investing in the fast-growing private learning sector. While the technology, media and telecom sectors that typically attract venture capital are vulnerable to spending cuts in a global downturn, many Asian parents would make other sacrifices before scrimping on […]
Centerplate Inc. (AMEX/TSX: CVP) said that National City has reneged on its agreement to finance its acquisition by Kohlberg & Co., under the originally agreed upon terms. Centerplate said that NatCity had committed to providing $175 million for the deal, and that the bank now wants to renegotiate. Centerplate is a Stamford, Conn.-based provider […]
American Furniture Corp., an Albuquerque, N.M.-based furniture retailer, has filed for Chapter 11 bankruptcy protection. The company said that it plans to keep its stores open, while working “to restructure the company’s debt and realign its business operations.” Hancock Park Associates acquired a majority stake in AFC in 2005 for an undisclosed amount. www.americanhome.com
Standard & Poor’s has lowered the corporate credit rating of The Hillman Group from ‘B’ to ‘B-‘. It also lowered Hillman’s senior secured bank loan rating to ‘B+’ from ‘BB-‘. Hillman is a Cincinnati-based maker of fasteners, signage and other small hardware components. It is owned by Code Hennessey & Simmons. www.hillmangroup.com
American Securities has acquired Liberty Tire Services LLC, a Pittsburgh-based tire recycler. No financial terms were disclosed.