WARSAW (Reuters) – Polish oil venture Petrolinvest PROL.WA is in talks with private equity funds to sell up to $250 million worth of new shares to raise cash for drilling in Kazakhstan, its chief executive was quoted as saying on Tuesday. The share issue, which may be approved by the end of this year, would […]
SHANGHAI (Reuters) – British private equity firm Actis said on Tuesday it had led a consortium investing $103 million in Ambow Education Co Ltd, a Chinese educational services provider that targets middle school students. The $103 million investment led by Actis, the latest round of private fund-raising for the Beijing-based company, came after a consortium […]
NEW YORK/DETROIT (Reuters) – General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) has detailed a plan to slash costs at Chrysler LLC but initial attempts to secure financing for the controversial merger have been rebuffed, raising new doubts about whether it can be completed without government aid. GM Chief Operating Officer Fritz Henderson and […]
NEW YORK (Reuters) – The Federal Deposit Insurance Corp may have “significant claims” against bankrupt savings and loan Washington Mutual Inc (WAMUQ.PK: Quote, Profile, Research, Stock Buzz), it said in court documents on Monday. In documents filed with the U.S. Bankruptcy Court in Delaware, the FDIC said it wanted to protect any rights it may […]
After each update of The 2008 LBO-Backed Bankruptcy List, I get a few requests for the 2007 list for comparison's sake. Until today, that list didn't exist, but I've spent the morning compiling as comprehensive of a record as possible. That effort resulted in a humbling number: Two. After narrowing down data from Thomson Reuters and Bankruptcy Research Database, I have concluded that only two buyout-backed companies filed for Chapter 11 in 2007.* Compare that total with the 39 companies to date this year. It seems silly to make a chart for just two companies, but, for consistencies sake, here it is: Lbo-backed-bankruptcies-2007. The companies are Remy International Inc, backed by CitiCorp Venture Capital and Berkshire Hathaway, InSight Health Services Holdings Corp, backed by J.W. Childs Associates and Halifax Group. Interesting to note, one of the '07 bankruptcies that was not buyout-backed at the time of filing, might be ripe to file Chapter 22. ...
Acresso, a portfolio company of Thoma Bravo, has agreed to acquire Intraware Inc. (Nasdaq: ITRA), a provider of digital delivery and management services. The total deal is valued at approximately $27 million, or $4 per share (29% premium to last Friday’s closing price). Savvian managed the process for Intraware.
Mervyn’s Holdings LLC will hold liquidation sales during the holiday shopping season, and then shutter its remaining 149 locations. The department store operator filed for Chapter 11 bankruptcy protection earlier this year, after having been purchased in 2004 by a group of investors including Cerberus Capital Management and Sun Capital Partners.
Masonite International Corp., a door manufacturer owned by KKR, missed a $42 million interest payment of subordinated notes due last Wednesday, partially prompting S&P to lower its corporate rating from CC to D. Moody’s followed by lowering its corporate rating to Caa3 from Caa1, and its probability of default rating to Ca from Caa2. […]
MOSCOW (Reuters) – The Carlyle Group is suing Russian steelmaker NLMK (NLMK.MM: Quote, Profile, Research, Stock Buzz) to force it to complete a $3.5 billion deal to buy U.S. tubular steel maker John Maneely Co., one of Russia’s biggest merger deals this year. Both sides confirmed in e-mails to Reuters on Saturday that the suit […]
(Reuters) – Sumner Redstone, a controlling shareholder of Viacom Inc and CBS Corp, might be forced to sell either of the companies to help tide over the current financial crunch being faced by his movie theater chain, National Amusements Inc, the New York Post said on Sunday. National Amusements Inc said last week it […]