DETROIT (Reuters) – Chrysler LLC’s recent cost cutting, including white collar layoffs and the exit of senior executives, was not done with the goal of positioning the company for sale, Chief Executive Bob Nardelli said on Sunday. Nardelli, speaking on the sidelines on the first day of the North American International Auto Show, said the […]
NEW YORK, Jan 9 (Reuters) – Steel Partners, a hedge fund group, plans to convert its Steel Partners II fund into an industrial holding company and list it on a U.S. stock exchange, according to a press release from the company. The plan calls for New York-based Steel’s hedge-fund investors to get shares of a […]
NEW YORK (Reuters) – Robert Rubin, a former Treasury Secretary, resigned from Citigroup Inc on Friday following months of criticism of his performance at the giant U.S. bank, whose sinking share price led to a government rescue. Rubin, 70, is stepping down immediately as senior counselor at New York-based Citigroup. He will remain a director […]
NEW YORK (Reuters) – Finance company GMAC LLC said on Friday Chairman Ezra Merkin, the hedge fund founder stung in accused fraudster Bernard Madoff’s alleged scheme, will resign as part of changes to the board needed for it to be eligible to receive government funds. Merkin, who founded Ascot Partners LLP, was twice sued last […]
KANSAS CITY (Reuters) – Interstate Bakeries Corp, the bankrupt maker of Wonder Bread and Twinkies snack cakes, said on Friday that efforts to secure financing to exit bankruptcy were taking longer than expected. “As everyone knows, it is a difficult environment in these financial markets and reaching agreement is taking more time and is more […]
Polaris Venture Partners has made a significant equity investment” in National Electronic Attachment Inc., a provider of secure electronic data transmission, presentation and storage services for dental claims attachments. The deal also includes NEA sister company Medical Electronic Attachment Inc., which focuses on the medical claims market. Brokwood Associates advised NEA and MEA on the deal, which closed in late December.
Oliver Medical LLC, a portfolio company of Mason Wells, has acquired TOLAS Healthcare Packaging, a maker of sterile-grade packaging. No financial terms were disclosed.
Trivest Partners has promoted Jorge Gross Jr. to principal. He had joined the firm as a vice president in 2006.
Sunquest Information Systems Inc., a Tucson, Ariz.-based provider of laboratory and diagnostic information systems, has acquired the Outreach Advantage unit of Pathology Associates Medical Laboratories. No financial terms were disclosed. Sunquest is a portfolio company of Vista Equity Partners.
Terra-Gen Power LLC, a portfolio company of ArcLight Capital Partners, has acquired a portfolio of six wind projects from Airstream Energy LLC. No financial terms were disclosed. The projects are expected to generate approximately 2500MW of wind energy, and are based in Wyoming, Nebraska, Colorado, Kansas and New Mexico.