Apollo Global Management related stories
All articles and analysis
Sun Capital doubles down with DIP movesThe turnaround specialist, which has seen about 10 of its portfolio companies tumble into bankruptcy since last year, has extended debtor-in-possession loans to two of its bankrupt companies and plans to control them after they emerge from Chapter 11.
- Apollo offers $435m for oil and gas company
The mega-buyout firm, which has been struggling with some of its larger portfolio companies in the financial crisis, is offering a 51% premium to Legacy Reserves’ unitholders over the average closing price of the units over the last 30 days.
- Charter Communications files for bankruptcy
The US-based cable provider, whose primary bondholders include Apollo and Oaktree Capital Management, has obtained support for a pre-arranged bankruptcy plan intended to reduce its debt load by $8bn.
- Aleris gets $1bn bankruptcy loan
The insolvent maker of aluminium products received court approval for a $1.075bn bankruptcy financing package despite objections from various lenders, including its owner TPG, and lenders Babson Capital and GSC Group.
- TPG objects to $1bn Aleris bankruptcy financing
TPG’s objection comes after Babson Capital and GSC said the proposed bankruptcy financing is unfair to first-lien lenders who do not participate in the financing package.
- TPG loses $830m on Aleris bankruptcy
The buyout firm has effectively lost its $830m equity investment in the aluminium products provider, which blamed the deteriorating economy and the falling price of aluminium for its bankruptcy. Lenders led by Apollo and Oaktree are providing Aleris with new debt.
- Kravis, Black tout non-LBO strategies
KKR co-founder Henry Kravis has said firms in today’s tough financial climate have to ‘think outside the box’ and adapt strategies to capitalise on current market opportunities or risk being ‘left out’. He was echoed by Apollo chief Leon Black, who likened big take-privates to the extinct dodo bird.
- Bankruptcy woes
Liquidations are more common in the bankruptcy world as financing for reorganisations has dried up, writes Christopher Witkowsky.
- Black: Apollo's debt bets were ‘a little early’
Apollo founder Leon Black has expressed confidence in the more than $15bn in senior loans owned by his firm, saying the risk/reward profile of the investments remained highly attractive despite margin call headaches. Apollo closed its seventh buyout fund on $14.8bn in December.
- TPG, Goldman close largest ever private equity exit
The two mega-firms officially closed the sale of Alltel to Verizon Friday for $28bn after holding the wireless carrier for about a year. The firms reaped a profit of $1.3bn on the deal.