Apollo Global Management related stories
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TAKING THE REINSAfter the public embarrassment surrounding Steven Rattner's resignation, Credit Suisse turned to longtime DLJ veteran Nicole Arnaboldi to lead its in-house private equity arm, smashing a glass ceiling in the process. By Suzanne Weinstock.
- Buffett triumphs
How a KKR and TPG consortium lost a bidding war withWarren Buffett for a US utility – despite offering $1.5bn more
- Freescale ‘toggles’ to PIK option
In a worrying sign for a major LBO deal, the semiconductor company, bought out by a constortium of private equity investors for $17.6bn two years ago, has chosen to service a portion of its debt through in-kind securities in order to preserve cash.
- Judge approves Warburg-backed Wellman's bankruptcy plan
Warburg invested $126m in polyester manufacturer Wellman in 2003 but saw the company collapse into bankruptcy in February amid rising raw material costs and a mountain of debt.
- Private equity-backed BTWW files for bankruptcy
The Texas-based western-style clothing retailer, backed by Sage Capital and Luther King Capital, has sold 22 stores to Marwit Capital on its way to total liquidation. BTWW is one of 35 private-equity backed companies that have crashed into bankruptcy in 2008.
- Oaktree set to take over bankrupt Pierre Foods
The Los Angeles-based private equity firm has acquired nearly all the company’s debt for $200m and is funding the plan of reorganisation for Pierre, which is one of 34 private equity-backed companies that has gone bankrupt this year. Madison Dearborn bought Pierre in 2004 for about $422m.
- Private equity-backed companies turn to PIK
A report from Moody's Corporate Finance reveals an increase in private equity-backed companies that are electing to use their payment-in-kind option to make interest payments.
- Sun Capital-backed Mervyns to liquidate
Department store Mervyns, bought in 2004 by Cerberus Capital Management and Sun Capital Partners for $1.2bn, will liquidate after filing for bankruptcy protection in July.
- Apollo-backed Linens forced into fire sale
The bankrupt retailer will be sold for about $476m to a liquidation group including Gordon Brothers Retail Partners, Hilco Merchant Resources and Hudson Capital. Apollo, which spent $201m for its stake in the company, has said the loss will have minimal impact.
- No news is good news
Banks and private equity firms can breathe a small sigh of relief at UBS’ settlement with Tank & Rast, writes Toby Mitchenall.