Fortress has attributed its $162m loss last year to non-cash adjustments for fair value write-downs and clawback reserves. But the firm remained upbeat on an analyst call, with chief executive Wes Edens forecasting an opportunity-laden ‘great liquidation’ of financial services assets following the current recession.
3 min read · 08 February 2013
The Canadian door maker has filed a pre-arranged bankruptcy in which the majority of the company’s creditors are supporting the restructuring plan. KKR, which has lost its equity stake of $429m in the company, took part in planning the restructuring.
2 min read · 08 February 2013
Euronext-listed fund of funds Lehman Brothers Private Equity Partners is changing its name to NB Private Equity Partners and will help its bankrupt parent company unload 14.5 million shares in secondary transactions beginning in mid-2010.
2 min read · 08 February 2013
The London-based firm is set to take up to an 18% stake in the clothing retailer by buying a portion of the company’s second lien debt. The debt is held by a fund associated with computer billionaire Michael Dell.
2 min read · 08 February 2013
The US credit assistance program for infrastructure will award financing to projects based on a competitive, fixed-date solicitation process, TIFIA Director Mark Sullivan told delegates gathered at the Public-Private Partnerships USA Summit in Washington DC.
3 min read · 08 February 2013
The UK-listed private equity frim is reportedly considering a move into investing in debt instruments. Other firms which have recently moved to take advantage of credit opportunities include Providence Equity Partners and BC Partners.
1 min read · 08 February 2013
The UK’s secretary of state for business, Peter Mandelson, last night urged BVCA members to help drive UK economic growth by backing entrepreneurial start-ups and growing SMEs ‘into world beaters’. He also addressed the industry’s efforts to battle negative public perception, noting it had surpassed its ‘pain threshold’.
2 min read · 08 February 2013
Four minority shareholders in the Spanish toll road operator argue that tendering their shares to majority owner Ferrovial in a stock swap would give them exposure to unwanted businesses, geographies and risks. Analysts say the buyout would help the Spanish infrastructure manager strengthen its cash position amid ongoing deleveraging efforts.
4 min read · 08 February 2013
The US radio and advertising company, which was purchased by Bain Capital Partners and TH Lee last year in a $17.9bn deal, had its rating fall to deeply speculative territory, with Moody’s warning of default.
2 min read · 08 February 2013
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.
2 min read · 08 February 2013
