The Chicago-based media company failed owing to the $13bn of debt loaded onto its balance sheet when it was acquired by billionaire real estate investor Sam Zell last year. The company said in its bankruptcy filing it had just $7.6bn of assets. Zell invested $315m in the deal.
2 min read · 12 January 2013
The Chicago-based media company, acquired last year by real estate investor Sam Zell in an $8bn LBO, has collapsed under a $13bn debt load. Meanwhile, Avista Capital-backed Star Tribune, a major Minnesota newspaper, is cutting costs to stave off bankruptcy as it struggles with its debt load.
3 min read · 12 January 2013
San Diego-based Pacifica Equity Partners looks to distressed residential deals and senior housing in US sunbelt states.
2 min read · 12 January 2013
Voting has begun for the 2008 Global PERE Awards. Which firm and deal will be the most notable of 2008 – and who will be industry figure of the year?
2 min read · 12 January 2013
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.
2 min read · 12 January 2013
Former REIT veterans Robert Solmson and Ed Ansbro have teamed up Georgica Advisors founder Richard Reiss to launch private equity real estate firm, Fairwood Capital. The first fund will target hospitality in US metropolitan areas.
1 min read · 12 January 2013
The next year will challenge the private equity industry, in terms of returns and on the regulatory front, writes Andrew Lebus.
3 min read · 12 January 2013
The largest telephone carrier in Hawaii cited a heavy debt load, increased competition and market turmoil as reasons to seek protection under Chapter 11 while it restructures its business.
2 min read · 12 January 2013
Voting has begun in the third annual Global PERE Awards. Which people, firms, funds and deals stood out in 2008? Cast your nominations now in the only industry awards that are voted on entirely by the participants in the private equity real estate market.
2 min read · 12 January 2013
As unfunded commitments are looking harder to meet, the Euronext-listed fund of funds is receiving increased calls from its managers of distressed funds.
2 min read · 12 January 2013
