Restructuring
Five trends for 2021
AVCJ looks at how its 2020 predictions turned out and identifies some key themes for the year ahead
Fund focus: 9 Basil targets Thai distress
9 Basil's predictions of distress in Southeast Asia have been realized faster than anticipated due to COVID-19. The Thai manager is now gauging the likely impact of social unrest
Uncertainty deters distress investors - M&A Forum
Distress-focused investors warned that persistent economic uncertainty is making it difficult to act on opportunities even as companies run into trouble because of the coronavirus pandemic.
Eurazeo, Primavera-owned WorldStrides files for bankruptcy
WorldStrides, a US-based provider of study-abroad programs for high school and university students owned by Eurazeo and Chinese private equity firm Primavera, has filed for bankruptcy protection.
Bain to buy Virgin Australia
Bain Capital has entered into an agreement to acquire and recapitalize beleaguered airline Virgin Australia Holdings (VAH).
Asia distress: Band-aids for corpses
Many companies are rolling liabilities forward, supported by accommodating government policy intended to maximize liquidity. It can't go on forever, but distress and private debt investors must be careful where they tread
Bain confirms pursuit of Virgin Australia
Bain Capital is in the second round of bidding for Virgin Australia Holdings (VAH) and has pledged to give the beleaguered airline “a sustainable, long-term future.”
China mezzanine: Not the norm
China’s local currency mezzanine capital space is underpenetrated, underpopulated and different to comparable strategies elsewhere. A handful of domestic GPs have begun to get traction. Will others follow?
QIC explores Virgin Australia bid
Queensland Investment Corporation (QIC) has been asked by the state government, its ultimate owner, to explore a bail-out for beleaguered airline Virgin Australia Holdings (VAH).
Asia private debt: Inflection point?
With other pools of capital running dry for many companies, private debt has become a more appealing proposition. Institutional funds have a chance to impose themselves on a bank-driven market
ADM raises $630m for Asia credit fund
Hong Kong-based special situations investor ADM Capital has raised $630 million for a credit fund that will target mid-sized companies in Asia.
Zerobridge highlights Asia distress opportunities
Distress and special situations investors will see plenty of opportunities in Asia’s middle market as companies struggling with coronavirus-driven liquidity issues consider restructuring options, according to debt advisory firm Zerobridge Partners.
Cerberus to assume control of Australia's Axsesstoday
Cerberus Capital Management has agreed to acquire the operating assets of bankrupt Australian equipment finance specialist Axsesstoday.
Fund focus: Kotak exploits distressed assets edge
Kotak Mahindra Group hopes his longstanding experience in financial services will serve as a differentiator as it looks for deals in India's increasingly popular distressed space
SSG targets wider array of distressed sellers for Fund V
SSG Capital Partners expects to source distressed assets from a wider variety of sellers – including other alternative investment firms and investment banks – during the life of its fifth Asia fund, which is on track to exceed its target of $1.5 billion.
Kotak closes India distressed asset fund at $1b
The Kotak Special Situations Fund, which is sponsored by an alternative assets arm of Kotak Mahindra Group focused on Indian non-performing loans (NPLs), has reached a final close of $1 billion.
Global credit: Speed or scale?
The winners from a widely anticipated shakeout in global credit markets will be defined by different qualities. Direct lenders expect size to be a decisive factor, while distress players prioritize nimbleness
SSG pursues recapitalization of Australia’s Retail Food Group
Australia’s Retail Food Group (RFG) has received a A$160 million ($111 million) recapitalization proposal from Asia-focused special situations investor SSG Capital Partners.
Bain-Piramal fund invests $144m in India's Panacea
India Resurgence Fund (India RF), a joint venture between Bain Capital Credit and Piramal Enterprises to invest in distressed assets in India, has agreed to invest up to INR9.9 billion ($144 million) in Indian pharmaceutical developer Panacea Biotec.
China distress: Dining on defaults
GPs expect a wave of non-performing loan sales in China as the slowing economy leaves banks with more bad debts to resolve, but could the distress investment opportunity be even broader than they envisage?
ADIA to enter India distressed asset space
Abu Dhabi Investment Authority (ADIA) will make an anchor commitment of $500 million to an India special situations fund launched in conjunction with Kotak Private Equity.
Bain-Piramal fund invests $156m in Indian chemicals company
India Resurgence Fund (India RF), a vehicle established by Bain Capital Credit and Piramal Enterprises to invest in distressed assets, has committed $156 million to Archean Group’s marine chemicals business.
Australia's Blue Sky agrees $36m debt deal with Oaktree
Special situations investor Oaktree Capital has extended a loan package worth up to A$50 million ($36 million) to Australia-listed Blue Sky Alternative Investments following a string of regulatory breaches.
Indian NPAs: Solvency strikes
With a series of highly publicized bankruptcy proceedings, government efforts to rein in India’s non-performing assets may finally be paying off. Investors expect a wave of turnaround opportunities
