Restructuring
Australia's GenesisCare files for US bankruptcy protection
GenesisCare, an Australia-headquartered cancer care provider in which KKR holds a minority stake, has filed for bankruptcy protection in the US and announced a restructuring that will separate US operations from those in Australia, Spain, and the UK.
Asia private credit: Muffled momentum
The conservative virtues of private credit relative to private equity have come into fashion in a risk-off world. But global participation in the Asian side of the story will be limited
D Capital agrees Japan digital marketing carve-out
Japanese mid-market private equity firm D Capital has agreed to buy the local operations of Catalina, a US-headquartered digital marketing company undergoing its second restructuring in four years.
Allegro agrees take-private of Australian law firm
Allegro Funds has agreed to acquire Slater & Gordon, a Melbourne-headquartered law firm that trades on the Australian Securities Exchange, at a price that equates to a market capitalisation of around AUD 77.6m (USD 52.3m).
Anchorage agrees carve-out from New Zealand's Green Cross Health
Anchorage Capital Partners has agreed to buy New Zealand-based Green Cross Health’s community healthcare business – which provides in-home nursing, personal care, rehabilitation, social support, and household assistance services – for an enterprise...
Deal focus: VIG secures rare airline turnaround opportunity
VIG Partners stepped into the breach when Eastar Jet’s previous white knight bailed. It agreed to recapitalise the airline on obtaining assurances that key licenses and routes remain in place
Deal focus: Anchorage gets Aussie icon for a song
Anchorage Capital Partners has acquired David Jones, a longstanding and beloved Australian department store chain, for one-fourth the cost of recent renovation work at a single location
Government investors support Chinese EV player Letin
Chinese state-backed investors have pumped CNY 3.2bn (USD 447m) into local new energy vehicle start-up Letin amid reports that the company had run into financial distress.
Anchorage buys New Zealand assets from Evolve Education
Australia-based turnaround investor Anchorage Capital Partners has agreed to buy the New Zealand business of childcare provider Evolve Education for an enterprise value of NZD 46m (USD 28.1m).
RRJ to invest $251m in Singapore's Fullerton Health
RRJ Capital is poised to invest SGD 350m (USD 251m) in Singapore-based integrated healthcare platform Fullerton Healthcare Corporation after the target company settled a dispute with two of its co-founders.
Japan Industrial Solutions supports troubled local drug maker
Japan Industrial Solutions (JIS) has agreed to invest up to JPY 20bn (USD 155m) in Japan-based generic drug manufacturer Nichi-Iko Pharmaceutical with a view to saving the troubled company.
Asia credit: Shift in the cycle
Private debt investors in Asia are mindful of mounting global risks, but they also see opportunities emerging within the region across the capital structure
AVCJ Awards 2021: Operational Value Add: Best & Less Group
Allegro Funds plucked Australian baby and kids retailer Best & Less from its underperforming parent and defied pandemic-related uncertainty to complete a turnaround that culminated in an IPO
Key takeaways: Apollo Global Management’s Marc Rowan
High valuations, pursuing complexity, and eradicating write-offs were on the agenda when Marc Rowan, co-founder and CEO of Apollo Global Management, spoke at the AVCJ Forum. Here are some highlights
Australia's Allegro hits overall target with Fund IV first close
Allegro Funds, an Australia-based turnaround specialist, has reached a first close of A$600 million ($449 million) on its fourth fund, hitting the overall target for the vehicle.
Apollo prioritizes yield, hybrid strategies in Asia - AVCJ Forum
Apollo Global Management’s yield and hybrid businesses – rather than private equity – are likely to account for the bulk of its activity in Asia, with Marc Rowan, the firm’s co-founder and CEO, saying he has no desire to “add to the growing...
Evergrande EV unit cancels listing, suffers cash crunch
Evergrande New Energy Vehicle (NEV) Group, the Hong Kong-listed electric vehicle unit of troubled Chinese real estate developer Evergrande has canceled a planned secondary listing on Shanghai's Star Market and warned investors of a cash shortage.
Warburg Pincus targets China distressed real estate
Warburg Pincus is entering the distressed real estate space in China through a $600 million partnership with Wensheng, a local special situations manager.
Carlyle leads restructuring of Trans Maldivian Airways
The Carlyle Group’s credit platform has led a restructuring of Trans Maldivian Airways (TMA), a Bain Capital-owned seaplane operator whose fortunes are tied to those of the Maldives tourism industry.
Allegro to acquire Australia express delivery business
Australia-based turnaround investor Allegro Funds has agreed to buy Toll Global Express (TGS), the express delivery division of domestic logistics giant Toll Group.
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.
