Restructuring
Bain to buy $200m Chinese NPL portfolio
Bain Capital Credit (BCC) has agreed to buy a portfolio of Chinese non-performing loans (NPLs) worth approximately $200 million, reflecting the growing interest from foreign investors in the country’s distressed debt space.
Vietnam SOEs: Shifting ground
Vietnam’s state-owned enterprise (SOE) privatization initiative continues to produce investment opportunities, but private equity firms must be prepared for a hard sell when negotiating
Endeavour United to buy Pizza Hut Japan
Endeavour United, a GP established by the team behind turnaround investor Phoenix Capital, has agreed to buy Pizza Hut Japan and Phoenix Foods from Mitsubishi Corporation-controlled KFC Holdings Japan.
Gateway invests in Singapore's Healthway Medical
Singapore-based private equity firm Gateway Partners has agreed to invest S$70 million ($50.2 million) in distressed local hospital operator Healthway Medical.
China NPL securitization: Pass the parcel
China wants to use securitization and debt-for-equity swaps to address its non-performing loan problem. Even without structural concerns and political agendas, they are unlikely to supplant portfolio sales
Investors need boots on the ground to target China distress - AVCJ Forum
The credit and distress investment opportunity is significant – and expected to grow – but an on-the-ground presence is seen as essential to accessing it, industry participants told the AVCJ China Forum.
China NPLs: Great expectations
Foreign private equity firms are positioning themselves to address an anticipated surge in non-performing loan sales to third-party investors. Will the reality match the hype?
Australia mining: Desert stirrings
A stronger commodity price environment has spurred some opportunistic private equity investment in Australian mining services, but caution remains the mantra in this industry of capricious value drivers
VIDEO: Xiaolin Zhang, Shoreline Capital
Xiaolin Zhang, co-founder and managing partner of Shoreline Capital, discusses non-performing loan (NPL) investment opportunities in China
VIDEO: Ilfryn Carstairs, Värde Partners
Ilfryn Carstairs, co-CIO of Värde Partners, discusses distress and structured credit opportunities globally and in Asia
AVCJ Awards 2016: Deal of the Year - Large Cap: Golden Apple Education
PAG Asia Capital spent 12 months negotiating over Golden Apple Education Group, but emerged with the first sizeable buyout-cum-restructuring by a foreign PE firm in China
Deal focus: Allegro brings driller back from the brink
Allegro carves out JSW Australia from bankrupt Hughes Drilling with a view to capitalizing on the country's gradual mining rebound
Q&A: Värde's George Hicks
George Hicks, CEO and CIO of global credit investor Värde, on looking beyond big default cycles, taking advantage of bank retrenchment opportunities, and the importance of building strong local teams
Ex-Shoreline executives reform as ShoreVest, target China NPLs
ShoreVest Capital Partners is bidding on its first Chinese non-performing loan (NPL) portfolios since the core team members departed Shoreline Capital.
Q&A: Shoreline Capital's Xiaolin Zhang
Xiaolin Zhang, co-founder and managing partner at China-focused distress specialist Shoreline Capital, discusses the NPL opportunity and what private equity firms must do to address it
KKR’s Kravis sees Asia promise amid global macro volatility
Henry Kravis, co-founder of KKR, emphasized the importance of Asia’s rising middle class and the diversification of his firm’s investment approach as continued volatility globally is likely to deliver both uncertainty and opportunity.
Korea's Dongbu agrees $174m sale to Keystone
Keystone Private Equity has agreed to acquire distressed Korean construction company Dongbu Corporation for KRW206 billion ($174 million).
India distress: Workout window
India’s distressed asset sector is seeing a surge in investor interest as regulators indicate support for a tougher approach by creditors. PE investors looking to enter this space must develop sustainable strategies
KKR forms China distressed investment partnership
KKR has formed a partnership with China Orient Asset Management and China Orient Summit Capital (COS Capital) to make credit and distressed opportunities in the country, with real estate likely to be a key area of focus.
Oaktree supports bankrupt Australian surfwear brand Quiksilver
Oaktree Capital Management will contribute to a $175 million restructuring package for Australian surfwear brand Quiksilver, which has voluntarily taken its US business into bankruptcy.
China distress: After the boom
China’s slowing growth has created a wave of corporate defaults, and these bad debts should be put up for sale. Not all foreign investors are ready to jump in, though, conscious of the difficulties in extracting value
Worst case scenarios: How GPs recover value
There are various ways for PE investors to seek legal recourse against portfolio companies that have behaved improperly – provided they have structured deals properly and don’t mind getting their hands dirty
Q&A: Clearwater Capital Partners' Robert Petty
Robert Petty, managing partner and co-founder at Clearwater Capital Partners, explains why a strong credit and special situations investment strategy in Asia often involves going against the grain
Fund restructuring: The waiting game
The message has always been: Look at what’s happening in the US and Europe to get an idea of what is likely to happen in Asia. The follow-up question: Okay, but when? The answer: Soon, but not yet.
