Restructuring
TPG-backed Li Ning loses CFO
Yik-Kay Chong, executive director and CFO of TPG Capital-backed Li Ning, is leaving the company, effective November 1. The news follows the departure of CEO Zhang Zhiyong who spent more than two decades with the Chinese sportswear retailer.
CVC-backed Nine makes new restructuring proposal
The management of Nine Entertainment, the beleaguered Australian media company owned by CVC Capital Partners, has put forward a new proposal for restructuring its A$3.8 billion ($3.9 billion) in debt. Adrian McKenzie, CVC’s Australian managing partner...
PE marginalized on Japan restructuring
The outbound trend sweeping through Japanese private equity owes a partial debt to last year’s earthquake, tsunami and subsequent nuclear crisis. Yes, the economic, demographic and industrial arguments for overseas expansion have been coalescing for...
Bankrupt Woongjin halts $1.1b Coway sale to MBK
MBK Partners’ KRW1.2 trillion ($1.1 billion) investment in water purifier business Woongjin Coway appears to be on shaky ground after parent company Woongjin Holdings filed for court receivership on Wednesday and put the deal on hold.
Orix named preferred bidder for Korea’s STX Energy
Japan’s Orix Corp. has been selected as the preferred bidder for a significant stake in STX Energy, an unlisted affiliate of South Korean conglomerate STX Group.
China, India companies beat PE to Digital Domain assets
China’s Galloping Horse Film and India’s PE-backed Reliance MediaWorks have teamed up to acquire assets from Digital Domain Media Group, the distressed Hollywood special effects company, for $30.2 million. The Sino-Indian joint venture easily outmatched...
Goldman rejects hedge funds’ Nine restructuring plan
Goldman Sachs has rejected a counter-proposal from hedge funds Oaktree Capital and Apollo Global Management for restructuring Nine Entertainment, the Australian media company owned by CVC Capital Partners.
Goldman tables Nine Entertainment debt proposal – report
Goldman Sachs has reportedly put together a restructuring proposal for Nine Entertainment that would see the Australian company’s A$3.8 billion ($3.9 billion) in debt convert to equity, writing off the vast majority of CVC Capital Partners’ investment.
IFC, Mount Kellett back India’s Jain Irrigation Systems
International Finance Corporation (IFC) and Mount Kellett Capital Management are part of a group that has agreed to invest around INR11 billion ($200 million) in Jain Irrigation Systems. The company, which manufactures drip and sprinkler systems as well...
Warburg Pincus sets up JV to restructure Titan Petrochemicals
Warburg Pincus affiliate Saturn Petrochemical and SouthernPec Corporation have formed a joint venture to restructure portfolio company Titan Petrochemicals Group. It comes after China's Guangdong Zhenrong Energy made a HK$175 million ($22.57 million)...
Warburg forms JV to restructure Titan subsidiary
Warburg Pincus has formed a joint venture with SouthernPec Corporation as part of a restructuring proposal to the liquidators of Titan Group Investment Limited (TGIL), a business jointly owned by Warburg Pincus’ affiliate Saturn Storage and Hong Kong-listed...
History lessons of PE in Asia
With 2012 marking the 25th anniversary of the AVCJ Hong Kong Forum – and, give or take a year, the Asian Venture Capital Journal itself – we have been taking a trip down memory lane for some special content to be released later in the year. This involves...
Babson to incrase Asia-Pacific lending
Babson Capital Management plans to increase the loans it provides in Australia and Asia, as borrowers are prepared to pay high interest rates due to the withdrawal of several European banks from the region.
Carlyle mulls Coates Hire IPO
The Carlyle Group, together with Australia's Seven Group, is considering an IPO of Australian equipment rental company Coates Hire. The news comes weeks after banks agreed to refinance the company’s A$1.85 billion ($1.9 billion) in debt.
Clearwater reaches final close of $575m on fourth fund
Clearwater Capital Partners has closed its latest Asia credit and special situations fund at $575 million. It is the first time the private equity firm has gone to the market since 2007, when it raised a greater-than-expected $900 million for Clearwater...
Warburg sues Titan Petrochemicals in Hong Kong
Warburg Pincus has sued portfolio company Titan Petrochemicals Group and some of its executives in Hong Kong’s High Court, citing misrepresentation and breaches of contract. This comes as the debt-laden shipping and oil storage firm continues talks...
India’s Reliance Mediaworks to raise $110m from PE
Reliance Mediaworks (RMW), a Indian film and entertainment services company controlled by billionaire Anil Ambani, has raised INR6.05 billion ($109.7 million) from a foreign private equity fund. The capital will be used to cut debt and for business expansion.
Titan considers stake sale as Warburg takes legal action
Titan Petrochemicals, the Hong Kong-listed shipping and oil storage firm, is in talks to sell a controlling stake to an unnamed third-party investor. The announcement comes as the company faces a winding up lawsuit filed by Warburg Pincus.
Carlyle seeks $1.9b Coates Hire refinancing
The Carlyle Group is in negotiations with banks to refinance the A$1.9 billion ($1.9 billion) in leverage used to purchase Australian equipment hire company Coates Hire.
Kumho Industrial sells $812m in assets to Korean PE fund
Kumho Industrial, the struggling South Korean conglomerate, has sold KRW946.5 billion ($811.9 million) worth of assets to a private equity fund operated by Korea Finance Corp. in order to boost liquidity. The jettisoned assets include a stake in Daewoo...
Lazard-backed Hastie Group enters administration
Hastie Group, the Australian engineering company backed by Lazard, has entered into voluntary administration after recapitalization talks failed. It comes after recapitalization talks failed due to “accounting irregularities” led to a profits charge...
L Capital pulls out of deal to buy India’s Lilliput Kidswear
L Capital, the private equity arm of luxury group LVMH, has pulled out of the running to buy Lilliput Kidswear, according to the Indian clothing manufacturer's founder. The deal was expected to value the company at INR11 billion ($197 million), with L...
TPG to invest in bankrupt Japanese apartment developer
TPG Capital has agreed to buy bankrupt Japanese apartment developer Joint Corp. alongside property consultancy Savills. The news comes after the private equity firm reportedly considered investments in two other distressed assets in Japan, Olympus Corp....
Mount Kellett raises $4b for second special situations fund
Mount Kellett Capital Management, the private equity firm started by former Goldman Sachs executive Mark McGoldrick, has closed its second fund at $4 billion. The vehicle, which targets special situation and opportunistic investments, is $1 billion larger...