Restructuring
Hony, TPG consider bid for Japan’s Elpida Memory
Hony Capital and TPG Capital are preparing a bid for Elpida Memory, the Japanese chipmaker that filed for bankruptcy protection in February. The private equity firms are expected to face significant competition from strategic investors, with South Korea’s...
Sino-Forest’s major shareholder proposes restructuring plan
The largest shareholder in Sino-Forest has proposed a restructuring plan for the Chinese forestry company following last week’s board announcement that a Canadian court had granted protection from creditors as it looked into sale options.
Temasek-backed Eircom applies for court protection over $4.8b debt
Eircom, the telecoms operator owned by Singaporean sovereign wealth fund Temasek, has applied for court protection to allow it to restructure its EUR3.75 billion ($4.8 billion) debt pile.
NAB offloads debt in CVC-backed Nine Entertainment
National Australia Bank (NAB) has sold off its entire holding of debt in CVC-backed Nine Entertainment. The bank offloaded A$86 million ($90 million), with media reports quoting a price of A$0.85-087 on the dollar.
Australia Music Group gets private equity lifeline
Revere Capital has injected funding into Australia Music Group (AMG) as part of internal restructuring efforts. Like many retailers in Australia, the company is struggling during a period of poor consumer sentiment.
CVC plans to sell Nine ticketing arm
CVC Asia Pacific is seeking buyers for Nine Entertainment's ticketing arm in order to generate funds that will be used to restructure the media group’s A$2.7 billion ($2.9 billion) in senior debt, which is due for repayment next February.
CVC cuts price for Nine’s magazine division – report
CVC Asia Pacific is reportedly willing to listen to offers of as little as A$300 million ($323 million) – or 3x earnings – for Nine Entertainment’s magazine division after receiving little interest from prospective buyers. The sale of ACP Magazines...
China’s silent auctions
Numbers alone don't really do justice to China’s post-global financial crisis credit boom, but they are impressive nonetheless. A RMB4 trillion ($633 billion) stimulus package was announced at the end of 2008, bank lending rose nearly 130% over the...
BC Partners replaces Fitness First management team
BC Partners has axed the core management team of Fitness First in a bid to prevent its portfolio company sinking under the weight of its high-interest loans.
MCap-backed Jyothy Labs secures $110m loan
Jyothy Laboratories, the Indian consumer products maker backed by MCap Fund Advisors, has raised an INR5.5 billion ($110 million) loan to refinance its debt.
SC Lowy in talks for $125m Kingfisher deal - report
Distressed debt specialist SC Lowy is said to be in talks with India’s second-largest airline, Kingfisher, about a possible $125 million investment.
Japan’s SMFG beats CDB to aircraft-leasing deal
Japan’s Sumitomo Mitsui Financial Group (SMFG) and Sumitomo Corp. have agreed to purchase Royal Bank of Scotland’s (RBS) aircraft-leasing business in a deal worth $7.3 billion. SMFG will take around 70% of RBS Aviation Capital, with trading company...
Indian commodity exchange in talks with PE firms
India’s fourth largest exchange, the National Multi-Commodity Exchange of India (NMCE), is in talks with five private equity firms and banks to raise INR300-350 million ($5.9-6.9 million) to comply with minimum capital rules.
Nine Entertainment’s creditors draw up plan to push out CVC
Creditors of Australia’s Nine Entertainment have put together a proposal to convert their debt to equity which would wipe out the majority of current owner CVC Capital Partners’ interest in the firm. Hedge funds Oaktree Capital and Apollo Global Management...
MediaWorks is latest Oz debt-to-equity target
The phenomenon is known as “loan to own.” Investors buy up companies’ debt on the secondary market and negotiate with the boards to secure what are in effect controlling positions.
CVC, hedge funds exchange barbs over Nine debt
Negotiations over CVC-owned Nine Entertainment’s debt burden have descended into a war of words between the company and its hedge fund creditors. CVC stands accused of playing a “precarious game” by insisting it is under no pressure to restructure...
Bravia Capital eyes Kingfisher Airlines deal
Hong Kong-based private equity firm Bravia Capital is reportedly considering investing in debt-ridden Indian airline Kingfisher.
Oaktree, SVP consider Ferretti exit to Chinese trade buyer
Private equity groups Oaktree Capital and Strategic Value Partners (SVP) are considering exiting their shareholdings in Italian luxury yacht maker Ferretti to a Chinese trade buyer.
GE boosts CHAMP-backed Accolade with $234m loan
European lender GE Capital has provided Australia’s Accolade Wines, owned by CHAMP Private Equity, with a GBP150 million ($234 million) cross-border financing facility.
Kumho Industrial to sell assets to private equity
South Korean construction and transportation firm Kumho Industrial is reportedly looking to divest KRW1 trillion ($884.5 billion) worth of assets to approximately 10 private equity funds.
Lenders ‘will reject debt plan’ for CVC-backed Nine
CVC Asia Pacific's proposed debt restructuring plan for its portfolio company Nine Entertainment is expected to be rejected, following talks between the private equity firm and lenders on Friday.
CVC to meet with NINE's lenders
CVC Asia Pacific is reportedly to meet with the lenders of its Australian media company NINE Entertainment tomorrow to discuss refinancing opportunities.
Investors eye openings in Asia special situations
Distressed opportunities are being flagged up as a key investment area in Asia as several economies in the region face slowing growth and tightening monetary conditions.
Blackstone sees opportunities in China's 'economic dislocations'
China’s slowing GDP growth should create “economic dislocations” that translate into acquisition opportunities for foreign investors, according to Stephen Schwarzman, chairman and CEO of The Blackstone Group.