Restructuring
Saab ends investment agreement with Chinese firms
Swedish Automobile has terminated an agreement to sell a majority stake in Saab to two Chinese companies, leaving the carmaker reliant on a $70 million commitment from US private equity firm North Street Capital to cover its immediate expenses.
GIC reaches agreement with Paulson & Co. over hotel assets
Government of Singapore Investment Corp. (GIC) has reached a settlement with MSR Resorts, a hotel group owned by hedge fund Paulson & Co. Under the settlement, which was approved by a US bankruptcy court judge on Tuesday, GIC will cease its near-term...
CVC considers US bond issue to cover Nine Entertainment debt
CVC Asia Pacific may service Nine Entertainment’s A$3.5 billion ($3.7 billion) in debt by raising more debt from private investors in the US. It is thought that a “144A” bond issue would raise $500 million to $1 billion that would go toward reducing...
PE firms struggle to secure Woori stake
With the auction of the government’s stake in Woori Financial Group stalled again, questions are being asked about the compatibility of banks and private equity in Korea
Nomura appointed to oversee sale of Tokyo Star Bank
Lone Star Funds and its fellow creditors have hired Nomura to sell off Tokyo Star Bank, The Wall Street Journal reported, citing people familiar with the matter. Lone Star sold the asset to Advantage Partners (AP) less than four years ago but resumed...
ETIC becomes largest shareholder in Japanese engineering firm
Enterprise Turnaround Initiative Corp of Japan (ETIC) has underwritten 150 million of common shares issued by ARRK, a listed company engaged in die and mold engineering, worth JPY9 billion ($117 million).
PE targets deep distress
Specialist distressed asset firms are scouting to Asia for companies that have gone beyond bankruptcy – and therefore beyond where most investors would look
GCM eyes failed Incubator Bank of Japan
GCM, a Tokyo-based investment bank formed by former Sanwa bankers, is reportedly in bidding for the bankrupt Incubator Bank of Japan. It is competing with AEON Bank, a banking unit of AEON Group, for the asset.
PE and the debt crisis: Coping with chaos
Recent turmoil in the global markets has implications for private equity investors with an eye on exits, debt and fundraising
CHAMP-backed Blue Star bail-out approved by bondholders
Bondholders in troubled New Zealand printing firm Blue Star have backed a $25 million restructuring package supported by CHAMP Private Equity. At a meeting of around 200 bondholders in Auckland, 76.9% voted in favor of the proposal, surpassing the 75%...
CVC-backed Nine Entertainment expects modest profit growth in coming year
CVC-owned Nine Entertainment posted EBITDA of A$414.9 million for the fiscal year ending June, up 16.4% year-on-year, but it forecasts modest growth this year – a reflection of the challenges facing most Western media companies that rely heavily on...
Hony invests $100m in Chinese glass maker
Hony Capital has agreed to pay $100 million for a 60% stake in China Yaohua Glass Group, as part of its ongoing role in consolidating the glass-making industry.
Bondholders in CHAMP-backed Blue Star offered new deal
Blue Star bondholders have been offered the chance to participate in the printing firm’s restructuring on the same terms as major shareholder CHAMP Private Equity, The National Business Review reported. Should the latest proposal fail to win approval,...
Ex-AIA boss seeks PE backing to buy Aviva’s non-core businesses
Former AIA CEO Mark Wilson is trying to raise private equity funding to bid for Aviva’s non-core emerging markets business, The Financial Times, reported, citing people familiar with the situation. The UK firm is considering a sell-off of its smaller...
Phoenix Capital to sponsor failed Japanese department store
Phoenix Capital, a private equity firm specializing in turnaround investments, has brokered a sponsorship agreement with bankrupt Japanese department store Nakasan Co., which claims debt of JPY11.4 billion ($1.43 million).
Collins Booksellers to take REDGroup’s Angus & Robertson franchises
Australian book chain Collins Booksellers has reached an agreement with REDGroup Retail’s administrators to take several Angus & Robertson franchises, according to local media reports.
Bondholders threaten takeover of failed Japanese consumer lender
A&P Financial’s court-mandated takeover of Japan’s Takefuji Corp. could be derailed after bondholders in Takefuji sought to force the consumer lender into liquidation with a view to seeing a better recovery from their investment, Reuters reported.
Lazard PE unit to own up to 25% in Australia’s Hastie Group
Lazard’s private equity unit will acquire between 16% and 25% of Hastie Group by participating in the struggling technical services firm’s A$170 million ($180 million) share offering. Lazard, which will be entitled to one board seat, has agreed to...
PAI sells UK auto company to Japan’s Itochu
French private equity fund PAI Partners will sell its UK auto parts portfolio company Kwik Fit to Japanese trading conglomerate Itochu after reportedly receiving EU regulators’ blessing to complete the acquisition.
KKR invests in Oz recycling company
KOHLBERG KRAVIS ROBERTS (KKR) HAS invested approximately A$90 million ($96.9 million) in Australia Stock Exchange-listed recycling group CMA Corporation.
Milestone-backed jeans maker files for Chapter 11
Private-equity backed Bobson & Co., a Tokyo-based jeans maker, has filed for Chapter 11 with a debt of JPY734million ($9.1 million) as of Feb 2011.
Carlyle group’s awareness of China investment risks
The Carlyle Group was reportedly having problematic issues with two of its portfolio companies, China Forestry, a Hong Kong-listed plantation operator and NASDAQ-listed China Agritech.
KKR strengthens ties to Oz recycling company
Kohlberg Kravis Roberts (KKR) has invested approximately A$90 million in Australia Stock Exchange-listed recycling group CMA Corporation, prompting CMA to voluntarily suspend trading.
New Zealand’s Direct Capital takes majority stake of Scales Corp.
Auckland-based private equity firm Direct Capital will take a 79.7% stake in local apple exporter and cold storage company Scales Corporation for $44 million, purchasing the asset from South Canterbury Finance, which has been under the receivership since...