Write-off
Singapore’s Temasek punishes staff for FTX investment
The investment and senior management of Singapore’s Temasek Holdings will receive reduced compensation in recognition of the write-down of an investment in collapsed cryptocurrency exchange FTX despite an independent internal review finding no evidence...
Singapore's Temasek launches internal review of FTX deal
Temasek Holdings has launched an internal review into the circumstances that led to its investment in collapsed cryptocurrency exchange FTX, but Singapore’s deputy prime minister refused to criticise the organisation’s governance structures.
China community group buying platform Tongcheng Life goes bust
Tongcheng Life, a China-based community group buying business incubated by online travel agency Tongcheng-Elong, has announced its bankruptcy, blaming "poor management."
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.
Singapore's VC-backed GoBear to wind down
GoBear, a Singaporean financial technology start-up that received VC backing as recently as May, will cease operations and begin a phased closure of the business, citing pandemic-related disruption.
Australia: Retail realities
Not all bankruptcies can be blamed solely on COVID-19; neither is private equity ownership necessarily bad news for retailers. As recent experiences in Australia demonstrate, evolution and execution are key
PE-owned Australian swimwear brand enters administration
Seafolly, an Australian swimwear and beachwear brand owned by L Catterton Asia, has entered administration, citing the “crippling financial impact” of the COVID-19 pandemic.
Baring Asia restructures retailer Cath Kidston
Baring Private Equity Asia has agreed a restructuring of Cath Kidston, a UK lifestyle retailer it has backed since 2014, under which the company has entered administration and will reemerge as a smaller business.
Blackstone-owned Burger King NZ enters receivership
The Burger King New Zealand franchise, which was acquired by The Blackstone Group for NZ$108 million ($86 million) in 2011, has been placed into receivership.
Australia's PE-owned Tigerlily enters administration
Tigerlily, an Australian swimwear brand acquired by Crescent Capital Partners in 2017, has entered administration following a collapse in sales attributed to the COVID-19 outbreak.
PE-backed NZ cricket platform goes into receivership
CricHQ, a cricket-focused online platform based in New Zealand and backed by Singapore-based Tembusu Partners, has been placed in receivership.
Creditors to assume control of KKR-owned Bis Industries
Australian mining services provider Bis Industries has reached a debt-to-equity restructuring agreement with creditors that will see current owner KKR relinquish its majority position.
Creditors take control of PE-owned Gerard Lighting
A creditor consortium led by Investec and Bain Capital Credit (BCC) has assumed full control of Gerard Lighting, an Australian light fittings distributor owned by CHAMP Private Equity.
Australia's PE-owned Byron Group enters administration
Byron Group, an Australia-based manufacturer of emergency services transport vehicles and related equipment owned by Wolseley Private Equity, has been placed into administration.
PE-backed Jones the Grocer folds in Australia again
The Australian operation of Jones the Grocer, a gourmet food retailer backed by L Capital Asia, has entered voluntary administration for the second time in two years.