Credit/Special Situations
Oaktree, China Cinda form distressed assets JV
Oaktree Capital Group has entered into a joint venture with China Cinda Asset Management Corp. that will see the two groups invest in distressed assets in China. Cinda was originally set up to absorb non-performing loans (NPLs) from China’s Big Four...
Asia distress: Playing doctor
Asia appears to be destined for a spate of corporate restructurings. Although they are studying a wealth of potential investments, distress specialists say the obvious targets are not always the most accessible
CIC agrees $1.3b debt-for-equity swap with Bumi Resources
China Investment Corporation (CIC) has agreed a debt-for-equity swap worth $1.3 billion with embattled Indonesian miner Bumi Resources.
Yamaguchi bank launches $30.7m SME restoration fund
Yamaguchi Capital and the Regional Economy Vitalization Corporation of Japan have together set up a JPY3 billion ($30.7m) fund - Yamaguchi Business Restoration Fund - to provide capital to distressed small- and medium-sized businesses (SME).
WL Ross settles with SEBI over SpiceJet case
WL Ross has paid INR11 million ($177,000) in a settlement with the Securities and Exchange Board of India (SEBI), ending a long-running case over its investment in low-cost Indian airline SpiceJet.
Allegro targets $188m for Australasia distress fund
Allegro Funds is raising a A$200 million ($188 million) vehicle that will make turnaround investments in distressed Australian and New Zealand companies.
Commercial Intelligence targets $150m for Asia, Africa litigation fund
Specialist distressed debt and litigation investor Commercial Intelligence Funds Group (CI) is launching an Asia- and Africa-focused fund with a target of $150 million. A first close is planned for the end of 2013.
PE-backed Australian fashion retailer enters administration
Bleach Group, the Australian parent of fashion brands Insight, Something Else and Ksubi, has been placed into voluntary administration. The company received growth capital investment from US-based Breakwater Investment Management in late 2012.
Q&A: Clearwater Capital Partners' Rob Petty
Clearwater Capital Partners is currently investing is $575 million fourth fund. CEO Rob Petty identifies the opportunities in Asia – offshore, onshore in China and India, and a generous helping of restructuring
PAG agrees $150m investment in Chinese property developer
PAG’s absolute returns division will invest in China-focused shopping mall operator Zall Development Group through a $100 million convertible bond issue, with the option to subscribe to a further $50 million worth of bonds. Assuming full conversion,...
Korea’s STX Pan Ocean files for bankruptcy after PE rescue fails
STX Pan Ocean, South Korea’s largest bulk shipping group, has filed for court receivership after attempts to secure a private equity-led restructuring of the beleaguered business failed.
Japan restructuring opportunities on the rise – PE survey
Japan is expected to emerge as a hotspot for restructuring over the next 12 months as domestic industries consolidate and foreign multinationals reassess their activities in a weak and demographically challenged consumer market. South Korea and Japan...
Hahn & Co. to buy stake in South Korea’s STX Energy - UPDATE
Hahn & Co. has agreed to buy a 43.15% stake in STX Energy, a subsidiary of beleaguered South Korean conglomerate STX Corp. AVCJ understands that the transaction a couple of months away from completion, and the terms could change pending the resolution...
CIC, ADM support buyout of Australian lithium producer
Chengdu Tianqi Industry Group, a Chinese lithium products manufacturer, has completed the acquisition of Australian miner Talison Lithium, with support from China Investment Corporation (CIC) and Hong Kong-based special situations group ADM Capital. The...
Australia’s Anchorage closes Fund II at $260m hard cap
Australia-based special situations and turnaround specialist Anchorage Capital Partners has reached a first and final close on its second fund at the hard cap of A$250 million ($260 million). The vehicle, which came in oversubscribed, spent less than...
PAG special sits fund invests $125m in China property developer
PAG will invest in real estate developer China South City Holdings through the purchase of HK$975 million ($125.6 million) in convertible notes. The proceeds will be used to support properties under development and refinance a portion of existing debt.
China distress-focused GP Shoreline raises $303m for Fund II
Shoreline Capital, a China-focused special situations investor, has closed its second fund at $303 million. It comes after distress-focused investors in Asia raised a cumulative $2.4 billion in 2012, the highest level seen in six years.
Cerberus to boost stake in Japan's Seibu
Cerberus Capital Management wants to raise its stake in Japanese railways and property group Seibu Holdings by around 4% as the company plans to re-list.
PE-backed Blue Star entities pick up assets from Geon
Blue Star’s Australia and New Zealand entities, which are now run by two separate private equity-backed management groups, have agreed to buy assets from struggling rival printing company Geon.
KKR, Allegro target Australia's ailing Geon
KKR and Allegro Funds have placed Australian commercial printing company Geon Group into administration and are looking to buy parts of the business out of receivership. The pair became creditors last year following the acquisition of a portfolio of distressed...
ADV seeks $500m for Asia special situations fund
ADV Partners, a PE firm set up by former executives from Mount Kellett Capital, is targeting $500 million for its debut Asia-focused special situations fund. The hard cap is $750 million.
Virginia pension fund backs Fortress’ Japan distress vehicle
Virginia Retirement System (VRS) has committed to $50 million to Fortress Investment Group’s Japan Opportunity Fund II, a distress-focused vehicle that closed last December at its hard cap of JPY130 billion ($1.65 billion).
Hahn & Co. in $130m bankruptcy buyout
Sourcing deals through South Korea's bankruptcy courts is notoriously complicated, but even by these standards Korea Line presented a challenge. The sale process was officially launched late afternoon on December 21, the Friday before what most people...
Tata Capital to raise maiden distress fund
Tata Capital, the private equity arm of India's Tata group, plans to raise nearly INR5 billion ($94 million) for its maiden distress assets fund.