Credit/Special Situations
Grady leaves Mount Kellett Capital – report
Mount Kellett Capital, the private equity firm started by former Goldman Sachs executive Mark McGoldrick, has reportedly lost real estate specialist Timothy Grady. He joined Mount Kellett in 2010 as a managing director, having previously worked at Merrill...
Helmsman Capital seeks $211m for third fund
Helmsman Capital is currently seeking A$200 million ($211 million) for its third vehicle, Helmsman Capital Fund III.
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.
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...
China tipped to see more NPL deal flow
Bad debts accumulated by China’s state banks have been targeted by distressed asset investors for about a decade, with mixed results. The high-profile auctions of the mid-2000s that attracted the likes of Avenue Capital and Mellon are no more. Foreign...
TPG acquires 20% of MediaWorks' senior debt for $54m
TPG has acquired NZ$70 million ($54.1 million) worth of debt in New Zealand-based MediaWorks from lender Commonwealth Bank of Australia (CBA), accounting for approximately 20% of the company’s full debt load.
TPG considers investment into Takefuji - report
TPG may be considering making a much-needed investment into debt-ridden Japanese consumer lender Takefuji, coming as the latest effort to prevent the firm from liquidating.
CVC said to offer Nine's creditors second refinancing plan
CVC Asia Pacific has reportedly offered creditors another refinancing plan for the A$2.6 billion ($2.7 billion) of debt held by its Australian portfolio company, Nine Entertainment, coming after lenders rejected CVC’s proposal of granting the firm a...
Nine's creditors reject debt restructure plan
The creditors of Australian media group Nine Entertainment have rejected a proposal to restructure the company’s A$2.6 billion ($2.59 billion) of senior debt, potentially jamming Nine’s private equity owner, CVC Asia Pacific, with nearly $2 billion...
Shenzhen PE firm reaches first close on debut property fund
PTiFund, a Shenzhen-based private equity firm backed by Hong Kong-listed property developer Top Spring International Holdings, has announced a first close of RMB125 million ($19.6 million) on its debut fund. The full target is RMB500 million.
Centro to launch trust to avoid collapse
The financial backers of distressed Australian real estate owner Centro Properties Group have agreed to create an A$4.4 billion ($4.3 billion) listed property trust called Centro Retail Australia in order to keep the company afloat.
Kingfisher closes in on $370m injection
Debt-ridden Indian airline Kingfisher is nearing the close of a $370 million recapitalization deal with an Indian private investor and a group of banks that should prevent it from collapsing.
MSPEA-backed Biotor close to shuttering - report
Morgan Stanley Private Equity Asia’s (MSPEA) first and only Indian portfolio company from its pan-Asian fund, Mumbai-based biofuel company Biotor Industries, is reportedly on the verge of closing its operations, which could leave MSPEA out of its INR2...
Sino-Forest denies fraud claims
Private equity-backed Chinese forestry firm Sino-Forest has denied allegations by short-seller Muddy Waters that it engaged in fraudulent activity related to its assets and revenue reporting.
Blackstone, Carlyle near Reliance tower acquisition - report
A consortium comprised of The Blackstone Group and The Carlyle Group may purchase Reliance Group’s cellular towers by December, in a deal that will finally see the Indian communications major divest its ailing tower assets.
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.
Gresham seeks buyer for New Zealand's Noel Leeming Group
Australian PE firm Gresham has reportedly appointed Macquarie Group to advise on the sale of New Zealand appliance retailer Noel Leeming Group, an asset that it has owned for seven years.
Lone Star sells distressed Japanese golf course asset PGM
Lone Star will divest its 64% stake in distressed Japanese golf course operator PGM Holdings to pachinko pinball machine maker Heiwa Corp. for JPY39.5 billion ($521 million).
KKR to boost focus on special sits in China
KKR is set to bolster its special-situations capabilities in Hong Kong in anticipation of a downturn in China.
Eaton Vance targets US loans through Australian fund
Eaton Vance Corp. aims to raise $1 billion in the next two to three years for an Australian fund targeting US leveraged loans. It will primarily look to secure capital commitments from Australian pension funds.
PAG shows appetite for distress
Interest in Asian distressed assets appears to be living up to the hype, with PAG last week reaching a final close of $900 million a regional special situations fund. Several investments have already been made and more are in the pipeline, a source familiar...
Colorado Group gets back on its feet
Is there life after receivership? The owners of Colorado Group are banking on it, and have injected A$70 million ($68.7 million) to resurrect the retail brand in the hopes of finding longevity the second time around.
Sumitomo Mitsui looks to acquire distressed lender Promise Co.
Sumitomo Mitsui Financial Group, Japan’s second-largest lender, will make a $2.6 billion tender offer for all shares it does not already own in distressed consumer lender Promise Co.
PAG raises $900m for Asia special situations fund
PAG has raised $900 million for an Asia-focused distressed asset fund. It follows a wider trend of private equity assuming the special situations role traditionally occupied by hedge funds and debt- or equity-linked capital for companies in need of funding.