Restructuring
NewQuest-led group seeks removal of China Hydro directors
An investor group led by NewQuest Capital Partners is calling for the removal of five directors of China Hydroelectric Corporation, citing strategic and operational issues at the company and the apparent lack of credibility and accountability on the board....
China oil trader agrees to buy control of Warburg-sued Titan
China's Guangdong Zhenrong Energy, an oil and commodity trader partly owned by state-run Zhuhai Zhenrong Corp, has agreed to pay HK$175 million ($22.57 million) for a controlling stake in Hong Kong-listed Titan Petrochemicals, a debt-laden shipping and...
Australia’s old media: Where did it all go wrong?
Traditional media in Australia has been colonized by buyout houses since 2006, but a number of these assets are now in distress. Can private equity use this situation to its advantage?
Qantas appoints Macquarie to defend against PE bids
Qantas Airways has hired Macquarie Group to set up an internal team “to advise on the defense against potential private equity bids,” a company spokesman has confirmed. The news prompted an 11% spike in the airline’s share price to A$1.08 during...
CVC’s second Asia fund sees value drop by 10%
CVC Asia Pacific’s second regional fund, which closed in 2005 at $1.975 billion, has reportedly lost 10% of its investment value due to failing portfolio companies such as Australian television network Nine Entertainment.
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...
Former CalPERS manager sets up legacy asset consultancy
A former senior portfolio manager at CalPERS has launched a company focused on helping institutional investors maximize value from non-core and underperforming legacy alternative investments.
Clearwater raises $200m, targets $900m for Asia fund
Clearwater Capital Partners has so far raised $200 million for its fourth Asia ex-Japan fund, which will target special situations investments in public and private debt and equity. The company is aiming for a final close of around $900 million, a source...
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
Reliance Communications again seeks PE buyers for tower unit
Reliance Communications is courting private equity firms and strategic investors as it seeks to sell its 95% stake in tower unit Reliance Infratel. The company has hired UBS to arrange a sale and is looking to recoup $5 billion for the asset, Reuters...
SMBC VC to launch fund targeting small Japanese firms
SMBC Venture Capital, a member of Sumitomo Mitsui Financial Group (SMFG), will launch a JPY14 billion ($178.3 million) fund aimed at helping small, owner-run firms make shareholder and structural changes, Nikkei reported.
Deutsche Bank invests Japan Industrial Solutions fund
Deutsche Bank in Tokyo has announced its commitment to invest in a business revitalization fund to be initiated by Japan Industrial Solutions Co., Ltd. (JIS), established by the Development Bank of Japan (DBJ), Sumitomo Mitsui Banking Corporation (SMBC),...
PE-invested Krispy Kreme Australia sees restructuring after financial setbacks
Doughnut market leader Krispy Kreme’s poor financial performance in Australia, where it is invested by Souls Private Equity, has prompted a month-long management restructuring process aimed at jumpstarting the retailer’s profits.
Actis said seeking exit from India's Halonix
Actis is seeking a buyer for some or all of its 66% controlling stake in Indian halogen bulb and lamp manufacturer Halonix, in a deal which could fetch up to $56 million with a probable strategic buyer, according to Indian reports.
3i continues buyout wind-down in India
In light of 3i Group’s decision to pare down its buyout arm in Asia – folding its Singapore-led buyout team into its regional growth capital platform and transferring responsibility for Asian buyouts to its global buyout team – 3i India is merging...
Malaysia's CIMB Standard rebrands as CapAsia
Malaysian infrastructure-focused private equity firm CIMB Standard Strategic Asset Advisors has rebranded as CapAsia to help bolster its profile across key markets.
Han joins CVC from Honeywell
Allen Han, formerly a VP and GM with Honeywell in China and the US, has joined CVC Capital Partners as a Senior MD with the firm's Operations Team in Asia.
Kendall Court's Chris Chia speaks
Chris Chia, Managing Partner at Kendall Court Capital Partners, speaks about the firm's investment strategies.
