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Nov 9, 2009

PwC readies new plan for returning Lehman assets

LONDON (Reuters) – The administrator of Lehman Brothers’ European arm will proceed with a revised plan to return billions of hedge fund assets after a London appeal court on Friday rejected earlier proposals.

The bank’s failure last year — the biggest bankruptcy in U.S. history — left tens of billions of dollars of prime brokerage assets stuck in limbo, triggering a string of London court cases as clients and administrators seek court approval to unwind the bank’s holdings.

Nov 6, 2009

Turnaround funds eye Threshers business – sources

LONDON, Nov 6 (Reuters) – Funds specialising in turning
around troubled companies are among the favourites to buy the
stores of British liquor chain Threshers from administrators,
people familiar with the matter said on Friday.

Private equity firms, convenience store operators, rival
off-licence chains and retailers are all poring over First
Quench’s stores, which include Threshers and other chains, as
its administrator KPMG looks to secure a speedy sale, the people
said.

Nov 5, 2009

Wind Hellas owner wins restructuring battle

LONDON, Nov 5 (Reuters) – Weather Investments has won the
battle to keep control of debt-laden Greek mobile operator Wind
Hellas, the company said on Thursday.

Beating off a rival restructuring bid from a group of
subordinated bondholders, as well as a last-minute approach
from PPF Partners, Weather Investments has secured agreement
from a majority of senior lenders for their deal, Wind Hellas
said.

Nov 2, 2009

Yell lenders give go-ahead for equity raising

LONDON, Nov 2 (Reuters) – British Yellow Pages publisher
Yell <YELL.L> moved one step closer to fixing its heavy debt
burden as lenders gave it the green light to raise equity,
sending its shares up 13 percent.

The deal to refinance 4 billion pounds ($6.57 billion) in
debts gives Yell the go-ahead for a 500 million pound rights
issue.

Oct 29, 2009

Yell sets last debt-deal deadline, court looms

LONDON, Oct 29 (Reuters) – A 500 million pound ($822.2
million) rights issue for British directories company Yell
<YELL.L> may be delayed until 2010 if Yell has to go to court to
force lenders to agree a refinancing package.

Yell said on Thursday it had given lenders an extra day to
sign up to amendments to its 3.9 billion pound bank loan, and may
otherwise begin court proceedings to clinch a deal via a scheme
of arrangement, which would take several weeks to arrange.

Oct 27, 2009

Europe companies face big writedowns on M&A-report

LONDON, Oct 27 (Reuters) – Major European companies may be
forced into writedowns totalling hundreds of billions of euros
as they recognise the fallout from a 1.8 trillion euro ($2.7
trillion) acquisition binge earlier this decade.

A report from investment bank Houlihan Lokey suggests
boom-year mergers and acquisitions (M&A) destroyed value for
many acquirers, who now face hefty goodwill impairment charges
for their 2009 accounts.
Houlihan found the book value of equity for a fifth of DJ
Stoxx 600 <.STOXX> companies significantly outstripped the
stock-market valuation of those companis at the end of June.

Oct 23, 2009

Almatis lender stand-off risks debt deal-sources

LONDON, Oct 23 (Reuters) – A battle between lenders to
debt-laden German metals processor Almatis has led to a standoff
that threatens a $1 billion debt restructuring deal, three
sources close to the situation said on Friday.

Without an agreement on the restructuring, the company may
face a disorderly work-out of the debt, two of the sources said,
which could further harm the value of the company.

Oct 23, 2009

Gala Coral boss says odds-on for debt deal

LONDON, Oct 23 (Reuters) – British gaming company Gala Coral
expects to agree a restructuring deal in the coming months, its
chairman said, seeking to clean up a balance sheet laden with
2.7 billion pounds ($4.5 billion) of debt.

Gala’s board of directors is meeting on Friday to discuss a
proposal from a group of mezzanine lenders, led by Intermediate
Capital Group <ICP.L> and Park Square Capital, who have offered
to cut their debt in exchange for a stake in the company and
representation on the board. [ID:nLL292065]

Oct 23, 2009
via DealZone

DealZone Daily

Talk continues to swirl around Kraft’s potential bid for Cadbury. On Thursday Reuters reported a top shareholder in the British confectioner would accept 820 pence a share — well above Kraft’s first cash and shares offer but only a little higher than where the stock has been trading in recent days.Activist investor Nelson Peltz, who has stakes in both Cadbury and Kraft, may now become a factor, a report says. A contractual obligation not to criticise Kraft’s management comes to an end on Friday. Will fireworks ensue when the gag is removed?Other deal-related news in Friday’s papers include:* BP Plc (BP.L) has had talks with Ghana’s national oil company about a possible joint bid for Kosmos Energy’s stake in the huge Jubilee oilfield off the coast of the country, Bloomberg said, citing two people familiar with the matter.* China Resources Enterprise Holdings (0291.HK) is expected to sell its non-core assets to fund its acquisition of a hypermarket in China from its parent for up to HK$7 billion.* More details are emerging of an IPO for fund manager Gartmore, which may be seeking to raise 500 million pounds from investors.

    • About Tom

      "Financial journalist with a strong interest in debt. Have worked in bonds, loans and ratings, now the specialist restructuring correspondent for Reuters."
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