Apollo Global Management related stories
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PEI Media to launch the PEI 300To be released on 23 April, the PEI 300 will expand on a popular top 50 list ranking the largest 300 private equity firms in the world. Bain Capital, Bridgepoint and Clayton Dubilier & Rice are among 10 firms to have advanced in the rankings for two consecutive years.
- Sun Capital doubles down with DIP moves
The turnaround specialist, which has seen about 10 of its portfolio companies tumble into bankruptcy since last year, has extended debtor-in-possession loans to two of its bankrupt companies and plans to control them after they emerge from Chapter 11.
- Ratings agencies: Debt to sink largest-ever LBO target
Moody's has followed Fitch in slashing its debt rating for Energy Future Holdings as concerns mount over its ability to pay creditors. The company formerly known as TXU was purchased by TPG, KKR and Goldman Sachs in a $45bn transaction, the largest-ever buyout closed to date.
- Apollo offers $435m for oil and gas company
The mega-buyout firm, which has been struggling with some of its larger portfolio companies in the financial crisis, is offering a 51% premium to Legacy Reserves’ unitholders over the average closing price of the units over the last 30 days.
- Hilco to raise $150m distressed retail fund
The Toronto-based private equity firm has also opened an office in Dubai to help it 'take a closer look at opportunities internationally’.
- Charter Communications files for bankruptcy
The US-based cable provider, whose primary bondholders include Apollo and Oaktree Capital Management, has obtained support for a pre-arranged bankruptcy plan intended to reduce its debt load by $8bn.
- Listed Apollo affiliate suffers $1.2bn in write-downs
Euronext-listed AP Alternative Assets saw its NAV fall 60% last year amid a ‘challenging market’ that caused valuations to fall ‘across the board’. Managing partner Marc Rowan told analysts he doesn’t expect any of the write-downs tied to AAA’s largest private equity investments – including Harrah’s Entertainment – to be permanent.
- Harrah’s tenders $5bn in bonds for debt swap
The casino operator, which was purchased last year by Apollo Global Management and TPG, is offering to exchange the bonds for $2.8bn in notes as it seeks more room to maneuver in avoiding a default.
- MatlinPatterson writes off $450m investment in mortgage lender
The distressed investment specialist is surrendering all its stock in Thornburg Mortgage and has resigned its board seats. The residential mortgage lender has been given a grace period by lenders to come up with a restructuring plan.
- Goldman seeks LP approval for $4.5bn in distressed deals
The firm's private equity arm wants to use half the uninvested capital from its $20bn buyout fund to back distressed companies and buy discounted debt.