Apollo Global Management related stories
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Apollo-backed Hexion sues banks over $6.5bn dealApollo portfolio company Hexion alleges that Credit Suisse and Deutsche Bank are in breach of their contractual obligations to fund the closing of its merger with chemical manufacturer Huntsman.
- Apollo wins the name battle in real estate space
Apollo Real Estate Advisors has changed its name to Area Property Partners, effective from January next year, following Leon Black’s decision to expand his Apollo Global buyout shop into the real estate space.
- Banks put Apollo's Huntsman buyout on hold
Credit Suisse and Deutsche Bank do not believe a solvency opinion from valuation firm American Appraisal obtained by Huntsman last week meets the conditions of the deal, shelving plans to close the deal today.
- Oaktree set to take over bankrupt Pierre Foods
The Los Angeles-based private equity firm has acquired nearly all the company’s debt for $200m and is funding the plan of reorganisation for Pierre, which is one of 34 private equity-backed companies that has gone bankrupt this year. Madison Dearborn bought Pierre in 2004 for about $422m.
- Private equity-backed companies turn to PIK
A report from Moody's Corporate Finance reveals an increase in private equity-backed companies that are electing to use their payment-in-kind option to make interest payments.
- Sun Capital-backed Mervyns to liquidate
Department store Mervyns, bought in 2004 by Cerberus Capital Management and Sun Capital Partners for $1.2bn, will liquidate after filing for bankruptcy protection in July.
- Apollo-backed Linens forced into fire sale
The bankrupt retailer will be sold for about $476m to a liquidation group including Gordon Brothers Retail Partners, Hilco Merchant Resources and Hudson Capital. Apollo, which spent $201m for its stake in the company, has said the loss will have minimal impact.
- Apollo commits $540m to portfolio company Hexion
The global buyout firm has agreed to provide equity and waive fees in support of Hexion’s $10.6bn merger with Huntsman. Last week, Hexion was ordered by a Delaware Court to comply with the buyout agreement in an effort to close.
- Apollo forced to honour $10.6bn Huntsman deal
Following a contentious court battle, the global buyout firm’s portfolio company Hexion Specialty Chemicals has been ordered to perform its contractual obligations in its agreed $10.6bn buyout of Huntsman Corporation. The company’s arguments of a material adverse affect and insolvency were rejected.
- No news is good news
Banks and private equity firms can breathe a small sigh of relief at UBS’ settlement with Tank & Rast, writes Toby Mitchenall.