Bain Capital related stories
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Executive moves, week of July 13, 2009News about Citi exec Gary Crittenden joining Huntsman Gay, Vineet Buch leaving BlueRun, Debra Somberg moving from GP to venture partner at Maveron, more
- Weekly Downgrades: How Is Portfolio Company Debt Performing?
As usual, we have a week’s worth of ratings actions on the debt of LBO-backed companies from Standard & Poor’s and Moody’s Investor Services. This week saw downgrades on yet another distressed debt exchange (Duane Reade) and a post-debt exchange upgrade. Rounding it out were a handful of bankruptcy-related withdrawals. Company: Duane Reade Inc. Sponsor: Oak Hill Capital Management Downgrade: S&P lowered its corporate credit rating on the company to 'CC' from 'CCC+' and lowered the subordinated debt rating to 'CC' from 'CCC-'. Moody’s downgraded the company’s probability of default rating to Ca from Caa2. Highlight: The downgrade follows Oak Hill’s announcement to launch a distressed debt exchange for the company. “We view this offer as being tantamount to default given that Duane Reade's highly leveraged capital structure that we believe may be unsustainable over the intermediate term, and the company's weak financial profile.”
- peHUB First Read
* Robert Reich: The economic recovery will never begin http://robertreich.blogspot.com/2009/07/when-will-recovery-begin-never.html * Dan Gross states the obvious http://www.slate.com/id/2222563/ : It's too soon to pass judgment on the stimulus, one way or the other. * Cerberus chief Stephen Feinberg, in a letter to investors http://online.wsj.com/article/SB124715562562818561.html#mod=testMod : "It kills us that we have lost money and been part of the problem for you." * Morning Call: GM expected to announce exit from bankruptcy http://www.reuters.com/article/ousiv/idUSTRE5690JO20090710 at 9am press conference, U.S. futures point lower http://www.reuters.com/article/usMktRpt/idUSLA36175420090710 FTSE keeps dropping http://www.reuters.com/article/londonMktRpt/idUSLA48414720090710 Europe up then down http://www.reuters.com/article/eurMktRpt/idUSLA39728220090710 the Nikkei closes out its worst week since January http://www.reuters.com/article/tokyoMktRpt/idUST25651320090710 and China and HK shares drift downward http://www.reuters.com/article/hongkongMktRpt/idUSHKG25655120090710 * Paul Kedrosky: Farming is the next big thing http://paul.kedrosky.com/archives/2009/07/farming_as_the.html.. * ... Or maybe it's M&A bankers http://www.ft.com/cms/s/0/6b9c7234-6be7-11de-9320-00144feabdc0,s01=1.html?nclick_check=1 (back from the dead?) * How can anyone take Google's Android phone seriously, when Eric Schmidt is still carrying a BlackBerry? http://www.businessinsider.com/busted-eric-schmidt-caught-using-a-blackberry-2009-7
- VC Deal Scoop: Qik, Terracotta & More...
What follows are ten VC deals culled from recent Regulation D filings with the SEC. They have not been otherwise disclosed: * Qik, a San Mateo, Calif.-based mobile video broadcasting service, has raised around $5.5 million in new VC funding (including $1.8m as a note conversion). Quest Venture Partners was the only listed investor. The company previously raised two rounds of funding from Marc Andreessen, Ben Horowitz, Marc Benioff (Salesforce), Arjun Gupta (Telesoft Partners) and George Garrick (Jingle Networks). www.qik.com http://www.qik.com
- VC Deal Scoop: Qik, Terracotta & More...
What follows are ten VC deals culled from recent Regulation D filings with the SEC. They have not been otherwise disclosed: * Qik, a San Mateo, Calif.-based mobile video broadcasting service, has raised around $5.5 million in new VC funding (including $1.8m as a note conversion). Quest Venture Partners was the only listed investor. The company previously raised two rounds of funding from Marc Andreessen, Ben Horowitz, Marc Benioff (Salesforce), Arjun Gupta (Telesoft Partners) and George Garrick (Jingle Networks). www.qik.com http://www.qik.com
- Gary Crittenden Leaves Citi, Joining Huntsman Gay
Gary Crittenden, who today stepped down as chairman of Citi Holdings, will be joining Huntsman Gay Global Capital as a managing director. Crittenden had served as Citigroup's chief financial officer until this past March, when the firm pushed many of its riskiest assets into Citi Holdings. He was succeeded as CFO by Ed Kelly, who now will become Citigroup's vice chairman while John Gerspach takes over as CFO. Prior to joining Citigroup, Crittenden spent seven years as CFO and head of network services for American Express. He also has served as CFO for both Monsanto and Sears, Roebuck & Company. Huntsman Gay is a new private equity firm based in Utah, featuring folks like John Huntsman (founder of chemical co. Huntsman Corp), Bob Gay (ex Bain Capital), Rich Lawson (ex Sorenson Capital) and Steve Young (ex Sorenson and ex NFL quarterback). It has secured more than $1 billion in capital commitments for its debut fund, but has not yet held a final close.
- Bain Capital offers to cut fund size
A modest proposal from Bain: cut size of co-invest fund