Centerbridge Partners related stories
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US Treasury names buyout chiefs to GM boardTPG's David Bonderman and Carlyle's Daniel Akerson are among the recent nominations to GM's board. Also appointed was Stephen Girsky, former Centerbridge Industrial Partners president.
- Fortress, Centerbridge $6bn Penn National takeover collapses
Penn National will receive $225m in cash and $1.25bn in preferred shares after the Fortress and Centerbridge-led deal to buy the casino and race-track company was terminated. Penn said a ‘re-negotiated, reduced purchase price was not a viable option.’
- Oaktree, Centerbridge among CIT bondholders to offer $3bn rescue
The troubled mid-market lender CIT Group has received a $3bn rescue package from a group of its bondholders that will prevent it from collapse, at least for the short term.
- FDIC proposes tighter rules on private equity bank deals
Private equity firms would have to comply with tighter standards for capitalisation, hold periods and disclosure requirements if proposed rules from US banking regulator FDIC are approved.
- TUMBLING PIPES
Financial sector stocks have fallen, causing many to wonder whether a handful of high-profile private equity deals were ill-timed.
- Cerberus holds $700m claim in Extended Stay bankruptcy
Cerberus expects to make a 100% recovery on the secured $700m loan. The hotel group was acquired by an investor group led by private equity real estate firm Lightstone Group in June 2007 for $7.4bn. There are no plans to close or sell the hotels.
- Private equity seals $900m bank rescue
Blackstone, Carlyle, Centerbridge and WL Ross have joined forces with several co-investors – including UK charity The Wellcome Trust – to buy failed Florida-based BankUnited. The FDIC is currently evaluating 'the appropriate terms' to let more private equity firms acquire failed depository banks.
- CCMP manager director to join Obama administration
Nancy-Anne DeParle, who will head up the White House Office of Health Reform, is the latest private equity executive to take a position in the Obama administration.
- Centerbridge, Kleiner Perkins chiefs to advise Obama
Kleiner Perkins dealmaker John Doerr and Centerbridge co-founder Mark Gallogly are among 16 people who have been chosen to counsel the president on US economic recovery.
- $6bn Penn National takeover collapses
Casino operator Penn National will receive $225m in cash and $1.25bn in preferred shares after the Fortress- and Centerbridge-led deal was terminated. Penn said a ‘re-negotiated, reduced purchase price was not a viable option.’