Cerberus Capital Management related stories
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Private equity-backed Japanese banks confirm talksA merger between JC Flowers-backed Shinsei and Cerberus-backed Aozora would create the country's sixth-largest bank.
- 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.
- Report: Shinsei and Aozora near merger
Japan's Shinsei and Aozora banks, in which JC Flowers and Cerberus Capital Management hold major stakes respectively, are reported to be nearing a union.
- Japanese government endorses private equity-backed bank merger
Japan’s finance and economics minister has publicly stated his support for a proposed merger between the Aozora and Shinsei banks, in which the government holds significant stakes.
- US tells Chrysler to find a partner or lose future funding
The government’s auto industry task force rejected a restructuring plan put forth by Cerberus Capital Management-backed Chrysler as part of its government bailout. The task force said a quick restructuring in bankruptcy may be the company's best chance for survival.
- Sun Capital-backed pharmacy declares bankruptcy
The Drug Fair Group, based in New Jersey, has filed for Chapter 11 protection and is selling a portion of its stores and other assets to Walgreens.
- A local business
As we continue to see casualties of the global economic crisis in Asia, it is worth noting that many of the headline private equity victims so far have been Western firms attempting to expand into Asia, writes Jenny Blinch.
- Swedish Apax office to become independent
Apax Partners is downgrading its resources in Sweden as part of its efforts to ‘rebalance’ its existing resources.
- Rattner to join Obama administration as auto advisor
The Quadrangle Group’s co-founder and managing principal will step down from the firm to assume his new role with the US government, where he will advise Treasury Secretary Timothy Geithner and National Economic Council director Lawrence Summers on the auto industry.
- Report: Cerberus to shut down Hong Kong office
The US buyout firm is reportedly closing its office in Hong Kong. Its plans for its Taipei and Beijing offices remain unclear.