Cerberus Capital Management related stories
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Cerberus says it was “forced” to launch lawsuit against CIBCCerberus Capital Management has issued a statement defending the lawsuit filed against the Canadian Imperial Bank of Commerce last week. Cerberus said it “provided CIBC the lifeline that it needed” during the financial crisis in 2008, but that CIBC “refused” to observe its contractual obligations. Cerberus added that it was “forced” into legal action following efforts to resolve the issue with CIBC. The bank sought the financial assistance from Cerberus to reduce its exposure to the U.S. residential real estate market. It said it had satisfied all its obligations by making payments totaling more than US$1.24 billion, according to a Reuters report /canada/2015/11/02/cibc-says-cerberus-lawsuit-against-it-lacks-merit-reuters/
CIBC says Cerberus lawsuit against it lacks merit: ReutersThe Canadian Imperial Bank of Commerce said it saw no merit in a lawsuit filed against it by a special purpose vehicle controlled by U.S. private equity firm Cerberus Capital Management, Reuters reported. The lawsuit filed late last week in New York relates to an October 2008 transaction in which CIBC issued a limited recourse note to Cerberus, which significantly reduced its exposure to the U.S. residential real estate market, during the depths of the financial crisis. CIBC says it had satisfied all its obligations by making 84 monthly payments totaling more than US$1.24 billion.
CIBC says Cerberus lawsuit against it lacks merit: ReutersThe Canadian Imperial Bank of Commerce said on Monday it saw no merit in a lawsuit filed against it by a special purpose vehicle controlled by U.S. private equity firm Cerberus Capital Management.
Three buyout funds vying for GE's $7 bln French banking arm: ReutersThree buyout funds are vying to buy General Electric's (GE.N) banking unit in France as the U.S. conglomerate presses ahead with its plan to offload its financing operations in Europe, four sources familiar with the matter said.
- Caledonia Investments to buy Gala Coral's bingo chain: Reuters
Investment trust Caledonia Investments Plc said on Monday it would buy bingo-club operator Gala Bingo Holdings Ltd from Gala Coral Group, which agreed a merger deal with bookmaker Ladbrokes in July.
- Blackstone denies it is studying investing in Spain's Abengoa: Reuters
Blackstone is not looking at a possible investment in Spanish renewable energy company Abengoa, a spokesman for the investment fund said on Friday, denying an earlier media report.
KKR's Samson Resources files bankruptcy, lenders to take control: ReutersOil and gas producer Samson Resources Corp filed for Chapter 11 bankruptcy protection on Wednesday to carry out a debt-cutting plan reached with key lenders, who will assume control of the company.
Leveraged debt dries up in energy patch: UpdatedWith crude oil prices near their lowest level since the 2008 financial crisis, leveraged debt for energy companies tied to the value of assets in the ground is becoming harder to get, an executive in the high yield investment space said.
Big equity moves trigger more caution by sponsorsHuge swings in global equities are expected to cause sponsors to tread more cautiously both on acquisitions, initial public offerings and stock sales, but so far no fundamental shift in the deal-making environment is widely seen.
- Cerberus agrees to buy loan portfolio from Netherlands-based Van Lanschot
Cerberus Capital Management agreed to buy a portfolio of non-performing commercial real estate loans held by wealth manager Van Lanschot valued at more than 400 million euros. The sale is part of Van Lanschot's sell-down of its corporate loan portfolio over a four-year period. The deal is expected to close in the third quarter.