Cerberus Capital Management related stories
All articles and analysis
GMAC sells home financing unit to BrookfieldThe Cerberus-owned home and auto lender has agreed to sell its home services division to the Toronto-based investment firm Brookfield Asset Management.
- Cerberus, Sun Capital named in Mervyns lawsuit
The US department store, which filed for Chapter 11 bankruptcy protection in July, has filed a lawsuit against its buyers, including funds controlled by Cerberus Capital, Sun Capital and Lubert-Adler, alleging the firms stripped it of its real estate assets in order to leverage the buyout.
- Patterson compares current volatility to Great Depression
MatlinPatterson co-founder Mark Patterson yesterday characterised today's economy as the most troubled since the period following the US stock market crash in 1929. Operational concerns are now second to broader financial markets considerations when conducting due diligence, he said.
- Madison Dearborn’s Hines files Chapter 11
The Southern California plant nursery operator, partly owned by CalSTRS, has selected turnaround specialist Black Diamond as its stalking horse bidder. Hines has also secured $62 million in debtor in possession financing from its lenders, which include Cerberus-owned GMAC Commercial Finance.
- Cerberus, Ampersand agree $3.1bn biotech exit
The private equity firms have agreed to sell Talecris Biotherapeutics, purchased for $590m in 2005, to Australian blood products company CSL.
- Chrysler financing falls $6bn short
Chrysler Financial, the lender Cerberus purchased alongside its corresponding auto unit last July, fell $6bn short of its $30bn target while renewing its credit facilities. The lender’s credit rating was reduced to B- last week on news of the company exiting consumer leasing.
- Moelis hires ex-Fortress executive ahead of fund close
The boutique investment bank founded by UBS veteran Ken Moelis has added Fortress managing director Greg Share to its private equity team. The firm’s debut fund, which held a first close on $1.8bn last September, will complete fundraising in ‘the next few months’.
- Sale-leaseback strategy saves Sun as Mervyn’s folds
US private equity firm Sun Capital is keeping afloat on its investment in the bankrupt retailer, thanks largely to sale-leasebacks of several of the chain’s department outlets. Sun Capital and Cerberus, which sold its stake last year, bought Mervyn's for $1.2bn in 2004.
- Report: Cerberus to target distressed financial institutions
The private equity firm’s chairman, John Snow, has said Cerberus will raise a fund dedicated to undervalued assets under distress due to current market dislocation. He also said Cerberus funds 'are open' to Chinese sovereign fund investment.
- Cerberus denies selling more Chrysler, GMAC equity
The publicity-shy buyout group says it has not made any changes to its GMAC and Chrysler holdings beyond original co-investments.