Cerberus Capital Management related stories
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Add-Ons & Distressed Deals Punctuate A Slow Q1The towering eleven-figure deals of yesteryear continued to shrink in the rearview mirror, as buyout pros treaded lightly in the first quarter in an effort to safely navigate the economic downturn.
Stark To LPs: "Redeem This"Bloomberg recently reported http://www.bloomberg.com/apps/news?pid=20601087&sid=a5plRoffly6M&refer=home that Cerberus Capital Management is considering the creation of a "redemption fund," for investors who have asked to withdraw their money. It's basically a pay-in-kind solution to deal with Cerberus' lack of liquidity. Not ideal -- particularly if you want Cerberus to satisfy you like an ATM -- but at least the goal is to get everyone paid (eventually). For contrast, peHUB has learned that Wisconsin-based hedge fund manager Stark Investments has enacted a far more onerous pay-in-kind solution. In a March 23 letter, Stark informed investors that it has created new funds to hold its illiquid (read: toxic) assets. Redeemers now are eligible to receive just 50% in cash, and the other 50% as securities in the new toxic funds. As the letter read, in part:
- NewPage Sells Hydroelectric Facility
NewPage Group Inc., a coated paper manufacturer owned by Cerberus Capital Management, has sold its Little Quinnesec hydroelectric facility in Niagara, Wisconsin to Northbrook Wisconsin LLC, a portfolio company of Energy Investors Funds and Northbrook Energy LLC. No financial terms were disclosed.
- peHUB Wire: Wednesday, March 25, 2009
Random Ramblings
- peHUB Wire: Wednesday, March 25, 2009
Random Ramblings
- peHUB Wire: Friday, March 20, 2009
Random Ramblings
- peHUB Wire: Friday, March 20, 2009
Random Ramblings