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Towerbrook to take the wheel at AutodistributionCreditors of Autodistribution, the debt-laden French car part distributor, have agreed to write down its debts in exchange for a €110m cash injection by private equity firms Towerbrook and InvestCorp.
- 3i infrastructure head to become firm's CEO
Michael Queen will steer the private equity firm following Philip Yea's resignation from the top spot. Last year, 3i invested a total of £841m, down dramatically from the £1.8bn the prior year. 3i's share price has plummeted in recent months, this morning losing nearly 4%, giving it a £941m market capitalisation.
- Investcorp writes down $95m on private equity portfolio
The quoted investment manager suffered a net loss for the first time in its history, due largely to hedge fund positions. Its private equity portfolio is 'in better shape' than many competitors, chief executive Nemir Kirdar has said.
- Investcorp cuts staff
Investcorp has become the latest firm to take cost-cutting measures as it plans to lose 90 staff, representing 20 percent of its workforce.
- Investcorp expands debt business
Following the launch of its $1bn real estate debt vehicle, the Bahrain-based investment firm has appointed former JP Morgan and Bear Stearns professional, Christopher Hoeffel, to help grow its debt investment business.
- Investcorp ‘negatively impacted’ by financial instability, report
Investcorp president and chief operating officer Gary Long says the Bahrain-based firm’s investments portfolios were ‘under pressure’ owing to volatility in the financial markets.
- S&P downgrades Arcapita and Investcorp
The Middle Eastern banks have suffered ratings cuts due to concerns over high leverage, a strain on liquidity and an expected fall in the value of the firms' private equity and real estate investments.
- Yea resigns from beleaguered 3i
3i veteran Michael Queen will now steer the firm, whose top 50 investments lost £682m in the past nine months. Last year, 3i invested a total of £841m, down dramatically from the £1.8bn the prior year. 3i's share price has plummeted in recent months, this morning losing nearly 4%, giving it a £941m market capitalisation.
- Report: Cerberus to cut 10% of staff
The New York-based private equity firm is reportedly on the brink of making up to 27 of its 275 employees redundant.
- Sun Capital to cut about 10% of its workforce
The Florida-based firm joins several other high-profile private equity firms that have cut back on staff to control costs amid recession.