MatlinPatterson related stories
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Private equity gets star role in $1trn US bank bail-outPrivate funds and investors are essential to the US Treasury’s plan to rejuvenate credit markets with the purchase of banks’ toxic assets.
- Quiet rock stars
Davos' private equity 'rock stars' have been stunned into silence – or conversely spurred into urging large-scale financial reform.
- MatlinPatterson to invest $250m in ailing bank
The New York-based private equity firm has agreed to buy a 70% stake in Flagstar Bancorp as long as the US government injects $250m from the Troubled Assets Relief Program in the bank.
- 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.
- Apollo goes to court over Huntsman
The buyout firm and portfolio company Hexion have begun court proceedings in an attempt to abandon the $10.6bn purchase of chemical manufacturer Huntsman citing a material adverse effect. Yesterday, an offer of nearly $1bn from investors in order to close the transaction was declined by Hexion.
- Bayside-backed Gemini Air files bankruptcy
The air freight service company has shut down after filing for bankruptcy twice in two and a half years. As aviation companies grapple with sky high oil prices, Gemini will follow in the ill-fated footsteps of The Yucaipa Companies-owned Aloha Airgroup and MatlinPatterson-controlled ATA Airlines.
- WL Ross, GS invest $100m in Indian airline
The agreed financing for SpiceJet exceeds last month’s financing arrangement with distressed specialist WL Ross by 25 percent. The new deal includes ‘participation’ by Dubai-based Istithmar World and SpiceJet director Ajay Singh and a subscription for equity warrants by Goldman Sachs.
- Perseus scoops Frontier Airlines out of Chapter 11
The beleaguered airline has secured $75m in debtor-in-possession financing and $100m in equity from the Washington DC-based firm.
- MatlinPatterson adds to air cargo holdings
The distressed investment shop has paid an undisclosed sum for an 85 percent stake in the parent company of Arrow Cargo, the largest US air cargo carrier operating from Miami International Airport. It already owns at least one other Latin America-focussed freight cargo operator.
- MatlinPatterson-backed ATA Airlines files for Chapter 11
In the wake of Yucaipa-owned Aloha Airlines’ bankruptcy, yet another private equity-owned commercial airline has crashed.