MatlinPatterson

Montagu, BC Partners and MatlinPatterson are among the firms whose LPs have granted fund investment extensions.

The firm, co-led by Mark Patterson, was granted a one-year extension on the investment period for its $5bn third fund.

The Silver Lake- and TPG-backed company won out over a joint venture between Siemens and The Gores Group, despite protests from creditors including MatlinPatterson.

The distressed debt specialist has plans to buy various Nortel assets out of bankruptcy and run them as a reorganised company. A separate Nortel division is currently being pursued by Avaya, which is owned by Silver Lake and TPG.

The distressed investment specialist is surrendering all its stock in Thornburg Mortgage and has resigned its board seats. The residential mortgage lender has been given a grace period by lenders to come up with a restructuring plan.

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.

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.

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.

Trump 'likely' to be positive for PE in the short-term but firm warns on 'serious impact' for US buyouts if key tax rule is scrapped.

The past 12 months have brought unprecedented turmoil to markets everywhere, and the private equity industry suffered profound ripple effects from many of the year’s most dramatic events.

This year’s World Economic Forum in Davos has been a sombre affair. Gloomy economic outlooks have dominated the discourse, while some titans of industry opted to stay home entirely, circumventing the headline risk associated with attending a fancy conference amid a global downturn.

The $900m club deal for Florida’s BankUnited shows private equity firms are prevailing in their push to buy controlling stakes in US banks in need of recapitalisation.

GPs who need a little more time to find deals are asking for extensions. LPs should use these requests as a chance to ‘re-underwrite’ the relationship.

American Industrial Partners, EQT and Headland Capital won the overall Americas, EMEA and Asia categories in PEI's inaugural Operational Excellence Awards.

Former Towerbrook Capital Partners managing director John Sinik has launched a debt fund management business which is hoping to raise at least €300m for its maiden vehicle.

GPs who need a little more time to find deals are asking for extensions. LPs should use these requests as a chance to ‘re-underwrite’ the relationship.