Toby Mitchenall
Mega-firms with dry powder are breaking the LBO mould to get deals done, writes Toby Mitchenall.
Due to its proliferation of leveraged buyout activity during the credit boom era, the UK is home to more distressed assets than any other European country, according to Close Brothers Corporate Finance.
Former US Republican congressman Michael Huffington lost $20m when Carlyle Capital Corp went under in March last year and alleges the buyout firm misrepresented the fund’s risk profile.
Guy Hands’ firm is in discussions with Citi about restructuring the $5.5bn debt burden weighing on EMI. The music group – home to such stars as Coldplay and REM – accounts for 30% of Terra Firma’s two latest buyout funds.
The San Francisco-based firm has acquired the wireless communications arm of German tech firm Infineon.
The roofing business – now owned by Apollo, TowerBrook and York Capital – has rid itself of more than €1bn in debt.
The listed debt investor has launched a fully underwritten rights issue and has raised €475m for its 2008 Recovery Fund.
Martin Halusa has outlined his firm’s plans for a world with less leverage in the firm’s second annual report.
As the muted market for IPOs shows some tentative signs of life, buyout house KKR has unveiled an agreement with Fidelity to open up new retail distribution possibilities.
The deals of tomorrow will have a retro feel, writes Toby Mitchenall.