Christopher Witkowsky
The listed French private equity firm will have to partially write down its investment in Las Vegas casino operator, Station Casino, but it says its portfolio companies are taking necessary steps to weather the global financial storm.
The New York-based private equity and real estate firm will cut 5% of its roughly 1,400-member workforce. The news comes after the publicly listed firm reported steep losses in its third quarter earnings, despite a $13bn real estate war chest.
The Massachusetts-based toy company has filed for Chapter 11 protection amid steep declines in sales, a result of the overall slowdown of consumer spending. Prentice Capital Management bought KB out of bankruptcy in 2004 from Bain Capital.
The Los Angeles-based private equity firm acquired most of the food product supplier’s debt for less than $200m after it filed bankruptcy earlier this year. Madison Dearborn Capital Partners bought Pierre for $422m in 2004.
The California-based oil change service provider is selling its assets to its lenders, Goldman Sachs and Blackstone debt unit GSO Capital Partners, amid steep losses. The company blames the recession, high gas prices and negative publicity for its bankruptcy filing.
The $97bn pension, which has lost about $30bn since the end of June, increased the upper limit of its target private equity allocation to account for the denominator effect.
The joint venture to provide growth capital to Chinese companies was created in 2006 with commitments of $90m each from Lehman Brothers and International Business Machines.
The private equity firm, formerly called Joseph Littlejohn & Levy, holds a 30% stake in the Canadian company.
The Chicago-based media company failed owing to the $13bn of debt loaded onto its balance sheet when it was acquired by billionaire real estate investor Sam Zell last year. The company said in its bankruptcy filing it had just $7.6bn of assets. Zell invested $315m in the deal.
A management group from Lehman Brothers beat out a $2.15bn bid from Bain Capital and Hellman & Friedman for the bank's investment management division, which includes infrastructure and some private equity businesses.