Tag:
restructuring
Latest Headlines
Latest Headlines
Icahn growls at CIT board
Recall that CIT sweetened the terms of proposed debt exchange offer to help the company reduce its debt and pave the way for a restructuring. Bondholders have until Oct. 29 to vote.
One big-name bondholder is already voicing his objections. Carl Icahn, who is apparently one of the lenders' big
Another look at CIT
We all assumed that CIT was pretty much cooked--especially after the government decided that it didn't represent a systemic threat and therefore was not worthy of a buyout. But Forbes notes that the story took a few twists and turns. Basically, no one--not the lender or its creditors--liked th
A new cycle in the hedge fund industry
AllAboutAlpha.com notes that there are two fairly common criticisms of the recent boom in the industry: The rampant growth allowed inferior managers into the mix, and alpha opportunities were simply overwhelmed by inflows. So perhaps the on-going shakeout will pave the way for a quick recovery
Big winner in Lehman mess: attorneys
For the attorneys lucky enough to have a piece of the Lehman Brothers bankruptcy pie, these are good times. Law firm Weil, Gotshal & Manges is seeking up to $950 an hour to represent Lehman while restructuring specialist Alvarez & Marsal is seeking hourly payments of up to $850, the Fina
Boutiques, top firms co-exist in restructuring business
TheDeal.com notes that investment bankers were once precluded by law from representing a client company in bankruptcy court. That left much of the restructuring business to boutiques, who continue to dominate. In 2005, the law restricting bankers was amended by the Bankruptcy Reform Act. Are t
Another upside surprise: Citigroup beats expectations
Citigroup reported a loss of 54 cents for the April-to-June quarter, which was not as bad as the 66 cents analysts were expecting. The loss reflects $7.2 billion in writedowns, which again was lower than the $9 billion or so that the most pessimistic analysts were expecting. As a barometer of
Goldman Sachs fee causes controversy
The Telegraph reports that British mortgage firm Bradford & Bingley will pay Goldman Sachs an advisory fee even though a deal with private equity firm TPG fell apart. It will be paid a separate fee for another deal, one that "was secured from existing investors and with the direct assi
Can Goldman Sachs save the SIV market?
Goldman Sachs may have carved out a fresh new market for itself. The Financial Times reports that after 10 months, it and Cheyne Capital, which ended up in receivership in the U.K., have agreed on a plan to bail out the firm's structured investment vehicles (SIVs). The plan calls for the u
Break-up-Citigroup advocates not giving up
Vikram Pandit's much anticipated new strategy for Citigroup was anti-climactic in several ways. Among the most disappointed were those who have been advocating a break up of the behemoth bank. Not that anyone really expected Pandit to announce anything along these lines, but the break-up bull
What to make of Citigroup's strategy
Fairly or not, there are some who are less then awestruck by Vikram Pandit's much-anticipated new "strategy" for Citigroup . I wouldn't call it a strategy. It's more a of a survival blueprint for the next few years. The news that it will sell $500 billion in assets certainly is not a surprise.
