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Appleby Cayman has acted as Cayman Islands counsel to the Ad Hoc Group of Creditors on the financial restructuring of Ocean Rig UDW Inc and three of its subsidiaries by way of four inter-connected Cayman Schemes of Arrangement and Chapter 15 recognition.
The restructuring resulted in a net debt reduction of approximately USD 3.25 billion and involved the provision of a new USD 450 million credit facility. Creditors received ordinary shares, cash and new loan notes in consideration of the release of debt. In addition, potential claims against the group were transferred into a preserved claims trust to allow creditors
Private equity fund manager YFM Equity Partners (YFM) has invested in the GBP9 million transaction into 4net Technologies Ltd (4net) to support the continued growth of the business through new product and market development.
YFM’s investment is the fourth investment from its YFMEP 2016 Fund.
4net develops and provides contact centre and telephony solutions to UK enterprises and central and local government. It is one of a small number of Avaya top-level Diamond partners in the UK and has a range of other accreditations, and is the provider of the “Antenna” platform to a number of central government departments.
Fidelity Clearing & Custody Solutions, the division of Fidelity Investments that provides clearing and custody to broker-dealer firms, registered investment advisors (RIAs), family offices, retirement recordkeepers and banks, today released the latest report in its Fidelity Wealth Management M&A Series; ‘Insights from Independent Broker-Dealers’ (IBDs).
The report found that, year-to-date, USD136 billion in assets changed hands among Independent Broker Dealers (IBDs) as a result of five deals. This compares to the USD80 billion spread across 82 deals among RIAs during the same time period.
The report looks at how fewer, but bigger, M&A transactions are altering the future of
By George Ralph, RFA – Firms which may be considering a move, partial or otherwise, to cloud-based services, will need to work through a checklist to ensure all the bases are covered, that the firm is not exposed to any forthcoming regulations, and that the data will be adequately protected.
It’s a common misconception that the cloud is not as secure as on-premise infrastructure. This is perpetrated by high profile stories of data breaches and compromised security, and the fear is widespread. According to Alert Logic’s Cybersecurity Trends 2017 Spotlight Report, which surveyed companies in the UK, Benelux and Nordics,
Capital Network, a financial technology platform aiming to democratise alternative investments for high-net-worth (HNW) individuals and their advisors, is to acquire the US Private Equity Access Fund Platform from the Asset Management division of Deutsche Bank.
The US Private Equity Access Fund Platform is comprised of 33 funds representing a range of investment strategies and underlying managers with approximately USD2.5 billion in invested assets and more than 7,000 domestic and international investors. iCapital Advisors LLC, an SEC registered investment adviser, will take over as investment manager for the portfolio of private equity access funds and iCapital’s end-to-end technology solution will
PNC Business Credit has appointed Karl Brier as senior vice president and business development officer to its senior secured financing team in the western region.
PNC Business Credit is the senior secured lending division of PNC Bank, NA, and its subsidiaries and a part of The PNC Financial Services Group, Inc.
Based in Orange County, Brier is responsible for business development with private equity firms and middle-market companies, and originating asset-based and cash flow loans in southern California, Arizona and southern Nevada.
Brier joins PNC from Chase Commercial Bank, where he served as market executive. He earned a
Monarch Private Capital (MPC), a leading syndicator and investor of tax credits, has closed an equity investment in the historic Hotel Clermont located in Atlanta, Georgia. The investment will generate both federal and State of Georgia historic tax credits.
The famous landmark is being converted into a boutique hotel by BNA Associates with 94 rooms, a French style brasserie restaurant, a café and rooftop bar with beautiful Atlanta skyline views. The Hotel Clermont, with approximately 59,752 square feet of space, was originally built as an apartment complex, but was converted into a hotel in the 1940s. In 2003, the property
Hyperloop One, the only company in the world that has built a full-scale Hyperloop system, has closed a Series B-1 funding round of USD85 million, bringing total financing raised by the company to USD245 million since its founding in 2014.
“We are so fortunate that our new and existing investors share our vision of making Hyperloop the world’s first new mode of transportation in over a century. We initially targeted USD50 million and ended up raising $85 million instead,” says Shervin Pishevar, Executive Chairman and co-founder of Hyperloop One. “We’ve proven that our technology works and that Hyperloop One is
Private equity firm Falfurrias Capital Partners (FCP), has completed an investment in SixAxis, a manufacturer of advanced products that increase worker safety and boost productivity.
The existing SixAxis management team will remain, led by Rob Honeycutt as CEO, and Fred Harmon as co-founder and member of the board of directors. Ken Walker, who was most recently chief operating officer of EnPro Industries, will join the SixAxis team as Executive Chairman.
“SixAxis is excited to partner with FCP on the next stage of our company’s growth,” says Rob Honeycutt, CEO of SixAxis. “The capital and strategic acquisition expertise that FCP
Tikehau Capital has reported a sharp increase in net income for the first half of 2017; up to EUR85.9 million, compared with a loss of EUR5.8 million in the first half of 2016 on a pro-forma basis.
This result reflects the increase in the income from asset management activities which amounted to EUR25.1 million, up 39 per cent compared with the first half of 2016 (EUR18.1 million on a pro-forma basis) and the sound performance of the investment activities, where income amounted to EUR121.6 million (compared with EUR35.6 million for the first half of 2016 on a pro-forma basis).
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