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A group of investors in Wind Hellas Telecommunications’ subordinated notes have formally organised a bondholder committee representing the interests of investors holding approximately EUR500m of debt in both the EUR and USD tranches.
The committee has gained significant traction in recent days as increasing numbers of investors with interests in the subordinated notes have identified themselves and have expressed an interest in participating in the group.
The committee has appointed advisers, including Jones Day and PWC, and is being co-ordinated by Michael Hodges of Aladdin Capital Management UK.
The committee intends to discuss with Wind Hellas and its appointed adviser
The UK business failure rate has fallen to its lowest level since September 2008, according to figures from Experian, an information services company.
The business failure rate had been on an upward trend since 2007. However, Experian’s new monthly Insolvency and Distress Index, shows that 0.09 per cent of UK businesses failed during August this year, a slight increase on the 0.08 per cent recorded in August 2008, but significantly lower than the 0.11 per cent recorded in July and the lowest rate so far this year.
The total number of business insolvencies during August 2009 increased by 11.3
Voyager Capital, a West Coast venture capital firm, has appointed Bruce Chizen, former chief executive of Adobe Systems, as a venture partner.
Previously serving on Voyager’s advisory board, Chizen (pictured) is expanding his role to bring his strategic insight and leadership experience to technology entrepreneurs offering innovative solutions in digital media and software.
"Bruce possesses a rare combination of valuable market insight and senior business experience," says Bill McAleer, managing director at Voyager Capital. "His strong industry reputation, connections and background in digital media and software will benefit our ventures as new applications and services redefine how businesses and consumers
Rutland Partners, a UK private equity partnership, has completed the acquisition of the CeDo group of companies from Delton for GBP52.2m.
The transaction was announced on 29 July 2009 and was conditional on merger control clearances which have now been received.
CeDo is a manufacturer of household disposables, manufacturing both own-label and proprietary products such as refuse sacks, bin liners and other speciality kitchen and household disposable products including nappy sacks, cling film and aluminium foil. It holds strong supply relationships with the majority of Europe’s largest supermarkets and discounters.
The business has a strong focus on the UK, German,
Private equity firm Kohlberg Kravis Roberts has increased its investment in Aricent, following the completion of an agreement between KKR and CPP Investment Board with Flextronics to purchase certain securities.
The transaction, valued at USD255m, closed on 16 September 2009.
“We are pleased to invest further in a company that has just reported its highest annual revenue in its history and continues to grow its customer base. This investment reflects our belief in management and the company as they continue to grow Aricent at this very important time in the communications industry,” says Sanjay Nayar, chief executive of KKR India.
Calypso Medical Technologies, a developer of technology used for the precise tracking of tumour targets, has completed a USD50m round of venture capital financing, led by Skyline Ventures and Frazier Healthcare Ventures.
Bay City Capital and InterWest Partners were also major investors in the financing.
Proceeds from this financing will be used to support the company’s commercial expansion, both domestically and internationally, as well as the development of products to support new clinical indications and the continued integration of the Calypso System with existing linear accelerators and other radiation therapy technologies.
The company’s platform technology, also known as GPS for
Esbatech, a Swiss based unquoted portfolio company, has been acquired by Alcon to obtain Esbatech’s ophthalmic assets for USD150m upfront and USD439m in achievement based milestones.
International Biotechnology Trust currently has an investment in Esbattech of GBP1,039,545, invested since July 2006. The director’s have changed the valuation of IBT’s interest in Esbatech from GBP1.3m to GBP2.2m to reflect the terms of the deal.
The upfront payment is recognised in full at GBP1.9m, the escrow payments are recognised at 50 per cent of their value (GBP0.2m) and milestone payments due in the next 24 months make up GBP0.1m of the valuation.
Beacon E&P, an independent oil and natural gas company headquartered in Denver, Colorado, has received USD150m in equity commitments from Kayne Anderson Energy Funds, BAML Capital Partners, management and other investors.
Beacon was formed in June 2009 by Jim Lightner, Rod Mellott and Stu Wagner.
Lightner previously served as chairman, president and chief executive officer of Tom Brown, which was acquired by EnCana in 2004, and was a founding partner of Orion Energy Partners.
Mellott previously served as vice president of land and business development at Tom Brown and was a founding partner of Orion.
Wagner was a founding partner
For all those convinced that the culture of risk embodied in hedge funds was a prime cause of the financial and economic meltdown of the past two years, yesterday’s headlines provided more than a frisson of outrage: Barclays Bank has provided a group of 45 departing employees with some USD12.6bn to take a bundle of “toxic assets” off its hands through an investment vehicle in the Cayman Islands.
With up to USD450m in backing from two hedge funds, the former Barclays bankers have set up C12 Asset Management in New York, which in turn will manage the portfolio of assets
The International Brotherhood of Teamsters has written a letter to the co-chief executives of Kohlberg Kravis Roberts outlining their concerns over the private equity firm’s planned ini
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