FDIC sells 40 percent stake in $4.5 billion worth of Corus Bank assets to Starwood-led groupOctober 6th, 2009 FDIC sells stake in Corus Bank assetsWASHINGTON — The Federal Deposit Insurance Corp. has agreed to sell a 40 percent stake in a portfolio of Corus Bank assets for $554.4 million to a private-equity consortium led by Starwood Capital Group.
FDIC names first winning bidder in program to back private buys of toxic mortgage assetsSeptember 16th, 2009 FDIC names first winner in toxic asset programWASHINGTON — The Federal Deposit Insurance Corp. on Wednesday named the first winning bidder under a test of the government's program to back private purchases of toxic mortgage assets and get them off banks' balance sheets.
Features of private equity industry, which may acquire more failed banksAugust 25th, 2009 Features of private equity industryAs bank failures mount, regulators are looking more favorably on private equity investors that want to acquire failed institutions. The FDIC board, meeting in a public session Wednesday, is expected to ease restrictions proposed for private equity firms early last month, people familiar with the issue say.
Judge tentatively approves deal to shift some Delphi assets to the new General MotorsJuly 13th, 2009 Judge OKs shift of some Delphi assets to new GMNEW YORK — A bankruptcy judge has approved a deal to shift some of auto parts supplier Delphi's assets to the General Motors Co. that emerged from Chapter 11 bankruptcy protection last week.
Parts maker Delphi receives no new bidders on assets, paving way for sale to buyout firm, GMJuly 11th, 2009 Delphi receives no new bidders on assetsNEW YORK — Auto parts maker Delphi Corp. says a deadline has passed with no further bidders on its business, paving the way for a sale to a California private-equity firm and General Motors Corp.
Delphi defends sale to Platinum, says it has been open to buyers since entering bankruptcyJune 25th, 2009 Delphi defends asset sale to private-equity firmNEW YORK — Auto parts maker Delphi Corp. defended the sale of a portion of its assets to a private equity firm on Thursday, saying it has been open to other buyers since it first entered bankruptcy protection four years ago.
Bankruptcy judge OK's GM motion to terminate aircraft leasesJune 18th, 2009 Judge approves termination of GM aircraft leasesNEW YORK — A bankruptcy judge ruled Thursday that General Motors Corp. can terminate its aircraft leases as part of its ongoing restructuring.
Bankruptcy judge gives final approval of Delphi's $250 million credit facilityJune 16th, 2009 Judge OKs Delphi's use of $250M credit facilityNEW YORK — A bankruptcy judge says Delphi can have access to a $250 million credit facility. U.S. Bankruptcy Judge Robert Drain on Tuesday gave final approval to the use of the credit facility, which will be provided by Delphi Corp.'s former parent General Motors Corp.
Judge denies Delphi request to conduct deal with Platinum through a private saleJune 10th, 2009 Judge says Delphi sale can't be privateNEW YORK — A bankruptcy judge said Wednesday that a formal sale process needs to be put in place in order to ensure that the potential sale of Delphi's assets results in the greatest possible return for the auto supplier's stakeholders. U.S. Judge Robert Drain said potential bids from Delphi Corp.'s lenders and other parties need to be considered before a deal between the Troy, Mich.-based company and an affiliate of private equity firm Platinum Equity can be allowed to go through.
Delphi to sell assets to private-equity firm, emerge from Chapter 11June 1st, 2009 Delphi reaches deal to emerge from Chapter 11NEW YORK — Delphi Corp. said Monday that it reached a deal to sell some of its assets to a private-equity firm and emerge from bankruptcy protection.
Judge approves procedures for Chrysler sale of assets to Fiat, deal could close by end of JuneMay 6th, 2009 Judge OKs procedures for sale of Chrysler assetsNEW YORK — The judge overseeing Chrysler's Chapter 11 proceedings says the automaker can start taking steps toward selling the vast majority of its assets to Italy's Fiat. Judge Arthur Gonzales says the procedures proposed by Chrysler's lawyers represent a "clear and orderly process."
Attorneys for Auburn Hills, Mich.-based Chrysler LLC argued that the automaker had essentially been up for sale for most of the last two years and a speedy sale was needed in order to preserve the value of the company's assets.
Bankruptcy judge approves proposed sale of Magna Entertainment assetsMay 4th, 2009 Judge approves Magna Entertainment asset saleWILMINGTON, Del. — A Delaware bankruptcy judge has approved proposed sale procedures for certain assets of horse track owner Magna Entertainment Corp.
Bankruptcy judge asked to approve proposed sale of Magna Entertainment assetsMay 4th, 2009 Judge weighs Magna Entertainment asset saleWILMINGTON, Del. — Horse track owner Magna Entertainment Corp.
EU lays out first new rules to increase oversight for hedge funds, private equity fundsApril 29th, 2009 EU lays out new rules for hedge fundsBRUSSELS — The European Union is proposing new rules extending oversight for the euro2 trillion hedge fund and private equity fund industry. The European Commission says the new rules will require registration for funds managing more than euro100 million of assets — covering just 3 percent of hedge fund managers dealing with 9 percent of assets in EU-based funds.
US court agrees to partial sale of Lehman BrothersDecember 22nd, 2008 NEW YORK - A US bankruptcy court approved the sale of investment bank Lehman Brothers' investment-management division Neuberger Berman, media reports said. The sale to a group of executives of Neuberger Berman will provide about $922 million worth of stocks in proceeds, which are planned to be passed on to creditors of Lehman Brothers, once the fourth-largest US investment bank.
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