Focus DIY huddles with Cerberus

Troubled retailer Focus DIY Group Ltd. said Thursday it is in sale talks with hedge fund Cerberus Capital Management LP. After the Financial Times reported Cerberus was poised pay up to £250 million ($493 million), Focus said holders of 9.37% notes due in 2015 would receive 40 pence in the pound on the sale. The target is owned by Apax Partners Worldwide LLP and Duke Street Capital. The buyout funds hired Rothschild to explore a sale in January after Crewe, England-based Focus failed to reach an agreement with its creditors to restructure £280 million in debt. — Laura Board

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