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Entries tagged "Apollo"The Journal gets Silverman's past wrongApollo Management reportedly has tapped former Cendant chief Henry Silverman as COO, the WSJ reported. However, the story has a few inaccuracies about his past. When casinos gamble ... and lose?It's safe to say that the state of the casino industry has changed substantially in the past year or two. ... Could the Hexion and Huntsman deal be cursed?Yes, it's Halloween, but is a crystal ball really necessary to gaze into the future of the Hexion Specialty Chemicals Inc. and Huntsman Corp. deal with all of the hurdles it has had to go through already? As if there hasn't been enough problems getting the deal done, now Deutsche Bank AG and Credit Suisse Group, which are financing the $6.5 billion deal, look like they are pulling out. ... Harrah's a bad bet for PE?Harrah's Entertainment Inc.'s ills reportedly continue to erode the value of a $5.87 billion equity bet that buyout sponsors made on the casino and hotel operator. GoldenTree Asset Management LP, a New York alternative investment house that co-invested in the $29.9 billion LBO of Harrah's that closed Jan. 28, has written down its equity in the deal by 75%, according to Monday's Wall Street Journal. GoldenTree declined to comment on the report.... Breaking: Hexion-Huntsman would be an insolvent comboHexion Specialty Chemicals Inc. CEO Craig Morrison pulled no punches when he testified as the first witness in the case Huntsman Corp. brought against his company saying Hexion and Huntsman would have "a capital structure that's insolvent, that doesn't work." Huntsman filed suit against rival Columbus, Ohio-based Hexion, which is seeking to walk from its $10.3 billion agreement to acquire rival specialty chemical maker Huntsman. The trial is scheduled to run for six days before Vice Chancellor Stephen Lamb of the Delaware Court of Chancery. ... At Linens, the news worsensSame- or comparable-store sales in good times and bad are always reality checks for retailers. When things are rolling along, they are reminders of just how well your basic business is doing. After all, new stores bring in fresh but one-time sales. And when the going gets tough, and retailers have to close stores, the ones kept open are under even more pressure to perform. ... RBS dumps discounted debtThe great leveraged debt sell-off continues. Royal Bank of Scotland plc, one of the biggest providers of leveraged debt to financial sponsors in the late, lamented private equity boom, is reportedly selling $8 billion in deeply discounted debt to Apollo Management LP and Blackstone Group LP's debt investing arm GSO Capital Partners LP.... Moody's hits Claire's Stores with downgradeWhen it rains it pours. Buyout firm Apollo Management LP suffered a blow when Linens 'n Things Inc. filed for bankruptcy earlier in the year. Now Moody's Investors Service has downgraded another Apollo retail acquisition, Claire's Stores Inc., a jewelry and accessory retailer. Moody's dropped the rating for Claire's from B3 to Caa1 because of weak results over the last two quarters. Linens suffered the same downgrade before it filed.... Huntsman fires back at ApolloThings got personal Monday in the fight between Huntsman Corp. and Apollo Management LP as The Woodlands, Texas, chemical company announced it has sued Apollo in state court in Conroe, Texas, and has named Apollo founders Leon Black (pictured) and Joshua Harris for good measure. Indeed, Black and Harris are the first-named defendants.... What do price increases say about Hexion-Huntsman?While Hexion Specialty Chemicals Inc.'s suit to get out of its deal to buy Huntsman Corp. has drawn the headlines this week, the arguments in the litigation raise some interesting antitrust issues for the $10.6 billion merger. ... Apollo leads in Fresh Market auctionThe auction of Fresh Market Inc., a family-owned supermarket chain, has hit the second round with bids expected at roughly $800 million, sources said Thursday, May 29. Apollo Management LP, the private equity firm founded by Leon Black, is in the lead, sources said. "It's theirs to lose," one person said. (See full story for the other bidders.) ... Linens 'n Things wins DIPA Delaware judge on Wednesday gave the parent of Linens 'n Things Inc. final approval to tap its $700 million debtor-in-possession loan and cash collateral.... Top tagsYou have executed a tag search on Dealscape. On the left,you will find a comprehensive list of stories tagged "Apollo." Below are the most-popular tags for Dealscape. On the right of the page you will find a search box to dig deeper into our content.
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