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Entries tagged "credit crunch"SBA unable to thaw credit freezeThe freezing up of existing lines of credit and the inability to get new credit is having a chilling effect. But according to The Wall Street Journal, small businesses who could traditionally turn to the Small Business Administration are finding that lending by the SBA has also dried up. ... Gramercy Capital hires CEO, as investment and credit chiefs leaveNew York-based Gramercy Capital Corp., feeling the credit squeeze and operating in a rocky real estate market, appointed Roger Cozzi as president and CEO, replacing Marc Holliday, who is stepping down from the post he held since Gramercy's inception in 2004. Maintaining its credit line is key for Gramercy, since it's flirting with breaching certain covenants on its unsecured bank lines, The Wall Street Journal reported.... Credit crisis fallout spills onto the Nascar's tracksFallout from the credit crisis is spilling from Wall Street onto the race track, as Nascar is seeing sponsors take a pass on ponying up for next season. According to a Bloomberg story, a host of major corporations such as General Motors Corp., Chrysler Corp., Sears Holdings Corp. and Chevron Corp. are either paring back or entirely dropping their sponsorships next season. All this comes after private equity and hedge funds spent some hefty sums to buy pieces of Nascar racing teams.... Citadel's on a high-profile hiring spreeThe cherry-picking continues, and Lehman Brothers Holdings Inc. is ripe. Citadel Investment Group LLC has been hiring bankers left and right for months as Wall Street's top talent looks for security amid the credit crisis. Recently, it raised the hackles of J.P. Morgan Chase & Co., which went so far as to halt counterparty trading with the $20 billion hedge fund. Ah well, there's more talent out there. Citadel just grabbed three Lehman Brothers' bankers for its global fixed-income business.... Inside The Deal: Ken Horner on the evolution of dealmakingThe credit market has altered the rules of dealmaking and has brought on a new era in M&A. In this edition of Inside The Deal, Ken Horner, principal at Deloitte Consulting LLP, speaks to The Deal's Kenneth Klee about dealmaking evolution, trends and the current state of M&A as a preview to the third-annual Corporate Dealmaker Forum, which takes place in New York City on Oct. 2. See the video after the break. - Maria Woehr... Private equity malaise spreads to EuropeAs continental European banks struggle with the credit crunch alongside the U.K. and the U.S., their appetite for funding leveraged buyouts has dried up just as fast. Merrill Lynch freezes hiringBrrr. The hiring freeze is on. Merrill Lynch & Co. has frozen hiring until year's end, according to a memo sent to employees, Reuters reports. But that's better then the alternative. Merrill Lynch chopped 4,200 jobs in the first half of the year and had a total of 60,000 employees at the end of June.... CIT and GE's railcar auctions chug alongThe race is on. In order to cut down debt, CIT Group Inc. and General Electric Co. are trying to sell off their railcar leasing businesses. But both auctions have been slowly chugging in an uphill battle against the tight credit markets and lack of buyers. ... Losses pile up at Lehman BrothersDebt markets continue to deliver the pain to Wall Street, as Lehman Brothers Inc. blew away early estimates for its second-quarter losses, reporting that it expects to be $2.8 billion in the red for the quarter. The news sent the bank's shares down 10% in premarket trading. ... Prince of Wall Street predicts private equity shakeoutFor years private equity firms have argued that their industry helps the economy by making their portfolio companies leaner and more competitive as they cut away the fat. Now the Prince of Wall Street sees the credit crunch doing the same to the buyout shops themselves as it separates the wheat from the chaff. ... Ailing FGIC could be next monoline to bring in new bucksIt looks like investors are saving the worst of the major U.S. monolines for last, as struggling bond insurer FGIC Corp. said on Monday that it received proposals from "a range of strategic partners, reinsurers and private equity providers" in response to requests for proposals to enhance its capital position. The news comes three weeks after FGIC announced it had hired Goldman, Sachs & Co. to advise it on strategic alternatives, which could include the sale of all or part of the company or a "bulk reinsurance transaction on all or parts of FGIC's in-force business to a third party."... Deal of the Quarter: Ensuring the insurerLike the other bond insurers, MBIA found itself threatened by the rising subprime tide. Riding to the rescue: buyout shop Warburg Pincus. Here's how the rescue unfolded. Top tagsYou have executed a tag search on Dealscape. On the left,you will find a comprehensive list of stories tagged "credit crunch." 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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