Private equity companies are buying the debt of the companies they own so they can become creditors and have a second shot at making money on their investments.
Investors
Institutional investors thank 2013 for record gains- report
The Wall Street Journal reported that institutional investors will best remember 2013 as a year of record gains, as buoyant markets facilitated IPOs and debt deals that paid hefty dividends.
Revlon to shutdown operations in China months after Colomer Group buyout
New York-based cosmetics company Revlon, which has posted profit declines in 2011 and 2012, will close its operations in China, cutting at least 1,100 jobs. News of the shutdown came a few months after Revlon bought Spanish beauty care company Colomer Group.
2013 a good year for private equity firms- report
Data from Cambridge Associates showed that 2013 was a good year for private equity as they returned $120 billion to their institutional backers, the San Francisco Business Times reported.
Indian firms ink private equity deals worth $10.68B in 2013
Indian companies were able to get private equity deals worth $10.68 billion in 2013, an increase of 12% in value terms compared to that of the previous year.
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India's Bombay Bullion Association, a traders' group representing 1,000 jewelers and traders, plans to buy a 5% stake in the Multi Commodity Exchange of India Ltd after the Forward Markets Commission said its founder was not eligible to run the bourse.
Italian automaker Fiat SpA has agreed to buy the remaining stake of Chrysler Group held by the United Auto Workers retiree healthcare trust, paving the way for both carmakers to finally merge.
Private equity firms are increasingly seeking to partner with U.S. companies rather than buying them outright, as they struggle to find ways to put their huge piles of money to work at a time when frothy markets have made takeovers expensive.
Commodity hedge fund Higgs Capital Management, which manages some $250 million, will wind down and return money to investors, its founders said in a note on Monday.
Al Noor Hospitals Group announced it has shelled out an initial cash consideration of AED80 million ($21.8 million) to acquire Gulf International Cancer Centre (GICC) in Abu Dhabi.
BlackRock Inc's Asia Property Fund III is exiting its Westin hotel in Singapore to Tokyo-based property developer Daisho Group in a deal valued at S$468 million ($369 million).
Illinois-based snack company Mondelez International Inc has entered an agreement to sell a controlling stake in its cookie and cracker business, SnackWell's, to Connecticut-based private equity firm Brynwood Partners for an undisclosed amount.
Dubai-based construction company Arabtec Holding had no plans to up its stake in interior contracting firm Depa, according to a statement made by Arabtec to Dubai's bourse.
Australia-based boutique funds management company Paradice Investment Management has acquired a 5.14% stake in electronics retailer Dick Smith, according to a document filed with the Australian Securities Exchange (ASX).
