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Remington is consolidating its operations in Georgia, a state the company says is friendlier to the firearms industry. Mayor John Stephens meets with village board members under a seal portraying Eliphalet Remington holding a long gun. The four-story, brick plant by Armory Street and Remington Avenue looms over the community about 55 miles (90 kilometers) east of Syracuse. The Ilion plant went to a group of investors called the Roundhill Group as part of a $13 million bid. After months of union negotiations, the firearms plant reopened in the spring of 2021.

Persons: — Remington, Eliphalet Remington, Sandy, Remington, it’s, ”, Jim Conover, Mayor John Stephens, Conover’s, Frank “ Rusty ” Brown, “, Brown, RemArms, Ken D’Arcy, “ They've, Daniel Mendez, Stephens, Michael Disotelle, Sandy Hook, we’re, ” Stephens Organizations: Remington, Mayor, Street, United Mine Workers of America, Remington Firearms, Republican, New, Smith & Wesson, Cerberus Capital Management, Remington Arms, Bushmaster Firearms, Co, Vista Locations: Mohawk, Georgia, Sandy Hook, Detroit, Syracuse, New York, New York City, Tennessee, Springfield , Massachusetts, LaGrange , Georgia, Erie, Ilion

☆ SPECIAL REPORT-Inside the subsea cable firm secretly helping America take on China
▼ + stars: | 2023-07-06 | by ( Joe Brock | ) www.reuters.com time to read: +23 min

Reuters is revealing details of the Diego Garcia project and SubCom’s deepening ties with the Pentagon. SubCom’s loyalty is especially important because it is the only major U.S. subsea cable company. Rather, they carefully obscured the U.S. military component within a larger private-sector cable project, according to four subsea cable industry sources with knowledge of the arrangement. That project, known as the Oman Australia Cable, was spearheaded by SUBCO, a Brisbane-based subsea cable investment company owned by Australian entrepreneur Bevan Slattery. Once the Navy project was complete, AT&T’s submarine cable project morphed into a commercial business, the former employees said.

Persons: Diego Garcia, SubCom, Cerberus, Stephen Feinberg, Donald Trump, Feinberg, Joe Biden, Biden, Eckhard Bruckschen, They’ve, ” Bruckschen, Trump, Brad Smith, –, Mao Ning, ”, Jacob Helberg, Bevan Slattery, SUBCO’s, Richard Payne, Payne, “ We’re, ” Payne, Alex Kerska, Catherine Creese, Creese, David Coughlan, Coughlan, Slattery, SubCom’s Coughlan, Rich, Australia West Express –, John Mariano, Anthony Albanese, Albanese, Caesar, Kellee Wicker, ” Wicker Organizations: CS, SubCom, Google, Microsoft, Meta, ., U.S, Navy, Cerberus Capital Management, U.S . Navy, President’s Intelligence, Board, U.S . Navy’s Pacific Fleet, U.S . Pacific Fleet, U.S ., Pentagon, America Inc, Cable Consultancy, Reuters, Japan’s NEC Corporation, France’s Alcatel Submarine Networks, China’s HMN, U.S . Department of Defense, White, U.S . Department of Justice, Foreign, Oracle, China Economic, Security, Commission, U.S . Department of Transportation, Department of Defense, government’s, Cable Security Fleet, Oman Australia Cable, SUBCO, The, The U.S . Pacific Fleet, SUBCO’s Oman Australia Cable, Facebook, Defense, Intelligence, SubCom’s, London Stock Exchange Group, U.S . Coast Guard, Naval, Cable, Office, Tyco Telecommunications, Australian, Financial, Australia West Express, GoTo Networks, couldn’t, Netflix, AT, Tyco International, Tyco, New, Washington, Science, Technology, Wilson, “ Cables Locations: Diego, Indian, China, New Jersey, United States, U.S, Soviet, Washington, New York, Philippine, South China, Beijing, America, American, Hong Kong, Switzerland, Eatontown , New Jersey, British, Britain, Australian, Australia, Oman, Brisbane, Southeast Asia, The U.S, SUBCO’s Oman, Perth, SubCom, Guam, U.S . Pacific, Republic of Djibouti, of Africa, Djibouti, Sri Lanka, Scotland, Newfoundland

☆ Inside the subsea cable firm secretly helping American take on China
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +24 min

Persons: Diego Garcia, SubCom, Cerberus, Stephen Feinberg, Donald Trump, Feinberg, Joe Biden, Biden, Eckhard Bruckschen, They’ve, ” Bruckschen, Trump, Brad Smith, –, Mao Ning, ”, Jacob Helberg, Bevan Slattery, SUBCO’s, Richard Payne, Payne, “ We're, ” Payne, Alex Kerska, Catherine Creese, Creese, David Coughlan, Coughlan, Slattery, SubCom’s Coughlan, Rich, Australia West Express –, John Mariano, Anthony Albanese, Albanese, Caesar, Kellee Wicker, ” Wicker, Joe Brock, Mohammad Kawoosa, Edgar Su, Catherine Tai Design, Eve Watling, Marla Dickerson Organizations: CS, SubCom, Google, Microsoft, Meta, ., U.S, Navy, Cerberus Capital Management, U.S . Navy, President’s Intelligence, Board, U.S . Navy’s Pacific Fleet, U.S . Pacific Fleet, U.S ., Pentagon, America Inc, Cable Consultancy, Reuters, Japan’s NEC Corporation, France’s Alcatel Submarine Networks, China’s HMN, U.S . Department of Defense, White, U.S . Department of Justice, Foreign, Oracle, China Economic, Security, Commission, U.S . Department of Transportation, Department of Defense, government’s, Cable Security Fleet, Oman Australia Cable, SUBCO, The, The U.S . Pacific Fleet, SUBCO’s Oman Australia Cable, Facebook, Defense, Intelligence, SubCom’s, London Stock Exchange Group, U.S . Coast Guard, Naval, Cable, Office, Tyco Telecommunications, Australian, Financial, Australia West Express, GoTo Networks, couldn’t, Netflix, AT, Tyco International, Tyco, New, Washington, Science, Technology, Wilson, “ Cables Locations: Diego, Indian, China, New Jersey, United States, U.S, Soviet, Washington, New York, Philippine, South China, Beijing, America, American, Hong Kong, Switzerland, Eatontown , New Jersey, British, Britain, Australian, Australia, Oman, Brisbane, Southeast Asia, The U.S, SUBCO’s Oman, Perth, SubCom, Guam, U.S . Pacific, Republic of Djibouti, of Africa, Djibouti, Sri Lanka, Scotland, Newfoundland

MUMBAI, June 27 (Reuters) - Goswami Infratech, a Shapoorji Pallonji group entity, closed India's largest debt issue from a low-rated company on Tuesday, signalling growing interest in high-yielding debt from local and global private credit funds, bankers and fund managers said. Goswami Infratech accepted bids worth 143 billion rupees ($1.74 billion), including from Edelweiss Special Opportunities Fund, Davidson Kempner, Ares Capital Management, Varde Partners and Cerberus Capital Management, the bankers said. "We are seeing money coming in from global asset managers, international development financial institutions and large pension funds in Indian private credit funds," said Vineet Sukumar, founder of Vivriti Asset Management, which also manages a private credit fund. Two recent changes in regulation have also provided a boost to private credit funds. The tweaks have led to more funds from high net worth individuals and family offices flowing into private credit funds, while elevated yields are further leading to attractive investment opportunities.

Persons: Goswami Infratech, Davidson Kempner, Sukumar, Ajay Manglunia, Saurabh Jhalaria, Karthik Athreya, Sundaram, Dharamraj Dhutia, Bhakti, Sohini Goswami Organizations: Edelweiss, Fund, Ares Capital Management, Varde Partners, Cerberus Capital Management, Deutsche Bank, Standard Chartered Bank, Ares, Vivriti Asset Management, JM Financial, EY, Asset Management, Thomson Locations: MUMBAI, India

☆ Virgin Orbit receives $17 million bid for rocket-carrying aircraft in bankruptcy court
▼ + stars: | 2023-05-17 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +2 min

Bankrupt rocket company Virgin Orbit received a $17 million "stalking horse" bid for its modified 747 carrier jet and other aircraft assets, as it continues to examine options during Chapter 11 court proceedings. A stalking horse bid represents the first foray on assets of a bankrupt company, and effectively sets the minimum bid for any potential competing offers. According to bankruptcy filings released Tuesday, the stalking horse agreement followed "hard-fought negotiations" between the companies. Virgin Orbit filed for bankruptcy protection on April 4 after the company failed to secure a funding lifeline and laid off nearly its entire workforce. Virgin Orbit previously disclosed that it received "over 30 indications of interest" during its bankruptcy process, with the company continuing to look for a wholesale deal.

NEW YORK, April 20 (Reuters) - The co-head of the private equity firm that owns Dominion Voting Systems said the company's $787.5 million settlement with Fox Corp (FOXA.O) held Fox accountable for spreading lies even if it did not apologize or admit wrongdoing. The settlement came with no apology or admission of wrongdoing on behalf of Fox, just an acknowledgement of the court's rulings finding some claims about Dominion to be false. Dominion and Staple Street achieved their goals by exposing the truth and Fox News' "offensive" actions and getting the media company to pay for them, Yaghoobzadeh said. In a statement following Tuesday's settlement, Fox said it was committed to the highest journalistic standards. Dominion funded the litigation through its own resources, without Staple Street or a third party providing financial backing, Yaghoobzadeh said.

Even before Tuesday's settlement, Staple Street's investment in Dominion had paid off handsomely. Yaghoobzadeh told reporters on Tuesday that Staple Street backed Dominion in its mission to shoot down lies against it. Staple Street investor Mark Hauser, managing partner of Hauser Private Equity, also welcomed the settlement news. "We are very pleased with the outcome and think that Staple Street has handled the situation very well on behalf of their investors. We’ve had a relationship with Staple Street since 2014 and think highly of their management team," he said.

In addition to mergers and acquisitions, the options include a sale of the bank and an initial public offering (IPO), the people said. Officials for Co-op Bank, Aldermore, OneSavings Bank, Paragon and Shawbrook declined to comment. Co-op Bank had an equity value of close to 1.3 billion pounds ($1.61 billion) as of the end of December, based on its latest annual accounts. It had more than 28 billion pounds of assets on its balance sheet and reported a profit before tax of 132.6 million pounds for 2022. Later that year, Co-op Bank made an offer for domestic rival TSB Group, which was rejected by Spanish parent Banco Sabadell (SABE.MC).

☆ Higher provisions, legal charges dampen CIBC's quarterly profit
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

Feb 24 (Reuters) - Canadian Imperial Bank of Commerce (CIBC) (CM.TO) reported a fall in its first-quarter profit on Friday, weighed down by higher provisions and legal charges to settle a lawsuit tied to the 2008 global financial crisis. CIBC set aside C$295 million ($217.17 million) in provisions for credit losses in the reported quarter, up C$220 million from a year-ago period. Last month, Bank of Canada said it would hold off on further moves to let the effects of past rate hikes sink in. CIBC kicked off the first-quarter earnings season for major Canadian banks on Friday. Rivals Bank of Montreal (BMO.TO) and Bank of Nova Scotia (BNS.TO) will report on Tuesday while Royal Bank of Canada (RY.TO) and National Bank of Canada (NA.TO) will post their earnings on Wednesday.

☆ Kroger and Albertsons would likely shutter stores as part of a planned merger. See if your local store is at risk.
▼ + stars: | 2022-12-14 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Kroger and Albertsons could sell or close stores if their $20 billion merger is approved. A map showing Kroger and Albertsons stores KrogerIn some ways, the companies' store networks complement each other. As part of the deal, Kroger and Albertsons have agreed to sell up to 650 stores. Eliminating stores in those locations is one way that Kroger and Albertsons could cut costs as a combined company, he added. In order to get federal approval for their merger, Albertsons and Safeway had to sell just under 150 to another grocery chain.

☆ CIBC to appeal New York court's ruling in Cerberus lawsuit
▼ + stars: | 2022-12-02 | by ( Reuters Staff | ) www.reuters.com time to read: 1 min

Dec 2 (Reuters) - Canadian Imperial Bank of Commerce (CIBC) CM.TO said on Friday it would appeal a New York court’s ruling in a lawsuit brought against the bank by an entity of U.S. private equity firm Cerberus Capital Management. The lawsuit, filed in 2015, relates to an October 2008 transaction in which CIBC issued a limited recourse note - a form of debt - to the Cerberus-controlled fund. Cerberus had alleged that CIBC defaulted on certain payments and is seeking damages of $1.067 billion. CIBC said it had satisfied all its obligations. New York-based Cerberus did not immediately respond to a request for comment.

☆ TSX pares weekly gain as investors brace for further rate hikes
▼ + stars: | 2022-12-02 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

TORONTO (Reuters) - Canada’s main stock index fell on Friday, including declines for financials and technology, as investors weighed U.S. and Canadian jobs data that could help determine the pace of central bank interest rate hikes. FILE PHOTO: The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren/File PhotoThe Toronto Stock Exchange’s S&P/TSX composite index ended down 39.79 points, or 0.2%, at 20,485.66, after posting on Thursday its highest closing level in nearly six months. U.S. stocks fell, although recovering from their lowest levels, as the November payrolls report fueled expectations the Federal Reserve would maintain its path of interest rate hikes. Canada added 10,100 jobs in November, broadly in line with forecasts, while the jobless rate fell to 5.1%.

☆ TSX falls after better-than-expected domestic jobs data, materials weigh
▼ + stars: | 2022-12-02 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

Traders see a 75% chance of a 25-basis-point rate hike by the BoC next week, down from 84% before the data was published. The materials sector (.GSPTTMT) fell 1.2% tracking bullion prices that dipped after a strong U.S. jobs data rekindled worries of an aggressive Federal Reserve. This week was a cocktail of economic data iced with mixed bank earnings, as markets enter into the holiday season. The big fear and debate is all about whether the economic data is starting to point to a recession coming in 2023," Taylor added. Reporting by Johann M Cherian in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Investors will reap billions if Kroger takes over Albertsons. Workers and shoppers may not be as happy.
▼ + stars: | 2022-11-05 | by ( Gretchen Morgenson | Gretchen Morgenson Is The Senior Financial Reporter For The Nbc News Investigative Unit. A Former Stockbroker | She Won The Pulitzer Prize In For Her | ) www.nbcnews.com time to read: +11 min

Wealthy investors in Safeway’s parent, Albertsons Companies, have done better. And next week, they were slated to reap a $4 billion cash dividend in connection with a proposed $25 billion takeover of Albertsons by rival Kroger. Based on that stake and the amount of the dividend, Cerberus stands to receive roughly $1 billion of the dividend payout. Six of Albertsons’ 14 directors who voted for the dividend are affiliated with the major investors. This is the last, best and final hope for a truly unionized chain.”Nervous about the pensionThe proposed $4 billion cash dividend is large by many measures.

☆ Singapore's SATS in $1.1 bln deal to become biggest air cargo handler
▼ + stars: | 2022-09-28 | by ( Yantoultra Ngui | ) www.reuters.com time to read: +3 min

SINGAPORE, Sept 28 (Reuters) - Singapore-based ground handling and catering provider SATS Ltd (SATS.SI) is acquiring Paris-based Worldwide Flight Services (WFS) for 1.19 billion euros ($1.14 billion) cash in its largest ever deal, to create the world's biggest global air cargo handler. SATS' CEO Kerry Mok called the deal "a transformational opportunity for SATS", saying it would create a global leader. Last week, Bloomberg News reported that SATS had sounded out financing for a possible deal that could be worth about $3 billion. WFS reported 1.722 billion euros in revenue and earnings before interest, taxes, depreciation, and amortization of 232 million euros for the year ended March 2022. Founded in 1984, WFS is the world's largest air cargo logistics provider and a major provider of ground handling and technical services.

☆ António Horta-Osório Adds Cerberus Role to Post-Credit Suisse Portfolio
▼ + stars: | 2022-09-27 | by ( Margot Patrick | ) www.wsj.com time to read: 1 min

António Horta-Osório had to resign from Credit Suisse following a board investigation into his travel and personal conduct. Former Credit Suisse Chairman António Horta-Osório has joined Cerberus Capital Management LP as a senior adviser in Europe, adding to a set of new roles since his sudden departure from the Swiss bank in January. His job will be to help the U.S. private-equity firm with deals in Europe’s financial sector, drawing on his relationships from decades in banking, people familiar with the matter said. The appointment came about because he knew some of Cerberus’s top executives from other assignments, one of the people said.

☆ Bank of Cyprus bid makes case for lender buyouts
▼ + stars: | 2022-09-22 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

Lone Star’s roughly 700 million euro offer for Bank of Cyprus (BOCH.CY) shows that the sector may have reached such a level in Europe. Chief Executive Panicos Nicolaou churned out a respectable 7.3% return on tangible equity (ROTE) in the first half of 2022, excluding one-off charges. That helps explain why the bank has rebuffed three offers from U.S. fund Lone Star, the last of which valued it at almost 0.4 times tangible equity. Even if Bank of Cyprus hits that lower number, a fair valuation might be closer to 0.8 times tangible equity, or around 1.3 billion euros – double Lone Star’s offer. In making the case for bank buyouts, Lone Star may be doing the whole sector a favour.

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