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☆ Overstock wins auction for some Bed Bath & Beyond assets
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

Last week, Overstock had offered to buy those assets for the same price under a "stalking horse" bid. Bed Bath & Beyond had then said it would continue to solicit other offers. While Bed Bath & Beyond's stores are not part of the deal, it will include the retailer's business data and publicity rights. Once a high-flying company, Bed Bath & Beyond buckled under a steep drop in demand and swelling losses, and filed for Chapter 11 bankruptcy protection in April. Meanwhile, the retailer's Buy buy Baby chain, which sells products for infants and toddlers, has drawn interest from investment firm Go Global Retail and Sixth Street Partners, according to recent media reports.

Persons: Overstock, Deborah Sophia, Sriraj Organizations: Overstock.com, Bed, Go Global, Sixth Street Partners, Thomson Locations: Bengaluru

☆ TPG returns to credit party fashionably late
▼ + stars: | 2023-05-15 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

The buyout firm is acquiring Angelo Gordon, an asset manager that specializes in private credit, for $2.7 billion, it said on Monday. The direct-lending portion of its $55 billion credit business emphasizes borrowers with less than $25 million of EBITDA. While it missed the last private credit bonanza, it isn’t saddled with jumbo-size and potentially shaky loans written at the top of the last cycle. As U.S. regional banks struggle, private credit firms see what Blackstone has termed a “golden moment” to muscle in on new turf. Follow @JMAGuilford on TwitterCONTEXT NEWSPrivate equity firm TPG said on May 15 that it had agreed to acquire private credit and real estate-focused investment firm Angelo Gordon for $2.7 billion, including cash and stock.

☆ Vice Media Nears Deal for $400 Million Sale Out of Bankruptcy
▼ + stars: | 2023-05-05 | by ( Alexander Saeedy | Jodi Xu Klein | ) www.wsj.com time to read: 1 min

Vice Media is nearing a deal for senior lenders including Fortress Investment Group and Soros Fund Management to acquire the troubled media company out of bankruptcy at a valuation of around $400 million, according to people familiar with the matter. Nearly every Vice stockholder—including backers such as private-equity firm TPG Group, Sixth Street Partners and media mogul James Murdoch—would be wiped out under the proposed reorganization, the people familiar with the matter said. Outstanding debts held by TPG and Sixth Street would also be impaired as part of the plan, the people said. The Murdoch family is a major shareholder in Journal parent News Corp .

☆ Bed Bath & Beyond considers asset sales, Sixth Street bankruptcy loan - Bloomberg News
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) is considering sales of assets and intellectual property as part of a potential bankruptcy filing that could come as soon as this weekend, Bloomberg News reported, citing people with knowledge of the situation. The home goods retailer is also looking to secure funding from U.S.-based investment firm Sixth Street Partners to support its operations through Chapter 11 proceedings but the plans could still change, Bloomberg News reported on Friday. Bed Bath and Beyond did not respond to a request for comment, while Sixth Street Partners declined to comment. In January, Reuters reported that the embattled retailer was negotiating a loan to help it navigate bankruptcy proceedings, with Sixth Street in talks to provide some funding. The investment firm loaned Bed Bath & Beyond $375 million in 2022.

☆ A CVS in New York City is turning to specially trained dogs to combat rampant shoplifting
▼ + stars: | 2023-02-23 | by ( Danni Santana | ) www.businessinsider.com time to read: +2 min

Retailers across the US are fighting an increase in store theft. In New York City, one non-profit retail trade group has started using dogs to combat the problem. The 34th Street Partnership launched the program in partnership with Stapleton Security Services this month at a local CVS. In an emailed comment to Insider, the 34th Street Partnership Ward said the firm has "initiated the canine patrol as a pilot project and will evaluate its efficacy as it continues. Nationwide, retail theft has become a $95 billion problem for the industry, according to the National Retail Federation's most recent Retail Security Survey.

☆ Bed Bath & Beyond lines up funding in a last-ditch bid to avoid bankruptcy
▼ + stars: | 2023-02-07 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +2 min

A Bed Bath & Beyond store in the Brooklyn borough of New York, US, on Monday, Feb. 6, 2023. Bed Bath & Beyond will live to see another day – at least for now. Bed Bath will receive $225 million in the offering up front plus an additional $800 million in proceeds over time, the company said. Whatever's left over will be used to aid Bed Bath's attempt at a turnaround, the company said. The efforts have evidently failed thus far, forcing Bed Bath to go to the public markets for funding.

☆ Bed Bath & Beyond Says Banks Have Cut Off Its Credit Lines
▼ + stars: | 2023-01-27 | by ( Soma Biswas | Suzanne Kapner | ) www.wsj.com time to read: +2 min

Bed Bath & Beyond Inc. said it doesn’t have the funds to repay its banks after they determined the retailer has defaulted on its credit lines. The banks are calling for an immediate repayment of all outstanding loans under the credit agreement. The company has $186 million in outstanding letters of credit. The filing indicates the growing financial constraints the retailer is under to operate normally, a month after it warned of a possible bankruptcy filing. Bed Bath & Beyond recently warned it may be filing for bankruptcy in just a few weeks.

Bed Bath & Beyond has been in discussions with prospective buyers and lenders as it works to keep its business afloat during a likely bankruptcy filing, according to people familiar with the matter. Comparable sales declined 32% year over year in the most recent fiscal quarter, ended Nov. 26. Last week, CNBC reported Bed Bath had begun another round of layoffs in an attempt to further cut costs. One possible buyer circling Bed Bath is private equity firm Sycamore Partners, according to the people familiar with the discussions. Bed Bath has also drawn interest from companies that acquire the intellectual property, or brands, of companies, particularly those under distress, the people said.

☆ 6 top M&A bankers lay out their dealmaking playbook for 2023 — from getting around a sagging bond market to dealing with skeptical shareholders
▼ + stars: | 2023-01-09 | by ( Carter Johnson | ) www.businessinsider.com time to read: +10 min

"We're certainly telling clients to plan for longer timelines between signing an announcement and when a transaction closes," RBC's Sperduto said. Bankers noted the figure was on pace with the average amount of deals done in the five years preceding the pandemic. "There is still significant desire from both corporates and financial sponsors to transact," Gary Posternack, co-head of global M&A at Barclays, told Insider. But in 2023, bankers see more transactions receiving greater scrutiny from stakeholders. Vito Sperduto, the co-head of global M&A at RBC Capital Markets.

☆ Changes to House rules could bring new investment risks
▼ + stars: | 2023-01-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChanges to House rules could bring new investment risksChris Krueger, Washington Research Group strategist at Cowen and Company, and Sarah Chamberlain, president and CEO of the Republican Main Street Partnership, join 'The Exchange' to discuss how new House rules will could impact investment strategy and risk assessment.

☆ Credit Deals Are Going Private, Leaving Wall Street in the Cold
▼ + stars: | 2022-12-29 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

Most private equity-style deals late in the year used financing by private credit, including the deal to take Coupa Software private. While some investors were hibernating in the fourth quarter, the private market for deal financing has been roaming free. The overwhelming majority of private equity-style deals late in the year have used financing by so-called private credit rather than by the marketing and selling of loans to a wide group of investors by banks. PitchBook LCD tracked 46 leveraged buyouts financed by private credit in the fourth quarter through Dec. 8, versus just one financed by the broadly syndicated loan market. For the recently announced take-private of Coupa Software for instance, the top lending spot went to investment firm Sixth Street Partners, the Journal has reported.

☆ Market Chill Opens Path for Buyout Lender Sixth Street’s Rise
▼ + stars: | 2022-12-23 | by ( Matt Wirz | ) www.wsj.com time to read: 1 min

The leveraged buyout of an Emerson Electric business is one of several large deals recently financed by Sixth Street. The credit crunch on Wall Street is forcing some of its biggest deal makers to turn to a little-known investment firm to bankroll their purchases: Sixth Street Partners . Many banks and private-credit funds are tightening their purse strings after taking losses on big junk-rated loans that they committed to before debt markets seized up this summer. That leaves Sixth Street, which manages about $65 billion, as one of the few outfits willing to write fat checks to finance corporate takeovers.

☆ Bed Bath & Beyond shares fall after interim CEO Sue Gove appointed to position permanently
▼ + stars: | 2022-10-26 | by ( Melissa Repko | ) www.cnbc.com time to read: +2 min

Bed Bath & Beyond said Wednesday that it has appointed interim Sue Gove to the position permanently. Bed Bath is trying to reverse declining sales, win back customers and strengthen relationships with suppliers. In late August, Bed Bath announced cost cuts and a new loan on a call with investors. Without those items this holiday season, Bed Bath could have a hard time competing with rivals like Amazon, Target and Walmart. Bed Bath is having its first supplier summit on Wednesday, which the company said will strengthen those relationships.

Oct 28 (Reuters) - Elon Musk on Thursday closed the $44 billion deal announced in April to take Twitter Inc (TWTR.N) private and took ownership of the influential social media platform by firing top executives immediately. read more Earlier this month, Musk brought the deal back on the table after previously trying to walk away from it. Musk pledged to provide $46.5 billion in equity and debt financing for the acquisition, which covered the $44 billion price tag and the closing costs. That had left Musk in need for an additional $22.4 billion of funds to cover the equity financing portion of the deal. Musk would have needed to raise an additional $2 billion to $3 billion to complete the financing for the deal.

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