The Daily Deal articles from January 2005

The Daily Deal archives from January 2005

Scotty's seeks liquidation.
January 4, 2005... Byline: Paul Burton The Winter Haven, Fla.-based company filed for Chapter 11 protection on Sept. 10. Scotty's, which has 40 stores and outlet malls that employ about 470, could not come up with enough financing to stay in business,...

VoiceIQ wins court okay.
January 4, 2005... Byline: Laura King in Toronto Canadian software developer VoiceIQ Inc. has won court and shareholder approval to restructure under the Companies' Creditors Arrangement Act. Under the restructuring plan, the Calgary, Alberta-based...

Insilco trustee takes aim at DLJ.
January 4, 2005... Byline: Terry Brennan DLJ Merchant Banking Partners is being sued by the liquidating trustee for Insilco Technologies Inc., who alleges the private equity firm engaged in insider dealings that helped trigger the company's collapse. ...

NextWave faces more obstacles.
January 4, 2005... Byline: Chris Nolter When NextWave Telecom Inc. puts its disclosure statement before a bankruptcy judge later this first week of January, the company will be facing a group of hard-to-please investors. NextWave filed for Chapter 11...

US Air suffers holiday blues.
January 4, 2005... Byline: Lou Whiteman The self-described "operational meltdown" experienced by US Airways Group Inc. over the Christmas holiday could prove to be the beginning of the end for the troubled carrier, which is struggling to emerge from Chapter...

Halliburton subs emerge from Ch. 11.
January 4, 2005... Byline: Claire Poole in Houston At least one chapter closed on the Halliburton Co. saga on Monday, Jan. 3, with the Houston oil services provider announcing its units Kellogg Brown & Root and DII Industries had successfully emerged from...

Aloha filing could spur merger talk.
January 4, 2005... Byline: Lou Whiteman One of the worst years financially in aviation history ended on a dour note when Aloha Airgroup Inc. landed in bankruptcy court, another victim of high fuel costs and cut-throat competition. The filing, which...

Maxim Crane close to exit.
January 4, 2005... Byline: Jonathan Berke Maxim Crane Works Inc. has ended a rancorous, seven-month stay in bankruptcy. The Pittsburgh-based renter of cranes won confirmation of its reorganization plan Thursday before Judge Bruce McCullough of the U.S....

GEO exits Chapter 11.
January 4, 2005... Byline: Terry Brennan It took GEO Specialty Chemicals Inc. just nine months to emerge from Chapter 11 under a plan that swaps $120 million in unsecured note debt for equity. Holders of the $120 million of 10.125% notes have assumed...

Dominion buys USGen plants.
January 4, 2005... Byline: Claire Poole in Houston Richmond, Va., energy company Dominion Resources Inc. said Monday it has closed its acquisition of three electric power plants from USGen New England Inc., a unit of Bethesda, Md.-based National Energy & Gas...

LG Card gets bailout.
January 4, 2005... Byline: Mark Russell in Seoul South Korea's LG Card Co. Ltd. got a last-minute reprieve Dec. 31 as the ailing card issuer's former parent, LG Group, agreed with creditors to provide half a trillion won ($952 million) bailout. The...

Experts predict hot 2005 for IPOs.
January 4, 2005... Byline: David Shabelman Internet companies pursuing initial public offerings in 2005 can expect a reinvigorated IPO market bolstered by strong investor interest. "The IPO market came alive late in 2004, and these things usually don't...

IPO outlook: Jan. 4, 2005.
January 4, 2005... Byline: edited by Jon Asmundsson Hon Hai eyes Foxconn IPO Hon Hai Precision Industry Co. said it is readying its offshore telecom arm, Foxconn International Holdings Ltd., for an initial public offering in Hong Kong and hopes to raise...

FTC names acting general counsel.
January 4, 2005... Byline: Jaret Seiberg in Washington The Federal Trade Commission said Thursday that John Graubert will serve as acting general counsel now that William Kovacic has left the agency to return to George Washington University. Graubert was...

Swidler lawyers defect to Dechert.
January 4, 2005... Byline: David Marcus Washington law firm Swidler & Berlin tried to gain a presence in New York by merging with boutique firm Shereff, Friedman, Hoffman & Goodman LLP in 1998. On Monday, Jan. 3, almost all of that presence moved to the New...

FCC media rules remain in limbo.
January 4, 2005... Byline: Ron Orol in Washington Media companies seeking to make acquisitions must wait longer to learn if they have a shot of restoring a Federal Communications Commission policy allowing more consolidation in the broadcasting industry. ...

Alcan sells another ex-Pechiney unit.
January 4, 2005... Byline: Laura King in Toronto Canada's Alcan Inc. is selling another subsidiary that it acquired in its blockbuster purchase of France's Pechiney SA. Montreal-based Alcan said late Wednesday that Mytilineos Holdings SA of Greece is...

Shanghai port operator gets investor.
January 4, 2005... Byline: Shu-Ching Jean Chen in Hong Kong China Merchants Holdings (International) Co. Ltd. said it will buy a 30% stake in China's biggest seaport operator, Shanghai International Port (Group) Co. Ltd., for 5.57 billion renminbi ($673...

TDC may go solo on Cesky.
January 4, 2005... Byline: Brian Cattell in London Denmark's TDC A/S said it has held talks with the Czech government about buying phone operator Cesky Telecom a.s. and is willing to use its own shares to finance an offer for the company. The Danish...

InBev taking over Russian brewer.
January 4, 2005... Byline: Renee Cordes in Brussels InBev, the Belgian brewer of Beck's and Stella Artois, on Monday said it will gain nearly 100% ownership of Russia's second-biggest brewer, Sun Interbrew Ltd., after agreeing to acquire all of OOO...

San Miguel makes bid for National.
January 4, 2005... Byline: Giles Parkinson in Sydney Philippine food and beverage company San Miguel Corp. has launched a friendly A$1.78 billion ($1.4 billion) cash offer for National Foods Ltd., trumping an offer from the Australian dairy company's biggest...

Blair seeks to raise $180M.
January 4, 2005... Byline: Ron Orol Under pressure from investors, Blair Corp., an online seller of men's and women's apparel, is in talks to sell its consumer finance receivables division in a deal that could fetch $180 million, sources close to the...

Rossignol: Into California mitts?
January 4, 2005... Byline: Ross Tieman in Toulouse, France, with Tara Croft in New York Rossignol, based in the French Alpine town of Voiron, said in a statement Monday, Jan. 3, that Quiksilver of Huntington Beach, Calif., has approached the Boix Vives...

Ahold sells Brazilian food chain.
January 4, 2005... Byline: Renee Cordes in Brussels Dutch food retailer and wholesaler Royal Ahold NV finished the year with an agreement to sell its remaining asset on the auction block, Brazilian retail chain G. Barbosa Comercia Ltda., for an undisclosed...

Wide payoffs seen in security.
January 4, 2005... Byline: Lou Whiteman Sept. 11 and the subsequent war on terror are shining lights on an array of new homeland security technologies designed to keep us safe and secure. But while most of the attention is on what next-generation...

Brunswick expands boat business.
January 4, 2005... Byline: Brenon Daly Brunswick Corp. said Monday, Jan. 3, it will pay $51 million in cash for Sea Pro Boats Inc. and Sea Boss Boats, as the one-time billiards and bowling company continues building its maritime business through acquisition....

UBS, Oppenheim eye Austrian bank.
January 4, 2005... Byline: Andrew Bulkeley in Berlin Swiss bank UBS AG said Monday, Jan. 3, it was in the market for "select" acquisitions but refused comment on a report it was in a [Euro]200 million ($271 million) bidding war for a private Austrian bank....

Gilbert buys Cavaliers.
January 4, 2005... Byline: Jonathan Berke Mortgage kingpin Daniel Gilbert may have struck out in his attempt to buy a baseball team, but he seems to have rebounded from that disappointment with his acquisition Monday, Jan. 3, of pro basketball's Cleveland...

Movers & shakers: Jan. 3, 2005.
January 4, 2005... Byline: compiled by Baz Hiralal San Francisco-based JMP Securities LLC has announced the appointment of three senior professionals. Alan Stein has joined the investment banking group as senior managing director; Jeffrey Westmont as...

Movers & shakers: Jan. 4, 2005.
January 4, 2005... Byline: compiled by Matthew Wurtzel Former federal prosecutor Ronald G. White has joined the New York office of Morrison & Foerster LLP as a partner. He joins from the U.S. Attorney's Office for the Eastern District of New York, where he...

Carlyle, Advent grab RAG's Troplast.
January 4, 2005... Byline: Jonathan Braude U.S. private equity firms Carlyle Group and Advent International Corp. have agreed to buy the remaining operations of German plastics manufacturer HT Troplast AG for an undisclosed price. Carlyle will own 55% of the...

Olympus buys control of K-Mac.
January 4, 2005... Byline: Kelly Holman Stamford, Conn., private equity firm Olympus Partners has acquired a majority stake in K-Mac Enterprises Inc., an operator of Taco Bell, KFC and Golden Corrals restaurants, from K-Mac's management. The deal value...

Lightyear backs new credit insurer.
January 4, 2005... Byline: Kelly Holman New York private equity firm Lightyear Capital announced Monday, Jan. 3, that it will be the lead backer in the launch of a New York-based financial services credit protection business, Athilon Capital Corp. ...

Thoma Cressey invests in CCRx recap.
January 4, 2005... Byline: David Carey Chicago private equity firm Thoma Cressey Equity Partners has acquired a majority stake in Continuing Care Rx Inc., a Harrisburg, Pa.-based provider of pharmacy services to nursing homes and prisons. Thoma Cressey...

GSC cashes out of R.R. Donnelley.
January 4, 2005... Byline: Kelly Holman Florham Park, N.J.-based private equity firm GSC Partners is cashing out its entire investment in R.R. Donnelley & Sons Co., making more than 5 times its money after four years. GSC has sold 4.6 million shares to...

Rayovac near United Industries buy.
January 4, 2005... Byline: David Carey and Lisa Gewirtz Madison, Wis.-based Rayovac Corp., is on the verge of announcing a deal to buy United Industries, which makes everything from insect spray to pet foods, for about $1.4 billion in stock, cash and assumed...

Corporate VC has year-end comeback.
January 4, 2005... Byline: Phineas Lambert Corporate venture capital funds fell swiftly out of favor among corporate executives after the technology bubble burst and never really recovered their prebubble cachet even as tech spending slowly recovered. That's...

Intel Capital unveils VC deals.
January 4, 2005... Byline: Clifford Carlsen Intel Capital closed out 2004 by disclosing three previously unannounced investments by its Intel Digital Home Fund, which is aimed at boosting Santa Clara, Calif.-based Intel Corp.'s strategic interests by...

Neuro3d raises $43M.
January 4, 2005... Byline: Clifford Carlsen French drug developer Neuro3d has raised $42.9 million in a third round of venture capital co-led by Gilde Investment Management of the Netherlands and AXA Private Equity of France to finance the clinical testing...

Sprint affiliate seeks protection.
January 5, 2005... Byline: Chris Nolter The Lake Charles, La., unit of US Unwired Inc. said in December that it would file the plan of reorganization. The company's bankruptcy petition lists nearly $250 million in assets and about $415 million in debts....

Dorado creditors face long wait.
January 5, 2005... Byline: Terry Brennan Creditors of bankrupt Dorado Marine Inc. hope good things do come to those who wait- -- because they may end up waiting five years to be fully repaid. But the catch is that most of Dorado's secured creditors may...

Happy Kids can't please creditors.
January 5, 2005... Byline: David Elman Lenders to Happy Kids Inc. are definitely not happy. The New York-based designer and marketer of children's apparel, along with three subsidiaries, on Monday, Jan. 3, jointly filed for Chapter 11 in the U.S....

Adams to pay Hawaiian Air.
January 5, 2005... Byline: Greg Johnson Hawaiian Airlines Inc. said it would recoup $3.6 million from the carrier's former chief executive John W. Adams and companies affiliated with him under a lawsuit settlement. The airline's trustee, Joshua Gotbaum,...

Trump Hotels awaits DIP ruling.
January 5, 2005... Byline: Jonathan Berke Trump Hotels & Casino Resorts Inc. will find out on January 11th if it will win final approval on its $100 million debtor-in-possession financing. Judge Judith Wizmur of the US Bankruptcy Court for the District...

Lionel wins DIP extension.
January 5, 2005... Byline: Greg Johnson Lionel LLC can use its debtor-in-possession financing until month's end. The Chesterfield, Mo.-based model train maker won a commitment for $36 million in DIP loans from PNC Bank Corp. and GE Business Capital...

IPOs eclipsed M&A in Asia.
January 5, 2005... Byline: Shu-Ching Jean Chen in Hong Kong Asian companies raised $27 billion through initial public offerings in 2004, according to data released Tuesday, Jan. 4, a 30% leap from a year earlier, when the SARS epidemic ravished the region's...

Archipelago to buy Pacific Exchange.
January 5, 2005... Byline: Peter Moreira Chicago-based electronic stock exchange Archipelago Holdings Inc. agreed Tuesday, Jan. 4, to buy the parent of the Pacific Exchange, to become the first electronic exchange that can accommodate both stock and options...

Fortis to divest Assurant stake.
January 5, 2005... Byline: Renee Cordes in Brussels Dutch-Belgian financial services group Fortis said Tuesday, Jan. 4, it is planning two transactions that will sell off its remaining 35% stake in U.S. insurer Assurant Inc., which it spun off and listed on...

WMC spurns Xstrata offer.
January 5, 2005... Byline: Giles Parkinson in Sydney Australian mining group WMC Resources Ltd. on Tuesday, Jan. 4, formally rejected a A$7.4 billion ($5.8 billion) bid from Xstrata plc, releasing an independent experts' report that gave its shares a...

High oil prices fueled energy deals.
January 5, 2005... Byline: Claire Poole in Houston When oil and gas prices go up, the number of oil and gas deals should go down, given higher valuations. Right? Wrong. Dealmaking was brisk in the oil patch this past year, with several mergers,...

L&G Ventures to buy Cafe Rouge.
January 5, 2005... Byline: Jonathan Braude British mid-market private equity firm ECI Partners will serve its investors a tasty return on the sale of its restaurant chains, Cafe Rouge and Bella Italia, to Legal & General Ventures Ltd., expected by the end of...

Allied Capital buys Insight Pharma.
January 5, 2005... Byline: Tara Croft Washington, D.C.-based Allied Capital Corp. said Tuesday, Jan. 4, it completed a buyout of Insight Pharmaceuticals Corp. last Friday for about $155 million, including debt. Allied Capital has also committed roughly $5...

UGS reels in Israel's Tecnomatix.
January 5, 2005... Byline: Kate Gibson UGS Corp. said Tuesday, Jan. 4, it would pay roughly $228 million to buy Tecnomatix Technologies Ltd., an Israeli provider of manufacturing software. The acquisition by UGS, which makes products to help users design...

Movers & shakers: Jan. 5, 2005.
January 5, 2005... Byline: compiled by Matthew Wurtzel Merrill Lynch & Co. hired Scott Kisting as co-head of its global bank group. Kisting joins John Qua as head of the group, which manages private client and institutional banking operations. Kisting,...

Cesky privatization draws interest.
January 5, 2005... Byline: Brian Cattell in London The Czech government said Tuesday, Jan. 4, that nine private equity and telecommunications firms have received information memorandums for the forthcoming privatization of national phone operator Cesky...

Willis Stein to buy Education Corp.
January 5, 2005... Byline: Kelly Holman Willis Stein & Partners announced Tuesday, Jan. 4, it has recapitalized Education Corp. of America, acquiring a majority stake in the Birmingham, Ala.-based operator of post-secondary educational institution Virginia...

Private Capital People: Jan. 4, 2004.
January 5, 2005... Byline: compiled by Baz Hiralal Jo Taylor will succeed Rod Perry, upon his retirement, as head of 3i Group plc's venture capital business. Perry, 59, who will formally retire from the 3i Group board at the 2005 annual general meeting, has...

Buyout firms pursue Amadeus.
January 5, 2005... Byline: Andrew Bulkeley in Berlin Four private equity firms remain in the running in the [Euro]4.2 billion ($5.7 billion) auction of Spanish travel reservations group Amadeus Global Travel Distribution SA, sources said Tuesday, Jan. 4. ...

TA Associates gets stake in Lumber.
January 5, 2005... Byline: Kelly Holman Boston private equity firm TA Associates has acquired a minority stake in hardwood flooring retailer Lumber Liquidators Inc. TA, which announced the deal Tuesday, Jan. 3, invested $35 million from its $2 billion...

Thayer buying Qualitor.
January 5, 2005... Byline: Christine Idzelis Thayer Capital Partners has led a secondary buyout of Qualitor Inc., a Southfield, Mich., automotive after-market parts manufacturer, from Wind Point Partners for an undisclosed amount. Thayer is the majority...

Austin Ventures eyes first PE fund.
January 5, 2005... Byline: Stacey Higginbotham in Austin Texas venture capital firm Austin Ventures LP is considering the launch of a separate private equity fund, a first for the 25-year-old firm, looking to raise much as $800 million alongside a new...

Rayovac to buy United Industries.
January 5, 2005... Byline: David Carey and Lisa Gewirtz Atlanta-based battery maker Rayovac Corp. said Tuesday, Jan. 4, it would acquire United Industries Corp., which makes everything from insect spray to pet foods, for about $1.2 billion in stock, cash and...

Oaktree buys HydroChem.
January 5, 2005... Byline: Kelly Holman Los Angeles private equity firm Oaktree Capital Management LLC has purchased HydroChem Holding Inc., a Deer Park, Texas, industrial cleaning services company, in a secondary buyout from Houston private equity firm...

PE firmstake William Pitt stake.
January 5, 2005... Byline: Christine Idzelis San Francisco private equity firms Weston Presidio and Dorset Capital Management LLC have purchased a minority stake in William Pitt Inc., parent of Robbins Bros., which bills itself as the "World's Biggest...

Nereus lands $43M round.
January 5, 2005... Byline: Paul Bonanos A large, international investor syndicate has backed drug developer Nereus Pharmaceuticals Inc. of San Diego for the fourth time, providing the first portion of a $42.6 million round of funding intended to boost the...

Vitae gets $34M, new name.
January 5, 2005... Byline: Clifford Carlsen Three-year-old Concurrent Pharmaceuticals breathed new life into its fledgling drug discovery business with a name change to Vitae Pharmaceuticals Inc. and $34 million in new venture capital. Fort Washington,...

Shareholder group rescues KomTek.
January 6, 2005... Byline: Ben Fidler An 11th hour purchase agreement has again saved KomTek Inc. from liquidation. Judge Henry Boroff at the U.S. Bankruptcy Court for the District of Massachusetts in Worcester approved a motion Monday, Jan. 3, to sell...

Intermet renegotiates contracts.
January 6, 2005... Byline: Erik Moser Intermet Corp. has successfully renegotiated supply agreements with its largest customers, removing the threat of losing its debtor-in-possession financing and putting the bankrupt automotive metal caster in a better...

Gadzook's DIP threatened.
January 6, 2005... Byline: Jonathan Berke As the post-Christmas watch continues to see what major retailer will be the first of the new year to file for bankruptcy, one already there, Gadzooks Inc., continues to sink deeper. The Carrolton, Texas-based...

Delta fare cut squeezes US Air.
January 6, 2005... Byline: Lou Whiteman US Airways Group Inc.'s floundering restructuring effort received two new blows on Wednesday, Jan. 5, as rivals Delta Air Lines Inc. unveiled a plan to slash domestic ticket prices and Southwest Airlines Co. announced...

Multicanal bondholders file appeal.
January 6, 2005... Byline: Terry Brennan U.S. bondholders launched an appeal Wednesday, Jan. 5, of multiple bankruptcy court rulings that block them from moving against the assets of Multicanal SA. The holders of $500 million worth of the bonds that the...

Deutsche gets competition for Stelco.
January 6, 2005... Byline: Laura King in Toronto Six potential buyers are considering challenging a stalking-horse bid by Deutsche Bank AG for insolvent Stelco Inc. and have moved into a second phase of due diligence. The Hamilton, Ontario-based...

Navigant Consulting sheds assets.
January 6, 2005... Byline: Claire Poole in Houston Chicago risk advisory firm Navigant Consulting Inc. said Wednesday, Jan. 5, it has agreed to sell some of its corporate finance assets to six senior advisers led by Charles Goldstein in its Baltimore and...

Grupo Folha restructures.
January 6, 2005... Byline: Mike Kepp in Rio de Janeiro Grupo Folha, owner of Brazil's No.1 newspaper has said it would merge its businesses under a new umbrella firm, a restructuring meant to lead to an initial public offer. The new company, Folha-UOL...

Ahold: Disco sale will close.
January 6, 2005... Byline: Renee Cordes in Brussels Dutch food retailer and wholesaler Royal Ahold NV on Wednesday insisted that it expects to complete the sale of its Argentine chain Disco SA to Chilean retailer Cencosud SA by April 1. But Ahold said...

U.K. threatens beer merger.
January 6, 2005... Byline: Jonathan Braude in London Britain's Competition Commission has threatened to veto the acquisition of Adolph Coors Co.'s U.K. beer and cider dispensing equipment and maintenance business by brewers Scottish & Newcastle plc and...

Chinese utility buys out investors.
January 6, 2005... Byline: Shu-Ching Jean Chen in Hong Kong Beijing-based China Huaneng Group, one of China's five national power generation groups, is buying out two foreign investors in Hebei Hanfeng Power Generation LLC for $168 million to assume full...

Gaming 2004: Big deals, hard cases.
January 6, 2005... Byline: Jonathan Berke Between MGM Mirage Inc.'s $7.9 billion acquisition of Mandalay Resort Group and Harrah's Entertainment Inc.'s $9.4 billion purchase of Caesars Entertainment Inc., the casino industry had a huge dealmaking year. ...

Danish energy merger under fire.
January 6, 2005... Byline: Patricia Koza An influential report due out next week by the Organization for Economic Cooperation and Development criticizes a proposed $5 billion merger between Denmark's two biggest energy companies and could raise new doubts...

Bristol may shed consumer division.
January 6, 2005... Byline: Tara Croft More than halfway through a five-year transformation in its product portfolio, Bristol-Myers Squibb Co.'s consumer medicines unit could be the next to go. The unit, consisting primarily of the company's Excedrin brand...

Ratings review: Jan. 6, 2005.
January 6, 2005... Byline: Gerald Magpily For Rayovac Corp., a new year brings a new addition to its product lines, but with a possible hidden cost. The Atlanta-based manufacturer of batteries, razors and lighting agreed to pay $1.2 billion for St....

Ubisoft available.
January 6, 2005... Byline: Ross Tieman in Toulouse, France, with Kate Gibson in Chicago Ubisoft Entertainment SA, a French interactive video company responsible for the popular Tom Clancy spy games, has itself become a center of intrigue. The issue: Who, if...

Supervalu buys Total Logistics.
January 6, 2005... Byline: Brenon Daly Supervalu Inc. said Wednesday, Jan. 5, that it will acquire Total Logistics Inc. for $165 million in cash, plus $68 million in assumed debt, as the grocery chain looks to build up its distribution and logistics...

CIT buys Education Lending.
January 6, 2005... Byline: Peter Moreira CIT Group Inc. has moved into the high-growth, low-risk educational lending business with the $381 million purchase of San Diego-based Education Lending Group Inc., but the costs and ambitious targets associated with...