Reuters: Private Equity: UPDATE 1-Warburg Pincus to buy India's Future Capital for $100-125 mln -sources

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UPDATE 1-Warburg Pincus to buy India's Future Capital for $100-125 mln -sources Jun 3rd 2012, 06:30 Sun Jun 3, 2012 2:30am EDT MUMBAI, June 3 (Reuters) - U.S. private equity firm Warburg Pincus LLC is set to buy a majority holding in Indian financial services firm Future Capital Holdings for $100-$125 million, two sources with direct knowledge of the matter told Reuters on Sunday. Future Capital, currently controlled by Indian retailer Pantaloon Retail (India) Ltd, provides consumer and mortgage loans. Warburg Pincus will pay 165-170 rupees per share, which represents a premium of 18-24 percent to Future Capital's Friday closing price of 136.95 rupees, said the sources, who declined to be named as they were not authorised to speak to the media prior to a public announcement. "The board (of Future Capital) is going to meet tomorrow to approve the transaction," said one of the sources. Warburg Pincus and Future Capital officials did not immediately return phone calls seeking comment. Warburg Pincus, which manages about $40 billion globally, has invested about $3 billion in India, including in mobile telecoms company Bharti Airtel and private sector lender Kotak Mahindra Bank. Pantaloon, India's leading retailer and the founder of Future Capital, is struggling with debt of 58 billion Indian rupees ($1.04 billion). Private equity companies invested $1.8 billion in India last year, almost unchanged from $1.7 billion in 2010, according to Thomson Reuters data. They have invested about $800 million so far this year, the data showed. Morgan Stanley advised Future Capital in the transaction, the sources said. Link this Share this Digg this Email Reprints

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Reuters: Private Equity: Soros gets green light for Brazilian telecom buy

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Soros gets green light for Brazilian telecom buy Jun 1st 2012, 21:24 Fri Jun 1, 2012 5:24pm EDT SAO PAULO, June 1 (Reuters) - Billionaire investor George Soros has received regulatory approval to enter the Brazilian telecom fray, investing in a local pay-TV company ahead of a landmark auction of broadcast frequencies. Brazil regulator Anatel has approved plans by the Cayman Islands-based Soros Fund Management to take control of Sunrise Telecomunicaçoes, which offers television by subscription in Sao Paulo state, an agency spokesman said on Friday. Local newspaper Valor Economico reported this week that Soros was interested in making a $500 million investment in the Brazilian company in order to participate in an auction of broadcast spectrum this month. A press representative of Soros Fund Management in New York declined to comment on any potential transactions in Brazil. This month Anatel is auctioning licenses for broadcast frequencies related to next-generation mobile phone service and broadband wireless access in rural areas.

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Reuters: Private Equity: UPDATE 1-Judge OKs Dynegy bankruptcy pact with creditors

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UPDATE 1-Judge OKs Dynegy bankruptcy pact with creditors Jun 1st 2012, 20:22 Fri Jun 1, 2012 4:22pm EDT * Dynegy Holdings hopes to emerge from Chapter 11 in early fall * Settlement resolves objections by major creditor groups By Jonathan Stempel June 1 (Reuters) - Dynegy Inc on Friday won a U.S. bankruptcy judge's approval of a settlement with creditors, putting the power producer's Dynegy Holdings LLC unit one step closer to emerging from Chapter 11 protection. Chief Judge Cecelia Morris of the U.S. Bankruptcy Court for the Southern District of New York approved the settlement at a hearing in Poughkeepsie, New York. Some creditors this week dropped their opposition to the accord. Robert Flexon, chief executive of Dynegy and Dynegy Holdings, said the settlement has support from all major creditor groups. Creditors who joined hold more than $2.7 billion of claims against Dynegy Holdings, the company said. Under the settlement, Dynegy and Dynegy Holdings would be combined, the Houston-based company said. Dynegy Holdings' unsecured creditors, including holders of about $3.4 billion of senior notes, would receive a 99 percent equity stake in the combined company, while the Houston-based parent would receive the remaining 1 percent plus warrants. Katy Sullivan, a spokeswoman, said Dynegy Holdings hopes to emerge from Chapter 11 in the early fall. Dynegy Holdings plans to soon file an amended reorganization plan, which must be voted on by creditors and approved by the judge before it can emerge from Chapter 11. The April 4 settlement resolved a dispute among creditors over whether Dynegy had acted properly last September in taking $1.25 billion of coal-powered plant assets from Dynegy Holdings. Creditors of that unit said the transfer unfairly benefited shareholders, including billionaire financier Carl Icahn and the Seneca Capital Investments LP hedge fund and Franklin Resources Inc's Franklin Advisers unit at their expense. A court-appointed examiner, Susheel Kirpalani, in March called the move a "fraudulent transfer" that harmed Dynegy Holdings. Dynegy is the same company that in 2001 set and then canceled plans to buy Enron Corp as the business and finances of its larger rival deteriorated quickly. Dynegy shares closed up nearly 5.5 cents to 53.5 cents on the New York Stock Exchange. The case is In re: Dynegy Holdings LLC et al, U.S. Bankruptcy Court, Southern District of New York, No. 11-38111. Link this Share this Digg this Email Reprints

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Reuters: Private Equity: TABLE-Top 20 best-selling vehicles in U.S. in May

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TABLE-Top 20 best-selling vehicles in U.S. in May Jun 1st 2012, 19:08 Fri Jun 1, 2012 3:08pm EDT The following are the 20 top-selling vehicles in the United States in May 2012 as reported by the automakers and ranked by total units. Top 20 best-selling vehicles in U.S. in May RANK VEHICLE MAY LAST YR % CHNG 1 Ford F-Series P/U 54,836 42,399 +29.3 2 Toyota Camry 39,571 18,830 +110.1 3 Chevy Silverado-C/K P/U 34,555 28,409 +21.6 4 Honda Civic 33,490 18,341 +82.6 5 Toyota Corolla 31,847 16,985 +87.5 6 Honda Accord 29,737 17,018 +74.7 7 Chevrolet Malibu 29,579 25,600 +15.5 8 Ford Fusion 26,857 24,666 +8.9 9 Dodge Ram P/U 26,040 20,117 +29.4 10 Honda CR-V 25,186 16,307 +54.4 11 Ford Focus 24,769 22,303 +11.1 12 Ford Escape 23,077 23,140 -0.3 13 Nissan Altima 22,690 25,525 -11.1 14 Toyota Prius 21,477 6,924 +210.2 15 Hyundai Sonata 20,765 22,754 -8.7 16 Chevrolet Equinox 20,238 17,587 +15.1 17 Chevrolet Cruze 19,613 22,711 -13.6 18 Toyota RAV4 19,248 8,624 +123.2 19 Hyundai Elantra 18,877 20,006 -5.6 20 Chevrolet Impala 15,879 16,707 -5.0 Top 20 best-selling vehicles in U.S. through May RANK VEHICLE 2012 2011 % CHNG 1 Ford F-Series P/U 246,116 214,461 +14.8 2 Toyota Camry 181,796 126,094 +44.2 3 Chevy Silverado-C/K P/U 160,942 150,206 +7.1 4 Nissan Altima 135,289 112,308 +20.5 5 Honda Civic 135,082 110,086 +22.7 6 Honda Accord 126,254 111,393 +13.3 7 Toyota Corolla 125,079 117,875 +6.1 8 Honda CR-V 123,400 95,423 +29.3 9 Dodge Ram P/U 114,630 90,536 +26.6 10 Ford Fusion 112,416 110,878 +1.4 11 Ford Focus 110,237 76,639 +43.8 12 Chevrolet Malibu 110,035 99,046 +11.1 13 Toyota Prius 107,504 62,180 +72.9 14 Ford Escape 98,667 100,333 -1.7 15 Hyundai Sonata 96,481 96,370 +0.1 16 Chevrolet Cruze 94,901 98,076 -3.2 17 Chevrolet Equinox 90,097 77,884 +15.7 18 Chevrolet Impala 81,221 87,319 -7.0 19 Hyundai Elantra 80,114 83,309 -3.8 20 Toyota RAV4 74,309 64,050 +16.0 Link this Share this Digg this Email Reprints

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Reuters: Private Equity: UPDATE 1-U.S. fund sells most of its stake in Olympus-Nikkei

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UPDATE 1-U.S. fund sells most of its stake in Olympus-Nikkei Jun 1st 2012, 18:51 June 2 | Fri Jun 1, 2012 2:51pm EDT June 2 (Reuters) - U.S. investment fund Southeastern Asset Management Inc has sold almost all its shares in Japan's Olympus Corp, the Nikkei business daily said, quoting sources. Olympus, the world's leading maker of diagnostic endoscopes, is struggling to recover from a $1.7 billion fraud scandal. It was forced to correct years of accounts, leaving its balance sheet badly weakened. Southeastern, which had been vocal about the company's business affairs, held about 5 percent stake as of last August. By March 9, its stake fell to less than 4 percent, the paper reported. The U.S. fund likely sold off its remaining shares following an extraordinary shareholder meeting on April 20, the Nikkei said. Southeastern had criticized the new management team, saying it could not endorse executives with strong banking ties, the business daily said.

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Reuters: Private Equity: TABLE-May US auto sales 13.78 mln annualized rate

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TABLE-May US auto sales 13.78 mln annualized rate Jun 1st 2012, 19:39 Fri Jun 1, 2012 3:39pm EDT Automakers reported a 25.7 percent U.S. sales increase in May from a year earlier with a seasonally adjusted annualized rate of sales reaching 13.78 million vehicles. The annualized rate is followed by economists and calculated using seasonal factors supplied by the U.S. Commerce Department that account for sales from vehicles produced in North America or overseas. INDUSTRY TOTAL May-12 May-11 PCT CHNG Total industry 1,334,600 1,061,719 25.7 Total car 686,378 546,687 25.6 Total truck 648,222 515,032 25.9 Domestic car 473,681 373,813 26.7 Domestic truck 561,335 448,139 25.3 Import car 212,697 172,874 23.0 Import truck 86,887 66,893 29.9 YR-TO-DATE PRV YEAR % CHG Total industry 5,986,605 5,279,318 13.4 Total car 3,162,353 2,702,154 17.0 Total truck 2,824,252 2,577,164 9.6 Domestic car 2,147,089 1,849,306 16.1 Domestic truck 2,420,516 2,200,580 10.0 Import car 1,015,264 852,848 19.0 Import truck 403,736 376,584 7.2 U.S. seasonally adjusted annualized sales (millions) May-12 May-11 Domestic car 4.66 3.89 Domestic truck 5.92 5.13 Import car 2.20 1.89 Import truck 0.99 0.81 Total 13.78 11.72 SOURCE: Autodata Corp and Reuters calculations Link this Share this Digg this Email Reprints

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Reuters: Private Equity: RLPC-Fitness First sells gyms as part of debt overhaul

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RLPC-Fitness First sells gyms as part of debt overhaul Jun 1st 2012, 14:57 By Claire Ruckin LONDON, June 1 | Fri Jun 1, 2012 10:57am EDT LONDON, June 1 (Reuters) - UK gym chain Fitness First has put around half of its UK gyms up for sale as part of a wider restructuring plan in a bid to avoid going into administration, the company said on Friday. Fitness First is selling 67 gyms and will renegotiate rents with its landlords on some of the 80 gyms it is keeping as current rent commitments are unsustainable for the company, which has struggled in tough economic conditions as consumers cut discretionary spending. Fitness First is seeking to carry out this process through a Company Voluntary Arrangement (CVA) which lets a company with debt problems reach a voluntary agreement with its business creditors over the repayment of that debt. KPMG, which is administering the CVA, referred to it as a vital lifeline to avoid administration and said it should always offer a better return to creditors. It estimated around 23 to 28 pence in the pound will be given to compromised landlords via the CVA compared to less than 0.5 pence if an administration went ahead. Seventy-five percent of creditors have to approve the CVA in order for the sale process and rent negotiations to go ahead. The company's wider financial restructuring is also dependant on the CVA being approved. Under the wider restructuring, lenders which include distressed investment funds Marathon and Oaktree Capital, agreed to wipe out 600 million pounds of debt in return for a 75 percent equity stake. The remaining 25 percent of equity will be held by parties willing to provide a new 100 million pound credit facility, underwritten by Marathon and Oaktree. BC Partners bought Fitness First in 2005 for 1.2 billion euros. It tried to float its Australian and Asian operations in Singapore in 2011 but pulled the process due to market volatility. BC Partners will also receive a small upside in the company's equity by receiving warrants to buy shares. Link this Share this Digg this Email Reprints

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