The Distressed Debt Alert

Taco Del Mar Franchising Files Chapter 11

Taco Del Mar Franchising, the Seattle-based franchisor of more than 225 Taco Del Mar restaurants, said that it filed for Chapter 11 bankruptcy.

Source: Press Release

Prudential Capital Partners said that it closed its $965 million Prudential Capital Partners III mezzanine fund to finance acquisitions, management-led and sponsor-leveraged buyouts, recapitalizations, and growth capital for middle market companies.

Source: Press Release

Rubicon US REIT, a real estate investment trust that is a subsidiary of Rubicon America Trust of Australia, filed for Chapter 11 bankruptcy, Reuters reported.

Source: News Story

Brundage-Bone Concrete Pumping, a Denver-based concrete pumping company with 50 locations nationwide, said that it filed for Chapter 11 bankruptcy and will receive debtor-in-possession financing from Aurora Resurgence Management Partners.

Source: Press Release

Federal Deposit Insurance Corp. Chairman Sheila Bair said in a speech that the FDIC expects banks to report higher charge-offs and delinquencies on commercial real estate loans in the first quarter, Dow Jones Newswires reported.

Source: News Story

Industrial Opportunity Partners, a private equity firm that invests in manufacturing and value-added distribution businesses, said it hired Curtis Hart as director of business development and David Dorfman as an associate with the firm's investment team.

Source: Press Release

Uno Restaurant Holdings, the Boston-based parent company of 179 company-owned and franchised Uno Chicago Grill restaurants, said it filed a prearranged Chapter 11 bankruptcy.

Source: Press Release

Chesapeake Lodging Trust said in a Securities and Exchange Commission filing that it reduced the size of its initial public offering by about 40% as it plans to raise $150 million instead of $250 million to repay debt and purchase hotels, including distressed assets.

Source: SEC Filing

An affiliate of Sun Capital Partners will buy Tamarac, Fla.-based Arch Aluminum & Glass Co., which filed Chapter 11 in November, the South Florida Business Journal reported.

Source: News Story

Hedge funds that invested in distressed debt earned average annualized returns of 8.9% from 2000 through 2009, according to data from consulting firm Hennessee Group.

Distressed funds earned their highest returns in 2003, 2004 and 2009, Hennessee said. Their average cumulative return for the period was 134.8%.

Source: Press Release

Blackstreet Capital Management, a Chevy Chase, Md.-based private equity firm that specializes in investing in distressed lower middle market companies, said that it purchased Pennysaver Group, publisher of a direct-mail advertising publication, out of bankruptcy.

Source: Press Release