The Distressed Debt Alert

Fortress' Losses Grow in Third Quarter

Hedge fund manager Fortress Investment Group's third-quarter loss widened to $58.6 million from $57.4 million from a year earlier because of declines in assets under management and management fees.

Source: Press Release

The State-Boston Retirement System issued a request for proposals from investment management firms to manage up to $50 million in debtor-in-possession financing through the system's $3.8 billion, defined-benefit pension fund.

Source: Request for Proposals

Panolam Holdings, a manufacturer of decorative and industrial laminates, filed a pre-packaged Chapter 11 bankruptcy.

Source: Court Filings

Two U.S. automotive supplier subsidiaries of Belgium-based Recticel filed for Chapter 11 bankruptcy.

Source: Press Release

Angelo Gordon & Co., along with its partner GE Capital Real Estate, became the sixth participant in the government's Legacy Securities Public-Private Investment Program to complete its initial fundraising, the U.S. Treasury Department announced. Three participants in the Legacy Securities PPIP, Marathon Asset Management, Oak Tree Capital Management and RLJ Western Asset Management, have not yet raised the minimum $500 million requirement for the initial closing.

Source: Press Release

A bankruptcy judge approved the sale of the Phoenix Coyotes to the National Hockey League for $140 million, Reuters reported.

Source: News Story

Morris Publishing Group, a publisher of 13 daily newspapers as well as non-daily newspapers, city magazines and free community publications across the country, said it reached an agreement with holders of a majority of its senior subordinated notes for an exchange offer.

The Augusta, Ga.-based company will offer $100 million in new second lien secured notes in exchange for $278.5 million in 7% senior subordinated notes.

Source: Press Release

The delinquent unpaid balance for commercial mortgage-backed securities increased in September to $31.7 billion from $28.1 billion a month prior, a report by research firm Realpoint found.

Source: Research Report

Otter Tail Ag Enterprises, a Fergus Falls, Minn., ethanol manufacturer, filed for Chapter 11 bankruptcy, the Fergus Falls Daily Journal reported.

Source: News Story

CIT Group, a leading lender to small and midsized businesses, filed a prepackaged Chapter 11 bankruptcy.

Source: Press Release