The Distressed Debt Alert



Rising Hotel CMBS Delinquencies Spike Overall Rate, Fitch Says
Posted February 05, 2010 12:00PM PST

The delinquency rate on loans on hotel properties, packaged into commercial mortgage-backed securities rose by 7.3% last month, Fitch Ratings said. That helped catapult the overall delinquency rate on U.S. CMBS upward by 1.29 percentage points to 6%.

Source: Press Release


McGrath's Publick Fish House Files Chapter 11
Posted February 05, 2010 11:46AM PST

McGrath's Publick Fish House, a Salem, Ore.-based chain of 20 restaurants located in Arizona, Idaho, Oregon, Utah and Washington, filed for Chapter 11 bankruptcy, the Portland Business Journal reported.

Source: News Story


Cross Canyon Energy Files Prepackaged Bankruptcy
Posted February 05, 2010 11:46AM PST

Cross Canyon Energy, a Spring, Texas-based gas and oil exploration and development company, said it filed a prepackaged Chapter 11 bankruptcy.

Source: Press Release


TCW Group Cuts Distressed Debt Fund Fees, Bloomberg Says
Posted February 04, 2010 3:19PM PST

TCW Group cut fees on two distressed debt funds with about $3 billion in assets to satisfy investors, Bloomberg Businessweek reported. The move was reportedly prompted by the firing of investment manager Jeffrey Gundlach.

Source: News Story


Imperial Capital Group Delays $113M IPO
Posted February 04, 2010 3:13PM PST

Imperial Capital Group, a Los Angeles-based investment bank that specializes in high-yield and distressed debt, postponed its $113 million initial public offering, Bloomberg reported.

Source: News Story


Spheris Files Chapter 11, Agrees to Sale
Posted February 04, 2010 3:00PM PST

Spheris, a Franklin, Tenn.-based provider of clinical documentation technology and services, filed for Chapter 11 bankruptcy and agreed to be sold to MedQuist Inc. and CBay Inc. in a Section 363 sale.

Source: Press Release


Horse Breeder Files for Bankruptcy Amid Dispute with Fifth Third
Posted February 03, 2010 2:17PM PST

Fifth Third Bank sued thoroughbred horse breeder Zayat Stables in December over an alleged default on a $34 million senior secured facility, and now Zayat says in a Chapter 11 petition that it was forced to file after Fifth Third changed its mind about a proposed restructuring plan.

Owner Ahmed Zayat said in court filing that he invested $40 million of his own capital in the operation, whose Kentucky stable the lender appraised at $37 million. Zayat claims restructuring plans were proceeding until Fifth Third chose to divest itself of its equine lending business, after which Fifth Third proposed a lending structure that would have destroyed Zayat's business.

Source: Chapter 11 Affidavit


Turnaround Executive DiCamillo Joins Eaglepoint Advisors as Partner
Posted February 03, 2010 12:56PM PST

Eaglepoint Advisors, a San Francisco-based turnaround, restructuring and crisis management firm focused on middle market retail and consumer goods companies, appointed former Radia International and Polaroid Corp. CEO Gary DiCamillo as a partner.

Source: Press Release


Apollo Global Real Estate Forms Asia Pacific Distressed Group
Posted February 02, 2010 3:30PM PST

Apollo Global Real Estate Management said it formed a new Asia Pacific group, to be headed by former Holdfast Capital CEO Grant Kelley, which will invest in distressed assets in Australia and Asia.

Source: Press Release


Rifkin Joins Greenberg Traurig To Lead D.C., Va. Bankruptcy Practice
Posted February 02, 2010 3:29PM PST

Lawrence E. Rifkin, a former partner with the law firm McGuireWoods in Tysons Corner, Va., joined Greenberg Traurig to lead the firm's new business reorganization and bankruptcy practice for Virginia and Washington, D.C.

John T. Farnum will join Rifkin in Greenberg's Tysons Corner office as an associate, the firm said.

Source: Press Release


Speculative-Grade Default Rate to Finish 2010 at 5%, S&P Says
Posted February 01, 2010 4:00PM PST

The default rate on debt rated speculative-grade by Standard & Poor's will finish 2010 at 5% as financial conditions for leveraged companies appear markedly better, S&P said in its updated quarterly outlook.

Source: Press Release


Corvus Group Launches Troubled Asset Advisory Group
Posted February 01, 2010 4:00PM PST

The Corvus Group, a Largo, Md.-based financial and real estate services firm with $10 billion in real estate assets under management from failed banks, said it formed a troubled asset advisory group that will operate out of its Chicago office.

Source: Press Release


LBC Credit Partners Closes $645M Fund II, Surpassing $400M Target
Posted February 01, 2010 4:00PM PST

LBC Credit Partners, a provider of financing to middle market companies, said it closed its $645 million LBC Credit Partners II fund, which surpassed its original $400 million target.

Source: Press Release


Parking Corp. of America Airports Files Bankruptcy, Sale Pending
Posted January 29, 2010 3:28PM PST

Parking Corporation of America Airports, which is Macquarie Infrastructure Co.'s airport parking business, said it filed for Chapter 11 bankruptcy and plans a sale to Bainbridge ZKS - Corinthian Holdings for $111.5 million, pending court approval.

Source: Press Release


Firstgold Files Chapter 11
Posted January 29, 2010 3:27PM PST

Firstgold Corp., a Lovelock, Nev.-based gold mining and exploration company, filed for Chapter 11 bankruptcy, according to a Securities and Exchange Commission filing.

Source: SEC Filing


Natural Products Group Files Prepackaged Chapter 11
Posted January 28, 2010 2:00PM PST

Natural Products Group, an Irvine, Calif.-based owner of the Nature's Gate line of shampoos and soap, filed a prepackaged Chapter 11 bankruptcy, as lenders holding 90% of the company's bank loans voted in favor of the restructuring, Reuters reported.

Source: News Story


LBC Credit Partners Hires Portfolio Manager
Posted January 28, 2010 1:54PM PST

LBC Credit Partners, which provides loans for restructurings, recapitalizations and other business situations for middle market companies, said it hired former American Capital Strategies managing director John Capperella as portfolio manager in LBC's Philadelphia office.

Source: Press Release


Bankruptcy Court Approves Fontainebleau Sale to Icahn
Posted January 27, 2010 3:50PM PST

A bankruptcy court in Miami approved the sale of the Fontainebleau Las Vegas Resort project to billionaire Carl Icahn for approximately $150 million, the Las Vegas Sun reported.

Source: News Story


Cooper-Stuyvesant Creditors, Tenants Consider Placing Bids
Posted January 26, 2010 4:10PM PST

The repossessed Peter Cooper Village and Stuyvesant Town apartment complex in New York could end up being controlled by CW Capital, a commercial mortgage-backed securities servicer representing holders of the complex's $3 billion first mortgage; holders of the mezzanine debt; or a group of tenant investors, the Wall Street Journal reported.

Source: News Story


Quality Candy/Buddy Squirrel Files Chapter 11
Posted January 26, 2010 11:22AM PST

Quality Candy Shoppes/Buddy Squirrel Inc., a St. Francis, Wis.-based confectionery company with 13 retail locations and an 18-state wholesale distribution network, filed for Chapter 11 bankruptcy, the Milwaukee Journal-Sentinel reported.

Source: News Story

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