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Recapitalization

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BUSINESS
July 17, 1987
The Nevada Gaming Commission will resume discussion July 30 in Las Vegas on a nearly $1-billion plan by Caesars World that surfaced after a hostile bid by investor Martin Sosnoff. Commission Chairman John O'Reilly said commissioners are viewing the recapitalization plan "with extreme concern." Gaming authorities questioned whether Caesars could afford a nearly $1-billion debt that will result from the plan and maintain the quality of its Nevada hotel-casinos.
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BUSINESS
January 16, 2012 | By Roger Vincent, Los Angeles Times
One of the country's largest office landlords has completed a $355-million recapitalization of its Universal City office building and said it intends to buy more property in Southern California. Normandy Real Estate Partners owns 10 Universal City Plaza, the tallest building in the San Fernando Valley at 36 stories, in which NBCUniversal is the largest tenant. Morristown, N.J.-based Normandy became the owner of the tower in mid-2009 when the previous owner defaulted on debt owed to Normandy.
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BUSINESS
July 9, 1987
Approval of the plan, incorporating a $26.25-per-share cash dividend, was by a 4-to-1 margin at a special meeting of Caesars at the Beverly Hills Hotel. The tally was 17.5 million shares in favor, 4.6 million against and 80,614 abstaining. Some 30.7 million shares were entitled to vote. As expected, Martin T. Sosnoff, who gave up a tender offer for the company last month, cast his 4.2 million shares against the company plan. The Los Angeles firm owns Caesars Palace in Las Vegas.
BUSINESS
February 7, 2011 | By Roger Vincent, Los Angeles Times
The historic Hotel del Coronado, one of the country's most legendary inns, has a new majority owner ?Blackstone Real Estate Advisors, a division of Wall Street powerhouse Blackstone Group. Blackstone stepped in as the previous majority owner, Strategic Hotels & Resorts, faced a $630-million loan balance due this month. The recapitalization with Blackstone values the hotel at about $590 million and gives Blackstone a 60% ownership interest, Strategic Hotels said Monday. Strategic Hotels retains 34.3% of the ownership, and La Quinta-based KSL Resorts, the hotel's operator, retains 5.7%.
BUSINESS
November 6, 1987 | From Reuters
Telex Corp. on Thursday fired a volley at Asher B. Edelman's $876-million takeover offer, warning the financier that it will carry out a recapitalization if his offer is not completed promptly. The computer company, which has been trying to avoid Edelman's unsolicited takeover, said it would pay shareholders a special $775-million dividend unless the Edelman takeover goes through. Companies usually announce recapitalization plans, which take on heavy debt, to ward off unwelcome suitors.
BUSINESS
June 2, 1987 | Associated Press
Publisher Robert Maxwell on Monday sued Harcourt Brace Jovanovich Inc. to halt a $3-billion recapitalization plan aimed at blocking Maxwell's attempt to take over the publisher, and indicated he might renew the bid. Maxwell told a news conference that he was seeking U.S. government permission to continue increasing his stake in Harcourt, which amounts to less than 2% of the company's 39.4 million common shares outstanding.
BUSINESS
November 22, 1989 | From Associated Press
Georgia Gulf Corp. said Tuesday it was considering a debt-financed recapitalization, a defensive move against NL Industries Inc.'s unsolicited $1.1-billion bid to buy the chemical manufacturer. Georgia Gulf said in a vaguely worded statement that it had decided a recapitalization was the best way for the company to benefit its stockholders. The company did not disclose any details of its plans. It said a special shareholders meeting would be called once arrangements were made.
BUSINESS
May 3, 1988 | From Reuters
USG Corp., fighting to thwart a hostile takeover, said Monday that it will restructure and pay shareholders $42 a share in cash and debt securities plus stock in a newly recapitalized company. The plan is valued at $2.2 billion, USG said. The USG proposal follows a conditional new offer by Desert Partners LP over the weekend to boost its existing bid of $42 a share to $45, or $2.3 billion, if a friendly deal can be worked out.
BUSINESS
September 4, 1999 | From a Times Staff Writer
Times Mirror Co. on Friday announced several strategic moves designed in part to further focus the company on its core publishing operations and strengthen its capital structure.
BUSINESS
January 8, 1994 | GREG JOHNSON, TIMES STAFF WRITER
Clearing the way for what would be the largest coast-to-coast chain of sit-down Mexican-style restaurants, a bankruptcy judge in Delaware on Friday approved Restaurant Enterprises Group Inc.'s reorganization plan. In a complicated recapitalization to be completed later this month, Foodmaker Inc. in San Diego and two investment partners will acquire Irvine-based REG, which operates the El Torito Mexican restaurant chain and the Carrows and Coco's chains.
BUSINESS
October 6, 2010 | By Roger Vincent, Los Angeles Times
Terranea Resort in Rancho Palos Verdes, which defaulted on two loans last year, has found new investors and successfully recapitalized, its owners said Tuesday. The deal allows Los Angeles developer Lowe Enterprises to retain ownership of the $480-million resort, which opened last year amid the worst travel market since the Great Depression. Lowe was one of hundreds of California hotel owners that received notices of default or faced foreclosures by their lenders last year. Terms of the transaction announced Tuesday include an extension of the loans on the property and new capital commitments of more than $100 million.
BUSINESS
February 5, 2004 | From Reuters
Defense Secretary Donald H. Rumsfeld said Wednesday that Air Force efforts to acquire Boeing 767 jetliners for use as aerial refueling tankers appeared to have been tainted by "wrongdoing." Announcing a new study into the condition of the current tanker fleet, he in effect delayed until May at the earliest the possible acquisition of the Boeing Co. aircraft, a deal potentially worth more than $20 billion.
BUSINESS
February 23, 2000
White Cap Industries Inc., which sells tools to building contractors in the West, said Friday that it and investor Leonard Green & Partners have obtained commitments for $75 million to recapitalize the operation. The Costa Mesa company said that the financing commitments are subject to completing a definitive agreement and other "customary closing conditions." A management buyout group, along with Leonard Green, has agreed to pay $16.50 a share, or $240 million, for the company.
BUSINESS
December 8, 1999 | Juan Hovey
There is an irony in success, and if you run a solid business, you face it sooner or later. Having overcome the dangers of starting your business and making it grow, you wake up one morning and realize that you've got lots of eggs in one basket and that one misstep can cost you everything. It is as if in the very act of overcoming risk, you create even more. The greater your success, the greater your risk. What to do?
BUSINESS
September 4, 1999 | From a Times Staff Writer
Times Mirror Co. on Friday announced several strategic moves designed in part to further focus the company on its core publishing operations and strengthen its capital structure.
BUSINESS
May 26, 1999 | JUAN HOVEY
If you're like most successful business owners, you have a substantial part of your net worth tied up in your company--and you will do yourself and your business a favor if you fix the problem now. Why is this a problem? Because the business that is an extension of the founder's ego often dies when the founder does, hurting many people--the founder's family, the company's employees, sometimes even the company's vendors and customers.
BUSINESS
March 30, 1990 | SCOT J. PALTROW, TIMES STAFF WRITER
General Electric Co., the parent of the Wall Street brokerage Kidder, Peabody & Co., moved boldly to shore up the financial position of the brokerage Thursday by having another unit, GE Capital Corp., buy Kidder's troubled junk bond and bridge loan portfolio for $750 million in cash. As part of the transaction, which amounts to a recapitalization of Kidder, the brokerage will buy back stock held by employees for $51 million and thus boost GE's stake in Kidder to 100%.
BUSINESS
January 9, 1990 | DENISE GELLENE, TIMES STAFF WRITER
Employee efforts to buy UAL Corp., the parent of United Airlines, apparently failed Monday, but the airline's board said it would consider a recapitalization plan. The board acted under pressure from Coniston Partners, a New York money manager and large shareholder, that said it would come up with its own plan for the company if the board failed to act Monday. The board told its advisers, First Boston Corp.
BUSINESS
March 26, 1998 | LESLIE EARNEST, SPECIAL TO THE TIMES
Shares of Apria Healthcare Group Inc. tumbled 21% Wednesday after the besieged home health care company disclosed that a major cash infusion from a New York investment house is in jeopardy. The stock dropped $2.31 a share to $8.88 on the New York Stock Exchange. Nearly 1.85 million shares changed hands, triple the average daily volume.
BUSINESS
June 26, 1996 | Times Staff and Wire Reports
Mesa Shareholders Accept Recapitalization Plan: The $265-million plan in effect gives investor Richard Rainwater control of the Amarillo, Texas-based natural gas company. The way was cleared for Rainwater's takeover two weeks ago when Mesa Inc.'s colorful founder, Boone Pickens, who had come under attack from dissident shareholders led by investors Marvin Davis and Dennis Washington, said he would retire as chief executive.
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