Latest news with #FarallonCapital
Bloomberg
16-06-2025
- Business
- Bloomberg
Retailer At Home Files Bankruptcy With Lenders Set to Take Over
At Home Group Inc. filed bankruptcy to implement a restructuring deal which will see its lenders including Redwood Capital Management LLC, Farallon Capital Management LLC and Anchorage Capital Advisors LP take over the business. The retailer has reached an agreement with creditors holding more than 95% of its debt that envisages the write-off of most of their $2 billion exposure and the provision of $200 million of new capital, according to a statement on Monday. The company filed for Chapter 11 in Delaware to push through the transaction.
Yahoo
16-06-2025
- Business
- Yahoo
At Home Group Enters Agreement to Facilitate Ownership Transition and Position Business for Long-Term Success
Restructuring Support Agreement with Key Financial Stakeholders to Eliminate Substantially All $2 Billion of Company's Funded Debt and Provide $200 Million in New Capital At Home Initiates Voluntary Court-Supervised Process to Implement Terms of Agreement Secures Commitment for $600 Million in Debtor-in-Possession Financing to Support Continued Operations Continuing to Serve Customers In-Store and Online with Compelling Home Furnishings Assortment That Pairs Good Design with Exceptional Value DALLAS, June 16, 2025--(BUSINESS WIRE)--At Home Group Inc. ("At Home" or the "Company") today announced steps the Company is taking to strengthen its financial foundation and position the business for long-term success while continuing to serve its customers. The Company has entered into a Restructuring Support Agreement (the "RSA") with lenders holding more than 95% of the Company's debt that sets forth terms of a prearranged financial restructuring that will eliminate substantially all of the Company's nearly $2 billion in funded debt and provide a capital infusion of $200 million to support the Company through its restructuring process and beyond. Pursuant to the RSA, following the consummation of its restructuring, the Company expects there will be a transition of ownership of At Home to the lenders supporting the RSA and providing the Company with new capital, including funds affiliated with Redwood Capital Management, LLC, Farallon Capital Management, L.L.C., and Anchorage Capital Advisors, L.P. "We are pleased to have reached this agreement with our lenders, which represents a critical and positive advancement of our work to best position At Home for the future," said Brad Weston, Chief Executive Officer of At Home. "Over the past several months, we've taken deliberate steps to strengthen the foundation of our business - sharpening our focus, elevating our customer value proposition, and driving operational discipline. These efforts are aimed at delivering sustained sales growth, optimizing our inventory management, improving efficiency, and enhancing overall profitability. While we have made significant progress advancing our initiatives to date, we are operating against the backdrop of an increasingly dynamic and rapidly evolving trade environment as we navigate the impact of tariffs. The steps we are taking today to fully de-lever our balance sheet will improve our ability to compete in the marketplace in the face of continued volatility and increase the resilience of our business for the long term." "We are grateful to be moving forward with significant support from our financial stakeholders, which demonstrates their confidence in our business and our future strategy," continued Weston. "Upon emergence from the prearranged restructuring process, At Home will move forward with new owners and a meaningfully strengthened balance sheet. Importantly, this process will also further equip us with opportunities to invest in our strategic initiatives and to continue fortifying our business for the long term. As we work through this process, our stores and the teams that support them remain customer focused and committed to serving and inspiring customers, enabling them to Design Their Life AT HOME." Additional Information About the Court-Supervised Process To implement the terms of the RSA, the Company and certain of its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware (the "Court"). At Home is continuing to serve customers during the court-supervised process, providing exceptional value through affordable design and decorating solutions both in-store and online. Under the RSA, the Company has agreed to certain milestones to ensure an orderly emergence from Chapter 11 as soon as practicable after the filing of the cases. In connection with this process, At Home is entering into an agreement for $600 million in debtor-in-possession ("DIP") financing, which includes the $200 million capital infusion from certain of its existing lenders and a "roll up" of $400 million of existing senior secured debt. The Company's existing lenders and ABL lenders have also consented to the Company's use of cash collateral during these Chapter 11 cases. Upon Court approval, the Company expects this financing, together with cash generated from At Home's ongoing operations, will provide sufficient liquidity to support the business during the court-supervised process. At Home has filed a number of customary "first-day" motions with the Court to maintain business operations, facilitate the efficient administration of the Chapter 11 cases, and uphold its go‑forward commitments to its stakeholders, including the continued payment of team member wages and benefits without interruption. At Home fully expects to pay vendors and suppliers in full under normal terms for goods and services provided after the filing date. The Company expects to receive court approval for these requests in the near term. Additional information regarding At Home's court-supervised process is available at Court filings and other information related to the proceedings, including instructions on how to file a proof of claim, are available on a separate website administered by the Company's claims agent, Omni Agent Solutions, Inc. ("Omni"), at by calling Omni toll-free at (888) 818-9346 or (747) 293-0014 for calls originating outside of the U.S. or Canada, or by sending an email to AtHomeInquiries@ Advisors Kirkland & Ellis is serving as legal counsel, PJT Partners is serving as financial advisor, AlixPartners is serving as restructuring advisor and Hilco Real Estate is serving as real estate consultant to At Home. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor. Dechert LLP is serving as legal counsel and Evercore Group LLC is serving as financial advisor to the ad hoc group of lenders. About At Home: AT HOME believes your home should be a reflection of your personal style – warm, thoughtful and inviting. As your go-to source for design and decorating inspiration, AT HOME offers exclusive, elevated collections that blend value with distinctive style. The Company is passionate about helping customers Design Their Life AT HOME with beautiful, accessible solutions that inspire and engage. Headquartered in Coppell, Texas, AT HOME currently operates 260 stores in 40 states. For more information, please visit us online at View source version on Contacts For MediaJoele Frank, Wilkinson Brimmer KatcherMeaghan Repko / Aaron Palash / Carly King212-355-4449For LandlordsHilco Real Estate, LLCDaniel O'Briendobrien@ 847-504-2475Adam Humerickahumerick@ 847-504-3265 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-06-2025
- Business
- Yahoo
Farallon Capital Management Releases Investor Presentation Outlining Value Creation Opportunities at T&D Holdings and the Need for Additional Independent Outside Directors
SAN FRANCISCO, June 02, 2025--(BUSINESS WIRE)--Farallon Capital Management L.L.C. ("Farallon") today released a presentation highlighting necessary actions for T&D Holdings Inc. ("T&D HD" or the "Company") (8795.T) to realize its full potential. The presentation details Farallon's history with T&D HD as a long-term shareholder, its multi-year effort to engage constructively with T&D HD to drive change within the Company, and its proposals to unlock value for the benefit of all stakeholders (including policyholders, employees and shareholders), whilst explaining in detail why shareholders should vote for the appointment of the highly-qualified independent outside director candidates proposed by Farallon to the T&D HD Board of Directors (the "Board"). The presentation is available at: Farallon first became a shareholder of T&D HD in 2008 and currently owns approximately 4.6% of the voting rights. Over the past two years, Farallon has engaged with T&D HD to drive the fundamental reforms that Farallon believes are required to enable T&D HD to realize its full potential for the benefit of all stakeholders. Specifically, Farallon has requested the Company to: Conduct a true and meaningful reduction of its cross-shareholdings Reduce excessive investment risks Improve profitability at Taiyo Life Enhance its group governance and business portfolio management To strengthen the Company's oversight and accelerate its transformation, Farallon has proposed enhancing the Board's composition with the nomination of two independent outside director candidates at the Company's 2025 Annual General Meeting (the "AGM") to be held in June. This year marks the final year of T&D HD's current long-term vision (Try & Discover 2025) and therefore it is a critical time to best position the Board as it formulates its new upcoming long-term vision next year. Farallon's director nominees – Ms. Ina Kegler (former CFO of Allianz Re) and Mr. Ken Mohan (former SVP of MetLife Asia) – have extensive insurance industry expertise that will augment the current Board's skillset and help drive the fundamental reforms necessary at T&D HD to enhance its corporate value for all Company stakeholders. We encourage all shareholders to review our presentation and cast their votes in favor of the proposal to elect Ina Kegler and Ken Mohan to the Board at the upcoming AGM. About Farallon Farallon Capital Management, L.L.C., is a global investment firm founded in 1986 and registered as an investment advisor with the United States Securities and Exchange Commission since 1990. Farallon seeks investments across asset classes and around the world through a process of bottom-up fundamental research and analysis emphasizing capital preservation. More information on Farallon is available at Disclaimer This press release is for general information purposes only and is not complete. Under no circumstances is this intended to be, nor should it be construed as an offer, invitation, marketing of services or products, advertisement, inducement or representation of any kind, nor as investment advice or a recommendation to buy or sell any investment products or make any type of investment in securities. This press release should not be construed as legal, tax, investment, financial or other advice. Additionally, this press release should not be construed as an offer to buy any investment in any fund or account managed by Farallon Capital Management L.L.C. or any of its affiliates or representatives (collectively, "Farallon"). This press release is not intended and should not be considered to solicit, encourage, induce or seek T&D HD. shareholders to authorize Farallon or any other third party as their proxy in exercising their voting rights on their behalf. Farallon is not soliciting or requesting other shareholders of T&D HD to jointly exercise their shareholders' rights with Farallon (including, but not limited to, voting rights). Farallon declares that it does not intend to be treated or deemed a "joint holder" (kyo-do hoyu-sha) under the Japanese Financial Instruments and Exchange Act or a "related person" (kankei-sha) under the Foreign Exchange and Foreign Trade Act with other T&D HD shareholders. Farallon does not have the intention to make a proposal, directly or through other shareholders of T&D HD to transfer or abolish the business or assets of T&D HD and/or T&D HD group companies (the T&D HD Group) at the general shareholders meeting of T&D HD. Farallon does not have the intention and purpose to engage in any conduct which constricts the continuing and stable implementation of the businesses of any member of the T&D HD Group. This press release is made available exclusively by Farallon and not by or on behalf of T&D HD or its affiliates or subsidiaries or any other person. Farallon is not an affiliate of T&D HD and neither Farallon nor its principals or representatives are authorized to disseminate any information for or on behalf of T&D HD, and nor does Farallon purport to do so. In respect of information that has been prepared by Farallon (and not otherwise attributed to any other party) and which appears in the English language version of this press release, in the event of any inconsistency between the English language version and the Japanese language version of this press release, the meaning of the Japanese language version shall prevail unless otherwise expressly indicated. View source version on Contacts Media ContactsLongacre Square PartnersDan Zacchei / Joe GermaniFarallon@
Bloomberg
13-05-2025
- Business
- Bloomberg
Astellas CEO on Outlook Ahead of Trump's Pharma Tariffs
The global pharmaceutical industry is grappling with an uncertain outlook, amid President Donald Trump's plans to cut US prescription drug prices and impose tariffs on pharma imports. Astellas Pharma is among the Japanese drug makers that depends on the US for a large chunk of sales. CEO Naoki Okamura spoke to Bloomberg TV in Tokyo on May 7th about the impact of Trump's tariffs, and the firm's engagement with activist investor Farallon Capital Management. (Source: Bloomberg)
Bloomberg
07-05-2025
- Business
- Bloomberg
Astellas CEO Says Engaging With Activist Investor Farallon
By and Yui Hasebe Updated on Save Astellas Pharma Inc. will continue to engage with Farallon Capital Management, an activist investor that's built a stake in the Japanese drugmaker, Chief Executive Officer Naoki Okamura said, adding that he's 'pleased that one of our investors sees potential value' in the company. 'Ultimately, all shareholders want to increase corporate value and we share the exactly the same mission,' Okamura told Bloomberg TV in an interview, declining to give details of the discussions with Farallon. 'We receive various proposals from shareholders, and if we see something that will indeed contribute to enhancing our corporate value, then of course we are willing to accept it.'
