Latest news with #SKCapitalPartners
Yahoo
6 days ago
- Business
- Yahoo
bluebird bio, Inc. (BLUE) Nears Acquisition by Carlyle and SK Capital
Investment firms The Carlyle Group Inc. (NASDAQ:CG) and SK Capital Partners, together with Beacon Parent Holdings, L.P., have successfully completed the tender offer for bluebird bio, Inc. (NASDAQ:BLUE) to acquire all outstanding common stock. With a value of either $3.00 per share plus a contingent value right or $5.00 per share in cash, the transaction is set to be finalized through a merger on June 2, 2025. A medical researcher inspecting a petri-dish filled with bacteria in a laboratory setting. We have previously seen how bluebird bio, Inc. (NASDAQ:BLUE), a biotechnology company engaging in gene therapies for serious genetic diseases, was both out of time and out of money. Among the challenges faced by the company were financial burdens, a high debt-to-capital ratio of 0.82, and a low current ratio of 0.55. In February, the management reported a deal with Carlyle and SK Capital Partners for $3 in cash and a $6.84 contingent value. Soon after, the entities secured approvals from the EU, China, and Turkey, meeting all the regulatory requirements. Under the terms of the agreement, the transaction is anticipated to advance without a vote from the bluebird bio, Inc. (NASDAQ:BLUE) stockholders, complying with Delaware's General Corporation Law. By offering a choice to the shareholders through an amended buyout agreement, the company provides immediate cash to those who desire it instead of potential future payments. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure. None. Sign in to access your portfolio
Mint
21-04-2025
- Business
- Mint
SK Capital-Backed Chemical Business Ascend Files Bankruptcy
(Bloomberg) -- Ascend Performance Materials Inc., a chemicals business backed by SK Capital Partners, has filed bankruptcy and said it intends to restructure with support from its lenders. Houston-based Ascend and its corporate affiliates sought court protection Monday in Texas listing assets and liabilities each of between $1 billion and $10 billion on its Chapter 11 petition. Ascend said the bankruptcy filing will allow the business to trim debt from its balance sheet while continuing to operate as usual. Company lenders have agreed to provide $250 million in Chapter 11 financing to support Ascend during the restructuring process. The company said it expects to complete its restructuring in about 6 months. Ascend said its non-U.S. subsidiaries are not included in the Chapter 11 filings. The bankruptcy filing follows discussions between the company and its lenders to swap out a portion of their debt for equity in the business which has been strapped for cash, Bloomberg previously reported. Some lenders also agreed in March to provide Ascend with new rescue financing, Bloomberg also reported. SK Capital Partners bought Ascend from Solutia Inc. in 2009 for about $54 million. Ascend then grew rapidly, buying facilities in Europe and China, using capital from a small pool of investors. Ascend has previously said it is holding talks with lenders to strengthen its finances and maximize value for tis stakeholders. 'Over the last several months, we have been working with our lenders to define the best path forward for Ascend,' Ascend President and Chief Executive Officer Phil McDivitt said in a Monday statement. 'We expect that the restructuring will substantially reduce Ascend's funded debt obligations and ensure that we are well-positioned to continue executing on our long-term strategy.' --With assistance from Reshmi Basu. More stories like this are available on First Published: 22 Apr 2025, 01:54 AM IST
Bloomberg
21-04-2025
- Business
- Bloomberg
SK Capital-Backed Chemical Business Ascend Files Bankruptcy
Ascend Performance Materials Inc., a chemicals business backed by SK Capital Partners, has filed bankruptcy and said it intends to restructure with support from its lenders. Houston-based Ascend and its corporate affiliates sought court protection Monday in Texas listing assets and liabilities each of between $1 billion and $10 billion on its Chapter 11 petition.
Yahoo
08-03-2025
- Business
- Yahoo
Chemicals Company Ascend Performance Gets Rescue Financing
(Bloomberg) -- Some of Ascend Performance Materials Inc.'s creditors provided fresh financing to the troubled chemicals firm, giving it time to restructure its debt, according to people with knowledge of the matter. Trump Administration Plans to Eliminate Dozens of Housing Offices NJ College to Merge With State School After Financial Stress Republican Mayor Braces for Tariffs: 'We Didn't Budget for This' How Upzoning in Cambridge Broke the YIMBY Mold NYC's Finances Are Sinking With Gauge Falling to 11-Year Low The SK Capital Partners-backed firm will get a new $100 million loan, of which $40 million will be funded initially, said the people, who asked not to be identified discussing a private matter. All lenders are open to participate in the financing, they said. The financing, details of which were disclosed to a broader group of lenders Friday, includes cash and a payment-in-kind component, which allows the borrower to defer paying interest in cash and instead pay with additional debt. The loan will pay 8.5% interest in kind and 1.5% cash, said some of the people. A representative for the company declined to comment, while a representative for SK Capital Partners did not respond to a request for comment. The stopgap measure comes as the Houston-based firm is looking to get ahead of a loan maturity next year and shore up its liquidity pool amid earnings pressure. Proceeds from the loan will be used for general corporate purposes and working capital needs, the people said. The company produces various chemicals, fibers and plastics for different industries, including automotive and textile sectors. Since the start of the year, its more-than $1 billion first-lien loan coming due in 2026 has collapsed deeper into distressed territory. It was quoted at around 47 cents on the dollar on Friday afternoon, down from 72 cents on Feb. 27 and around 85 cents at the beginning of the year, according to data compiled by Bloomberg. The firm is working with PJT Partners and Kirkland & Ellis, while a group of lenders has retained Gibson Dunn & Crutcher, Bloomberg previously reported. A representative for PJT declined to comment. Representatives for Kirkland and Gibson Dunn didn't immediately respond to requests for comment. SK Capital Partners bought Ascend from Solutia Inc. in 2009 for about $54 million. Ascend then grew rapidly, buying facilities in Europe and China, using capital from a small pool of investors. Moody's Ratings lowered Ascend's ratings deeper into junk territory this week, citing weak liquidity and its high debt stack, according to a report. An All-American Finance Empire Drew Billions—and a Regulator's Attention Snack Makers Are Removing Fake Colors From Processed Foods The Mysterious Billionaire Behind the World's Most Popular Vapes Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost? Greenland Voters Weigh Their Election's Most Important Issue: Trump ©2025 Bloomberg L.P. Sign in to access your portfolio
