Latest news with #TPGAngeloGordon
Bloomberg
a day ago
- Business
- Bloomberg
Elon Musk's AI Startup Set to Get Debt Backing From TPG
TPG Angelo Gordon is an anchor investor in a debt package for Elon Musk's artificial intelligence startup, xAI Corp., according to people with knowledge of the matter. The firm is investing in a loan that is part of a debt offering for xAI, which Morgan Stanley started pre-marketing in recent weeks, said the people, who asked not to be identified discussing private information.
The Star
4 days ago
- Business
- The Star
TPG Angelo Gordon among new bidders in auction for Citgo assets
New York: Investment fund TPG Angelo Gordon is among the new bidders for Citgo Petroleum Corp's parent company as part of a court-supervised auction designed to compensate creditors of Venezuela whose assets were seized, according to people familiar with the matter. New York-based TPG Angelo Gordon has launched a so-called 'topping bid' for the shares of Citgo's US-based parent PVD Holding, according to the people, who asked not to be identified because they weren't authorised to speak publicly about the bid. TPG Angelo Gordon declined to comment last Friday. TPG agreed to acquire Angelo Gordon in May 2023 in a cash-and-stock deal valued at US$2.7bil. The bid is aimed at bettering a US$3.7bil offer by Red Tree Investments LLC for control of the refiner, which is Venezuela's largest foreign asset. Seeking more offers Red Tree's offer came after US Judge Leonard Stark in Wilmington, Delaware, shot down an earlier US$5.3bil lead bid by an affiliate of Elliott Investment Management because of flaws with the proposal. Robert Pincus – a lawyer tapped by Stark to oversee the auction – said in court filings he supported pushing back the deadline for topping offers like TPG Angelo Gordon's by 21 days in hopes it will lead to a 'more robust bidding process'. Stark granted the extension last Friday. Stark and Pincus are aiming to generate more money from the nearly year-long auction in hopes of satisfying more creditors' claims against Venezuela over the seizures initiated by late strongman Hugo Chavez. Collectively the creditors are owed more than US$20bil by the Venezuelan government and its state-owned oil company, Petroleos de Venezuela SA, or PDVSA, which controls Citgo. Those creditors include Crystallex International Corp, Exxon Mobil Corp, ConocoPhillips Co and Siemens AG. Lost assets The companies lost gold and oil assets in the seizures and obtained international arbitration awards against the country. Investment manager Oaktree Capital Management LP is providing financing for multiple bidders, according to a person familiar with the matter who is not authorised to speak publicly. Oaktree's involvement hasn't been previously reported. The firm has more than US$200bil in assets under management and has experience in distressed debt and special situations. 'The court wants the best offer, even if that bidder is late to the game,' said Jason Keene, a strategist at Barclays who follows the auction process. Bidders are interested in the refineries Citgo runs in the United States as well as its pipelines, terminals and fuel-distribution channels. The battle goes back to the fallout from Chávez's decision to nationalise different industries as part of his socialist agenda. Chávez died in 2013 and was succeeded by Nicolás Maduro. In 2019, the US government gave the reins of the refinery to the opposition-led National Assembly, then presided by Juan Guaido, whom the United States and other governments formerly recognised as the country's legitimate leader as opposed to Maduro. A Florida congresswoman has asked US Secretary of State Marco Rubio to halt the Citgo auction to preserve the political opposition's control of the asset. Maria Elvira Salazar, a Republican who represents part of Miami, asked Rubio to stop any sale. 'Citgo needs to remain in hands of the opposition in order to be able to reconstruct Venezuela after the regime falls,' she wrote in a May 29 letter to Rubio. — Bloomberg
Bloomberg
6 days ago
- Business
- Bloomberg
TPG Angelo Gordon Among New Bidders in Auction for Citgo Assets
Investment fund TPG Angelo Gordon is among the new bidders for Citgo Petroleum Corp. 's parent company as part of a court-supervised auction designed to compensate creditors of Venezuela whose assets were seized, according to people familiar with the matter. New York-based TPG Angelo Gordon has launched a so-called 'topping bid' for the shares of Citgo's US-based parent PVD Holding, according to the people, who asked not to be identified because they weren't authorized to speak publicly about the bid.
The Sun
11-05-2025
- Business
- The Sun
Our once-thriving market is now a ghost-town – fund cuts and have turned it into a soulless drug haven
AN HISTORIC market could close down after budget cuts left shop owners struggling. Devastated workers at the busy London stalls claim it's a ghost town after increased rents led to closures and fewer customers. 10 10 10 10 After a complicated few years, Brixton Market is once again up for sale, leaving shop owners uncertain about its future. TPG Angelo Gordon and Hondo Enterprises bought the property for £37 million in April 2018 and have put it back on the market after just seven years, with an estimated asking price of £80 million. Their ownership marked a rough patch in the building's history, with evictions, closures, and protests dominating local news. Shop owners that survived these changes are once again bracing themselves for what might come next, as one restauranteur said: 'I'd rather the devil I know than the devil I don't.' Brixton has changed significantly over the last few decades, becoming increasingly gentrified as trendy cafes and chain restaurants have replaced the diverse range of shops the area was once known for. Shops like Nour Cash and Carry, based in the market for over 20 years, faced eviction after being unable to pay rent that was steadily increasing under new ownership. After the campaign group Save Nour successfully fought this eviction, the international grocer relocated to a bigger store on the neighbouring Granville Arcade. Despite promises like 'rent holidays' to ease the strain on business owners, some current shop owners complained of price hikes with introductions like service charges and security costs. One unit opposite Philip's Butchers allegedly costs £3500 a month to rent. As Bobby Balam, 44, the owner of Philip's Butchers which was founded 45 years ago by his father, told The Sun: 'They're pricing people out. The unit opposite us is £3,500 a month. 'Imagine waking up on a Monday morning and having to find £800 before you've even sold anything.' He added: 'It's a massive loss of community. They're trying to make it like Camden or Borough Market but it's not like that.' The roughly 180 businesses located in the market operate on a 90% let basis. As rent has increased, businesses have been priced out of the area and have had to close, leaving the market feeling like a ghost town. Joao Ribeiro, 52, the owner of CJ Cafe (also known as no.16) told The Sun: 'On a Friday or Saturday five years ago it would have been completely packed. Now it's dead.' Ribeiro added: 'The shops have all closed which is bad for business. Before people would walk through doing their shopping but you don't even get that anymore.'. This is not only down to the landlord who has 'added a service charge, and added security, and other costs to increase rent without directly increasing it' according to Joao, but also the aftermath of the pandemic, and governmental issues like increased business rates and council tax. 10 10 Hernan Fajardo, 73, who has owned Santa Fe for 23 years, told The Sun: 'How can you pay rent without customers? When they come to collect rent I say 'do you see anyone here, how can I pay rent?'' It has left business owners and locals feeling upset about the loss of community. Andrew Meah, 62, a Brixton Hill resident since 1989 added: 'This market was vibrant when I first moved here. They've destroyed it, it's absolutely dead.' Tony Spencer, 59, a window cleaner in the area for 10 years expressed similar frustrations. 'Brixton doesn't belong to the Brixtonians anymore,' he said. 'They're giving power to the big man who is trying to get rid of the little man but still wants the little man's money.' Not every problem can be blamed on greedy landlords however, with Brian Danclair, 55, the owner of Fish Wings and Tings, blaming wider issues like homelessness and drug use for the loss of customers. Lambeth generally has a higher unhoused population than other London boroughs, in part because of its central location, as well as funding cuts by the council. According to 2021 Census data, just 47.6% of households in central Brixton reported no dimension of deprivation, leaving 52.4% deprived in at least one capacity. Lambeth Deputy Leader Councillor Danny Adilypour told the Brixton Buzz in December 2024 that there were 45,000 households on the Lambeth housing register with 4700 in temporary accommodation. 'I've noticed a lot more homelessness and drug use which isn't good for business because people don't come to the area,' Danclair said. Additionally, he thinks the government needs to do more to help small businesses and tackle social problems. 'The government is the biggest issue. They should cut out taxes and keep the money here. They should make investments here.' While others were critical of the landlord, Danclair thinks they have done a good job of supporting the market. He said: 'The landlord has been very good to most businesses. We have good communication with them which is important.' Bobby agreed as the landlord has invested in new cabinets for the butchers and fishmongers, as well as new signage which was being installed while we spoke. Bobby said, 'They're the only landlords to spend any money on it' suggesting that at least the increased rent money is being put to good use. After years of dealing with conflict, shop owners are reluctant to go through yet another change of ownership. Taylor McWilliams, the Texan DJ that heads Hondo Enterprises, received significant backlash from residents after he submitted plans to build a 200,000 square foot, 20-storey office tower next to the market in 2020. Activist group #FightTheTower organised a campaign against the ongoing gentrification of Brixton, eventually leading McWilliams to withdraw his planning application. They wrote: 'This development was an affront to put up in a borough where average wait for social housing is 10+ years. 'We took a stand against our council's elected representatives putting one man's profit over the wellbeing, health, and livelihoods of residents in the name of 'development'.' Their petition gained over 8000 signatures, while a public consultation by Hondo Enterprises showed that 73% of local people opposed the scheme. 'Everyone comes to try and build a tower, they don't get permission, and they leave again,' Bobby said. He added: 'You never know if someone new might run it down, demolish it and rebuild to start over.' With the news that the historic market was once again up for sale, owners seemed tired and jaded, particularly as not all of the shop owners were forewarned that it was going up for sale yet again. Joao said: 'The future could be better or it could be worse. I just want the best for the market and for Brixton.' Shop owners like Brian seemed slightly more optimistic as he said: 'The market will continue. We've been here before and it'll continue to change but it'll still be here.' Both Brixton Village and Market Row have a long history, beginning with street vendors in the 19th century. Electric Avenue became the first market street to be lit by electric lights in the 1880s. In 1928, Market Row was built on the site of an old department store, closely followed by Brixton Village in 1937. Both sites became listed buildings in 2010. A source close to the running of the market said that footfall had grown every year since 2020 and continues to accelerate. A further 8% increase in footfall was seen in the last 12 months, while in April 2025 footfall grew 10% year-on-year. 10 10 10
Yahoo
03-03-2025
- Business
- Yahoo
Tropicana Mulls Competing Rescue Deals as Orange Juice Sales Lag
(Bloomberg) -- Tropicana Brands Group, facing a liquidity crunch as juice sales lag, is considering competing offers for a cash injection from new lenders and holders of its existing debt, according to people with knowledge of the situation. Cuts to Section 8 Housing Assistance Loom Amid HUD Uncertainty How Upzoning in Cambridge Broke the YIMBY Mold Remembering the Landscape Architect Who Embraced the City NYC Office Buildings See Resurgence as Investors Pile Into Bonds Hong Kong Joins Global Stadium Race With New $4 Billion Sports Park A loan offer from TPG Angelo Gordon is on the table, said the people, who asked not to be named citing private talks. Some existing lenders to PAI Partners-controlled Tropicana are also in talks with the juice maker about a proposed debt fix that entails new financing and a restructuring of existing liabilities, the people added. Those creditors are working under a pact to negotiate with the company as a coordinated unit, they said. Such cooperation agreements have become common in distressed debt markets as creditors seek to claw back negotiating power they lost in recent years as debt demand grew and their protections eroded. One result has been increased incidence of borrowers under stress using maneuvers that move assets away from existing creditors to raise new financing. Representatives for TPG Angelo Gordon, a credit and real estate investing platform owned by alternative asset manager TPG, declined to comment on the potential financing talks. Tropicana, which didn't respond, is being advised in its debt-fix efforts by PJT Partners Inc. It declined to comment. Gibson Dunn, which is advising the group of creditors, did not respond to a request for comment. Tropicana's debt includes a $1.8 billion first-lien loan due in 2029 and a $450 million second-lien loan due 2030. They stem from PAI purchasing majority control of Tropicana, Naked Juice and other beverage brands in early 2022 from PepsiCo Inc. Declining revenue is threatening Tropicana's ability to fund itself and service those borrowings, the people said. Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost? The US Is Withdrawing From Global Health at a Dangerous Time Trump's SALT Tax Promise Hinges on an Obscure Loophole Snack Makers Are Removing Fake Colors From Processed Foods Walmart Wants to Be Something for Everyone in a Divided America ©2025 Bloomberg L.P.
