News & Events

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intelligence
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November 19, 2017


Commercial Banking

  • BNY Mellon IM creating $560B mega multi-asset manager


    Nov 13 -
    BNY Mellon Investment Management will launch a specialist multi-asset management company to combine the largest boutiques under its umbrella into a single entity. The new business will combine BNY Mellon's three largest U.S. investment managers - systematic smart beta manager Mellon Capital Management, fixed-income specialist Standish Mellon Asset Management and active long/short equity manager The Boston Company Asset Management - which collectively manage $560 billion in assets.

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  • JPMorgan to invest $900K in sustainable infrastructure projects in Detroit


    Nov 16 -
    As part of its $150 million commitment to the city’s economic recovery, JPMorgan will invest $900,000 to support sustainable infrastructure projects in Detroit. The bank will also retrofit over 70 of its branches in the city with LED lights and new building management systems.

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  • BNP Paribas acquires 10% stake in SME credit platform Caple


    Nov 16 -
    BNP Paribas purchased a 10% stake in SME credit specialist Caple. The company uses a proprietary technology platform to facilitate end-to-end credit applications, combining origination by local partner networks of 70 accountancy and advisory firms with an initial credit assessment by its analysis team. BNP Paribas acquired its stake via its incubation fund as part of its SME Advanced Solutions platform. Financial terms of the transaction were not disclosed.

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Real Estate Finance

  • H&R REIT to sell multi-state retail, industrial portfolio valued at $895M


    Nov 16 -
    H&R REIT is selling all 79 of its wholly owned retail properties and its 12 remaining industrial properties. The retail portfolio is valued at $750 million and its industrial portfolio at $145 million. The first tranche of retail properties is expected to be put on the market during Q1 2018.

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  • SL Green sells 600 Lexington Avenue for $305M


    Nov 16 -
    SL Green Realty sold 600 Lexington Avenue, a 36-story, 303,515-square-foot New York office building, for $305 million. The transaction is expected to close by the Q1 2018. SL Green acquired the property in May 2010 for $193 million, through a JV, and took full ownership of the property in 2015. The buyer was not disclosed.

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  • Chetrit listing Upper West Side assets for combined $134M


    Nov 16 -
    Chetrit Group listed a trio of Upper East Side, N.Y., townhouses for a combined $134 million. The company paid $26 million for six contiguous brownstones from Lenox Hill Hospital in 2007, and converted the buildings into three townhouses.

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Commercial Bankruptcy

  • Motorsport Aftermarket Groups files for Chapter 11 to recapitalize $300M in debt


    Nov 15 -
    Motorsport Aftermarket Group filed for Chapter 11 bankruptcy as part of a plan to recapitalize over $300 million in debt. The plan was approved by 90% of the company’s prepetition first lien secured lenders and asset-backed lenders. The company has also secured up to $135 million in debtor-in-possession financing from certain secured lenders.

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  • GulfMark completes restructuring, exits bankruptcy


    Nov 14 -
    GulfMark Offshore has completed its financial restructuring plan, emerging from bankruptcy. The company’s reorganization plan coverts around $429.6 million of outstanding bonds into equity and raised approximately $125 million of new equity capital. Existing shares of GulfMark common stock prior to reorganization were cancelled and the company will issue around seven million shares of new common stock.

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  • Pacific Drilling files for Chapter 11, plans to restructure $3B in debt


    Nov 13 -
    International offshore oil and gas drilling company Pacific Drilling filed for bankruptcy, with plans to restructure around $3 billion in debt. The company, as well as around two dozen affiliates, is seeking Chapter 11 protection after failing to reach an out-of-court deal with its lenders. The company has around $350 million in cash and plans to continue operations during the bankruptcy process.

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