News & Events
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intelligence
briefing
January 15, 2021
Commercial Banking
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Jan 13 -
Citigroup created a single wealth management business, Citi global wealth, to deliver products and services to clients from the affluent segment, as well as UHNW clients. The unit, formed by combining wealth management teams in global consumer banking and the institutional client group, will be led by Jim O’Donnell and will include the Citi private bank and Citi personal wealth management.
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Jan 12 -
U.K.-based Moonpig, operating as Greetz the Netherlands, is planning an LSE listing expected to attract $1.36 billion. Moonpig, which is 41% owned by Exponent Private Equity Partners III, is expected to target a free float of at least 25% and JPMorgan, Citi, HSBC, Numis and Jefferies are handling the share offering.
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Jan 11 -
Sanofi will buy clinical-stage biopharmaceutical company Kymab and its potential cancer and inflammatory disease treatments in a deal worth up to $1.45 billion. It includes $1.1 billion upfront and as much as $350 million in additional milestone payments. JPMorgan is acting as financial advisor to Kymab.
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Real Estate Finance
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Jan 13 -
Lincoln Equities Group of East Rutherford, N.J., sold the 197,000-square-foot warehouse at 344 Duffy Avenue in Hicksville, N.Y. for $74.5 million. The buyer was St. Paul Fire and Marine Insurance Company.
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Jan 13 -
Nautical Ventures Marine bought the 12,000-square-foot, two-story building at 1400 South Federal Highway. The building, formerly Lauderdale BMW, was constructed in 1990. The seller is Holman Automotive, which has 40 dealership franchises representing 20 brands from the East Coast to the Pacific Northwest.
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Jan 14 -
AEW Capital Management bought the 281-unit complex at 13700 Southwest 256th Street, called Deering Groves. The three-story complex of about 256,000 square feet was built in 2019. The deal equates to about $203,000 a unit. AHS Residential, sold the complex, which has one- to three-bedroom units available for monthly rents of $1,250 to $1,695. Amenities include a gym and pool.
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Commercial Bankruptcy
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Jan 13 -
Women's apparel company Christopher & Banks said the COVID-19 pandemic has driven it to Chapter 11, and that it plans to close most of its brick-and-mortar stores but will continue its e-commerce operations. The Minneapolis-based company and two affiliates filed their petitions in N.J. bankruptcy court. Christopher & Banks estimated its assets at $166 million and its liabilities at $105.6 million.
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Jan 13 -
Commercial Chapter 11 filings increased 29% during 2020 as the total of 7,128 climbed past the 5,519 recorded during calendar year 2019, according to data by Epiq. The 2020 commercial Chapter 11 filing total was the highest total since the 7,789 filings registered in 2012, according to the American Bankruptcy Institute. However, total commercial filings declined. The 32,506 business filings in 2020 represented a 17% drop from the 39,050 recorded in calendar year 2019.
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Jan 13 -
A judge authorized Chesapeake Energy to exit bankruptcy and cut $7 billion in debt through a financial restructuring that transfers control of the company to investment firms that own the oil-and-gas producer's high-ranking debt. Oklahoma City-based Chesapeake joined several other debt-laden energy companies in seeking Chapter 11 in the early months of the coronavirus pandemic, as demand crashed and a global price war raged. The restructuring plan is backed by Franklin Advisers and other firms that together will own most of the company's stock when it leaves Chapter 11. The firms are backing a $600 million equity rights offering and exchanging Chesapeake debt for new shares in the reorganized company. Chesapeake also lined up $2.5 billion in exit financing, including a $1.75 billion revolving credit facility and $750 million senior term loan.
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