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...Retirees do not have a vote on a sale of an accounting firms, but they are typically among their largest creditors....
...Retirees are typically among the firms’ largest creditors but do not have a vote on the sale of the firm....
...Apollo Global Management improperly agreed to pay $570mn to cover the tax bills of its top executives as part of a shake-up aimed at distancing the private equity firm from its scandal-plagued founder Leon...
...Apollo’s accounts receivable department never knowingly, or as a matter of practice, improperly billed any Apollo-managed funds for expenses that should have been accounted for as management company expenses...
...Underwriters ultimately lent Apollo $3.9bn themselves after failing to find creditors that were willing to lend to the business....
...Apollo told him: “Apollo’s accounts receivable department never knowingly, or as a matter of practice, improperly billed any Apollo-managed funds for expenses that should have been accounted for as management...
...For that reason, it can often spark another situation with a slightly less fancy moniker: “creditor-on-creditor violence”....
...“In a hybrid work world where demand for WeWork’s product should be greater than ever, my clients believe that the synergies and management expertise offered by an acquisition by my clients could significantly...
...But overexpansion and a post-pandemic contraction in its market have left it desperate for cash to pay off creditors....
...We’ve talked about TRAs before, most notably in the buyout of Sculptor Asset Management last year....
...The broader point is that these types of “liability management exercises” — the euphemistic term for creditor-on-creditor violence — will probably become even more popular as a “wall” of junk-rated bonds...
...S&P Global Ratings and Moody’s have declared its debt to be in default, while the company and its creditors have hired lawyers for a possible loan restructuring....
...Administrators Alvarez & Marsal have alleged that, as early as 2012, revenue was being inflated, borrowings hidden and transactions misreported to enrich senior management....
...They would affect “already established private arrangements with the risk of destabilising the management and recovery system of such receivables, which in most cases is entrusted to [servicing companies...
...One thing to start: Citigroup has unveiled its biggest reorganisation in almost two decades that will simplify the bank’s management structure and give more control to chief executive Jane Fraser....
...Apollo Global Management has shed its financial exposure to failed US trucking company Yellow, selling off a $500mn term loan and dropping plans to extend pricey financing to fund the freight group’s bankruptcy...
...Optimists tout Argentina’s 2016 settlement with creditors led by Elliott Management. But our group had advantages Peterson judgment holders don’t....
...About 75 per cent of Apollo’s assets under management are in private credit....
...But this focus hasn’t endeared it to management teams, shareholders and boards....
...She has also become a member of its management committee....
...The sums are listed as “receivables from the manager”....
...In those transactions, a pool of assets — such as mortgages, credit card receivables or auto loans — are packaged together, with the interest payments funding new slices of debt that are sold on to investors...
...A US judge has dealt a blow to Apollo Global Management, Angelo Gordon and other big creditors in the bankruptcy of mattress maker Serta Simmons Bedding, in a ruling that could settle a fierce dispute on...
...Asset managers such as Blue Owl, Sixth Street and HPS Investment Management have been competing with banks to lend to larger and larger businesses....
...— In 2022, Fintech Holdings Ltd. acquired a troubled Puerto Rico bank, renaming it Hamilton International Reserve Bank LLC (“HIRB”)....
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