Hints and tips:
...The internal discussions come after the bank this month announced that Paco Ybarra, the 36-year veteran who runs ICG, would leave by the middle of next year....
...Paco Ybarra, the departing head of ICG, earned $18.9mn last year and is not expected to be replaced. But Fraser must do better. The proposed new structure is the norm at other Wall Street banks....
...Mr Forese became head of the ICG when the bank was under the shadow of the financial crisis, with around $300bn of bad assets earmarked to be run down....
...ICG, the UK-listed asset manager, opened an office in Luxembourg last December and hired five employees....
...Zak Summerscale will lead ICG’s credit business for Europe and Asia-Pacific, while Kam Tugnait joins as a director for high-yield bonds....
...ICG and Barclays have provided debt facilities for the TGI Fridays deal....
...ICG said the two assets were undergoing restructurings and the provisions were expected....
...In a further development on Wednesday, Google paid $125m to acquire Channel Intelligence, an online sales tracking tool used by retailers such as Target and Best Buy, from its owners ICG....
...The new rules mean larger companies such as ICG or GSO Capital Partners, Blackstone’s credit arm, are still able to put together deals, but smaller groups are disadvantaged. ——————————————- Housing market...
...Garland Hansmann, high-yield portfolio manager at ICG, says it was only “this wretched eurozone crisis” that held the market back last year....
...The deal, the latest in a wave of US coal deals in recent months, is worth $14.60 per ICG share, a 32% premium to Friday’s closing price....
...ICG was up 31 per cent at $14.42....
...For example, a recent CLO from ICG saw €1.4bn of loans of varying credit quality exit the books of RBS with the equity tranche taking up 41% of the total deal… And the conclusion: A true market in European...
...Two of its largest mezzanine debt holders, ICG and Park Square Capital, have indicated they would support a restructuring under which such creditors’ claims are written off in exchange for nearly all of...
...And he has instituted a Monday morning teleconference call to connect with ICG’s staff around the world....
...He added however that ICG has a good record of maintaining credit quality through the cycle. Shares in ICG fell 6p to £15.84, giving the group a market capitalisation of about £1.12bn....
...ICG, which specialises in loans for leveraged buy-outs, is raising £175m to strengthen its capital base so it can buy, at attractive prices, leveraged loans big banks are keen to offload....
...ICG did not return calls seeking comment....
...Mr Ross set up ICG in May 2004 along with other investors, and bought US coal companies that were bankrupt or in financial difficulty....
...Ben Hatfield, chief executive of ICG, blamed the earlier incorrect report on “a tragic miscommunication”....
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