Chrysler sale to Cerberus completed

(Reuters) - As a result, DaimlerChrysler and Cerberus decided to help with the financing, a move they confirmed on Friday.




"DaimlerChrysler and Cerberus have agreed to support the financing of the majority takeover of Chrysler by Cerberus in light of highly volatile U.S. loan markets," the German carmaker said.


Read more at Reuters.com Mergers News

Cerberus to sell Imperial Hotel stake: Nikkei

(Reuters) - The prestigious hotel in central Tokyo is 40 percent owned
by Kokusai Kogyo Co. , an aerial surveying contractor
that Cerberus bought and is restructuring.




Imperial Hotel's shares were up by their daily limit of 500
yen, or 11.4 percent, at 4,880 yen in afternoon dealings.


Read more at Reuters.com Mergers News

Kuwait's KIA says to keep Daimler stake unchanged

(Reuters) - "We are maintaining the stake. We're quite happy with it.
After the problems in the past things have been turning around,
looks like it is in a good form now," KIA's Executive Director
Saleh al-Sagoubi told reporters.




DaimlerChrysler announced in May it would sell an
80.1-percent stake in Chrysler Group to private equity firm
Cerberus Capital Management [CBS.UL], unwinding the 1998 merger
of Daimler-Benz and Chrysler that never worked out as planned.


Read more at Reuters.com Bonds News

Scottish Re names chief restructuring officer

(Reuters) - In the newly created role, Roth will lead the Scottish Re transition program and be a member of its executive committee.



Prior to joining Scottish Re, Roth spent the last year with Cerberus Capital Management LP [CBS.UL] on its operations team. Private equity firm Cerberus and MassMutual Capital, a unit of the mutual insurance company, each contributed $300 million to get majority control of Scottish Re earlier this year.


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Focus DIY to Pay Noteholders 40% of Face Value After Cerberus Takeover

(Bloomberg) -- Focus DIY Group Ltd. will pay
investors 40 percent of face value on 100 million pounds ($197
million) of debt if the U.K. home improvement chain is bought by
Cerberus Capital Management LP.

Focus is proposing to pay less than the quoted market value
of the so-called mezzanine debt, which ranks behind more senior
loans for repayment in the event of a default. The 9.375 percent
mezzanine notes due in 2015 were quoted at 45 pence on the pound
today by broker Aston Bond SA on Bloomberg.


Read more at Bloomberg Bonds News

China's Chery say deal with Chrysler not halted

(Reuters) - The decision, the paper said, came after DaimlerChrysler agreed last week to sell its money-losing Chrysler Group to private equity firm Cerberus Capital Management LP in a $7.41 billion deal.




But a Chery spokesman told Reuters on Wednesday that the newspaper had misquoted his colleague and that the earlier deal with Chrysler Group was progressing.


Read more at Reuters.com Business News

Cerberus to Raise $57 billion in Debt for Chrysler Purchase, Zetsche Says

(Bloomberg) -- Cerberus Capital Management LP plans
to raise about $57 billion of debt as part of its buyout of
Chrysler, according to DaimlerChrysler AG Chief Executive
Officer Dieter Zetsche.

Chrysler's finance unit will take on about $45 billion in
debt through high-yield bonds or asset-backed securities, and
its manufacturing division will borrow another $12 billion,
Zetsche said in an interview today in Stuttgart, Germany.


Read more at Bloomberg Bonds News