The Washington Post – King of the Bad-News Bulls; WorldCom’s Distresses Are Investor David Matlin’s Successes Christopher Stern, October 10, 2003 To thousands of investors, WorldCom Inc.’s revelation on June 25, 2002, that it had committed the largest fraud in history was a shrill alarm warning of impending financial disaster. But for David J. Matlin, the announcement was more like a starting gun going off in a race to take […]

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The Deal – MatlinPatterson closes fund at $1.66B By Vyvyan Tenorio, October 7, 2004 New York distressed debt specialist MatlinPatterson LLC has closed a second fund at $1.66 billion, overcoming a more difficult fundraising environment than when it raised its first fund in 2002. When founders David Matlin and Mark Patterson left Credit Suisse First Boston to form their own fund, raising $2.2 billion, it was a time of high-profile […]

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The Deal – Exit revisited: NRG Energy Inc. By Soma Biswas, January 28, 2005 All too often, a debtor races from bankruptcy only to stumble once it emerges. One year out, however, NRG Energy Inc. seems to have succeeded on both fronts, reorganizing swiftly and then scoring major stock gains and better loan terms as a revamped company. Its quick exit and post-Chapter 11 success are especially notable given the […]

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The Deal – Huntsman investment pays off By David Carey and Lisa Gewirtz, February 11, 2005 Once-troubled Huntsman Corp. completed a $1.6 billion initial public offering Friday, Feb. 11, delivering a hefty profit to a vulture investor that had seized a stake in the chemicals maker when it was near bankruptcy in 2002. It was the fourth successful IPO exit from a chemicals company by financial sponsors in three months, […]

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The Deal – MatlinPatterson rescues Heros By Andrew Bulkeley, April 12, 2006 New York distressed asset specialist MatlinPatterson Global Advisors LLC on Monday, Feb. 10, stepped in to rescue armored car operator Heros Verwaltungs GmbH after a €300 million ($363 million) embezzlement forced the German company to seek protection from creditors in February. MatlinPatterson plans to keep 3,000 of Heros’ original 4,600 employees and will inject fresh capital into the […]

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Reuters – MatlinPatterson raises new $5 billion fund By Dane Hamilton, June 26, 2007 NEW YORK, June 26 (Reuters) – “Vulture” firm MatlinPatterson LP is set to close on a new private equity fund of about $5 billion to buy distressed companies, making it one of the largest such funds, a source close to the matter said on Tuesday. MatlinPatterson, founded by veteran distressed debt specialists David Matlin, Mark Patterson […]

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The Deal – Huntsman sold for $9.6B By Paul Whitfield, June 26, 2007 Basell Holding BV, a Dutch chemicals company owned by Russian billionaire Len Blavatnik, on Tuesday, June 26, agreed to acquire Salt Lake City-based chemical group Huntsman Corp. for $9.6 billion in cash and assumed debt. The deal provides an exit for Huntsman’s controlling shareholders — the founding family and private equity fund MatlinPatterson Global Opportunities Partners LP […]

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The Financial Times – Basell agrees deal to buy Huntsman. By Doug Cameron, June 27, 2007 Basell, the Dutch chemicals group, yesterday agreed to buy US-based Huntsman for Dollars 5.9bn in a move which will see the family-controlled group devote most of the proceeds to charity. The proposed deal will double the size of Basell, which was acquired from BASF and Royal Dutch Shell in 2005 by US-based Access Industries, […]

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American Metal Market – M&A ALLEY: Now that Ormet is up on its feet, let’s see how far—and fast—it can run Matthew Lerner, July 1, 2007 With four of six potlines operating and a fifth set to heat up in June, the restart of Ormet Corp.’s 260,000-tonne-per-year Hannibal, Ohio, aluminum smelter is giving the company new life under a new chief executive officer and new ownership. “The in-between stage is […]

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The Deal – Double dose of good news sends Standard Pacific soaring By Michael Rudnick, May 27, 2008 Struggling homebuilder Standard Pacific Corp.’s stock skyrocketed on Tuesday on news of a capital injection as well as optimistic macroeconomic data that also sent the markets up. The Dow Jones Industrial Average climbed 68.72 points to close at 12,548.35. Shares of Standard Pacific soared 48.20% to close at $3.29 following an announcement […]

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