American Capital has reached an agreement with 95 percent of its lenders on its plan to restructure $2.4 billion of its unsecured debt through an out-of-court debt exchange.


has ditched ambitious plans for its 2008 flagship fund, shutting off cash supply for further deals, and raising question marks over the firm’s future. The British group proposed to scale back future commitments to just €100 million ($151 million) from €3 billion to provide cash for the fund’s sole investment, oil and gas services business Expro.

Charles Valdes

, a board member of the California Public Employees’ Retirement System (CalPERS), has agreed to pay $12,500 to settle a campaign contribution dispute related to placement agents, according to Roman Porter, executive director of The California Fair Political Practices Commission, a watchdog group.

The Carlyle Group

reportedly has been sued by a Kuwaiti conglomerate, which alleges that Carlyle misrepresented the safety of an affiliated public debt fund that collapsed in 2008.

Elliot Broidy, chairman of Markstone Capital Partners, is being investigated for his involvement in the New York state pension fund play-to-play scandal. He is charged with investing $300,000 into the movie Chooch in exchange for a $200 million investment in one of his firm’s funds.

Generation Brands

, a Cary, N.C.-based provider of lighting fixtures and ceiling fans for the building construction and home improvement industries, has filed for Chapter 11 bankruptcy protection. The company also said that it has agreed to a prepackaged restructuring, which would eliminate $150 million of debt and bring in $20 million of new equity funding from existing sponsor Quad-C Management.


has received a $628 million bill for tax and penalties, from the Australian government. The tab relates to TPG’s recent sale of its stake in Australian department store Myer, via an IPO. Australia’s claim centers around two issues: Whether TPG’s $1.46 billion profit should be taxed as capital gains or business income, and if TPG was using improper tax havens. The private equity firm said it would cooperate with any investigation.

Freedom Communications

’ unsecured creditors have received court approval to begin pursuing an alternative reorganization plan for the bankrupt owner of the Orange County Register newspaper. Current owners of the company, including Blackstone Group and Providence Equity Partners, would get stock and warrants representing 12 percent of the new company under the proposed plan.