Return to search

Trouble

Japanese firm Advantage Partners said that four special purpose firms it established to buy Tokyo Star Bank have missed loan payments and will probably relinquish control of the bank, Reuters reported. Advantage established the special purpose firms to buy Tokyo Star bank in a $2.2 billion deal three years ago. U.S. investment fund Lone Star and other banks that extended loans for the 2008 acquisition of Tokyo Star are planning to set up a special purpose company that will take over the bank’s shares, Reuters wrote.

BC Partners is about to lose control of Greek casino operator Regency Entertainment, handing over the company to lenders in a debt-for-equity swap, Reuters reported. The move comes after a breach of covenants on a €700 million ($998.4 million) loan. Lenders include Deutsche Bank and Park Square Capital.