Category archive: Hot Topics
Colt Defense Files Bankruptcy as Turnaround Falls Short
Colt Defense LLC, the 179 year-old manufacturer of such iconic firearms as the M16 rifle, M4 Carbine and Colt 45 revolver, announced it has filed for Chapter 11 bankruptcy reorganization. The West Hartford, Connecticut-based Colt was fighting a losing financial battle over the past few years, most recently proposing in April 2015, a pre-packaged bankruptcy…
Detroit Bankruptcy: Prized Art Collection Can Save the City
With the Detroit municipal bankruptcy trial beginning Tuesday in Federal Bankruptcy Court, all eyes are watching the fate of the Detroit Institute of Arts Museum’s multi-billion collection. The Wall Street Journal reports that Art Capital Group has proposed exit financing to the city of Detroit in the amount of $4 billion — if it uses…
Valeant, Ackman Make Big Money Offer for Botox
A partnership between Canada’s Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman has resulted in an offer that is sure to raise a few eyebrows. An unsolicited $47 billion bid to buy Botox maker Allergan Inc. The move would put the company on the path toward becoming one of the world’s five largest drug…
‘Home of the Toasted Sandwich’ Files for Bankruptcy Protection
Quiznos Corp, the chain known for paving the way for the toasted sandwich, has announced that it has filed for pre-packaged bankruptcy protection. The move comes after years of struggling with high debt and increased competition from big-name chains like Subway. A pre-packaged bankruptcy is when an entity negotiates a deal in advance with creditors…
Comcast Invests in Advertising, Buys Freewheel
By now, most are aware that Comcast Corp recently agreed to acquire Time Warner Cable Inc. for an incredible $45.2 billion. Hordes of people stormed to the Internet over the news, many criticizing that the move will stifle competition and ultimately hurt consumers’ best interests. While the critics may have valid concerns, Comcast is not…
Jos. A. Bank Slaps Down Offer from Men’s Wearhouse
The fight between Jos. A. Bank and Men’s Wearhouse continues. The two have been in a long, drawn-out acquisitions struggle for some time. And not long ago, Jos. A Bank announced it rejected yet another offer by the rival clothing retailer. A letter sent to Douglas Ewert, president of Men’s Wearhouse, succinctly summarizes Jos. A….
Detroit Files Lawsuit Aimed to Void Pension Debt
There have been new developments involving Detroit’s economic woes. Just recently, the city filed a lawsuit in U.S. bankruptcy court on January 31 that seeks to invalidate $1.44 billion of debt sold to fund public worker pensions. Detroit contends the pension debt was nothing more than a borrowing by the city and it violated the…
Can Apollo Save Chuck E. Cheese?
There’s at least one company out there willing to bet Chuck E. Cheese is not a lost cause. The restaurant chain, which has been struggling to remain a relevant entertainment spot for years, agreed to be acquired for $950 million by an affiliate of Apollo Global Management. The investment firm is known for acquiring troubled…
Google Looks to Home Hardware by Acquiring Nest Labs
If you’re interested in technology and high-profile acquisitions, you might remember in 2012 when Google took a big step into the hardware business by closing its acquisition of Motorola Mobility for $12.5 billion. Well the search giant has taken yet another leap in the hardware industry by buying a connected device manufacturer, Nest Labs, for…
Drug Manufacturer Merck Announces Plans to Cut 8,500 Jobs
Strengthening its restructuring plans in an effort to focus more on the company’s commercial and R&D operations, Merck has announced it will cut 8,500 in job cuts worldwide (up from the previously announced 7,500). The total number of job cuts amounts to roughly 20% of the drug manufacturer’s workforce. Merck claims the restructuring efforts will…