Buyout firms typically extract profits from the companies they acquire by taking them public or selling them. In a world with zero interest rates, they’re finding it easier than ever to cash in through the debt market.
Companies owned by Apollo Global Management LLC and Cerberus Capital Management LP defaulted on their debt more than those owned by 12 of the other largest private-equity firms, according to Moody’s Investors Service.
John F. W. Rogers is known on Wall Street for four initials and an enviable fact of corporate geography. The F. and W. stand for Francis and William, though why Rogers uses them both is one of several mysteries he has either gone out of his way to cultivate or never seen fit to explain.
J Sainsbury Plc, the U.K.’s third- largest supermarket company, predicted a resumption of sales growth this year as it matches some price cuts by competitors and expands its online and convenience-store presence.
Momentive Performance Materials Inc., a maker of silicones and quartz products, filed for bankruptcy after struggling to make payments on debt dating to its 2006 buyout by Leon Black’s Apollo Global Management LLC.
John Stafford, the chief executive officer of American Home Products Corp. who sold units to focus on pharmaceuticals and made three attempts to merge before changing the company’s name to Wyeth, has died. He was 76.