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’KKR Financial names new CEO
US buyout firm KKR is effectively transforming its ill-fated, publicly listed KKR Financial Holdings into a new asset management division with about $13bn under management, reports the FT. William Sonneborn was named as the new chief executive of the publicly traded debt fund firm in a shake-up that saw two of its top executives resign,
How to save yourself — at US taxpayers’ expense
As the bail-outs grow, so does the number of ways to get in on the action. Clearly, one appealing option for a cash-strapped financial company is to metamorphise into a regular US bank, a la Amex, Morgan Stanley and Goldman,
KKR unit suspends pay-out
KKR Financial Holdings, the publicly listed debt arm of the KKR private equity firm, on Monday suspended its Q3 dividend, citing turbulent market conditions. KKR Financial took the step even though it reported net income of $49m for the quarter,
KKR affiliate settles dispute
KKR Financial Holdings, a specialty finance company affiliated with buyout shop KKR, has agreed to turn over mortgage-backed securities to satisfy $3.5bn in obligations to commercial paper holders, reports the WSJ.
KKRunched Financial Holdings
Talk about obfuscation. From KKR Financial Holdings, filed with the SEC late on Tuesday:
On February 15, 2008, KKR Financial Holdings LLC (the “Company”) entered into an Extension Amendment Agreement
KKR arm in talks with creditors
KKR Financial Holdings, the listed affiliate of the private equity group, has delayed repayment of billions of dollars of commercial paper – due Friday – for the second time and begun a new round of restructuring talks with creditors less than six months after a rescue rights issue.
… As KKR Financial faces $238m loss
KKR Financial, an arm of the US private equity firm caught up in the mortgage crisis, said Wednesday it expected a Q3 net loss of $238m due to a writedown of asset-backed commercial paper. The figure was slightly lower than KKR Financial’s estimate last month that it could incur up to $250m in losses at the unit.
Subprime crisis strikes Solent, KKR units
The spillover effects of the US subprime mortgage crisis on short-term debt markets claimed more victims on Monday when a $1.5bn investment vehicle run by Solent Capital, a London hedge fund, was forced to begin selling assets.
Problems at KKR’s unit could cloud listing plan
Problems at KKR Financial, a unit of KKR, the US private equity group, over losses on its mortgage portfolio have cast a cloud over plans by KKR to follow rival Blackstone into the stock market with a $1.25bn listing.