Saturday, 23 May 2015
Last updated 1 day ago
Aug 27 2014 | 7:14am ET
Rescuing struggling retailers is starting to become Standard General’s forte.
In the wake of its deal to save American Apparel, the hedge fund is now in talks to help keep RadioShack out of bankruptcy. Standard General owns a roughly 10% stake in the company, which will likely run out of cash next year.
Standard General is working with RadioShack to come up with a plan to stay out of Chapter 11. Part of that strategy would involve issuing new debt or stock and refinancing a $250 million second-lien term loan. That debt is held by Cerberus Capital Management and Salus Capital Partners.
The potential RadioShack deal comes just a month after Standard General offered a financial lifeline to American Apparel, whose board it now controls. The hedge fund named RadioShack CEO Joe Magnacca as one of its representatives on the board.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…