GSO To Pay $21M After Deal Is Frozen

Feb 4 2008 | 8:49am ET

Hedge fund GSO Capital Partners has agreed to pay $21 million to cancel its proposed acquisition of a packaged ice-maker. But the split settlement is not an indication that its interest in Reddy Ice Holdings has cooled.

The $1.1 billion deal between GSO and Reddy Ice fell apart after Morgan Stanley indicated that it might not be able to provide GSO with $700 million in credit. Under the settlement, GSO affiliates will pay Reddy Ice $21 million in cash, with Reddy Ice covering $4 million of GSO’s fees and expenses.

Reddy Ice CEO William Brick said his company will “continue to explore transactions with GSO and to review other alternatives.” He added that Reddy Ice and GSO had attempted to come up with a new plan after Morgan Stanley pulled out, but were unable to do so.


In Depth

Hedge Fund Selection: Sussex Partners’ Patrick Ghali Bullish On The Best Of The Best

Oct 2 2014 | 5:56am ET

Ten years ago, Patrick Ghali and Robin Nydes co-founded Sussex Partners with the...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

September 2014 Cover

High frequency market making

High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.