Dive Brief:
Card and gift retailer Paper Source has filed for Chapter 11 bankruptcy with a plan to sell itself and close at least 11 stores.
The company, which runs 158 stores, has a stalking horse bid from current lenders led by MidCap Financial to buy the company and provide $16.5 million in financing.
The stalking horse bid is valued at Paper Source s debt obligations, including $16 million for a debtor-in-possession facility and $72.8 million on a first lien facility, according to court papers.
Dive Insight:
Roughly a year ago, Paper Source was a beneficiary of the fall of a rival, the card and stationery store chain Papyrus, which liquidated in early 2020. At the time, Paper Source took over 30 of Papyrus stores, expanding Paper Source s store fleet by more than 20%.
By Reuters Staff
2 Min Read
(Reuters) - Three blank-check firms, backed by private equity firm InterPrivate LLC, are looking to raise as much as $650 million in their initial public offerings, regulatory filings showed on Wednesday.
InterPrivate II Acquisition Corp, InterPrivate III Financial Partners Inc and InterPrivate IV InfraTech Partners Inc aim to raise $200 million, $200 million and $250 million, respectively, by selling units on the New York Stock Exchange and Nasdaq.
The special purpose acquisition companies (SPACs) said they would seek to take public companies with an enterprise value of $1 billion or more in the tech and financial services sectors.
One of InterPrivate’s SPACs, InterPrivate Acquisition Corp, agreed to take public lidar sensor maker Aeva Inc, led by former Apple Inc engineers, through a merger in November last year.
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Real Estate Rumors: CA Ventures, JLL, Target
Law360 (January 8, 2021, 5:01 PM EST) Chicago real estate firm CA Ventures has purchased a Boca Raton, Florida, student housing complex for $80 million, the South Florida Business Journal reported Friday. The deal is for 159 apartments located at 135 N.W. 20th St. and the seller is New York-based Investcorp International, according to the report.
Brokerage firm Jones Lang LaSalle Inc. has scrapped its plan to help the Trump Organization sell its hotel in Washington, D.C., according to a tweet from Washington Post reporter Jonathan O Connell on Friday. JLL in 2020 had been trying to find a buyer for the 263-room Trump International Hotel, and a spokesman.