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Northern Star Online – Media conglomerate Tribune Co., smothered by $13 billion in debt and weak prospects for generating cash through advertising, on Monday became the first major newspaper publisher to seek bankruptcy protection since the Internet began siphoning readers from traditional outlets.
Although Tribune’s next major principal payment on the debt, of $593 million, isn’t due until June, has been in danger of missing lender-imposed financial targets at year’s end. Those targets are based on the level of Tribune’s debt relative to its cash flow, and become harder to meet as revenue declines, even if the debt itself doesn’t increase.
Other newspaper companies have also struggled with their debts, but many have successfully negotiated with lenders to ease their targets in exchange for higher interest rates.
Reuters – Man Group Plc, the world’s biggest listed hedge fund company, said demand for its fund products had remained strong in the first quarter and it was confident about its prospects for the full year.
Sales in the three months to June 30 were $5.0 billion (2.5 billion pounds) while funds under management increased to $79.5 billion from the $74.6 billion seen at the end of March.
"Demand for our fund products has remained strong, both from private investors and institutions," Chairman Jon Aisbitt said in a statement prepared for the annual shareholder meeting on Thursday.
"This success in asset raising reflects the group’s broad geographic presence and the continued attraction of conservatively structured alternative investment products," he added.
Reuters) – Activist hedge fund Toscafund has raised its stake in Aberdeen Asset Management by around another 50 million pounds to more than 25 percent, continuing its rapid stake-building of recent months.
Toscafund, which is run by Martin Hughes, increased its holding to 25.49 percent on Wednesday from 20.02 percent, according to a statement to the Stock Exchange on Friday, having increased its stake marginally on Monday.
"Aberdeen is an excellent global asset manager covering nearly all product areas. We’re supportive of management and believe their prospects are very good," a Toscafund spokesperson said.
