New York-based Fortress Investment Group and Greenhill Capital Partners LLP are committing a total $205 million to buy Pinnacle's delinquent 10% senior discount notes. Pinnacle is $200 million in debt. The deal can't go through without the approval of a federal bankruptcy court judge.
The bankruptcy petition will be filed in Delaware. The parties have signed a definitive agreement to go through with the deal with court approval.
In exchange for the $205 million buyout, Fortress and Greenhill will create a new Pinnacle company headed by Wesley R. Edens, chairman/CEO of Fortress and Robert H. Niehaus, chairman of Greenhill. Edens will chair the new Pinnacle; Niehaus be vice chairman.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
