{"id":114161,"date":"2024-10-14T21:04:31","date_gmt":"2024-10-14T14:04:31","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=114161"},"modified":"2024-10-14T21:04:31","modified_gmt":"2024-10-14T14:04:31","slug":"b-riley-sells-majority-stake-in-great-american-to-oaktree-funds","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=114161","title":{"rendered":"B. Riley Sells Majority Stake in Great American to Oaktree Funds"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p>(Bloomberg) &#8212; B. Riley Financial Inc., the money-losing broker-dealer and investment firm looking to cut debt, agreed to sell a majority stake in its Great American Holdings business to funds managed by Oaktree Capital Management LP. The shares surged 25% in early New York trading.<\/p>\n<p>Most Read from Bloomberg<\/p>\n<p>Terms of the deal call for B. Riley to receive about $203 million in cash and get 47% of the common units of a reorganized Great American, the companies said in a statement Monday. B. Riley also gets preferred units initially valued at $183 million. Oaktree, known for investing in distressed companies, will own a 53% common stake in Great American, which handles appraisals, valuations and liquidations and has worked with some of the biggest troubled US retailers.<\/p>\n<p>The deal could help B. Riley bolster its balance sheet as it wrestles with a debt load that totaled about $2 billion at midyear. The company suspended its dividend in August to put a priority on cutting leverage, and recently renegotiated its key loan with terms that included paying down the balance and terminating a revolving credit line.<\/p>\n<p>B. Riley Chief Executive Officer Bryant Riley said the deal \u201cwill enable meaningful debt reduction while retaining significant equity upside in the business with a highly capable new partner that will increase its future growth prospects.\u201d<\/p>\n<p>Shares of B. Riley have tumbled in recent years as its investments soured and US authorities probed some of its business deals and disclosures. The Los Angeles-based firm missed a deadline for filing its second-quarter financial statements, which are still pending. Riley and his company have said there\u2019s been no wrongdoing and they\u2019re cooperating with authorities.<\/p>\n<p>Moelis &amp; Co. served as the exclusive financial adviser to B. Riley, and Sullivan &amp; Cromwell was legal adviser. Wachtell, Lipton, Rosen &amp; Katz served as legal adviser to Oaktree.<\/p>\n<p>Most Read from Bloomberg Businessweek<\/p>\n<p>\u00a92024 Bloomberg L.P.<\/p>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/finance.yahoo.com\/news\/b-riley-reaches-deal-oaktree-112418823.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Bloomberg) &#8212; B. Riley Financial Inc., the money-losing broker-dealer and investment firm looking to cut debt, agreed to sell a majority stake in its Great American Holdings business to funds &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=114161\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-114161","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/114161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=114161"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/114161\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=114161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=114161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=114161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}