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Montreal's Gildan to Acquire Bankrupt Teenage Fashion Icon American Apparel for $66M

Montreal's Gildan to Acquire Bankrupt Teenage Fashion Icon American Apparel for $66M

In August 2016, American Apparel was said to have hired investment bank Houlihan Lockey to explore an exit, as reported by ExitHub at the time. However, by November American Apparel voluntarily filed for Chapter 11 bankruptcy protection once again. The bankruptcy court may require American Apparel to hold an auction for its assets and business under which the proposed acquisition would constitute the initial bid. Consummation of the acquisition would be subject to Gildan being selected as the successful bidder in any such auction and bankruptcy court approval. Gildan will be entitled to a break-up fee and certain expense reimbursements if it does not prevail as the successful bidder at any such auction. The American Apparel brand would represent a complementary addition to Gildan’s portfolio of brands. The acquisition would create revenue growth opportunities by leveraging Gildan’s extensive distribution network in North American and international printwear markets to further increase the brand’s penetration in the faster growing fashion basics segments of these markets. In addition, with American Apparel’s strong heritage as a consumer brand, Gildan said it will evaluate potential wholesale opportunities for leveraging the brand within its Branded Apparel business. Gildan is a leading manufacturer and marketer of quality branded basic family apparel, including T-shirts, fleece, sport shirts, underwear, socks, hosiery, and shapewear. The company sells its products under a diversified portfolio of company-owned brands, including the Gildan, Gold Toe, Anvil, Comfort Colors, Alstyle, Secret, Silks, Kushyfoot, Secret Silk, Peds, MediPeds and Therapy Plus brands. Sock products are also distributed through the company’s exclusive U.S. sock license for the Under Armour brand, and a wide array of products is also marketed through a global license for the Mossy Oak brand. The company sells its products through two primary channels of distribution, namely printwear and retail markets. Gildan distributes its products in printwear markets in the U.S., Canada, Europe, Asia-Pacific, and Latin America. In retail markets, the company sells its products to a broad spectrum of retailers primarily in the U.S. and Canada and also manufactures for select leading global athletic and lifestyle consumer brands. Gildan owns and operates vertically-integrated, large-scale manufacturing facilities which are primarily located in Central America, the Caribbean Basin, North America, and Bangladesh, with over 48,000 employees worldwide.]]>

@ConocoPhillips $COP Seeking to Exit Alaska LNG Facility in 'Golden Age for LNG Buyers'

@ConocoPhillips $COP Seeking to Exit Alaska LNG Facility in 'Golden Age for LNG Buyers'

“There are a large number of sources of potential LNG supply,” added B&V’s Poduval. “It is currently a golden age for LNG buyers.” As U.S. natural gas prices have risen and oil prices have stayed low, it could cost at times more to buy Gulf Coast LNG linked to U.S. natural gas prices (closer to $9 per million Btu when the cost of the feed gas is around $3) than LNG priced at a percentage of a barrel of oil (around $7 to $8 per million Btu with oil at $50 per barrel). Japanese utilities are re-examining the move to U.S. gas-linked LNG pricing and looking for a mix of pricing variables, according to Poduval. Earlier this month, ConocoPhillips outlined the company’s strategy including several actions “for accelerating the company’s value proposition of a strong balance sheet, growing dividend and disciplined growth.” These actions include an initial $3 billion share repurchase program and “the initiation of a $5 to $8 billion divestiture program, which will focus primarily on North American natural gas.” “During the past two years, we have significantly transformed ConocoPhillips to succeed in a lower, more volatile price environment. We’ve lowered the capital intensity and breakeven price of the company, lowered the cost of supply of our investment portfolio, and created strategic flexibility for future price cycles,” said Ryan Lance, chairman and chief executive officer. Earlier this year, ConocoPhillips reportedly sold its stake in the Beluga River Gas field in Alaska’s Cook Inlet to the municipality of Anchorage and Chugach Electric Association, in a $152 million deal. In July, ConocoPhillips agreed to sell its Senegal offshore assets to Australia’s Woodside Petroleum (ASX: WPL) for $350 million. In 2015, Japan, South Korea and Taiwan imported 54 percent of the world’s LNG. By 2020, Black & Veatch estimates that will fall to 40 percent as total demand in the three countries holds flat. China and India are projected to double their LNG imports between 2015 and 2020, with emerging Asian nations to triple their imports. Total demand from China, India and emerging Asian nations could reach almost 80 percent of the annual consumption in Japan, Korea and Taiwan, according to the Kenai Peninsula Borough Mayor’s Office. ConocoPhillips had operations and activities in 20 countries, $94 billion of total assets, and approximately 14,900 employees as of Sept. 30, 2016. Production averaged 1,560 MBOED for the nine months ended Sept. 30, 2016, and proved reserves were 8.2 billion BOE as of Dec. 31, 2015. ConocoPhillips was created through the merger of American oil companies Conoco Inc. and Phillips Petroleum Co. in 2002. In 2012, ConocoPhillips’ spun off its downstream assets as a new, and separate company, Phillips 66.]]>

Sporting Goods Retailer @Cabelas $CAB Actively Exploring Exit Strategies

Sporting Goods Retailer @Cabelas $CAB Actively Exploring Exit Strategies

Omaha World Herald. Seattle-based Nordstrom was the only other retailer that operated a bank until last year, when it sold its $2.2 billion credit-card portfolio to TD Bank. Several banks have reportedly expressed a possible interest in Cabela’s $5 billion credit-card portfolio. Cabela’s, the World’s Foremost Outfitter of hunting, fishing and outdoor gear, was born in 1961 when Dick Cabela came up with the idea of selling fishing flies. From modest beginnings he operated the business with his wife and brother, taking it public in 2004, when it reached $1.5 billion in sales. Dick Cabella died in 2014, after growing the company to over $3 Billion in annual sales. “Few, if any, businesses today survive the kitchen-table dreams of their founders, especially in the outdoor industry where businesses come and go with the changing seasons,” says the company. “Yet, the leader in the outdoor equipment business has done just that – survived, grown and prospered from simple beginnings to become the largest mail-order, retail and Internet outdoor outfitter in the world.” Cabela’s Inc. is a direct marketer and specialty retailer of hunting, fishing, boating, camping, shooting, and related outdoor recreation merchandise. Cabela’s main world headquarters building along Interstate 80 in Sidney, Nebraska encompasses more than 250,000 square feet. The foundation of the company is its world-famous catalog business. The company produces nearly 100 different catalogs per year, including specialty books focusing on such outdoor pursuits as archery, fly-fishing and boating, as well as massive Spring and Fall Master catalogs. Internationally known as a source of affordable, high-quality outdoor equipment, Cabela’s catalogs are shipped to all 50 states and 125 countries. Its Internet department is “growing by leaps and bounds,” the company says. In 2006 Cabela’s web site was ranked No. 1 in the outdoor retail industry.]]>

English Historic £18M Blythburgh Estate on Suffolk Coast For Sale

English Historic £18M Blythburgh Estate on Suffolk Coast For Sale

The Suffolk Coast As the nearest coast to London to have remained largely undisturbed, an area of outstanding natural beauty, famed for its food and produce, The Suffolk Coast is a popular destination for holidaymakers. The charming seaside towns provide fun and frolics for families, sweeping countryside make a playground for cyclists, broadside villages and marshland are the perfect spots for nature lovers, whilst shoppers and foodies are bountifully served by the historic market towns. The Land A little over 1,034 acres of land is farmed on an arable rotation growing a variety of cereal and root crops with some land currently used for outdoor pigs. Most of it is farmed in hand with some crops grown under specialist annual cropping licences including seed potatoes and maize. There is currently no irrigation but with the benefit of water, the soil is suited to growing high value vegetable and salad crops. An application has been submitted for a large irrigation water abstraction licence and is presently being considered by the Environment Agency. There are around 75 acres of upland grass which is mainly permanent pasture for grazing and some 427 acres of heathland is largely grazed under an arrangement with Natural England. The marsh grassland includes 193 acres, part of which can be grazed.  The main areas of reed marshes next to the southern boundary of the estate form part of the largest continuous stand of reedbed in England and Wales. This site is acknowledged by the international Ramsar Convention, which is the intergovernmental treaty that provides the framework for the conservation and wise use of wetlands and their resources. The total acreage of reedbed and salt marshland on the estate is around 482 acres. Across the estate is a variety of woodland ranging from areas planted for timber, amenity and sporting, through to the ungrazed heathland areas with varying tree densities. The main stocking is broad leaf with some evergreens. In all the woodland includes 299 acres. A separate block of over 546 acres, currently farmed on an arable rotation, together with a range of farm buildings with grain storage, is available under separate farming arrangement. Residential Property Portfolio There is a portfolio of residential properties occupied on a variety of tenancies, which generate an annual rental income of around £30,240. Sporting Activities The estate has a long history of extensive pheasant and partridge shooting which continues to be run on a commercial basis with the sporting rights are currently let to a third party until early 2022. The extensive network of tracks and free draining soils ensures there is good vehicular access to all of the drives. History Between the 16th and 18th centuries the marshland areas of the reserve were drained providing grazing land and during the Second World War, those around Walberswick were flooded to act as invasion defences. Throughout the 1940s and 1950s the marshes reverted to reedbeds creating a variety of habitats for wildlife including Marsh Harrier, Bearded Tit, Water Rail and Bittern which are now preserved in the reserve. A derelict Grade II listed windmill built in the late 18th century stands on the marshes and provides an important landscape feature as one of only two remaining drainage mills on the east Suffolk marshes. Near to a pair of cottages on the estate is the site where it is understood that Joe Kennedy Jr, eldest brother to US President John F Kennedy, died during World War II when his aeroplane exploded, when he was working on the secret mission, Project Anvil. Blythburgh Blythburgh is now a small village in a rural setting northeast Suffolk, just under 100 miles from London and four miles from the North Sea at Southwold. It is set in a landscape of outstanding natural beauty with tidal river, marsh, heath, small woods, pasture and arable fields. Its magnificent medieval church commands the valley of the river Blyth and acts as a beacon for travelers on the A12 trunk road that links London and Yarmouth. Blythburgh_HolyTrinity_ChurchThe 300 or so inhabitants are either clustered close to the main road and church, or live in scattered cottages and farmhouses in the fields. Visitors keen to enjoy the cultural and recreational possibilities of the area swell the residents’ numbers: artists, birdwatchers, music lovers, and others come seeking relaxation in a rural environment. Yet Blythburgh’s modest state today belies its past importance. The surrounding landscape is rich in archaeological sites dating from Neolithic to Roman times. Blythburgh itself is an Anglo-Saxon foundation. Christianity came to Suffolk early in the seventh century and Blythburgh was one of its most important centres. Indeed, it may have been the location of the Anglian Episcopal seat generally assumed to be at Dunwich. By 654 Blythburgh had a church to which, according to tradition, the bodies of the Anglian King Anna and his son Jurmin were brought after they fell at Bulcamp in battle with the Mercian Penda. The church could have been one of King Ælfwald’s Ministers (he died in 749). The finding of an eighth-century writing tablet in Blythburgh suggests a literate Christian presence at that time. Certainly Blythburgh was for centuries the local centre of authority. Major criminals were punished there and, for all the commercial importance of Dunwich, its merchants had to go to Blythburgh to change money. At the time of the Norman Conquest in 1066 Blythburgh was part of the royal estate. It was one of Suffolk’s twelve market towns, and its church was especially rich, worth ten times the average for Suffolk, one of the richest counties in England. There were two unendowed daughter churches. Blythburgh must have had considerable wealth and influence. Presented By: Panache Privee Ltd. Luxury Properties. Licensed Real Estate Brokers. New York.]]>