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US DFC approves $150M conditional loan commitment for Balama graphite mine in Mozambique

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The US Development Finance Corporation’s (DFC’s) Board of Directors approved the provision of up to $150 million in financing to Twigg Exploration and Mining—a wholly-owned subsidiary of Australia-based Syrah Resources Limited—to fund investments in the company’s graphite mining and processing operation in Balama, Mozambique.

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A123 Systems receives interim court approval of $50M DIP financing from Wanxiang; responds to objections from Wanxiang, Fisker and others on asset sales process

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announced that the United States Bankruptcy Court for the District of Delaware (the "Court") has granted A123 interim approval to use $50 million of Debtor-in-Possession (DIP) financing, which is being provided by Wanxiang Group Corporation (Wanxiang). The financing supplements the pre-petition $22.5

Financing 225
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Visteon Files for Chapter 11 Reorganization in United States

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Global automotive supplier Visteon Corporation and certain of its US subsidiaries voluntarily filed petitions for relief under Chapter 11 of the US Bankruptcy Code. Ford Motor Company has executed a commitment letter to support debtor-in-possession financing for Visteon’s restructuring efforts and to ensure long-term continuity of supply.

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SEC charges Volkswagen AG, former CEO Winterkorn with defrauding bond investors during emissions fraud

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The US Securities and Exchange Commission charged Volkswagen AG, two of its subsidiaries, and its former CEO, Martin Winterkorn, for defrauding US investors, raising billions of dollars through the corporate bond and fixed income markets while making a series of deceptive claims about the environmental impact of the company’s “clean diesel” fleet.

Emissions 191
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Bank of America joins Stanford’s Global Climate & Energy Project

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The GCEP collaboration expects to benefit from the bank’s expertise in financing sustainable businesses dedicated to addressing climate change and advancing low-carbon solutions. Bank of America’s member on the GCEP management committee will be James Mahoney, the bank’s corporate communications and public policy executive.

Climate 218
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Osum Oil Sands closes $500M private placement; new investors include government of Singapore

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The financing was led by a combination of new and existing shareholders. McCarthy Tetrault LLP acted as Canadian legal counsel while Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as United States legal counsel to Osum. Stikeman Elliot LLP acted as legal counsel to the KERN led shareholder group.

Oil-Sands 210
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Avis Budget group to acquire car-sharing company Zipcar in cash deal for approximately $500 million

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Car sharing has grown to be a nearly $400-million business in the United States and is expanding rapidly in major cities around the world. Avis Budget Group expects to fund the purchase price primarily with incremental corporate debt borrowings, as well as available cash. Click to enlarge. Source: Avis Budget. Click to enlarge.

Companies 218