Oaktree Capital Management

Oaktree Capital Management, Inc.
Public
Traded as NYSE: OAK
Industry Financial services
Founded April 1995 (1995-04)[1]
Founders Howard Marks, Bruce Karsh, Steve Kaplan, Larry Keele, Richard Masson, Sheldon Stone[1]
Headquarters Los Angeles, California, USA
Number of locations
 18[2]
Key people
 Howard Marks
(Co-Chairman)
Bruce Karsh
(Co-Chairman and CIO)
John Frank
(Vice Chairman)
Jay Wintrob
(CEO)
AUM US$100 billion (as of December 31, 2017)[3]
Website oaktreecapital.com

Oaktree Capital Management is an American global asset management firm specializing in alternative investment strategies. It is the largest distressed investor in the world, and one of the largest credit investors in the world.[4][5] Oaktree emphasizes an opportunistic, value-oriented, and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing (including private equity and special situations), convertible securities, real estate and listed equities.

As of December 31, 2017, the company managed $100 billion for its clientele which includes 75 of the 100 largest U.S. pension plans, as well as public funds, foundations, corporate and insurance companies, endowments, and sovereign wealth funds.[6][7] The company’s co-chairman, Howard Marks, has been described as “one of the savviest investors in the world,”[8] and is known in the investment community for letters to investors called the "Oaktree memos”.[9]

The firm was co-founded in 1995 by a group who had formerly worked together at the TCW Group starting in the 1980s. Oaktree quickly established a reputation in the high-yield and distressed-debt markets.[10] On April 12, 2012, Oaktree Capital Group LLC became listed on the NYSE: OAK.[11][12]

Firm overview

Oaktree is headquartered in the Wells Fargo Tower in Los Angeles, seen here as the building on the left

With headquarters in Los Angeles,[13] the firm has over 900 employees[14] and offices in 18 cities worldwide (Los Angeles; London; New York City; Hong Kong; Stamford, Connecticut; Tokyo; Luxembourg; Paris; Frankfurt; Singapore; Seoul; Beijing; Amsterdam; Dubai; Houston; Shanghai; and Sydney).[11]

Investment philosophy

Oaktree has a value-oriented investment philosophy, emphasizing risk-control, consistency and specialization, with a focus on opportunities that offer a margin of safety.[11] On November 12, 2011, the Financial Times said of Oaktree’s approach: “the heart of risk management Oaktree-style, with its emphasis on living to fight another day, is simple. Oaktree eschews overly complicated hedging strategies.”[8] The firm specializes in off-the-beaten-path and contrarian investments,[15] and favors companies with tangible assets.[16] The firm's motto is “if we avoid the losers, the winners will take care of themselves.”[17]

Investment focus

Oaktree invests across the capital structure, with an emphasis on senior debt in companies and markets where it has what it calls a “knowledge advantage.” Distressed or otherwise ailing companies, according to Oaktree, provide such opportunities.

Since its 1995 formation, Oaktree has become the largest distressed-debt investor in the world.[4][18] In 2008, it raised $10.9 billion for what was the largest-ever distressed debt fund, its Opportunities Fund VIIb.[19] As reported in The Washington Post on June 26, 2011, Oaktree’s 17 distressed-debt funds (which do not use leverage) have averaged annual gains of 19% after fees for the past 22 years.[20]

In addition to credit investments in distressed debt and high-yield bonds, Oaktree also invests in areas such as private equity, real estate and listed equities. In recent years, the company has expanded its real estate activities.[11]

Investor base

Oaktree’s clientele includes 75 of the 100 largest U.S. pension plans, 38 states in the United States, over 400 corporations and/or their pension funds, over 350 university, charitable and other endowments and foundations, 15 sovereign wealth funds.[21][22] According to the Wall Street Journal, Oaktree has “long been considered a stable repository for pension-fund and endowment money.”[23]

The company’s distressed-debt funds are often over-subscribed, and in 2010 Oaktree turned down potential investors due to self-imposed limits on fund size.[24] By law, clients are required to be so-called accredited investors, however, sub-advisory relationships with mutual funds such as The Vanguard Group, Eaton Vance, and Russell Investment Group and its public funds (BDCs, Non-Traded REIT, and SICAV vehicles) provide smaller investors access to Oaktree’s portfolio managers.

History

Early years (1995–1999)

Oaktree was founded in 1995 by a group of principals who first joined together at the TCW Group in the mid-1980s[25] to manage high yield bonds, convertible securities, distressed debt, real estate, and principal investments.[26] Within three months of its founding in 1995, “more than 30 TCW clients transferred $1.5 billion in assets to Oaktree.”[15][27]

Oaktree has formed various sub-advisory relationships since 1995. In 1996, Oaktree was selected as the sub-advisor for the Vanguard Convertible Securities Fund.[26]

Since 1995, Oaktree has created what it refers to as “step-out” strategies, usually coincident with the opening of new offices around the world. Its growth in strategies has largely focused on expanding into European and Asian markets. Between 1997 and 1999, Oaktree created 3 new strategies: Emerging Markets Absolute Return in 1997, European High Yield Bonds in 1999, and Power Opportunities in 1999.[22] Oaktree was one of the first U.S.-headquartered alternative asset managers with dedicated European investment teams focused on credit.[26]

Expansion (2000–2010)

In 2001 Oaktree continued to introduce new "step-out" strategies, starting with Mezzanine Finance. Asia Principal Opportunities (2006) followed, along with European Principal Investments (2006), European Senior Loans (2006), U.S. Senior Loans and Value Opportunities (2007), Global High Yield Bonds (2010), Emerging Markets Equities (2011), and Real Estate Debt (2012).[26][28][22]

In 2005 the Securities And Exchange Commission ordered Oaktree to pay a fine, interest, and disgorge profits after the SEC ruled they had "sold securities short" before the five legal business days after a public offering pricing had gone public. Oaktree was required to put in place policies and procedures to prevent violations in the future.[29]

In 2008, the firm raised $11 billion for their distressed debt fund.[19][30] In 2009, Oaktree was selected by the U.S. Treasury, along with eight other managers (BlackRock, Invesco, AllianceBernstein and others)[31] to participate in the government’s Public-Private Investment Program (PPIP).[32] At the time of Oaktree’s inclusion in the PPIP program, The New York Times reported: “Howard S. Marks is the sort of financier who Washington hopes will help fix the nation’s tumbledown banks.”[33] As of December 31, 2017, the Oaktree PPIP Fund, L.P. had a gross return of 28%.[28][34][22]

Recent years (2010–present)

Relationship expansion

In recent years, the company has formed several strategic relationships. In 2009, Oaktree acquired a 20% stake in DoubleLine Capital, a Los Angeles-based investment firm specializing in mortgage-backed fixed income portfolios.[35]

Its relationship with Vanguard was expanded in 2011, when Oaktree was selected as one of four firms to manage Vanguard’s Emerging Markets Select Stock Fund. In 2010, Oaktree was named one of three advisors to the Russell Global Opportunistic Credit Fund and was selected as a manager for the Credit Suisse (Lux) I Fund in 2011.[26]

In 2017, Eaton Vance launched the Oaktree Diversified Credit NextShares exchange-traded managed fund with Oaktree as subadvisor. Also, in 2017, Oaktree launched two BDCs: Oaktree Specialty Lending Corporation and Oaktree Strategic Income Corporation.

In 2018, Oaktree filed a registration statement to launch a non-traded REIT.[36]

European sovereign-debt crisis

Seeking investment opportunities created by the European sovereign-debt crisis,[37][38] Oaktree started its European Principal Fund III in November 2011 with committed capital of some €3 billion.[39]

Other recent funds

According to the company’s published financial results, Oaktree raised $12 billion for Oaktree Opportunities Funds X and Xb (“Opps X and Xb”).[22] Like its other Opportunities funds, Fund X and Xb will focus on “market pricing inefficiencies resulting from company reorganizations and restructurings, and the senior and secured debt of operationally sound, overleveraged companies in the United States and Western Europe.”[40] New strategies, such as Strategic Credit, European Private Debt, Emerging Markets Total Return, Emerging Markets Opportunities, Value Equities, Infrastructure Investing, Real Estate Income, European High Yield Bonds and Senior Loans, Global Credit, and Middle Market Direct Lending were also added to the platform.[22]

NYSE listing

On April 12, 2012, Oaktree became a publicly traded partnership with shares listed on the NYSE.[12] The company was previously listed on GSTrUE, a private over-the-counter exchange run by Goldman Sachs[41] which officially ceased operations[42] in 2012 after Oaktree, along with Apollo Global Management (in 2011), de-listed and moved to the NYSE.[43]

Investment funds

Oaktree’s current investment activities are divided across six main asset classes: distressed debt,[44] corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Fund structures within each asset class vary, and are organized into closed-end, open-end, or so-called “evergreen” fund types.

Oaktree’s fund offerings are organized into three broad categories based on liquidity and lock-up period:

  • Closed-End Funds: Closed-end funds are structured as limited partnerships that have a 10- or 11-year term and have a specified period during which clients can subscribe for limited partnership interests in the fund. Closed-end funds have a three-, four- or five-year investment period.
  • Open-End Funds: Commingled open-end funds are structured as limited partnerships that admit clients as new limited partners on an ongoing basis. Unlike close-end funds, these funds do not have an investment period. Capital may be committed to new investments at any time during the fund’s life.
  • Evergreen Funds: “Evergreen funds” invest in marketable securities on a long and short basis. Like open-end funds, Oaktree’s evergreen funds accept new capital on an ongoing basis. Clients in evergreen funds are generally subject to a lock-up period of between one and three years.[28]

The following tables list the company’s strategies and funds since inception (including TCW funds directed by Oaktree managers before they left TCW to found Oaktree in 1995):

Closed-End Funds

Fund Inception Date Committed
Capital ($m)
Distressed Debt
TCW Special Credits Fund I, L.P. Oct-1988 $97
TCW Special Credits Fund II, L.P. Jul-1990 $261
TCW Special Credits Fund IIb, L.P. Dec-1990 $153
TCW Special Credits Fund III, L.P. Nov-1991 $329
TCW Special Credits Fund IIIb, L.P. Apr-1992 $6447
TCW Special Credits Fund IV, L.P. Jun-1993 $394
OCM Opportunities Fund, L.P. Oct-1995 $771
OCM Opportunities Fund II, L.P. Oct-1997 $1,550
OCM Opportunities Fund III, L.P. Sep-1999 $2,077
OCM Opportunities Fund IV, L.P. Sep-2001 $2,125
OCM Opportunities Fund IVb, L.P. May-2002 $1,339
OCM Opportunities Fund V, L.P. Jun-2004 $1,179
OCM Opportunities Fund VI, L.P. Jul-2005 $1,773
OCM Opportunities Fund VII, L.P. Mar-2007 $3,598
OCM Opportunities Fund VIIb, L.P. May-2008 $10,940
Special Account A Nov-2008 $253
Oaktree Opportunities Fund VIII, L.P. Oct-2009 $4,507
Special Account B Nov-2009 $1,031
Oaktree Opportunities Fund VIIIb, L.P. Aug-2011 $2,692
Oaktree Opportunities Fund IX Jan 2014 $5,066
Oaktree Opportunities Fund X Jan 2016 $3,603
Oaktree Opportunities Fund Xb TBD $8,872
Special Situations
TCW Special Credits Fund V, L.P. Apr-1994 $401
OCM Principal Opportunities Fund, L.P. Jul-1996 $625
OCM Principal Opportunities Fund II, L.P. Dec-2000 $1,275
OCM Principal Opportunities Fund III, L.P. Nov-2003 $1,400
OCM Principal Opportunities Fund IV, L.P. Oct-2006 $3,328
Special Account C Dec-2008 $505
Oaktree Capital Principal Fund V, L.P. Feb-2009 $2,827
Oaktree Special Situations L.P. Nov-2015 $1,377
European Principal
OCM European Principal Opportunities Fund, L.P. Mar-2006 $495
OCM European Principal Opportunities Fund II, L.P. Dec-2007 €1,759
Oaktree Capital European Principal Fund III, L.P. Nov-2011 €3,164
Oaktree European Principal Fund IV.L.P Jul-2017 €1,119
European Private Debt
Special Account E Oct 2013 €379
Oaktree European Dislocation Fund Oct 2013 €294
Oaktree European Capital Solutions Fund Dec 2015 €703
Power Opportunities
OCM/GFI Power Opportunities Fund, L.P. Nov-1999 $449
OCM/GFI Power Opportunities Fund II, L.P. Nov-2004 $1,021
Oaktree Capital Power Opportunities Fund III, L.P. Apr-2010 $1,062
Oaktree Capital Power Opportunities Fund IV, L.P. Nov-2015 $1,106
Real Estate Opportunities
TCW Special Credits Fund VI, L.P. Aug-1994 $506
OCM Real Estate Opportunities Fund A, L.P. Feb-1996 $379
OCM Real Estate Opportunities Fund B, L.P. Mar-1997 $285
OCM Real Estate Opportunities Fund II, L.P. Dec-1998 $464
OCM Real Estate Opportunities Fund III, L.P. Sep-2002 $707
OCM Real Estate Opportunities Fund IV, L.P. Dec-2007 $450
Special Account D Nov-2009 $256
Oaktree Capital Real Estate Opportunities Fund V, L.P. Mar-2011 $1,283
Oaktree Real Estate Opportunities Fund VI Aug 2012 $2,677
Oaktree Real Estate Opportunities Fund VII Jan-2016 $2,921
Real Estate Debt
Oaktree Capital PPIP Fund, L.P. Dec-2009 $2,322
Oaktree Real Estate Debt Fund Sep 2013 $1,112
Oaktree Real Estate Debt Fund II Mar-2017 $1,237
Real Estate Income
Special Account G Oct-2016 $615
U.S. Private Debt
OCM Mezzanine Fund I, L.P. Oct-2001 $808
OCM Mezzanine Fund II, L.P. Jun-2005 $1,251
Oaktree Capital Mezzanine Fund III, L.P. Dec-2009 $1,592
Oaktree Mezzanine Fund IV Oct 2014 $852
Infrastructure Investing
Highstar Capital IV Nov 2010 $2,000
Emerging Markets Opportunities
Oaktree Emerging Market Opportunities Fund Sept 2013 $384
Special Account Jan 2014 $253

Open-End Funds

Fund Inception Date AUM ($m)
Open End Fund
U.S. High Yield Bonds 1986 $16,428
U.S. Convertibles 1987 $2,668
High Income Convertibles 1989 $1,091
Non-U.S. Convertibles 1994 $1,468
European High Yield Bonds 1999 $1,012
U.S. Senior Loans 2008 $1,311
European Senior Loans 2009 $1,753
Global High Yield Bonds 2010 $4,377
Emerging Markets Equities 2011 $4,024
Multi-strategy Credit 2017 $702

Evergreen Funds

Fund Inception Date AUM ($m)
Evergreen Fund
Strategic Credit 2012 $5,087
Value Opportunities 2007 $1,102
Value Equities 2012 $461
Emerging Markets Debt Total Return 2015 $896

Assets

Current as of December 31, 2017:[45]

Assets by client type
Client type%US$
(millions)
Public Funds2322,699
Corporate and Corporate Pensions2222,217
Sovereign Wealth Funds87,732
Endowments and Foundations55,355
Insurance companies109,585
Private - HNW/Family Office55,106
Intermediary distribution1111,043
Fund of Funds32,917
Unions22,155
Oaktree and Affiliates44,092
Other77,327
TOTAL100100,228
Assets by asset class
Type%US$
(millions)
Corporate Debt4342,689
Convertible Securities55,256
Distressed Debt2424,120
Control Investing1414,505
Real Estate98,963
Listed Equities54,695
TOTAL100100,228

Select Past and Current Investments

See also

  • Category:Oaktree Capital Management

References

  1. 1 2 "The Oaktree story". Los Angeles: Oaktree Capital Management. Retrieved 2010-05-12.
  2. ↑ "Oaktree's global presence". Los Angeles: Oaktree Capital Management. Retrieved 2010-05-12.
  3. ↑ SEC 10-k filing
  4. 1 2 Atlas, Riva (2001). "Company in Trouble? They're Waiting". New York Times. |access-date= requires |url= (help)
  5. ↑ "PDI Top 30 Private Debt Ranking" (PDF).
  6. ↑ "About Oaktree". www.oaktreecapital.com. Retrieved 2017-06-17.
  7. ↑ "SEC FILING | Oaktree Capital Group LLC Form 10-K". services.corporate-ir.net. Retrieved 2018-05-23.
  8. 1 2 Sender, Henry (November 12, 2011). "MF Global Reminds us we have much to learn from crisis". Financial Times. |access-date= requires |url= (help)
  9. ↑ Lattman, Peter (May 18, 2011). "Oaktree Capital, an Investment Firm, Is Said to Plan Stock Exchange Listing". New York Times. |access-date= requires |url= (help)
  10. ↑ Capitalcapital.com/about/investment-philosophy.aspx "Oaktree Capital's investment philosophy" Check |url= value (help). Los Angeles: Oaktree Capital Management. Retrieved 2010-05-12.
  11. 1 2 3 4 "About Oaktree". Los Angeles: Oaktree Capital Management. Retrieved 2010-05-12. Financial figures as of March 31, 2010.
  12. 1 2 Lattman, Peter (April 12, 2012). "Private Goldman Exchange Officially Closes for Business". Business Day: DealBook. |access-date= requires |url= (help)
  13. ↑ Vincent, Roger (November 14, 2014) "Oaktree Capital agrees to expand offices in downtown Los Angeles" Los Angeles Times
  14. ↑ "Oaktree Capital Management Group, LLC; Oaktree Capital Appoints Marna Whittington to Board of Directors". Investment Weekly News. July 21, 2012. |access-date= requires |url= (help)
  15. 1 2 Sender, Henry (November 12, 2011). "MF Global reminds us we have much to learn from the crisis". Financial Times. |access-date= requires |url= (help)
  16. ↑ "Oaktree Capital Management Company". International Directory of Company Histories. Saint James Press. 2005. |access-date= requires |url= (help)
  17. ↑ Thomas, Brad (June 4, 2012). "Why I Don't Currently Own Shares In REITs". Seeking Alpha. Retrieved 2012-07-12.
  18. ↑ "Finance and Economics: The vultures take wing; Investing in distress". The Economist. March 31, 2007. |access-date= requires |url= (help)
  19. 1 2 Arnold, Martin (May 17, 2008). "Oaktree Capital raises 11bn for distressed debt fund". Financial Times. |access-date= requires |url= (help)
  20. ↑ Wee, Gillian (June 26, 2011). "Marks puts Oaktree Capital Management on path to IPO". The Washington Post. Retrieved 2012-07-12.
  21. ↑ "SEC FILING | Oaktree Capital Group LLC Form 10-K". services.corporate-ir.net. Retrieved 2018-06-12.
  22. 1 2 3 4 5 6 "Oaktree Capital Group, LLC" 10-k form.
  23. ↑ Sender, Henry (May 10, 2007). "Oaktree Capital to Try A New Twist For Share Sale; Use of Goldman Market Avoids Regulations, Doesn't Cede Control". The Wall Street Journal. Retrieved 2012-01-12.
  24. ↑ Cox, Rob (May 19, 2011). "A Balancing Act at Oaktree Capital Management". New York Times. |access-date= requires |url= (help)
  25. ↑ Rundle, Rhona (March 16, 1995). "TCW's Junk-Bond Chief, Marks, Others, to Start Their Own Firm -- Departures Are Major Blow and Could be Followed by Client Defections". Wall Street Journal. |access-date= requires |url= (help)
  26. 1 2 3 4 5 Capitalcapital.com/about/Oaktree Capital-story.aspx "The Oaktree Capital Story" Check |url= value (help). Oaktree Capital. 2009. Retrieved 2012-01-12.
  27. ↑ "Oaktree Capital Management Company". International Directory of Company Histories . Reproduced in Business and Company Resource Center. Farmington Hills, Mich.:Gale Group. 2012. |access-date= requires |url= (help)
  28. 1 2 3 "Oaktree Capital S1". United States Securities and Exchange Commission. June 17, 2011. Retrieved 2012-01-12.
  29. ↑ "Oaktree Capital Management Company, Exchange Act Release No. 51709 (May 19, 2005)" (PDF). May 19, 2005. Securities and Exchange Commission. Retrieved 10 August 2011.
  30. ↑ Sakoui, Anousha (October 28, 2008). "Distressed debt funds maintain tight secrecy as offereings abound". Financial Times. |access-date= requires |url= (help)
  31. ↑ Shieber, Jonathan (November 2011). "PPIP Brings Investors Narrow Opportunities, Nice Returns". The Private Equity Analyst. |access-date= requires |url= (help)
  32. ↑ Protess, Ben (January 24, 2011). "Bad Asset Purchase Program Turning a Profit; DealBook". New York Times. |access-date= requires |url= (help)
  33. ↑ Kouwe, Zachery (February 10, 2009). "Washington Hopes 'Vulture' Investors Will Buy Bad Assets". New York Times. Retrieved 2012-07-12.
  34. ↑ Paletta, Damian (July 9, 2009). "Treasury unveils a trimmed down PPIP - Nine fund managers picked for $30 billion program to buy toxic securities; Pimco backs out". Wall Street Journal. |access-date= requires |url= (help)
  35. ↑ "Marks's Oaktree Seen Nearing $1 Billion Gain on Gundlach Bet". Bloomberg.com. 2016-02-18. Retrieved 2018-05-23.
  36. ↑ "https://www.bisnow.com/national/news/capital-markets/global-investment-manager-oaktree-launches-2b-non-traded-reit-85164". www.bisnow.com. Retrieved 2018-05-23. External link in |title= (help)
  37. ↑ Deng, Chao. "Oaktree Capital's Marks Says Investors Should Insist on 'Low Prices' in Europe". LBO Wire. July 3, 2012. |access-date= requires |url= (help)
  38. ↑ Kreutzer, Laura (February 9, 2012). "Washington to Recommend $1B in Private Equity Commitments". LBO Wire. |access-date= requires |url= (help)
  39. ↑ Kuo, Patricia (March 6, 2012). Capital-is-said-to-raise-4-billion-fund-to-buy-distressed-european-assets.html "Oaktree Is Said to Raise $4 Billion Fund to Buy Distressed European Assets" Check |url= value (help). Bloomberg. Retrieved 2012-07-12.
  40. ↑ Davis, Levi (March 30, 2012). "SF Employees Considering Distressed Debt". Money Management Letter. |access-date= requires |url= (help)
  41. ↑ Sender, Henry (May 10, 2007). "Oaktree Capital to try a new twist for share sale; use of Goldman market avoids regulations, doesn't cede control". Wall Street Journal. |access-date= requires |url= (help)
  42. ↑ Sender, Henry (June 18, 2011). "Oaktree Capital Management files for $8bn NYSE listing". Financial Times. |access-date= requires |url= (help)
  43. ↑ Lattman, Peter (April 12, 2012). "Private Goldman Exchange Officially Closes for Business". The New York Times. Retrieved 2012-01-12.
  44. ↑ Sender, Henry (May 17, 2011). "Oaktree Capital Management sows seeds for listing on NYSE". Financial Times. |access-date= requires |url= (help)
  45. ↑ SEC 10k filing
  46. ↑ Hausmann, Daniel (2010-04-23). "Carlyle's Flightplan: Betting On An Aviation Recovery". Private Equity Beat. Dow Jones. Retrieved 2010-05-14.
  47. ↑ Thomas, Nathalie (24 May 2014). "Fitness First raises first external debt since restructuring". The Telegraph. Retrieved 11 February 2016.
  48. ↑ "Quadrant expands wellness empire with acquisition of Fitness First Australia". Australasian Leisure Management. 29 September 2016. Retrieved 19 May 2018.
  49. ↑ Tay, Vivienne (24 February 2017). "Celebrity Fitness and Fitness First Asia set to merge". Marketing. Retrieved 19 May 2018.
  50. ↑ Hill, Laura (4 October 2016). "DW Sports Scoops Up Fitness First UK For £70M". Well To Do. Retrieved 19 May 2018.
  51. ↑ "Investissement, mais coupe claire aux Verreries de l'Orne". L'Usine Nouvelle (in French). Antony, Hauts-de-Seine, France. 2010-04-22. Retrieved 2010-05-14.
  52. ↑ Campofrío Food Group
  53. ↑ Bjork, Christopher (2013-11-14). "Mexico's Alfa Makes $937 Million Bid for Campofrio". Wall Street Journal. ISSN 0099-9660. Retrieved 2018-06-28.
  54. ↑ "Conbipel".
  55. ↑ CONNELLY, LAYLAN. "Quiksilver, free from bankruptcy, talks booze and boardshorts". Retrieved 2016-06-27.
  56. ↑ Fickling, David and Angus Whitley. "Billabong Sees Revival with Oaktree-Centerbridge Debt Plan." Bloomberg
  57. ↑ Nadgir, Santosh (2010-05-13). "Aleris reorganization plan confirmed by court (UPDATE 1)". Bangalore. Reuters. Retrieved 2010-05-14.
  58. ↑ "Almatis Group Files Pre-packaged Chapter 11 Cases to Implement Agreed Financial Restructuring" (Press release). Frankfurt: Almatis Group. 2010-04-30. Retrieved 2010-05-14.
  59. ↑ Marek, Lynne (23 July 2012). "Tribune's bankruptcy exit could mean company breakup". Crain's Chicago Business. Retrieved 1 November 2012.
  60. ↑ "Oaktree Capital sells final stake in Nine Entertainment". The Australian. July 13, 2017.
  61. ↑ "MediaWorks Ownership Update". MediaWorks. 29 April 2015. Retrieved 22 May 2015.

Further reading

  • 2011: The Most Important Thing: Uncommon Sense for the Thoughtful Investor by Howard Marks (Columbia University Press, ISBN 978-0231153683)
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.