TITLE

Chesapeake ABS seen withstanding PHH spin-off

AUTHOR(S)
H. B. O.
PUB. DATE
February 2005
SOURCE
Private Placement Letter;2/7/2005, Vol. 23 Issue 5, p7
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article reports that Cendant Corp., the largest travel and real estate services company in the U.S., has announced last week that it had spun off subsidiary, PHH Corp., an entity that housed the mortgage and fleet leasing operations of the parent company. Following the distribution of PHH shares to its stockholders, Standard & Poor's Corp. cut PPH's long-term counterparty rating one notch to triple-B and Moody's Investors Service lowered PHH's senior unsecured debt ratings to 'Baa3' from 'Baal' and its commercial paper rating to 'P-3' from 'P-2'.
ACCESSION #
15952110

 

Related Articles

  • Cendant Board OKs Sale of Mortgage Unit.  // American Banker;1/7/2005, Vol. 170 Issue 5, p20 

    Reports that Cendant Corporation's board of directors approved the planned sale of PHH Corporation, the company's mortgage and fleet business, to shareholders. Statement that Cendant Corporation will then enter into a mortgage-origination venture with PHH; Plans of Cendant to sell Wright Express.

  • Akzo Confirms Plans to Divest Impregnated Papers Business. Young, Ian // Chemical Week;6/4/2003, Vol. 165 Issue 20, p14 

    Reports on the plan of Akzo Nobel to divest its Casco Impregnated Papers subsidiary. Agreement of Akzo to sell Casco to private equity capital companies; Capital companies vying for the deal; Amount of the deal.

  • Cendant Could Be a Paradigm For Future Deals, Breakups. Sikora, Martin // Mergers & Acquisitions: The Dealermaker's Journal;Jan2006, Vol. 41 Issue 1, p16 

    The article focuses on the break up of Cendant Corp. into several firms. Fleet manager PHH Corp. is one of Cendant's businesses that was included in the spin off. The remaining operations of Cendant will be divided into four separate companies. Mark Sirower of PricewaterhouseCoopers comments on...

  • Corporate Divestitures: How to Sell Off a Subsidiary. Speiser, Marvin M. // Management Review;Apr69, Vol. 58 Issue 4, p2 

    Discusses how a corporation can sell off a subsidiary. Need to convince the management of a divestible subsidiary or division that it will be happier elsewhere; Strategies in winning the cooperation of subsidiary officers; Steps in finding a buyer; Sales pitch; Payment arrangement;...

  • PHH Spin-off Comes at a Price. Muolo, Paul // National Mortgage News;2/14/2005, Vol. 29 Issue 21, p6 

    Reports on after taxes worth as much as $650 million that cost Cendant Corp. due to its spin-off of its mortgage and fleet unit to the public. Price of shares traded by the resulting company PHH Corp. which gave it a market capitalization of $1.06 billion; Statement of Cendant that it would take...

  • Two Execs from a GMAC Unit to Retire. Quinn, Matthew // American Banker;8/9/2005, Vol. 170 Issue 152, p9 

    Reports that two executives from General Motors Acceptance Corporation's GMAC Commercial Holding Corporation, are retiring, following GMAC's announcement that it is selling a 60 percent stake in the commercial mortgage unit. Retirements of chairman David Creamer and vice chairman Charles...

  • Cendant sells Travelport.  // BRW;7/6/2006, Vol. 28 Issue 26, p73 

    The article reports on the sale of the Travelport unit by Cendant Corp., a travel and real estate conglomerate, to Blackstone Group Inc. at a cost of $4.3 billion.

  • Mergers & Acquisitions. Simpson, Wayne A. // Enterprise/Salt Lake City;5/8/2006, Vol. 35 Issue 44, p6 

    The author discusses issues related to the sale of business enterprises. He argues that deciding whether to sell a business enterprise is a difficult one and raises several questions on the part of a business owner. The reasons for selling a business as well as the reasons not to sell are also...

  • SDC Worldwide Mergers & Acquisitions.  // Mergers & Acquisitions Report;6/21/2004, Vol. 17 Issue 25, p7 

    Provides information on several worldwide mergers and acquisitions as of June 21, 2004. Summary of U.S. public merger activity greater than $50 million; Private targets greater than $50 million; Divestitures greater than $50 million.

Share

Read the Article

Courtesy of NEW JERSEY STATE LIBRARY

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics