Market Chatter: Malian Tax Authorities Reopen Barrick Mining's Office
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Yahoo
2 hours ago
- Yahoo
Exactech Reaches Consensual Agreement with Unsecured Creditors Committee, Completes Court Filing of Amended Plan
Plan Confirmation and Sale Approval Court Date Expected in Early September GAINESVILLE, Fla., July 24, 2025 /PRNewswire/ -- Exactech, a global medical technology leader, has filed its updated plan of reorganization with the Court, having reached agreement with the Unsecured Creditors Committee (UCC) on details of a consensual plan to accompany the sale of its assets to a new ownership group. Court confirmation of the final plan and approval of the sale is anticipated in early September. The proposed plan was amended to include a new trust structure that will allow general unsecured claimants, including litigation plaintiffs, to continue asserting claims through the trust as it pursues recoveries from non-debtor parties. Additionally, Exactech will receive approximately $60 million of additional financing (for a total of approximately $150 million), provided by Exactech's proposed new owners, to ensure adequate funding as the company continues business as usual operations during the remainder of the proceedings. After the Court confirms the final plan and approves the sale, the company's new owners - which include Strategic Value Partners, LLC (together with its affiliates, "SVP"), Stellex Capital Management, LLC, and Greywolf Capital Management LP - will acquire substantially all of Exactech's operations and assets free and clear, forming a new company strategically positioned for long-term success executing its mission to be the leading surgeon partner in orthopedics. "This agreement represents a significant milestone on the path to Court approval of our plan of reorganization and emergence under new ownership," said Exactech President and CEO Darin Johnson. "We look forward to the Court's approval of the sale and confirmation of the plan over the next several weeks. Throughout this process, we have continued to develop and provide high-quality medical devices for our surgeons and their patients, and we will accelerate this progress as we emerge with a stronger foundation for long-term growth in partnership with our new owners." David Molton, counsel for the Unsecured Creditors Committee, shared that "the UCC, in its efforts to obtain a fair recovery for claimants, appreciates the positive coordination with the new owners and management in developing a consensual plan that keeps litigation claims against certain non-debtor parties in play and, at the same time, ensures that business operations are stewarded forward under new ownership." The UCC encourages its constituents to vote in favor of the amended plan so that the court proceedings can conclude. SVP, Stellex and Greywolf collectively have $29 billion in assets under management and extensive operational expertise in the medical technology and device manufacturing industries. About ExactechExactech is a global medical technology leader that empowers orthopaedic surgeons with innovative implants, surgical instruments and the Active Intelligence® (AI) ecosystem of smart technologies to give patients EXACTLY what they need to regain mobility. Visit for more information and connect with us on LinkedIn, Vumedi, YouTube, Instagram and X. About SVPSVP is a global alternative investment firm that focuses on special situations, private equity, opportunistic credit and financing opportunities. The firm uses a combination of sourcing, financial and operational expertise to unlock value in its portfolio companies. Today SVP manages approximately $22 billion in assets under management, and since inception, has invested more than $50 billion of capital, including more than $18 billion in Europe. The firm, established by Victor Khosla in 2001, has over 200 employees, including more than 100 investment professionals, across its main offices in Greenwich (CT) and London, and a presence in Tokyo. Learn more at About Stellex Capital Management, LLCWith offices in New York, Pittsburgh, Detroit, and London, Stellex Capital is a private equity firm with over $3.9 billion in assets under management. Stellex seeks to identify and deploy capital in opportunities that stand to benefit from its operationally focused and hands-on approach to investing. Portfolio companies are supported by Stellex's industry knowledge, operating capabilities, network of senior executives, strategic insights, and access to capital. About Greywolf LPFounded in 2003, Greywolf Capital Management LP ("Greywolf" or the "Firm") is a registered investment adviser with over $3 billion in assets under management allocated across our Distressed/Special Situations, CLO Credit and Hard Asset Strategies. Our accomplished and cohesive team of 32 includes 14 dedicated investment professionals. At Greywolf, we combine the expertise developed over our history with time-tested portfolio management skills to offer attractive, risk-adjusted returns over the long-term with little correlation to the broad based markets. The Firm has earned a reputation for its commitment to integrity, transparency and alignment as a true partner with our investors. View original content to download multimedia: SOURCE Exactech, Inc Error in retrieving data Sign in to access your portfolio Error in retrieving data
News24
5 hours ago
- News24
Ramaphosa warns Trump's tariffs highlight urgency to diversify vehicle exports
@PresidencyZA/X Ramaphosa urges the auto sector to reduce reliance on US exports. BMW's new hybrid model aligns with green mobility priorities. Government pledges incentives for electric vehicles (EVs) production and mineral processing. President Cyril Ramaphosa has warned that the newly announced tariffs by the US could pose significant risks to SA's automotive exports, urging the sector to diversify its markets and increase domestic value creation. A 30% tariff on SA's exports to the US is set to be implemented on 1 August. Speaking at the launch of BMW's new X3 plug-in hybrid electric vehicle at its Rosslyn plant in Pretoria on Thursday, Ramaphosa praised the company's continued investment in the country but cautioned that reliance on a few export destinations, such as the US and Europe, could leave the local industry exposed. 'The recent announcement on tariffs by the US, of course, has a huge impact on all of us,' said Ramaphosa. It further underscores the need for us to diversify our export base and to accelerate domestic value creation as well. President Cyril Ramaphosa He said while BMW's decision to export the new X3 to Europe was welcomed, SA must also expand its footprint across the continent, particularly within the Southern African Development Community. 'We need to open our eyes and our ears and see where else our vehicles can go,' the president said. SA's automotive sector contributes 4.9% to the country's GDP and supports more than 115 000 direct jobs. Ramaphosa described the industry as the 'lead spine' of the country's industrial strategy and said the BMW Group's role in its development was both longstanding and crucial. He said BMW's decision to produce hybrid vehicles locally aligns with the country's transition to a low-carbon economy and the global push towards green mobility. 'We are committed and determined to ensure that there is an enabling regulatory and policy environment to make it easier for companies like BMW to continue to innovate,' he said. This includes support through the Automotive Production and Development Programme, the Electric Vehicle White Paper, and targeted incentives for battery cell production, clean mobility research and critical mineral beneficiation. Ramaphosa also praised the company's broader economic contribution, including its training academy, the Youth Employment Service programme and its investment in digital skills through its IT hub. He said BMW's continued presence and reinvestment, including its R4.2 billion pledge at the SA Investment Conference, was a sign of trust in local workers, who the company refers to as 'associates'. 'You are now going to be producing a high-end vehicle for the world market,' he said to the BMW staff at the plant. It will come from your hands, as associates of this company. The Rosslyn plant was BMW's first production facility built outside Germany and has operated in the country for more than 50 years. Ramaphosa described the plant as a model of industrial transformation, job creation and inclusive growth.
Yahoo
5 hours ago
- Yahoo
Canada's First Quantum to explore gold pre-payment deal from Zambian mines
By Divya Rajagopal TORONTO (Reuters) -Canadian miner First Quantum Minerals is exploring a gold pre-payment deal from its Zambian mines to boost its balance sheet, CFO Ryan MacWilliam told analysts on Thursday, as the company looks at new options to raise funds beyond a stake sale. The company was exploring a minority stake sale of its two Zambian mines last year. On Thursday, First Quantum said while the stake sale is not off the table, it will be exploring gold streaming deals from its Kansanshi mine in Zambia. "We have obviously seen record high gold prices, that means the gold pre-payment or streaming market is strong, it is obviously an active market, and that gives a variety of options from a financial perspective, in addition to those we have talked about before," MacWilliam said on an analyst call discussing the company's quarterly results. Gold streaming is a financing mechanism in which a buyer makes an up-front payment to a miner in exchange for purchasing future production from the miner, usually at a predetermined price. Shares of First Quantum were last trading up 1% on the Toronto Stock Exchange. The two mines in Zambia are crucial assets for First Quantum after the shutdown of its Cobre Panama copper mine in 2023 following a dispute with the Panamanian government. The company said it continues to have active discussions with Panamanian officials to bring about a resolution. Panama's top court ordered the closure of the mine after large public protests against it. After months of negotiations, Panama President Jose Mulino allowed the company to export copper concentrate from the mine in June, which was mined before the previous government ordered the shutdown. First Quantum said it is spending $15 million per month on the care and maintenance of the Cobre Panama mine, a figure that is expected to go up to $17 million to $18 million by the end of this year. According to RBC Capital Markets, the company ended the quarter with $745 million in cash and $6.2 billion in debt compared to $751 million in cash and $6.5 billion in debt at the end of the first quarter of 2025. (Divya Rajagopal in Toronto; Editing by Nia Williams)
