Cerberus Capital Management LP is working on a mechanism that would allow its fund investors to exit Freedom Group Inc, the maker of the Bushmaster rifle used in the Newtown, Connecticut school shooting rampage, people familiar with the matter said on Sunday.The move comes a year after the New York-based private equity firm said it would sell Freedom Group, a pledge that was made four days after 26 people, most of them children, were killed at the Sandy Hook Elementary School in Newtown.It is the clearest indication yet that Cerberus has been struggling to sell Freedom Group amid reluctance from Wall Street banks to finance such a transaction, though people familiar with the matter said efforts were continuing to attract a feasible offer.Full details of the mechanism were not disclosed but the sources said Cerberus would seek a credit amendment with existing lenders of Freedom Group on Monday for a new debt facility in a conference call organized by Bank of America Merrill Lynch.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC traded higher by 0.84% or $0.13/share to $15.56. In the past year, the shares have traded as low as $10.46 and as high as $15.98. On average, 93959000 shares of BAC exchange hands on a given day and today's volume is recorded at 92203072.
The Children's Place Retail Stores, Inc. operates as a specialty retailer of apparel and accessories for children. Shares of PLCE fell by 0.15% or $-0.08/share to $53.12. In the past year, the shares have traded as low as $42.21 and as high as $58.89. On average, 421356 shares of PLCE exchange hands on a given day and today's volume is recorded at 512979.
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