DETROIT BUSINESS MAIN 11-20-06 A 1 CDB 11/17/2006 6:07 PM Page 1 ® http://www.crainsdetroit.com Vol. 22, No. 47 NOVEMBER 20 – 26, 2006 $1.50 a copy; $59 a year ©Entire contents copyright 2006 by Crain Communications Inc. All rights reserved THIS JUST IN One D’s big Metaldyne: Deals may Turnaround firms clear way for merger challenge: Metaldyne Corp. on Friday said it has formed agree- ments in principle with two groups of bondholders who Shaking had objected to its pending acquisition by Shizuoka, get M&A attention Japan-based Asahi Tec, bringing it closer to com- pleting the deal. myopia Only minor details re- Strong business has FIRMS WITH BUYOUTS AND OFFERS main, said Jeff Stafeil, Met- BY SHERRI BEGIN Local buyouts and activity in the restructuring industry: aldyne’s executive vice pres- CRAIN’S DETROIT BUSINESS many talking deals Stout Risius Ross Inc., Chicago, sold its Farmington ident and CFO in a Friday Hills-based restructuring group to Grant Thornton L.L.P. in interview with Crain’s. Civic and community leaders BY BRENT SNAVELY October. Metaldyne disclosed say for the new One D regional col- CRAIN’S DETROIT BUSINESS AlixPartners L.L.C., Southfield, sold a majority stake in Thursday that its transac- laborative to succeed, it will need a its business to Hellman & Friedman L.L.C., San tion with Asahi was being detailed plan, accountability and a Metro Detroit’s restructuring firms, which con- Francisco, in August. postponed due to objections willingness to focus on what’s good sist of highly paid professionals that are swamped to the $1.2 billion deal by two for the region rather than for any with work in the automotive industry, are going Ⅲ Lindahl Gross Lievois, a six-member Bingham Farms law firm specializing in bankruptcy and legal groups of bondholders who one organization through their own period of restructuring. restructuring, was acquired in January by McDonald hold $400 million in debt. or community. The ownership of two of metro Detroit’s most Hopkins Co. L.P.A., Cleveland. “We feel like we’ve “So many prominent restructuring firms has changed reached a big milestone,” times in this re- since August and a third has considered several Conway MacKenzie & Dunleavy, Birmingham, has Stafeil said. “We do expect gion we’ve had buyout offers, even though it was not looking for received several buyout offers this year but did not … to close this transaction the viewpoint execute any of the deals. See Restructuring, Page 29 by year-end, or shortly af- that ‘the hole is- ter.” n’t on my end of Due to regulatory issues, the boat,’ ” said Stafeil said Metaldyne was Louis Green, president and CEO of unable to negotiate with its the Michigan Minority Business Devel- bondholders before Sept. 1. opment Council. “That’s foolish- Metaldyne reached the ness.” Kresge Foundation puts agreements with the bond- The group of six regional civic holders last Wednesday, but groups made public its joint work had to postpone the full last week. They are: the Cultural Al- more than $12M behind transaction because final liance of Southeastern Michigan, the details remain. Detroit Metro Convention & Visitors Under the agreements, Bureau, the Detroit Regional Cham- push for sustainable design Stafeil said bondholders ber, Detroit Renaissance, New Detroit who hold $150 million in se- and the United Way for Southeastern BY SHERRI BEGIN Michigan nior notes will receive a con- . CRAIN’S DETROIT BUSINESS sent fee equal to 8 percent of One D said it is talking with oth- the principal while holders er community organizations and It’s easy building green. of $250 million in subordi- leaders as it comes up with a re- That’s the message the Kresge Foundation is nated notes will receive a gional plan. sending to other nonprofits from its new green 12.75 percent consent fee. “Economic or development chal- headquarters in Troy through its Green Building Plus, both groups of bond- lenges cannot be solved by individ- Initiative. holders hold debt in the new- ual jurisdictions Since 2003, the foundation has put more than ly formed company. working alone,” $12 million behind the effort to The original deal called said Edsel Ford encourage nonprofits in Michi- for Asahi Tec’s majority II, who is cham- gan and around the country to owner, Belgium-based RHJ pioning the ef- incorporate sustainable International, and Mitsui & fort. design into their capital Co. Ltd., to invest $188 mil- Ford, who’d projects. lion in Asahi Tec, with $150 been tapped by Kresge planned to in- More Business million to $175 million to be the Detroit Re- vest $8 million in the pro- of Green, contributed to Metaldyne gional Chamber gram, but it has continued Page 11. for debt reduction. to work on its the planning-grant program Ford RHJ is a holding compa- Design Regional and expanded it to meet ny created by New York- Detroit initiative — tabled for now growing demand, said Eliza- based Ripplewood Holdings — urged the formation of One D beth Sullivan, senior vice L.L.C., a private-equity fund when he saw many of the organiza- president for program at whose partners include for- tions working on the same type of Kresge. mer Chrysler Corp. President planning efforts for the region. “The average nonprofit might dismiss the idea Tom Stallkamp. “It was clear to me we needed of building green because they believed it would — Brent Snavely one vision, one plan,” Ford said. PHOTO COURTESY OF THE ATLANTA COMMUNITY FOOD BANK be far more costly than a standard renovation or The Atlanta Community Food Bank built this LEED-certified See This Just In, Page 2 construction project,” she said. See One D, Page 27 facility with the help of grants from the Kresge Foundation. See Kresge, Page 29 McLaren project takes step CRAIN’S LIST forward as Beaumont unveils Largest money managers, NEWSPAPER plans, Page 3 Page 21 DETROIT BUSINESS MAIN 11-20-06 A 2 CDB 11/17/2006 6:05 PM Page 1 Page 2 CRAIN’S DETROIT BUSINESS November 20, 2006 Visteon’s plants in Duren, Ger- Local schools to get $4.2M Presbyterian Villages gets Compuware to host first THIS JUST IN many; Praszka, Poland; and Swansea, Wales. The company to train health workers $5.2M grant for Detroit plan America’s Charities drive ■ From Page 1 also has entered into definitive Four Southeast Michigan col- The U.S. Department of Housing Chantilly, Va.-based America’s talks for Visteon’s Sao Paulo, leges and universities are receiv- and Urban Development has award- Charities has secured participa- Detroit council votes to sell Brazil, drivetrain plant. ing $4.2 million in state grants to ed Presbyterian Villages of Michigan tion in its first Southeast Michi- The plants are among 23 facto- train nurses and other health $5.2 million for construction of a gan-based workplace campaign Rackham for $11.25M care professionals. ries that Visteon has on a list to senior living community in with a drive at Compuware Corp. Detroit City Council voted 5-4 late Eastern Michigan University, Henry sell, fix or close. The Van Buren northwest Detroit. America’s Charities adminis- Friday to sell the Rackham Golf Ford Community College, Oakland Uni- ters workplace giving campaigns, Township-based auto supplier Presbyterian Villages said it Course in Huntington Woods to versity and Wayne State University, in raising funds for individual non- has accelerated its cost-cutting in plans to collaborate with St. Luke’s Farmington Hills-based Premium light of production cuts by do- partnership with local hospitals, profits. About 16 local nonprofits are among 11 educational institu- Episcopal Health Ministries on the Golf L.L.C. for $11.25 million as mestic automakers. are on the group’s roster this part of the city’s divestiture of tions statewide to share $9 million 46-unit community which will be — Crain News Service year, with five to 10 more expect- surplus properties. in grants announced Friday by the located on the site of St. Martha’s ed to be added by March, said Premium Golf wants to develop state. The grants are part of the MI Episcopal Church on Joy Road America’s Charities President the 123-acre site for homes but Florida company buys Opportunity Partnership program west of Greenfield Road. and CEO Don Sodo. may face a court battle to do so. to train workers for fields in Construction on the communi- Two other local employers plan Michigan radiation centers which there is demand. The city of Huntington Woods, ty — Presbyterian Village’s sixth to include the group in workplace — Amy Lane which also bid for the property, The network of radiation treat- in Detroit — is expected to begin campaigns this year and next, he sued Detroit to block the redevel- ment centers in Southeast Michi- by late 2007, the nonprofit said. said. opment. Oakland County Circuit gan known as MIRO Cancer Cen- Eaton’s Southfield office — Sherri Begin — Sherri Begin Court ruled in October that a 1920s ters and Michigan Comprehensive to work on fuel-cell project deed restriction requires the Cancer Institute has been acquired property to continue for public by Fort Myers, Fla.-based Radia- Cleveland-based Eaton Corp. on use. CORRECTIONS tion Therapy Services Inc. Friday said its Southfield office Council also approved sale of a Ⅲ Terms of the deal were withheld. was selected by Ford Motor Co. to A headline on Page 2 of the Nov. 13 issue should have said that portion of the former Detroit Main Street Bank The acquired network treats provide R&D for a hydrogen fuel was in Northville.