Standard General

Standard General L.P.
Hedge Fund
Founded 2007 (2007)
Headquarters New York City, New York, United States
Website standardgenerallp.com

Standard General L.P. is an American hedge fund specializing in distressed debt founded in 2007 by Soohyung Kim and Nicholas Singer. In 2015, The New York Times described the firm as "the little-known hedge fund that is also leading the turnaround at RadioShack."[1] Standard General has been active in managing the bankruptcies of RadioShack[2] and American Apparel.[3]

History

Standard General became the majority owner of Young Broadcasting after its emergence from chapter 11 bankruptcy in 2010. [4] Young Broadcasting later merged with Media General in November 2013. [5] On January 27, 2016, Media General was sold to Nexstar Broadcasting. [6] Standard General profited $300 million USD from the transaction.

Current Affiliates

General Wireless

In 2015, during RadioShack's chapter 11 bankruptcy proceedings, the Standard General affiliate, General Wireless, was formed to act as the owner and operator of the RadioShack brand and its assets.[7] The new company partnered with Sprint to create co-branded stores, with Sprint's name eventually becoming the primary brand on the exterior and selling both Sprint and RadioShack-branded products and services within.[8]

References

  1. ↑ Hiroko Tabuchi (October 5, 2015). "American Apparel Files for Bankruptcy". The New York Times. Retrieved October 5, 2015.
  2. ↑ Elizabeth A. Harris (August 19, 2014). "RadioShack in Need of Rewiring". The New York Times. Retrieved October 5, 2015.
  3. ↑ William Alden (October 23, 2014). "Drawn to Lost Causes, Hedge Fund Seeks to Turn Them Around". The New York Times. Retrieved October 5, 2015.
  4. ↑ Messmer, Jack (Aug 20, 2012). "Hedge Fund Taking Control Of Young Bcstg". NewsCheckMedia. Retrieved Feb 9, 2016.
  5. ↑ "Media General Completes Merger with Young Broadcasting". Media General (Press release). Nov 12, 2013. Retrieved Feb 9, 2016.
  6. ↑ Kosman, Josh (Jan 7, 2016). "Standard General sees big gain from Media General tussle". Retrieved Feb 9, 2016.
  7. ↑ "Company Overview of General Wireless Operations Inc.". Businessweek.com. Retrieved 2015-11-05.
  8. ↑ Torpey, JC (2015-02-06). "RadioShack Bankruptcy Filing Means Sprint, Boost, Virgin Mobile, And T-Mobile To The Rescue?". The Inquisitr News. Retrieved 2015-11-05.
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