Eden Prairie china and dinnerware company Lenox Group Inc. has agreed to sell its assets to a group of its lenders and New York investment firm Clarion Capital Partners, several weeks after announcing that KPS Capital Partners had won a bankruptcy auction for the company. In a statement Friday, Clarion said the U.S. Bankruptcy Court in New York approved its bid for substantially all of Lenox's assets after the bidding process was reopened at a hearing Wednesday. According to court papers, a unit of Clarion offered to invest $35 million in the deal. Clarion said the deal included the Lenox, Dansk, Gorham and Department 56 brands.
Allianz won't acquire more U.S. insurers German insurer Allianz SE will be "going to do everything possible to fix" the problems at its Golden Valley-based U.S. life insurance unit Allianz Life, Chief Executive Michael Diekmann told an investor conference Friday. Asked whether he would consider strengthening the U.S. life operations via acquisitions, Diekmann ruled out an acquisition of another U.S. life insurer within the next 12 months. He also said the company doesn't plan acquisitions in property/casualty insurance, referring specifically to the U.S. market.
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