STRATEGIC DEBT RESTRUCTURING
Reports: Michael Jackson was deeply indebted when he died. Know about amount and reasons for his financial woes
Michael Jackson's death in 2009 revealed his deep financial troubles, including over $500 million in debt. His extravagant lifestyle and legal battles worsened his situation.
NCLT approves Raymond group entities’ strategic demerger, amalgamation
The National Company Law Tribunal (NCLT) has approved Raymond’s composite scheme of arrangement and restructuring, involving the demerger of its lifestyle business and the amalgamation of its consumer trading arm. The approval paves the way for a focused and streamlined corporate structure, separating Raymond Ltd and Raymond Lifestyle, with the integration of Ray Global Consumer Trading. Shareholders will receive equity shares based on the swap ratio post-restructuring.
Vedanta sees sale of steel operations by October, to spend $1.9 billion on capex
The plan to divest the steel business is a part of the company’s efforts to cut debt, Agarwal said in the company’s annual report for 2023-24 (Apr-Mar). At holding company Vedanta Resources, debt has been cut by $3.7 billion in two years, as against the company’s commitment of bringing it down by $4 billion. “We seek to further deleverage Vedanta Resources by US$ 3 billion over the next three years,” he reiterated.
Maldives gets IMF debt warning as more Chinese loans loom
Maldives warned by IMF of 'debt distress' due to heavy borrowing from China. Urgent need to increase revenue, reduce spending, and limit external borrowing to avoid economic crisis amid high risks and dependence on Chinese funding.
IMF urges Pakistan to bring reforms to energy sector
IMF presses Pakistan for energy reforms, debt targets, and subsidy cessation. Ongoing talks with IMF for a new loan program and budget plans to address financial challenges and stabilize the energy sector.
EV startup Fisker slashes prices of Ocean SUV amid debt troubles
The company slashed the price tag of the entry level version - Ocean Sport - by around 36%, or $14,000, bringing it down to $24,999 from $38,999 earlier.
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Vedanta Resources to deleverage debt by USD 3 bn over 3 years
The company recently divested a significant portion of its shares through its promoter entity Finsider International, and set the stage for strategic manoeuvring within the company.
NeoGrowth evaluates strategic deal as business becomes profitable
The Mumbai-based NBFC has reported a net profit in the last fiscal after two years of losses, now its stakeholders are evaluating if they can exit on a high.
Demerger unlikely to benefit Vedanta stock in near term
The natural resources major, last week, announced that it will demerge its existing business into six listed companies, aiming to build a simplified corporate structure, while boosting the valuations of the diversified businesses.
China assures Sri Lanka of its help in addressing debt challenges before IMF's first review
China has promised to help Sri Lanka address its debt challenges as the country needs to restructure its domestic and external debt, worth $41bn, before September in order to meet conditions for the International Monetary Fund’s (IMF) first review. The IMF has granted Sri Lanka a $2.9bn bailout over the next four years with a review scheduled between September 11 and 19.
Infrastructure, energy and debt on agenda as Sri Lanka president arrives in India
Sri Lankan President Ranil Wickremesinghe arrives in New Delhi on Thursday on a two-day visit hoping to strengthen economic ties between the South Asian countries. Strategically important energy, power and port projects will be discussed during his meeting with Indian Prime Minister Narendra Modi on Friday, officials from both countries said.
Afcons begins IPO talks with banks
A strategic sale of Afcons, an engineering, procurement and construction (EPC) company, is also one of the options on the table for which Middle East-based companies have been tapped, said the sources cited above.
Shree Cement in talks for stake in Sanghi Cement
Commercial terms could vary depending on the outcome of due diligence. The talks could end up being inconclusive. The EV of ₹6,000 crore includes debt of ₹1,800 crore. This places the equity value being discussed at ₹4,200 crore. At this valuation, Shree Cement could fork out between ₹1,680 crore and ₹3,024 crore for the quantum of equity stake being discussed if a deal were to work out, not including the cost of an open offer.
Byju’s lenders seek $200 million prepayment over restructuring $1.2 billion loan
Edtech company yet to agree to the clause; lenders also want fortnightly updates on firm’s cash position. Byju’s holds $650 million in overseas accounts and about Rs 1,500 crore in liquid funds in India
Debt by a thousand cuts: China is weaponising credit instruments to extract maximum strategic gain
There is always a twist in the China playbook, which strengthens the suspicion of a larger political motive behind financial dealings. For instance, it has entered into a $1.5 billion currency swap arrangement with Sri Lanka, which technically swells Colombo’s forex reserve. But the devil is in the details.
India makes inroads into Sri Lanka under China's long shadow
New Delhi has long been concerned about China's clout in its neighbourhood, including Nepal, Bangladesh and Sri Lanka. Sensitivities have been heightened, and diplomatic relations frayed, since Indian and Chinese troops clashed along a remote Himalayan border in 2020, leaving dozens of soldiers dead.
View: At G20, India should shake IMF, World Bank et al out of their lethargy into financing green initiatives
A key role in reforms of the international financial architecture and leveraging of climate finance will be the modernisation of the Bretton Woods twins, International Monetary Fund (IMF) and World Bank, set up at the end of World War 2.
Kaynes Tech management on bumper debut, debt repayment & more
“Today we can convert all imports of PCB assemblies which are coming from outside. That itself is a market for 10 players like us. I am not expecting any big impact because of the competition. Price pressure is a continuous activity but that is not going to affect any performance.”
Pakistan requests China to rollover USD 6.3 billion debt
The issue of rollover and refinancing of nearly USD 6.3 billion commercial loans and the central bank debt was discussed in a meeting between Chinese Ambassador to Pakistan Nong Rong and Finance Minister Mohammad Ishaq Dar on Saturday, the paper said.
Loan restructuring: Should MSMEs opt for RBI’s one-time restructuring scheme
Can the one-time restructuring plan, supposed to be implemented by March 31, 2021, offer some breathing space for the Covid- battered MSME sector?
Religare Finvest submits revised debt recast plan
The earlier debt restructuring plan which was put in place and was actually signed off by more than 70% of my lenders and this gives me confidence that, what we have done in the revised restructuring plan, which is more or less in line with what we had proposed earlier,” Pankaj Sharma, president and head corporate planning and strategy at Religare Finvest, told TOI.
Banks face triple whammy: Nirav Modi, NPAs & rising yields
The RBI on February 12 asked lenders to scrap all restructuring programmes and ensure that all defaulters were classified as NPAs.
Aircel first to file for bankruptcy under RBI’s new norms
The telecom company on Wednesday indicated that the decision by the RBI to do away with the various restructuring schemes triggered its move to file for bankruptcy protection.
Aircel lenders led by SBI agree to restructure debt
The banks will now take shares in Aircel to replace their loans and may recover their dues in an eventual sale of assets or of the company.
IVRCL to sell 2 road assets for Rs 725 cr
The ailing infrastructure firm has entered into share purchase agreements with Cube Highways to sell entire stake in Salem Tollways and Kumarapalayam Tollways.
RCom says not making any payment to lenders for time being
On October 30, RCom said that it plans to pay debt of 27,000 crore through asset monetisation, Rs 7,000 crore through equities and carry forward debt of Rs 6,000 crore to new business.
Differences with lenders may hit RCom’s strategic debt restructuring plan
At a recent meeting with lenders, the company sought approval for priority status to the loans it had raised from the promoter group, said those bankers.
Allahabad Bank opens NCLT route for debt resolution with 20 stressed accounts
Chief executive Usha Ananthasubramanian said that the bank has identified only those accounts where provisions to cover risk have already been made.
Rcom to sell DTH business to Veecon Media and Television to pare debt
“The transaction will help reduce the liability of unsecured creditors, benefitting all stakeholders including lenders and shareholders of RCOM,” said the telco’s statement.
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