Lebanon’s precarious finances mean the crisis-hit country looks likely to default on its debt in some way and could even launch a Cyprus-style grab for savers’ bank accounts, Fitch’s top sovereign analyst said, Reuters reported. Lebanon’s debt problems have jumped back into focus this week after reports emerged of a bid by authorities there to try and delay some of this year’s bond repayments.
Recruiter Hays has warned it expects profits to slip in the first half of this year, as economic uncertainty across several key markets disrupts its business, the Financial Times reported. Hays highlighted strikes in France, the slowdown in the German economy, political uncertainty in the UK and the still-raging Australian bushfires as factors behind a “marked” slowdown in fee growth in December, in a trading update on Thursday. Together, these countries account for 45 per cent of the recruiter’s fees.
India’s Supreme Court ruled that wireless carriers including Bharti Airtel Ltd. and Vodafone Idea Ltd. need to pay $13 billion of dues to the government, rejecting an appeal by operators struggling to stem losses and reduce debt, Bloomberg News reported. A three-judge Supreme Court bench headed by Justice Arun Mishra on Thursday dismissed review petitions filed by the telecommunication companies against the October verdict, according to updates on the court’s website.
Condor, the airline that used to belong to Thomas Cook, has attracted interest from buyout groups Apollo and Greybull as well as Polish carrier LOT, which are expected to submit final bids next week, a person close to the matter said, Reuters reported. Each of the bidders could tie up with some of Germany’s leading tour operators in a potential deal to buy Condor, the person said on Thursday. Condor and Apollo declined to comment, while Greybull and LOT were not immediately available for comment.
The agency set up five years ago to help councils increase their sources of funding by raising cheaper debt is set for its first issuance, paving the way for what cash-strapped local authorities hope will become a thriving municipal bond market in the UK, the Financial Times reported. The move by the UK Municipal Bonds Agency comes three months after the government sharply raised the interest rate on its own local authority loans — via the Public Works Loan Board (PWLB) — inspiring councils to look elsewhere for new funding streams.
Bombardier Inc. fell the most on record after warning of disappointing fourth-quarter sales and revealing that it may exit a joint venture with Airbus SE that makes the A220 jetliner and potentially take a major writedown, Bloomberg News reported. A ramp-up in A220 production will require additional cash investment, pushing back the break-even point and generating lower returns across the lifetime of the project, Bombardier said in a statement Thursday.
A Deutsche Bank-led consortium’s efforts to buy out the debt of a power plant operator in eastern India have advanced, after no rival bidder emerged, Bloomberg News reported. The struggling utility is Jindal India Thermal Power Ltd., one of a string of power plants being put up for sale by banks stuck with their defaulting debt. The sector has been hit hard by oversupply in recent years, a consequence of a costly push to bridge India’s once chronic power deficit and expand reach to under-supplied rural areas. Power generators form a significant chunk of India’s $130 billion bad loan pile.
A Spanish magistrate has launched a criminal investigation into suspected account-fiddling at retailer Dia under its previous management, before Russian oligarch Mikhail Fridman took over the near-insolvent company last year, Reuters reported. Magistrate Alejandro Abascal said in court documents seen by Reuters that he was looking into whether the company’s management, including then-CEO Ricardo Curras, manipulated Dia’s pre-tax earnings data in 2017 to make it falsely appear the company had reached financial targets.
South Africa is scrambling to secure extra funding to rescue South African Airways (SAA), which last month entered a form of bankruptcy protection in a last-ditch bid to save the state-owned company and around 10,000 related jobs, Reuters reported. Tito Mboweni, the country’s finance minister, told business leaders in Johannesburg ahead of the World Economic Forum annual meeting in Davos next week that the Treasury had provided “financial support to the best of our abilities”.
Amid rising defaults and tighter liquidity for Chinese privately-owned enterprises, the nation’s banks are letting some companies fail, something Deutsche Bank AG says presents bigger opportunities for foreign investors in troubled debt, Bloomberg News reported. The German lender is an active distressed player in Asia Pacific and has bet on some of the biggest restructuring in the region, including commodities trader Noble Group Ltd. China is taking steps to allow more foreign investment into the country’s 2.37 trillion yuan ($344 billion) non-performing loan market. It will give U.S.
Resources by Country & Region
The acquisition of production units (PU), defined by article 149.4 of the Insolvency Act 22/2003 (IA) as “a set of means organised for the purpose of carrying out an essential or ancillary economic activity”1, can be structured in each of the phases of the Spanish insolvency procedure, i.e.: (i) common phase, (ii) composition phase, (iii) liquidation phase, and (iv) pre-pack process; each of them with the specificities analyzed below
Demystifying offshore: recognition and assistance in overseas territories by Stephen Alexander, Nicholas Fox, Justine Lau and Abel Lyall
In a global financial environment, insolvency office-holders will often need to look beyond their home jurisdictions in order to undertake their principal function of getting in and realising assets.
Crypto-currencies in insolvency proceedings in France: Dealing with highly volatile assets by Anja Droege Gagnier and Léa Marlière
Born in the early 2010's, crypto-assets have gradually gained ground in the real economy thanks to services allowing them to be purchased or sold in exchange for national currencies, to be stored, or to be used as a financing instrument within Initial Coin Offerings (ICOs).
There are now nearly 1,600 crypto-currencies in circulation. Three of them, namely Bitcoin, Ethereum and Ripple, dominate digital transactions and capitalisations.
Global tendencies and the intensively developing restructuring and bankruptcy legal environment across the globe make it impossible to ignore such processes. Ukraine does not.
Early Warning Denmark (‘EWD’) is a system providing impartial and confidential assistance to businesses in distress and heading towards insolvency, at no cost.
This updated edition describes the framework of the European Insolvency Regulation Recast (adopted in June 2017), reviews its major rules, highlights the differences from the old EIR 2000, and makes references to the most important and recent cases of the Court of Justice of the European Union. An essential guide for non-European judges, practitioners and scholars who are confronted with this domain of law, as well as anyone dealing with EU-related cross-border cases, this book serves as a concise and comprehensive introduction to the EIR Recast.
Chapter 15 for Foreign Debtors covers all aspects of the UNCITRAL Model Law on Cross-Border Insolvency as well as chapter 15 of the Bankruptcy Code, and provides details about the Foreign Representative, avoidance actions, creditor protections, concurrent proceedings, comity and much more. The book also includes an extensive appendix filled with more than 500 pages of sample case documents and forms related to chapter 15 proceedings.
This book is the latest addition to our list of publications and it provides basic information on Islamic finance. It is meant to be a useful reference tool to the majority of insolvency practitioners who do not work in this field. The chapters in this book were selected on the basis that it is expected that most INSOL members currently have very limited understanding of Islamic finance.
The book has 10 chapters, a country study, and an annexure with a glossary of Islamic finance terms. Following the introductory chapter there are chapters on: