Ofo, the Alibaba-backed bike-sharing service, has “immense” cash flow problems and has considered applying for bankruptcy, according to the company’s founder, the Financial Times reported. Dockless bike-sharing companies, including Ofo and its main rival Mobike, have rolled out more than 20 million bikes in the past two years in China and abroad. With its yellow dockless bikes, Ofo — which has raised more than $2.2bn since it was founded in 2014 — exemplified the Chinese start-up model of growing quickly by raising money and burning through cash.
Resources Per Country
- Afghanistan
- Armenia
- Australia
- Azerbaijan
- Bangladesh
- Brunei
- Cambodia
- China
- Cook Islands
- Cyprus
- Fiji
- Georgia
- Hong Kong
- India
- Indonesia
- Japan
- Kazakhstan
- Kyrgyzstan
- Laos
- Macau
- Malaysia
- Maldives
- Micronesia
- Mongolia
- Myanmar
- Nepal
- New Zealand
- North Korea
- Pakistan
- Papua New Guinea
- Philippines
- Singapore
- South Korea
- Sri Lanka
- Taiwan
- Tajikistan
- Thailand
- Turkey
- Uzbekistan
- Vanuatu
- Vietnam
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Toys “R” Us outlets are closed in the U.S., but the brand’s stores are still a popular destination for Shanghai resident Pan Wei. A 35-year-old manager for an entertainment company, Pan does most of his shopping online but prefers physical shops when buying toys for his daughter, Bloomberg News reported. "When it comes to products for kids, we want to make sure it’s safe, so we prefer going to toy stores," he said.
Five months ago, Carlos Ghosn, a multimillionaire executive credited with reviving Nissan Motors, hosted the wedding of his daughter Caroline on Naoshima, a rarefied island enclave of art and sculpture. Now, Ghosn is living in a Tokyo jail cell, unable to communicate with his daughter or any family member, as investigators explore possible financial wrongdoing related to his nearly 20-year career at Nissan, the New York Times reported.
Essar Steel Asia Holding, the holding company of the bankrupt Essar Steel that was controlled by the Ruias, on Monday told the Ahmedabad bench of NCLT that it was "highly unusual" for lenders to not even consider its debt settlement proposal which was higher than its rival offer, BloombergQuint reported. The Essar Steel Asia Holding had proposed to the committee of creditors, led by State Bank of India, to pay an upfront Rs 54,389 crore to retake the management of Essar Steel, but approached the National Company Law Tribunal after not receiving any reply from creditors.
Embattled liquor tycoon Vijay Mallya's legal troubles continue to mount as he is set to face bankruptcy proceedings in the U.K. high court next year, brought by a consortium of Indian banks in their attempt to recoup of unpaid debt worth nearly 1.145 billion pounds, the Times of India reported.
The U.S. and China are planning to hold meetings in January to negotiate a broader truce in their trade wars but are unlikely to have any face-to-face contact before then, according to Treasury Secretary Steven Mnuchin, Bloomberg News reported. Mnuchin said that the two sides had held several phone conversations in recent weeks and were still in the process of planning further formal discussions. “We’re in the process of confirming the logistics of several meetings and we’re determined to make sure that we use the time wisely, to try to resolve this,” Mnuchin said.
The new board of the insolvent Infrastructure Leasing & Financial Services Ltd. has put its road assets on sale as part of its debt-resolution plan, BloombergQuint reported. The road assets/businesses, according to a company statement, are classified under the “Domestic Roads Vertical”, and belong to subsidiaries, including IL&FS Transportation Networks Ltd. The infrastructure financier, in order to ensure maximisation of sale value, may either sell these assets together or individually, depending upon investors’ interest.
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Since becoming a symbol of Wall Street greed during the financial crisis, Goldman Sachs has tried to recast its image as an investment bank that cares as much about ethics as it does its bottom line, the New York Times reported. Now, that makeover is being undone by the bank’s work for an obscure investment fund in Malaysia, which has entangled it in civil and criminal investigations around the world. Goldman recently received subpoenas from New York regulators, held talks with federal prosecutors and is likely to incur billions of dollars in penalties.
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China’s effort to cut the burden of insolvent companies weighing on its slowing economy has kicked into higher gear, with a slew of bankruptcy filings that’s set to enrich the case history of debt resolutions for bond investors, Bloomberg News reported. Local courts have accepted or plan to accept at least five bankruptcy applications from firms that defaulted on publicly issued bonds since early November. That’s roughly on par with the number seen over the previous four years. The new pace may continue: China’s top planning body called on Dec.
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RattanIndia Power Ltd., a electricity generator backed by hedge fund Farallon Capital Management, is close to restructuring about $500 million of stressed loans, Bloomberg News reported. The company, which is building coal-fired power plants to produce 5,400 megawatt of electricity -- enough to light up 7 million rural homes in India -- has offered to pay banks 52 percent of the obligations of its project in Amravati in Maharashtra state. The talks with creditors are on-going and there’s no certainty they will result in a transaction.