India’s Infrastructure Leasing & Financial Services Ltd (IL&FS) said the country’s appellate company law tribunal has passed an interim order granting a moratorium on all creditor actions against the company and its units, providing some relief to the debt-laden firm, Reuters reported. The move will preserve the value of the group’s assets and also help the new IL&FS board in its effort to evaluate and prepare a resolution plan, IL&FS said in a statement on Monday.
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KKR & Co is seeking to acquire assets from stressed Indian shadow lenders, as it tries to take advantage of the market disruption after a rare money market default by Infrastructure Leasing & Financial Services Ltd., Bloomberg News reported. The private equity firm’s two Indian credit units may spend as much as 20 billion rupees ($270 million) combined to purchase portfolios from local non-banking finance companies, Sanjay Nayar, KKR’s India chief executive officer, said in an phone interview Friday. KKR is also seeking outright acquisitions of Indian non-bank lenders and
Former prime minister Dame Jenny Shipley gave evidence for a second day at Auckland High Court rejecting claims that Mainzeal, a construction company she chaired, was insolvent as early as 2008, Stuff.co.nz reported. Mainzeal was put into receivership in early February 2013, but liquidators Andrew Bethell and Brian Mayo-Smith of BDO allege the company traded while insolvent, and are suing some of its former directors, including Shipley, for up to $75 million in damages to repay Mainzeal's creditors. Shipley betrayed no nerves while giving ev
The bankruptcy court has decided to entertain a plea by Videocon Group founder Venugopal Dhoot seeking to consolidate separate insolvency proceedings initiated by lenders led by State Bank of India against 15 of his companies under a single court, the Economic Times reported. National Company Law Tribunal’s (NCLT) principal bench in New Delhi on Thursday admitted Dhoot’s plea and sought a reply from SBI by October 24. The country’s top bank and other lenders had filed separate proceedings against Videocon companies in different courts during June-September to recover Rs 2
Restructured foreign currency loans in Turkey will be converted to Turkish lira at the central bank exchange rate in force on the day of restructure, a presidential decree said on Thursday, a move that could damage banks if the lira continues to fall against the dollar, Reuters reported. The decree published in the Official Gazette allowed the day’s lira rate to be used in companies’ restructuring of forex loans as private sector debt continues to grow.
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The International Monetary Fund launched formal bailout talks with Pakistan on Thursday, and IMF managing director Christine Lagarde said she would require “absolute transparency” of Pakistan’s debts, including those owed to China, Reuters reported. She said such disclosures were necessary to determine the debt sustainability of countries seeking IMF loans. The requirements are likely to shine a spotlight on the extent, composition and terms of Pakistan’s debts to China for infrastructure projects as part of Beijing’s massive Belt and Road building program.
HNA, the troubled Chinese group, is in advanced talks with Canada’s Brookfield Asset Management to sell Swissport International, the air services company, according to people briefed about the matter. A deal would be the latest for the Chinese aviation-to-finance conglomerate, which has sold an estimated $18bn worth of assets this year as it is desperately trying to ratchet up funds to meet its domestic debts, the Financial Times reported.
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South Korea’s Hyundai Merchant Marine is getting another $5 billion in state funding to finance a series of new orders for megaships as the company tries to compete with bigger Asian and European rivals in a difficult container shipping market. HMM, the country’s de facto flag carrier after the collapse of Hanjin Shipping Co. in 2016, will spend $2.8 billion to buy 20 large container vessels from South Korean shipbuilders, The Wall Street Journal reported. The rest of the money will likely be used to buy container terminals, according to people involved in the matter.
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The Serious Fraud Investigation Office (SFIO) has narrowed on five arms of Infrastructure Leasing & Financial Services (IL&FS) that may have been involved in fund diversion and mismanagement, the Economic Times reported on Wednesday. Indian government took control of the debt-laden IL&FS last week after defaults on a string of debt obligations triggered wider concerns about risks in the country’s financial sector, Reuters reported.
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China plans to increase the number of companies it deems systemically important financial institutions, people familiar with the matter said, a sign that policy makers are stepping up crisis-prevention efforts as the nation’s debt burden swells to unprecedented levels, Bloomberg News reported. Regulators led by China’s central bank will initially shortlist at least 50 of the country’s largest lenders, insurers and brokerages as possible SIFIs, said the people, asking not to be identified because the matter is private.
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