US gaming firm Las Vegas Sands intends to finish a casino project it is building in Singapore and there are no indications it will default on loans, lender DBS Group said Friday. DBS is one of 40 banks that formed a syndicate to fund the Marina Bay Sands casino development, which is estimated to cost more than four billion US dollars, Agence France-Presse reported today. DBS’s comments followed a filing by Las Vegas Sands on Thursday with the US Securities and Exchange Commission in which it sounded out a warning about its financial situation.
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Resources Per Country
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- Cook Islands
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- Mongolia
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- New Zealand
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- Papua New Guinea
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The International Monetary Fund has “record levels of liquidity” to combat the global economic crisis and debate over new ways of supplementing its coffers was not “today’s problem”, according to John Lipsky, IMF first deputy director. With the Fund facing unprecedented calls on its resources, some policymakers have raised concerns about its continued capacity to react to demands such as its $16.5 billion loan to Ukraine and $2 billion loan to Iceland, the Financial Times reported yesterday.
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Lehman Brothers Holdings Inc. this week fended off a bid by creditor Sumitomo Mitsui Banking Corp. to seize more than $300 million in Lehman assets it is holding in the wake of the investment bank's collapse, the Wall Street Journal Asia reported today. At a hearing Wednesday, the U.S. Bankruptcy Court in Manhattan denied an attempt by Sumitomo Mitsui Banking to sell collateral as part of a $350 million loan it provided to Lehman and chastised the Japanese bank, part of Sumitomo Mitsui Financial Group Inc., for moving too quickly to seize the collateral.
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The directors of Australian structured-finance firm Allco Finance Group Ltd. said Tuesday they have placed the firm in voluntary administration, after failing to reach agreement with bankers over further debt extensions, the Wall Street Journal Asia reported yesterday. Under Australian law, voluntary administration is an alternative to the traditional options of liquidation and straight receivership for a company that can't repay its debts.
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