A group of lenders to Byju’s will work with the Indian education-technology startup to change the terms of a $1.2 billion loan after the company fell into distress, Bloomberg News reported. A steering committee of creditors — who together own more than 85% of the term loan — and Byju’s have agreed to work toward a “signed and completed” amendment before Aug. 3, the lenders said in a statement Monday, confirming a Bloomberg News story.
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Indian auto parts maker Samvardhana Motherson International (SMIL)said on Monday that it made a second acquisition this month, buying Germany's Dr. Schneider Group for 118.3 million euros ($131.6 million), Reuters reported. Dr. Schneider Group, a unit of Dr. Schneider Holding, manufactures interior components for vehicles such as panels and lighting. The German company had filed for insolvency in September 2022 due to "a failed operational and financial restructuring", Samvardhana Motherson said in a statement, referring to the acquisition, which was done through an insolvency process.
Coffee Day Global, which operates the Cafe Coffee Day chain across India, was admitted for corporate insolvency by the Bengaluru bench of the bankruptcy court last week, said people aware of the development, the Economic Times of India reported. The National Company Law Tribunal (NCLT) passed an oral order on Thursday to admit the unlisted company based on a petition filed by IndusInd Bank. A detailed order is yet to be uploaded by the tribunal.
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Go Airlines (India) Ltd has received claims worth 240 billion rupees ($2.9 billion) from operational and financial creditors so far as part of the carrier's ongoing insolvency, two banking sources told Reuters. The process is in line with procedural requirements under Indian law which allow every creditor a right to payment and remedy by submitting claims if a company is under bankruptcy. Once the claims are filed, the resolution professional has to check its authenticity.
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India on Thursday ordered a halt to its largest rice export category in a move that will roughly halve shipments by the world's largest exporter of the grain, triggering fears of further inflation on global food markets, Reuters reported. The government said it was imposing a ban on non-basmati white rice after retail rice prices climbed 3% in a month after late but heavy monsoon rains caused significant damage to crops.
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Chinese regulators met with global investors on Friday, according to people familiar with the matter, stepping up the government’s bid to boost market confidence as the country’s economic recovery loses steam, Bloomberg News reported. China Securities Regulatory Commission Vice Chairman Fang Xinghai met with some global venture capital and private equity firms to hear their concerns about investment in the country, the people familiar said, requesting not to be named because the matter is private.
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China's frail growth could weigh on companies with exposure to the world's second-largest economy, including Apple, big chipmakers and luxury retailers as they report quarterly results in the next few weeks, Reuters reported. Wall Street is bracing for a steep drop in second-quarter U.S. earnings, with profit margins expected to be hurt by U.S. inflation and weaker spending. Both U.S. and European companies with exposure to China could be hit by that economy's sluggish growth as its post-COVID momentum has faltered rapidly.
Troubled governments that devalue their currencies tend to benefit from the decision, underscoring the tool’s usefulness in the face of crisis, according to the Institute of International Finance, Bloomberg reported. There’s been a pivot toward economic growth in countries just three years after authorities opt for major currency devaluations, economists Robin Brooks and Jonathan Fortun found in an analysis of the 51 largest and most-persistent episodes since 1990.
Finance State Minister Shehan Semasinghe told Parliament yesterday that Sri Lanka could exit bankruptcy by September, the Daily News reported. He also mentioned that with the implementation of the Anti-Corruption Act, Sri Lanka will be transformed into a corruption-free country. The State Minister said this during the debate on the Central Bank Bill. Semasinghe also said that Sri Lanka has received GSP tax relief for another four years. That’s a big victory. International confidence has been confirmed about the economic stability of the country.
IDBI Bank on Thursday moved the National Company Law Appellate Tribunal (NCLAT) challenging a National Company Law Tribunal (NCLT) order of 19 May, which had rejected the bank's plea to initiate insolvency proceedings against Zee Entertainment Enterprises, said a counsel aware of the matter, Live Mint reported. The insolvency application was filed before the dedicated bankruptcy tribunal to recover dues of ₹149.60 crore from Zee Entertainment. The case has been filed with the court registrar, but is yet to be listed for hearing.