Billionaire steel magnate Lakshmi Mittal’s younger brother Pramod Mittal was due to be automatically freed from bankruptcy in Britain on Wednesday but has had his bankruptcy suddenly extended by the London high court for failing to cooperate with the bankruptcy trustee.
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China’s central bank increased its short-term cash injection for the first time since March as it moved to soothe market concerns about liquidity conditions ahead of the quarter-end, Reuters reported. The injection of 30 billion yuan ($4.6 billion) marked an end to the People’s Bank of China’s practice of adding 10 billion yuan each trading day for the past three months. The move bodes well for liquidity prospects in the second half, as some 4.15 trillion yuan of medium-term policy loans will mature by December.
Almost four years after Jaypee Infratech was referred for insolvency resolution, Mumbai-based Suraksha group on Wednesday emerged as the preferred bidder in the fourth attempt, beating state-run NBCC by the narrowest of margins, the Times of India reported. Sudhir Valia-controlled Suraksha polled 98.66% of the votes, while NBCC received 98.54%. Valia is a relative of Sun Pharma promoter and managing director Dilip Sanghvi and is also on the board of the country’s largest drug company.
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The vice mayor of Tianjin told financial institutions on Tuesday he expected no additional state companies to default in the northern Chinese city and promised to maintain a healthy credit environment, three sources told Reuters. Since late 2020, several defaults by state firms including Yongcheng Coal & Electricity Holding Group Co., Tsinghua Unigroup Ltd and automaker Huachen Automotive Group have eroded investor confidence, pushing up corporate funding costs.
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PAL Holdings on Wednesday addressed reports about a planned bankruptcy protection filing, saying it has "not approved any definite option," CNNPhilippines.com reported. In a disclosure to the local bourse, the operator of Philippine Airlines clarified a news report stating it eyes the filing by June 29, saying they are "not aware" of the date referred to.
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The owners of Suning.com plan to sell more shares held in the debt-ridden Chinese retail group, it was announced Wednesday, a sale that puts founder and Chairman Zhang Jindong's control over the company into question, Nikkei Asia reported. Zhang and entities under his control will sell a portion of their shares in Suning. The buyers and the percentage stake involved have not been disclosed. This move comes after Zhang and other shareholders decided in March to sell a 23% stake in Suning to a group of state-owned investors for 14.8 billion yuan ($2.28 billion at current rates).
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Thailand’s central bank held its benchmark rate unchanged on Wednesday, signaling a need to preserve policy space as the country grapples with its biggest wave of Covid cases and a weakening outlook for the tourism-reliant economy, Bloomberg News reported. The Bank of Thailand’s rate setting committee unanimously decided to hold rates at a record low of 0.5% for a ninth straight meeting, as expected by all 25 economists in a Bloomberg survey. The committee “stands ready to use limited policy space at the most-effective timing,” Bank of Thailand Assistant Governor Titanun Mallikamas said.
An Indian bankruptcy court ruled Jet Airways India Ltd. can resume operations under a new owner more than two years after it collapsed, according to Ashish Chhawchharia, the court-appointed professional running the carrier’s insolvency, Bloomberg News reported. Jet Airways, once India’s biggest private carrier, fell into bankruptcy in 2019 under mounting debts. Dubai-based businessman Murari Lal Jalan and Kalrock Capital Management Ltd.
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Three Vietnamese banks have pledged to lend 4 trillion dong ($173.8 million) to Vietnam Airlines to help the troubled flag carrier weather the impact of the pandemic and avoid bankruptcy, state media reported on Monday, according to Reuters. Vietnam Maritime Commercial Joint Stock Bank, Saigon - Hanoi Commercial Joint Stock Bank and SeABank would make the interest-free loans this month and early next month, the Lao Dong newspaper cited the central bank as saying.
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Future cooperation between Canadian miner Centerra Gold Inc. and Kyrgyzstan’s government in operating a gold mine in the Central Asian nation is unlikely, according to the nation’s finance minister, Bloomberg News reported. The government took over Kumtor mine late last month, using environmental concerns and tax issues to justify the move. It is now the subject of international arbitration initiated by Toronto-based Centerra, while the mine’s operating company Kumtor Gold filed for chapter 11 protection in New York on May 31.
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