Philippine Airlines Inc. received U.S. court approval to access a $505m debtor-in-possession financing, which is core to its restructuring plan, Bloomberg News reported. “This important step confirms that our recovery process is on track,” Philippine Air President Gilbert Santa Maria said in a statement. Getting full access to the long-term equity and debt financing will give the Lucio Tan-led airline additional liquidity to meet obligations and continue operating as usual.
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Resources Per Country
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- Cook Islands
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- Micronesia
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- New Zealand
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- Papua New Guinea
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Tata Sons Pvt. is set to take over ailing Air India Ltd. again, more than half a century after the country’s biggest conglomerate ceded control to the state, ending the government’s hold over an airline that for decades defined the lofty ambitions of a newly-independent nation, Bloomberg News reported. A panel of ministers accepted a proposal from bureaucrats, who recommended the conglomerate’s bid ahead of an offer from entrepreneur Ajay Singh. An official announcement is expected in the coming days.
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Trading of China Evergrande Group shares was suspended in Hong Kong, along with those of its property management unit, as the property giant contends with a deepening cash crisis, Bloomberg News reported. No reason was given for the trading halts, which also affect all structured products relating to the company, a stock exchange filing showed on Monday morning. Evergrande shares have plunged 80% this year, and its bonds have tumbled to levels that suggest investors are bracing for a default.
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Japan's business mood improved for a fifth straight quarter in September with manufacturers perking up on robust global demand, a central bank survey showed on Friday, boding well for the next administration's bid to pull the economy out of the doldrums, Reuters reported. Steady progress in vaccinations and hopes of a re-opening in economic activity also helped lift non-manufacturers' mood, the survey showed, underscoring the Bank of Japan's view an end to state of emergency curbs will prop up consumption.
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Thailand plans to significantly increase the share of long-dated sovereign bonds to meet its financing needs as Southeast Asia’s second-largest economy continues to reel from the coronavirus pandemic, Bloomberg News reported. Bonds will make up 48%-56% of the government’s borrowing of 2.3 trillion baht ($68.4 billion) in the fiscal year that began Friday, compared with 31% a year earlier, when it relied more on short-term securities such as promissory notes and treasury bills, said Patricia Mongkhonvanit, director general of the Public Debt Management Office.
China Evergrande Group missed paying bond interest due on Wednesday, two bondholders said, its second unpaid offshore debt obligation in a week, although the cash-strapped company on Thursday made a partial payment to some of its onshore investors, Reuters reported. The company, reeling under a debt pile of $305 billion, was due on Wednesday to make a $47.5 million bond interest payment on its 9.5% March 2024 dollar bond, after having missed $83.5 million in coupon payments last Thursday.
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Mizuho Financial Group's main banking arm said on Thursday a system glitch has been delaying some foreign exchange transactions, just a week after it was slapped with a regulatory punishment over system troubles earlier in the year, Reuters reported. Japan's third-largest lender has experienced a series of technical problems despite a $3.6 billion overhaul of its systems in 2019, prompting the Financial Services Agency (FSA) to become more involved in inspections of its computer system, an unusual move for the banking regulator.
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Hong Kong's retail sales climbed for the seventh straight month in August, helped by a stabilising COVID-19 situation, an improved labour market and economic recovery and thanks to a boost from a consumption voucher scheme (CVS), Reuters reported. Retail sales in August rose 11.9% from a year earlier to HK$28.6 billion ($3.67 billion), government data showed on Thursday. August's increase compared with a revised 2.8% growth in July.
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China’s Liaoning Fangda Group and Hainan Development Holdings will offer cash and equity to settle debt owed to retail investors in HNA Group, four sources told Reuters, in the latest step to restructure the bankrupt company, Reuters reported. The details were disclosed by a Chinese government team that is carrying out HNA’s restructuring at a meeting on Wednesday organised for creditors.
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A Chinese state-owned enterprise struck a deal to buy most of China Evergrande Group’s stake in a commercial bank for $1.5 billion, the latest sign that the country’s authorities are trying to help the property giant resolve some of its financial troubles, the Wall Street Journal reported.
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