Turkey may have the wrong cure for what really ails its economy. President Recep Tayyip Erdogan’s government has rolled out measures to break credit bottlenecks still holding back growth after recession, in the hope of generating the kind of spark that produced double-digit economic leaps only a few years ago. But this time is proving to be different, Bloomberg News reported. Lending remains subdued as banks fearing for their asset quality tread carefully after last year’s currency shock.
Turkish billionaire Ferit Sahenk is ready to sell more of his assets as part of an ongoing effort to satisfy a debt-restructuring deal struck with banks earlier this year, Bloomberg News reported. Sahenk’s Dogus Holding AS could dispose of investments worth as much as 800 million euros ($890 million), he said in an interview in Istanbul late on Monday.
The NCLT has initiated insolvency proceedings against NCR-based real estate firm Raheja Developers after admitting a plea filed by one of its flat buyers. A two-member Principal bench, headed by President Justice M M Kumar, has appointed an interim resolution professional (IRP) to take over the management of the company, The Economic Times reported.
Singapore firms are likely to see more soured debt as the trade-reliant economy takes a hit from U.S.-China tensions. That’s the view of debt restructuring experts, for whom more bad debt could mean increased business, Bloomberg News reported. Singapore’s government cut its forecast for economic growth this year to almost zero, and weak export data have stoked fears of a recession. The nation has already been rocked by the high-profile collapse of water treatment firm Hyflux Ltd.
The National Company Law Appellate Tribunal (NCLAT) on Friday ordered liquidation of debt-ridden Amtek Auto as it declined lenders' request for extension of the insolvency resolution process deadline, Business Today reported. Amtek Auto was among the first list of the 12 companies that were referred by the Reserve Bank of India (RBI) in 2017 to respective banks for the initiation of insolvency process for defaults. UK-based Liberty House was selected as the highest bidder by the committee of creditors (CoC) of Amtek Auto.
Bank of England Gov. Mark Carney said global growth prospects are flagging due to a trade war pursued by Washington, creating new challenges for economic policy makers, The Wall Street Journal reported. “The pickup that we’ve been expecting in global growth has not transpired,” Mr. Carney said in an interview Friday on the sidelines of the Federal Reserve Bank of Kansas City’s annual symposium in the Grand Teton National Park. “When we trace it, it’s not because of Fed policy. It’s not because of global financial conditions.
The National Company Law Tribunal (NCLT) has initiated corporate insolvency resolution process against Umang Realtech under Section 7 of the Insolvency and Bankruptcy Code 2016, The Economic Times reported. The court has appointed Manish Kumar Gupta as the interim resolution professional (IRP) for the case. The IRP has been directed to make public announcement within three days of the order. The buyer, represented by advocate Aditya Parolia and Piyush Singh, partner, PSP Legal, had booked an apartment in Winter Hills 77 in March 2013 for Rs 1.01 crore.
Shares of DLF Ltd. plunged the most in almost three years after a newspaper reported that India’s top court is looking into whether the developer suppressed information about legal battles involving its biggest assets, Bloomberg News reported. The stock dropped 15.8% to 144.45 rupees in Mumbai on Thursday. Its fall dragged down the S&P BSE Realty Index to its worst performance among 19 sector sub-indexes compiled by the BSE Ltd.
India’s Shapoorji Pallonji Group is looking to sell its solar power plants and road assets to reduce debt by as much as 40 billion rupees ($558 million), a person with direct knowledge of the matter said, Bloomberg News reported. The 154-year-old group, controlled by the reclusive billionaire Pallonji Mistry and his family, expects the deals to be clinched by March next year, the person said, asking not to be identified as the discussions with prospective investors are private. A spokesman for the Mumbai-based conglomerate declined to comment on asset sales or the total group debt.