U.K. Scrutinizes How Private Credit Lenders Value Their Holdings
The UK’s Financial Conduct Authority has been questioning top private credit managers about how they assess the worth of their investments as concerns mount about loans not being effectively valued within the booming $1.7 trillion industry, Bloomberg News reported. The regulator is seeking to understand the oversight and governance over the different methodologies used by private credit lenders, according to people familiar with the matter. It plans to publish its interim findings by the end of the year, one of the people said, asking not to be named when relaying private discussions.
Bankruptcy Officials Object to Seán Dunne’s Challenge to Their Appointment
Boom-time developer Seán Dunne has said it would be “beyond bizarre” for the High Court to strike out his application challenging the appointment of two officials overseeing his bankruptcy, the Irish Times reported. Lawyers for the bankruptcy officials and head of the Insolvency Services of Ireland, Michael McNaughton, have raised a preliminary objection to various motions brought by Mr Dunne (70). Lyndon MacCann SC, with Úna Nesdale, said Mr Dunne’s application was brought in a procedurally improper way and should have come by way of plenary summons.
Afiniti Files for Chapter 15 Bankruptcy in the U.S.
Bermudian-domiciled artificial intelligence firm Afiniti Ltd, which once said it would bring 1,000 jobs to the island, filed for Chapter 15 bankruptcy recognition in the U.S., the Royal Gazette reported. “We are continuing to make progress on our balance sheet restructuring, which will strengthen our financial foundation and position us well for future growth and success,” said Hassan Afzal, Afiniti’s chief executive.
Northvolt’s Rescue Funding Round On Track to Close Next Week
Sweden’s Northvolt AB is likely to complete an expected funding round of about $300 million next week, as the troubled battery-cell maker races to get its finances on a more stable footing, Bloomberg News reported. The final steps are being drawn out because of the complex documentation needed for the deal involving customers, investors and lenders, said the person, who asked not to be identified discussing a private matter. While the bailout is progressing, the timeline to complete the new package may yet move, the person added.
Thames Water’s Search for £3.3 Billion Equity Formally Begins
Thames Water Utilities Ltd. has started a process to raise at least £3.3 billion ($4.3 billion) in equity that it needs to stay afloat, Bloomberg News reported. The UK’s largest water and sewage operator began the procedure in the past week, meaning potential investors now have access to a data room that provides sensitive information about the company. Thames and its adviser, Rothschild & Co., have approached numerous potential investors, including Brookfield Asset Management and Carlyle Group Inc.
Light Files for Chapter 15 Bankruptcy
Light has filed for bankruptcy protection in the U.S., a step by the Brazilian electric utility company to complete a restructuring deal that creditors approved in May in its home country, WSJ Pro Bankruptcy reported. Light on Tuesday filed for chapter 15 in the U.S. Bankruptcy Court in Houston. Light, which provides energy for most of Rio de Janeiro, began a reorganization in Brazil in 2023, as well as in England in July. The company has assets of $582.1 million and carries more than $2.1 billion in debt, including two issuances of U.S. notes totaling $600 million.
Behind India's Slow-Moving IBC Regime, an NCLT Hamstrung by Too Many Vacancies
The National Company Law Tribunal (NCLT) faces significant operational challenges due to vacant positions, a Times of India report highlighted on October 15. Out of the 63 sanctioned seats, including the president, 19 are vacant. At the end of September, 11 members retired, adding to the existing eight vacancies, the report (by Sidhartha) said. Currently, only 13 out of 30 courts are operational full-day while 12 function for half-day because of the shortage of members.
Northvolt Subsidiary Files for Bankruptcy After Project Pulled
A subsidiary of corpdSweden's Northvolt filed for bankruptcy on Tuesday after the project it was developing was cancelled, court filings showed, while the rest of the cash-strapped battery making group continued to consolidate operations, Reuters reported. The Northvolt Ett Expansion AB unit had debts estimated at between 2 billion and 3 billion Swedish crowns ($194 million and $290 million), a court-appointed bankruptcy trustee told business daily Dagens Industri.
Germany Said to Tap Citi, Deutsche Bank, UBS for Uniper Selldown
Germany’s government has selected banks to arrange a potential selldown of power company Uniper SE, which could rank among the country’s biggest share sales in recent years, Bloomberg News reported. Citigroup Inc., Deutsche Bank AG and UBS Group AG have been appointed as joint global coordinators on the potential offering, the people said, declining to be identified because the information is private. More banks could be added to the lineup ahead of the share sale in the first quarter of next year.
Mexico Wants to Curb Chinese Imports With Help From U.S. Companies
Mexico wants to reduce its dependence on imports from China and is asking some of the world’s biggest manufacturers and tech firms operating in the country to identify Chinese products and parts that could be made locally, the Wall Street Journal reported. The administration of leftist President Claudia Sheinbaum, who took office last week, wants U.S.