German auto parts supplier Webasto SE is kicking off negotiations for a far-reaching overhaul under the aegis of a chief restructuring officer in response to the “ongoing crisis” in the automotive industry, according to a statement Jan. 13, Bloomberg News reported. Webasto reached a stabilization agreement with bank lenders and holders of its Schuldschein notes on Dec. 23, paving the way for a more holistic restructuring, the statement said. Johann Stohner from consultancy firm Alvarez & Marsal will be appointed chief restructuring officer from Jan. 15 to manage the process.
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Ukraine’s debt-management chief cautioned investors against betting on a quick and tidy resolution to the conflict with Russia based on Donald Trump’s return to the White House next week, Bloomberg News reported. “If you look at our yield curve, people expect some quick, positive outcomes,” Yuriy Butsa, Ukraine’s government commissioner for public debt management, said on the sidelines of the Invisso CEE Forum in Vienna on Tuesday.
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Chancellor of the Exchequer Rachel Reeves said the UK will meet its fiscal rules “at all times,” as she faced ongoing pressure to explain how she’ll stabilize Britain’s public finances following a recent spike in borrowing costs, Bloomberg News reported. “We remain committed to those fiscal rules,” Reeves said in the House of Commons on Tuesday, referring to her self-imposed target that day-to-day government spending be covered by tax receipts.
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One of the German lenders that saw its riskiest type of debt slump when concerns about the state of US commercial real estate market spread across the world last year, is now looking to replace the bond, Bloomberg New reported. Aareal Bank AG is offering to buy back a €300 million ($308 million) so-called Additional Tier 1 bond and exercise the option to repay it in April if any of it is left outstanding, it announced on Tuesday. This is contingent on issuing new AT1s denominated in U.S. dollars.
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