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Bankruptcy courts have sent more than 1,100 companies for liquidation under the Insolvency and Bankruptcy Code (IBC) ever since the code came into force in 2017, Telangana Today reported. Citing data from the Insolvency and Bankruptcy Board of India (IBBI), the Minister of State for Corporate Affairs, Anurag Thakur told the Lok Sabha that a total of 1,126 companies have been ordered for liquidation as of December 31, 2020.
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Greensill Capital’s talks to sell parts of its operating business to Athene Holding Ltd. have stalled, Bloomberg News reported. The deal talks between Athene, an annuity seller backed by Apollo Global Management Inc., and Greensill have been held up by a breakdown in discussions with key technology supplier Taulia Inc. Greensill Capital filed for administration in the U.K. on Monday, and Athene emerged as the only credible potential buyer after the supply-chain finance company’s swift collapse.
Sustainable debt sales are suddenly booming in Latin America, as investors looking for larger returns in environmentally and socially friendly securities grow more comfortable with buying high-yield bonds, Bloomberg News reported. Borrowers in the region have raised about $8.7 billion in international debt deals tied to environmental, social and governance projects so far this year, according to data compiled by Bloomberg. That’s approaching the record $10.8 billion issued all of last year. And there’s plenty more to come.
Argentine farmer Javier Rotondo says he should be reaping a historic bounty with grain prices surging to their highest level in years, the Wall Street Journal reported. Instead, he reduced his corn crop by 20% after authorities temporarily suspended exports to reduce food prices, one of several measures by Argentina’s leftist government that economists say are suffocating business. Mr. Rotondo expects to take on debt to pay a new wealth tax, and he is bracing for price controls after President Alberto Fernández recently warned ranchers that rising beef prices won’t be tolerated.
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The Biden administration moved on Monday to reimpose financial sanctions on an Israeli mining executive who had turned to a team of lobbyists to have the measures eased during President Donald J. Trump’s final days in office, the New York Times reported.
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Telecom Italia and unions agreed on Monday to cut up to 1,300 jobs in Italy this year through a voluntary scheme, two union sources said, as the country’s biggest phone group strives to revamp its business in the COVID-19 crisis, Reuters reported. The cuts would amount to around 3% of TIM’s 42,600 employees in Italy and be implemented through an early retirement scheme. In addition, TIM and unions have agreed a potential further 178 jobs cuts to be implemented by the end of 2023 through a separate voluntary layoff scheme, the sources said.
The Canada Pension Plan Investment Board is considering selling part of its stake in the utility Puget Energy Inc., Bloomberg News reported. The investment group is working with an adviser to reduce its 31.6% stake by about 10 percentage points. The sale is expected to fetch $700 million, valuing Puget Energy at up to $7 billion, including debt. CPPIB was part of a group that took Puget private in 2009, alongside Macquarie Group Ltd., British Columbia Investment Management Corp. and Alberta Investment Management Corp., according to a statement on its website.
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Brazil’s Supreme Court could upend years of work by the Carwash anti-corruption task force that sent some of the nation’s top politicians and businessmen to jail, Bloomberg News reported. A panel of five judges is discussing whether Sergio Moro, once the judge in charge of the investigation and its most public face, was biased in his rulings against Luiz Inacio Lula da Silva. If he’s deemed unfit, the decision could open the door for others he convicted to request their cases be reviewed.
Greensill Capital filed for insolvency on Monday after losing insurance coverage for its debt repackaging business and said in its court filing that its largest client, GFG Alliance, had started to default on its debts, Reuters reported. Greensill began to unravel last Monday when its main insurer stopped providing credit insurance on $4.1 billion of debt in portfolios it had created for clients including Swiss bank Credit Suisse.
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The Supreme Court on Monday held that the NCLT has jurisdiction to adjudicate disputes, which arises solely or relates to the insolvency of a corporate debtor. The top court, however, cautioned the National Company Law Tribunal (NCLT) and its appellate tribunal (NCLAT) to ensure that they do not usurp the legitimate jurisdiction of other courts, tribunals and forum, when the dispute is not related to the insolvency of the Corporate Debtor, the Economic Times of India reported.
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