Headlines

Kristalina Georgieva, the managing director of the IMF, unveiled a $50bn package of emergency financing for countries stricken by the coronavirus, saying the multilateral lender wanted to ensure “that people are not going to die just because of lack of money,” the Financial Times reported. The IMF’s move came as it warned that the rapidly expanding outbreak would force it to cut its global economic growth forecast to below the 2.9 per cent rate recorded last year, although it was unclear by how much.

A majority of Lebanese MPs oppose paying looming Eurobond maturities, even if that leads to default, Parliament Speaker Nabih Berri said on Wednesday, compounding doubts over whether the heavily indebted state will meet a March 9 repayment, Reuters reported. Lebanon is facing an unprecedented economic and financial crisis, which came to a head last year as capital inflows slowed and protests erupted against the ruling elite. Its next maturity is a $1.2 billion Eurobond due on March 9.

An Indian irrigation company has been cut to default by S&P Global Ratings after it failed to pay interest on its green dollar bond, in a further sign that stress among local firms is spilling over into the nation’s offshore debt market, Bloomberg News reported. Jain Irrigation Systems Ltd. missed an interest payment due last month on the $200 million of notes maturing in 2022, issued by its unit Jain International Trading BV. S&P said that it cut its rating on the company and the notes to D after the 30-day grace period for meeting the obligation ended March 3.

Argentina’s minister of economy met with representatives of several major creditors, including asset management firm Pimco, a company executive and a ministry source said on Wednesday, as separate talks continued with the International Monetary Fund, Reuters reported. “We accepted an invitation to visit the ministry to discuss a range of issues (with Economy Minister Martin Guzman) on a one-to-one basis,” said Pramol Dhawan, head of the emerging markets portfolio management team at Pimco, a major holder of Argentine debt. Pimco is a unit of Allianz SE.

British Steel’s factory in France has received four takeover offers, according to the country’s finance minister, a development that will complicate efforts by a Chinese investor to buy out the whole of the troubled company, the Financial Times reported. The bidders include industry giant ArcelorMittal, German steel producer Saarstahl and the UK-based industrial group Liberty House, according to two people familiar with the matter.

India’s top builder is marketing a complex debt offering that it needs to complete successfully to avoid a default, Bloomberg News reported. The new bond from Lodha Developers International Ltd. will be key for it to refinance its existing $324 million note maturing March 13. The company also needs to meet conditions involving setting aside cash before it can tap the proceeds of the bond. “We feel very good about the level of interest and commitments we have so far,” said Abhishek Lodha, chief executive officer of Macrotech Developers Ltd., which is the flagship company of the Lodha group.

The clock is ticking for the debt-laden owner of some of Britain’s biggest malls. Intu Properties Plc has just four months to raise enough capital to fend off creditors after it was forced to cancel a planned share sale, Bloomberg News reported. Furthermore, if mall values keep falling at their current rate, the firm will quickly need to find about 300 million pounds ($385 million) to satisfy lenders. And that’s before Intu even begins addressing its more than 3 billion pounds of loans coming due over the next five years -- a debt burden about 30 times the firm’s current market value.

UK airline Flybe has collapsed after months of talks with the government failed to secure a crucial £100m loan and the deadly coronavirus slashed demand, pushing Europe’s largest regional carrier into bankruptcy in the early hours of Thursday morning, the Financial Times reported. Flybe confirmed it had entered administration after holding last-ditch talks with the UK government on Wednesday afternoon, a move that puts more than 2,000 jobs at risk and raises uncertainty over scores of regional air routes within the UK. “All flights operated by Flybe have been cancelled with

An asset manager backed by Asia’s richest banker has finally invested in a stressed Indian asset, in a positive sign for the broader push to clean up the nation’s massive pile of bad debt, Bloomberg News reported. Kotak Special Situations Fund invested 5 billion rupees ($69 million) in beleaguered Jindal Stainless Ltd., India’s largest stainless steel producer, according to a statement. The fund is backed by billionaire banker Uday Kotak.

Cork radio presenter Neil Prendeville and David Hall’s ambulance company, Lifeline, are included in the latest list of tax defaulters. Mr Prendeville, who is also a newspaper contributor, paid a total of €541,636 after a revenue investigation following an underdeclaration of income tax, The Irish Times reported. He was ordered to pay €327,663 in tax with the remainder in interest and penalties. Mr Prendeville’s solicitor John Boylan, of BDM solicitors, said an error was made by a firm of accountants which previously handled the broadcaster's affairs.