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Indonesian textile giant PT Sri Rejeki Isman is contesting a court decision that declared it bankrupt as the company owner pledged to keep its factory open and see through the revival of the business, Bloomberg News reported. Sritex, as the company is more commonly known, filed an appeal on Oct. 25, requesting a review of the local court’s bankruptcy ruling, according to the court’s website.
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Kelheim Fibers GmbH has applied for protective shield proceedings (bankruptcy protection) at the Regensburg District Court in Germany. The court ruling followed the application and thus paved the way for further implementation of the plan renovation course, Nonwovens-Industry.com reported. The company had already developed a restructuring plan with its financiers in June and its home city Kelheim also made a significant contribution with the acquisition of the VfL property from Kelheim Fibers GmbH.
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.
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The Schoeller Group is in exclusive talks to buy Signa’s Upper West tower in Berlin, according to people familiar with the matter, in one of the most closely watched property transactions in Germany, Bloomberg News reported. The industrialist family’s investment office has been picked for exclusive negotiations after several rounds of bids for the building that is part of Austrian tycoon Rene Benko’s defunct empire. The insolvency administrator of Signa Prime Selection AG had been nearing a deal to sell the property for more than €400 million ($432 million), Bloomberg previously reported.
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Grupo Aeromexico SAB sold $1.1 billion of bonds via international markets Monday that the air carrier will use to refinance debt due in the coming years, Bloomberg News reported. Aeromexico issued $500 million of five-year notes and $610 million of seven-year securities, according to data compiled by Bloomberg. Proceeds will be used in part to pay down $663 million in senior secured notes due in 2027, the company said in a statement. The 2029 notes priced to yield 8.25%, while the 2031 bonds yielded 8.625%, tighter than initial guidance. Barclays was the sole bookrunner for the deal.
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China is considering approving next week the issuance of over 10 trillion yuan ($1.4 trillion) in extra debt in the next few years to revive its fragile economy, Reuters reported. China's top legislative body, the Standing Committee of the National People's Congress (NPC), is looking to approve the fresh fiscal package, including 6 trillion yuan which would partly be raised via special sovereign bonds, on the last day of a meeting to be held from Nov. 4-8.
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Thai authorities reached a tentative agreement to keep the inflation target at 1% to 3% for next year, with the Finance Ministry pressing the central bank to take steps to spur price gains and growth in Southeast Asia’s second-largest economy, Bloomberg News reported. The price goal, in place since 2020, could be retained in 2025 provided the Bank of Thailand comes up with policies to push up inflation to 2%, Finance Minister Pichai Chunhavajira told reporters after a two-hour meeting with central bank Governor Sethaput Suthiwartnarueput on Tuesday.
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Colombia sold $3.64 billion of dollar bonds on Monday, tapping international debt markets for the first time in almost seven months, Bloomberg News reported. The South American country sold $2 billion in notes maturing in 2036 and $1.64 billion in bonds due in 2054 to yield 7.8% and 8,5%, respectively, tighter than initial price talks of 8.15% and 8.8%. Citigroup, Itau BBA and SMBC Nikko are handling the deal, according to a filing. Proceeds will be used for general budgetary purposes and to buy back up to all of Colombia’s notes maturing in 2026 and 2027, the filing shows.
Japan’s labor market tightened in September, indicating sustained pressure on companies to raise wages ahead of the Bank of Japan’s policy meeting this week, Bloomberg News reported. The job-to-applicant ratio edged up to 1.24 from 1.23 in August, meaning that there were 124 jobs offered for every 100 applicants, the labor ministry reported Tuesday. Economists had forecast no change from 1.23. A separate report from the ministry of internal affairs showed that the jobless rate decreased to 2.4% in September, falling to the lowest since January.
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Namibia’s central bank unveiled a policy to provide financial relief to the country’s drought-hit farming industry, Bloomberg News reported. The plan, which took effect Oct. 23, mandates lenders to offer loan restructuring, debt moratoriums, and emergency funding with preferential terms, the Bank of Namibia said in a emailed statement on Monday. The measures will help ease the financial burden on clients while helping to stabilize the agricultural industry, it said. Farmers and agricultural businesses that can demonstrate significant drought-related losses will be eligible for relief.
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