777 Partners, the U.S. investment firm trying to buy English Premier League football club Everton, has hired restructuring experts to overcome “various operational challenges,” according to an email sent to the group’s employees Thursday, Bloomberg News reported. Miami-based 777’s proposed takeover of Everton has been held up as the Premier League is yet to grant clearance, while 777 has asked for deadlines to be extended to complete the deal. Last week the company was accused of fraud by lenders in a New York court filing.
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Attorneys for Sung Kook “Bill” Hwang are expected to argue that prosecutors are pushing a novel and nonsensical market manipulation theory when the criminal trial of the former Archegos Capital Management boss kicks off in New York this month, Reuters reported. Archegos, a $36 billion family office which invested Hwang's personal wealth, collapsed spectacularly in March 2021 after its highly leveraged bets on a small number of stocks via complex derivatives quickly soured.
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The American investment firm 777 Partners, whose bid to buy the English Premier League soccer team Everton has been on hold for months amid doubts about the company’s finances, was accused by one of its lenders on Friday of running a yearslong fraud scheme worth hundreds of millions of dollars, the New York Times reported. The accusation came in a lawsuit filed Friday in federal court in New York by Leadenhall Capital Partners, a London-based asset management company.
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A U.S. insurance firm with at least $2 billion in exposure to Thames Water Utilities Finance Plc is working with bondholders and advisers to protect their interests ahead of potential debt talks, Bloomberg News reported. Assured Guaranty Ltd. and the noteholders have tapped lawyers at Kirkland & Ellis LLP and bankers at PJT Partners Inc, according to people familiar with the matter, talking on the condition of anonymity. The insurer works with issuers of debt and provides insurance on notes that can mitigate losses for bondholders. The U.S.
The U.S. is drafting sanctions that threaten to cut some Chinese banks off from the global financial system, arming Washington’s top envoy with diplomatic leverage that officials hope will stop Beijing’s commercial support of Russia’s military production, the Wall Street Journal reported. But as Secretary of State Antony Blinken heads to Beijing on Tuesday, the question is whether even the threat of the U.S.
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With Imperial Pacific International (CNMI) LLC’s filing of chapter 11 bankruptcy petition in federal court on Friday, it stops Commonwealth Casino Commission (CCC) executive director Andrew Yeom and IPI from completing their proposed settlement, the Saipan Tribune reported. CCC board chair Edward C. DeLeon Guerrero has been acting on behalf of Yeom in the settlement discussion with IPI throughout last week because Yeom’s temporary contract as executive director expired last April 13.
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The U.S. and Chinese governments should take action to lower future borrowing, as a surge in their debts threatens to have “profound” effects on the global economy and the interest rates paid by other countries, the International Monetary Fund said on Wednesday, the Wall Street Journal reported. In its twice-yearly report on government borrowing, the Fund said many rich countries have adopted measures that will lead to a reduction in their debts relative to the size of their economies, although not to the levels seen before the Covid-19 pandemic.
A consortium including Hudson's Bay Company CEO Richard Baker's investment firm NRDC Corp is set to take over German department store chain Galeria Karstadt Kaufhof, two sources familiar with the matter told Reuters on Tuesday. Galeria, Germany's most prominent retailer, earlier this year filed for insolvency following the collapse of its parent Signa, the Austria-based property empire that has become the biggest casualty so far in Europe's real-estate crisis. Baker's Hudson's Bay Company had owned Galeria Kaufhof for several years before a sale to Signa and the chain's merger with Karstadt.
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The investment firm of U.S. businessman Richard Baker (NRDC) is among the two remaining bidders for Germany's most prominent department store chain Galeria Karstadt Kaufhof, business outlet WirtschaftsWoche reported on Friday, according to Reuters. Galeria, which recently filed for insolvency, is seeking a new owner after the collapse of its parent Signa, the Austrian-based property empire that has become the biggest casualty so far in Europe's real estate crisis.
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WOM, once a rising Chilean startup that vowed to challenge the country’s dominant telecom operators, filed for bankruptcy after falling short on a plan to refinance $348 million in debt due in November, Bloomberg News reported. The company filed for chapter 11 protection in Delaware, according to court documents filed today. The filing, which lists between $1 billion and $10 billion in liabilities and same in assets, allows WOM to keep operating while it works on a plan to repay creditors.
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