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WASHINGTONMost Republican senators have signed on to a pledge to force Democrats to raise the debt ceiling through procedures that dont rely on GOP votes, escalating the political tug of war over who is responsible for keeping the U.S. from defaulting.
Sen. Ron Johnson (R., Wis.) said in an interview that some 46 Republicans have signed on to a letter that he circulated during a rapid-fire series of votes on a budget resolution that kicks off Democrats efforts to pass a $3.5 trillion cornerstone of President Bidens agenda.
They shouldnt be expecting Republicans to raise the debt ceiling to accommodate their deficit spending, Mr. Johnson said.
Cloudera Inc.s roughly $5.3 billion deal to go private and join the booming private-equity world just got a boost from the debt market.
The Silicon Valley company completed a $2.14 billion loan financing on Tuesday, as part of a bid by private-equity firms KKR & Co. and Clayton Dubilier & Rice LLC to take the software company private, according to a source with direct knowledge of the dealings.
Pricing on the seven-year, $1.64 billion first-lien loan came roughly as expected, at Libor plus 375 basis points.
A smaller, eight-year, $500 million second-lien loan priced at Libor plus 600 basis points, after circulating with investors in a range of 625-650 basis points above the risk-free benchmark, indicating robust demand for the riskie…
The dedicated bankruptcy court dismissed the plea for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the IT firm Rolta India on Tuesday, observing that the court could not ignore the substantial claims of Financial Creditors because of the purported settlement of employees of the company.
One of Rolta Indias employees had filed a petition under CIRP at the Mumbai bench of the National Company Law Tribunal (NCLT) after the company failed to clear his dues. However, the promoter of the company approached the tribunal for the withdrawal of the CIRP process after settling the dues of the petitioner employee.
The Bench has no doubt in its mind that considering that CIRP proceedings are in rem, the substantial claim…
Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) dismissed last week an application seeking closure of Rolta Indias corporate insolvency resolution process (CIRP) under the Insolvency & Bankruptcy Code (IBC). A consortium of lenders to Rolta, represented by advocates Rohit Gupta and Nausher Kohli, had opposed a plea for closure of the process, saying they have an outstanding of around Rs 5,400 crore. The debt owed to them is substantial, said PSU lenders and financial creditors before the NCLT bench of judicial member Suchitra Kanuparthi and member (technical) Chandra Bhan Singh. They said withdrawal of CIRP would only lead to multiplicity of proceedings against the corporate debtor before the tribunal, which must nece…
By November 1st the UK governments furlough scheme will end, spelling fresh challenges and opportunities for the banking sector, writes Daniel Lanyon.
The UK could see a wave of consumers and SMEs entering into financial difficulties in Q4 2020 following the end of the governments furlough scheme. What does it mean for banking investors?
While the German and French equivalent furlough schemes continue into 2021, larger UK banks and fintech challengers are facing the furlough and self-employment schemes ending, as well as payment freezes on mortgages, credit cards and utilities ending in the last three months of 2020.
For digital challenger banks such as Monzo, Starling and Revolut, who have come through the coronavirus period relatively …
According to the statement of claim, when Mr Hasna admitted to his VIP host that he was experiencing financial difficulties after the $100,000 cheque bounced, he was instead encouraged to gamble on credit to Crown.
The encouragement came despite Mr Hasna previously banning himself from the casino in 2008 and 2012, and Crown security and his mother allegedly requesting that the management permanently bar him. It did not do so until December 2020.
Peter Lawrence, general manager, VIP customer service for Crown Melbourne.
Mr Hasna said Crowns treatment of him amounted to unconscionable conduct, prompting a claim for $4,593,000 in damages to account for $4,393,000 he spent at the casino from June 2016 to December 2019 without withdrawi…
Luka Doncicjust signed the most lucrative supermax rookie extension in NBA history. His $207 million, five-year deal with theDallas Maverickseclipses what any other rookie has ever received at the end of their first contract. This is because of the stunning, historic accomplishments Doncic achieved at just 22-years-old. Now that thesilky Sloveniangot paid, though, his former teammate JJ Redick wants the money he owes him.
Luka Doncic is making NBA history and just got the contract to back it up
The Dallas Mavericks have extended the contract of two-time All-NBA First Team guard Luka Doni.
United Kingdom racing team McLaren has raised funds and sold its Applied business division as part of a s…
United Kingdom racing team McLaren has raised funds and sold its Applied business division as part of a strategic restructuring.
Latham & Watkins acted on McLarenscirca GBP 447 million refinancing and GBP 550 million equity investment.
Goldman Sachs International and HSBC acted as the initial purchasers of senior secured notes and placement agents on McLarens raising of funds totalling USD 620 million (approximately GBP 447 million).
Latham & Watkins acted for Goldman Sachs International as well as various revolving credit facility banks on the senior secured notes offering.
The government on Tuesday said that financial creditors have realised Rs 2.45 lakh crore or 36 per cent of their total claims under the insolvency resolution process till the end of June.
As many as 4,540 companies were admitted under the corporate insolvency resolution process as of June 30 this year.
“394 companies were resolved till 30th June, 2021 wherein Financial Creditors (FCs) including financial institutions, had total claims amounting to Rs 6.80 lakh crore, out of which Rs 2.45 lakh crore have been realised, which is 36 per cent of their claims,” Minister of State for Corporate Affairs Rao Inderjit Singh told the Rajya Sabha in a written reply.
Forecasts predicting an impending tsunami of corporate insolvencies are alarmist, though the need for ongoing alertness remains, according to UK insolvency specialists.
Government support measures have allowed insolvency levels to remain stable amid the pandemic, but recent data shows significant surges as crisis-era support is withdrawn. According to statistics released by the Insolvency Service, June 2021 saw a 63 percent year-on-year increase, and Q1 FY21 saw a 31 percent uptick on the previous quarter.
The data is compounded by an earlier report by the European Systemic Risk Board warning of a potential wave of corporate insolvencies in Europe driven by the gradual withdrawal of public support measures capable of triggering a rece…
image captionFlutter’s Paddy Power betting shops were closed during the Covid lockdowns
Paddy Power-owner Flutter has said its UK betting shop revenue has jumped higher than pre-Covid levels.
Betting shops were closed during lockdowns but since reopening in June, Flutter said UK retail revenue rose 7% ahead of sales before the pandemic.
Like its rivals, Flutter has seen strong growth in online gambling as shops closed and people were forced to work from home.
But one gambling helpline said calls had risen by 9% in the year to March.
And punters came back to betting shops after they re-opened as Covid restrictions eased in the second quarter, with UK retail revenue 7% higher than pre-Covid le…
The federal government has sent more than 11,000 people Centrelink debt letters worth a total of $32m claiming they were overpaid due to jobkeeper, while resisting calls to claw back money from businesses who got the wage subsidy and then made a profit.
Services Australia has told Senate estimates 11,771 people have had a debt raised after the completion of a review of their income support payments and the jobkeeper income that was paid to them by their employer.
As at 30 April 2021, approximately $32.8m in debt has been raised through completed reviews, the agency said in response to questions from the Greens senator Rachel Siewert.
Debts that have been raised have only been issued to the welfare recipient, not yet recovered.
image sourceGetty Images
