Insolvency Guardian Media Centre
SINGAPORE – Singapore Press Holdings (SPH), which publishes The Straits Times and Lianhe Zaobao, intends to transfer its media business to a not-for-profit company as part ofa strategic review of its various businesses.
Announcing the move on Thursday (May 6), SPH chairman Lee Boon Yang said the transfer will enable the media business to focus on quality journalism and invest in talent and new technology to strengthen its digital capabilities.
The restructuring entails transferring all the media-related businesses, including relevant subsidiaries, employees, News Centre and Print Centre along with their respective leaseholds, and all related intellectual property and information technology assets, to a newly incorporated wholly-owned su…
Read the full article at: https://www.straitstimes.com/singapore/sph-to-restructure-media-business-into-not-for-profit-entity
Investment banks and other financial advisers are putting the business of fixing troubled companies on the back burner as financial distress stemming from the Covid-19 pandemic diminishes.
Instead, advisory firms like FTI Consulting Inc., Greenhill & Co. and Lazard Ltd. , are turning more focus to blank-check companies; mergers and acquisitions; capital raising; and environmental, social and corporate governance issues.
When the Covid-19 pandemic hit the U.S. last year, it was expected to unleash a wave of financial distress and bankruptcies not seen since the financial crisis. While bankruptcy filings did rise in 2020, they have slowed in recent months and havent been as high as investors and analysts initially predicted.
Restructuring…
Read the full article at: https://www.wsj.com/articles/financial-advisers-turn-from-the-business-of-restructuring-as-bankruptcies-fall-11620293401
May 5, 2021
The Asian Lawyer has named Duniatex Groups $2.6B Debt Restructuring as Finance Deal of the Year: Insolvency and Restructuring at The Asia Legal Awards 2021. Gibson Dunn advised Duniatex Group on the deal. The transaction was led by Singapore partnersJamie Thomas andTroy Doyle, with assistance from Singapore of counsel U-Shaun Lim, Singapore associate Roy Sim, and Hong Kong associate Justin Greer.The awards were presented on May 5, 2021.
Jamie Thomas is Co-Chair of the firms Global Finance Practice Group. His experience spans a range of markets including South and Southeast Asia. He regularly represents sponsors, borrowers and lenders on complex cross-border leveraged and acquisition finance transactions, as well as project f…
Read the full article at: https://www.gibsondunn.com/duniatex-groups-2-6b-debt-restructuring-named-deal-of-the-year-by-the-asian-lawyer/
MUMBAI: Reserve Bank of India on Wednesday extended relief to individuals and small businesses who have loans up to Rs 25 crore by allowing them to seek a loan restructuring if they are affected by the second wave of the Covid-19.
Announcing a series of steps to ensure financial stability, the central bank also loosened its purse strings to fund the war against the pandemic by providing a Rs 50,000 crore liquidity window to ramp up healthcare infrastructure. This has been topped with incentives for lenders who build a Covid-19 loan book.
“This is the first part of a calibrated and comprehensive strategy against the pandemic,” RBI governor Shaktikanta Das said and made it clear that he was willing to take many more “small and big steps…
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/rbi-allows-recast-of-home-personal-small-business-loans/articleshow/82422087.cms
SINGAPORE: Singapore Press Holdings (SPH) will transfer its media business into a not-for-profit entity amid the ongoing challenge of falling advertising revenue, the company announced on Thursday (May 6).
The restructuring exercise involves transferring the entire media-related businessof SPH to a newly incorporated wholly owned subsidiary, SPH Media Holdings.
The transfer involves relevant subsidiaries and employees, the News Centre and Print Centre and their respective leaseholds, as well as related intellectual property and information technology assets.
SPH will provide the initial resources and funding to capitalise SPH Media with a cash injection of S$80 million, S$30 million of SPH shares and SPH …
Read the full article at: https://www.channelnewsasia.com/news/singapore/sph-media-restructure-not-for-profit-falling-revenue-14753484
This restructuring, combined with the continuing strength in steel and iron ore markets, will present a solid basis for the future of Liberty, the statement said.
Mr Guptas broader GFG Alliance, which also includes a global aluminium business, an energy business and a property portfolio, had borrowed as much as $6 billion from Greensill Capital.
GFG has been negotiating with Greensill Capitals administrators in Britain, Australia and Germany on a plan to manage these debts since the supply-chain finance company went into administration in early March.
Credit Suisse, which was Greensills primary financial backer via a series of bond funds, has been trying to recover money for its fund investors by seeking winding-up orders for some of Mr…
Read the full article at: https://www.afr.com/companies/manufacturing/gupta-shakes-up-liberty-boardroom-to-tackle-greensill-fallout-20210506-p57pa5
A hair and beauty salon operator in dispute with her landlord over rent arrears has asked the High Court for orders temporarily allowing her back into her workplace.
Sinead Connolly has operated the Sin E Hair and Beauty Salon from Unit 2 at the Charlesland Shopping Centre in Greystones, Co Wicklow, for over a decade.
The premises remained shut during the lockdown, she said.
She claimed, late last month, agents of her landlord, Peter McLaughlin, whom the court heard is a solicitor, entered her salon and changed the locks of the premises.
In an ex parte application (one side only represented), she said this meant she and her four staff have been unable to access the premises.
She claims the premises has been fitted out so it is compliant…
Read the full article at: https://www.irishtimes.com/business/retail-and-services/hair-salon-operator-seeks-order-allowing-return-to-workplace-1.4556298
SYDNEY, May 6 (Reuters) – Qantas Airways Ltd said on Thursday it would keep its corporate headquarters in Sydney and low-cost arm Jetstar would retain its head office in Melbourne after reviewing its property portfolio in an effort to cut costs during the pandemic.
It will make some smaller moves such as Jetstar relocating some heavy maintenance on its Airbus A320 fleet from Singapore to Brisbane as part of a trial in 2021, with the potential for this to be extended. Qantas and Jetstar will also expand their maintenance operations in Melbourne.
Qantas had gone to state governments asking for financial incentives to maintain or shift the location of its headquarters or other operations to help it weather an A$11 bi…
Read the full article at: https://www.reuters.com/article/qantas-property-idUSL1N2MS3B3
Political turmoil in Chad has cast doubt over the Central African oil producer’s efforts to agree relief on its nearly $3 billion debt burden, widely seen as a test case for a global plan to help the world’s most indebted countries.
Six months ago, the Group of 20 (G20) major economies launched a common framework designed to help governments to overhaul the debt they owe to official and commercial creditors after the COVID-19 crisis sent the burdens of many developing countries spiralling.
The plan aims to offer a long-term fix rather than the temporary relief of an earlier 2020 debt service suspension initiative (DSSI).
However, ratings agencies warned that doing so could lead to downgrades and only three countries – Zambia, Ethiopia and…
Read the full article at: https://www.reuters.com/world/africa/chad-unrest-casts-pall-over-debt-deal-global-relief-push-2021-05-05/
MUMBAI : The Reserve Bank of India (RBI) on Wednesday allowed banks and non-banks to extend benefits provided to individual customers and small businesses under the covid restructuring framework, which was made available last year.
Small businesses and financial entities at the grass-roots level are bearing the biggest brunt of the second wave of infections,” said RBI governor Shaktikanta Das in his press briefing.
While no blanket moratorium has been provided for covid 2.0, RBI has allowed banks to restructure smaller loans of exposures less than Rs25 crore, which have been standard as on 31 March 2021. Restructuring under the proposed framework may be invoked up to 30 September and will have to be implemented within 90 days after …
Read the full article at: https://www.livemint.com/economy/rbi-extends-restructuring-benefits-to-small-businesses-individuals-11620196183521.html
The Reserve Bank of India reopened a one-time debt restructuring scheme as the economy braces for the impact of a renewed surge in Covid-19 cases. Retail borrowers and small businesses will be permitted to recast their loans, without being downgraded to non performing category, under the scheme.
- The one-time restructuring scheme will be available for borrowers with aggregate outstanding dues of up to Rs 25 crore.
- Only accounts which are classified as standard as of March 31, 2021 can be restructured.
- Borrowers who have received relief under previous restructuring schemes, including that announced last year, would not be eligible.
- As part of the scheme, lenders can extend the tenor of the loan by up to two years and also offer a morator…
Read the full article at: https://www.bloombergquint.com/business/rbi-reopens-covid-19-restructuring-scheme-for-retail-small-business-borrowers
A Reserve Bank of India (RBI) logo is seen at the gate of its office in New Delhi, India, November 9, 2018. REUTERS/Altaf Hussain/File Photo
India’s central bank unveiled measures to help lenders tide over mounting bad loans, also providing relief to individual borrowers by including one-time debt restructuring for loans, as COVID-19 infections in the country trigger strict lockdowns in several states.
The moratorium will be available to individuals and small and medium enterprises that did not restructure their loans in 2020 and were classified as standard accounts till March 2021, Reserve Bank of India Governor Shaktikanta Das said in a virtual address.
“Small businesses and financial entities at the grassroot level are bearing the bigg…
Read the full article at: https://www.reuters.com/world/india/india-cenbank-allows-fresh-moratorium-some-small-borrowers-amid-covid-19-crisis-2021-05-05/