WASHINGTON, DC The COVID-19 pandemic has spread globally and will not be over until it has been brought under control everywhere. Hence, international efforts are underway to support the worlds poorest countries. COVAX, a multilateral initiative organized by the World Health Organization and Gavi, the Vaccine Alliance, is arranging purchases of vaccines to be distributed equitably to developing countries.
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The National Company Law Appellate Tribunal (NCLAT) has set aside an order of insolvency against Kolkata-based RP Infosystems as the plea filed by the financial creditor, State Bank of India (SBI), was beyond the limitation period of three years.
In its judgment, the NCLAT said that since the insolvency petition moved by SBI in 2019, seven years after RP Infosystems accounts were declared non-performing assets in 2013. In 2020, the Kolkata bench of the National Company Law Tribunal (NCLT) had admitted the insolvency petition against the company based on the application moved by SBI.
In its judgment, delivered last Wednesday and made available later, the NCLAT set aside the NCLTs order and held that the firm was allowed to function indep…
Read the full article at: https://indianexpress.com/article/business/nclat-stays-insolvency-process-of-rp-infosystems-7161533/
The gambling firm has renegotiated the terms of its senior secured debt notes to postpone their maturity to 2023 on the condition of a higher interest rate.
Coderes Creditors Approve Renegotiation of Terms
Spanish gambling group Codere SA has received green light by its creditors to renegotiate the terms of its senior secured debt notes. The multinational manages gaming machines, bingo halls, casinos, racetracks and sports betting locations in Latin America, Spain and Italy.
The payment deferral scheme is part of the firms ongoing restructuring arrangements and the updated terms allow for the postponing of debt maturity payments from 2021 to 2023. Codere Luxemburg, a subsidiary created to repay interest on 2020 and 2016 revolving credi…
Read the full article at: https://www.gamblingnews.com/news/codere-extends-debt-note-maturity-to-2023/
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PARIS, Jan 25 (Reuters) – The European Commission did not request extra time for talks on a planned restructuring of French state-controlled energy firm EDF, a source in the French finance ministry said on Monday.
French broadcaster BFM Business reported on Monday that the European Commission wanted a further six months of talks because it could not give a green light to the restructuring plan as it stands now.
EDF shares fell over 18% on the report but trimmed the losses to be down around 14% at 1503 GMT on Monday after the finance ministry sources comments.
This negotiation is underway and in any case no additional time to finalise it has been requested, the source said, adding that the …
Read the full article at: https://www.reuters.com/article/edf-restructuring-eu/update-1-france-denies-delay-sought-for-edf-restructuring-talks-idUSL1N2K00YP
Prime Minister Imran Khan on Monday called for further debt relief for stressed countries amid a surge in the coronavirus pandemic around the world and the detection of the new Covid-19 variants, saying “much more needed to be done” to achieve the sustainable development goals (SDGs) by the 2030 target.
Addressing the fourth session of the United Nations Conference on Trade and Development (UNCTAD), he observed that developing countries were “trapped between recovering from the pandemic and meeting their debt servicing obligations”.
“The world today is grappling with a series of interlinked and unprecedented public health and economic crises. While the coronavirus does not discriminate between the rich and the poor,…
Read the full article at: https://www.dawn.com/news/1603551/at-un-conference-pm-imran-suggests-further-debt-relief-for-stressed-countries
Rather than pursue more debt relief to help the developing world weather the COVID-19 crisis, rich countries should provide pandemic-related necessities directly. Debt relief is so imprecise a mechanism that it is as likely to benefit private-sector creditors as it is to help the poor.