Restructuring
Security package in focus as OUE plans acquisition financing
Last year’s wave of covenant breaches in the Singapore property sector has triggered an unusual side effect: acquisition financings.
Wockhardt CB restructuring boosts confidence in India
The end to a year-long stalemate between Indian pharma company Wockhardt and a group of convertible bond investors has proven that a successful restructuring is possible in India’s debt markets.
End of Garuda restructuring in sight after five years
After almost five years of tough negotiations and mountains of legal paperwork, Indonesia’s state-owned airline Garuda’s debt restructuring is finally drawing to a conclusion. The signing of the restructuring agreement is scheduled for this week or next and paves the way for the company’s planned US$300m IPO in the fourth quarter. (See News.)
Huge CB redemption pressure set to stress Indian issuers again
Indian issuers, which embraced the CB product and tapped the markets to raise cheap funding, are likely to come under stress in the coming years. Some might look at refinancing the CBs with domestic currency debt, internal resources or issuance of equity, but many are likely to end up on the restructuring table.
Bumi invites its creditors to buy equity
Indonesia’s largest coal miner Bumi Resources has received shareholder approval for a non-pre-emptive share issue of up to 1.94bn shares, equivalent to 10% of the company’s existing capital. As the proceeds, which could amount to up to Rp4.6trn (US$498m), can only be used for repaying debts, Bumi has approached some of its existing creditors to swap part of their debt into equity.
Suzlon completes arduous CB restructuring saga
Indian wind power company Suzlon Energy last week completed the long and drawn out restructuring of its convertible bonds. The company took advantage of recently revised Indian regulations which allowed it to restructure CBs due in June 2012 and October 2012, thus closing the chapter on a saga that has lasted over a year.
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Wheel of misfortune: Great Beijing Wheel goes into receivership
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Beijing Wheel’s disaster puts brakes on Berlin and Orlando
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Tata Motors points to another way forward for CB restructuring
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Resolution finally
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Moving to Asia
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Stormy waters
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Scomi unit restructures debt
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Arpeni misses coupon payment
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Coupon dilemma
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Abbott terminates Wockhardt pact
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Tangled coil
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Suzlon abandons restructuring meeting
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Negative views