(Adds Chinese central bank comments) By Jason Xue and Clare Jim SHANGHAI/HONG KONG, Aug 17 (Reuters) – A major Chinese asset manager has told its investors it needs to restructure its debt, stoking fears that a chain of defaults could spread through the financial sector and deliver a destabilising shock to the country’s weakened economy.…
SHANGHAI/HONG KONG, Aug 17 (Reuters) – Faced with a liquidity crisis, Zhongzhi Enterprise Group will conduct a debt restructuring, the Chinese asset manager has told investors, as a deepening property sector downturn raises fears about spillover risks to the broader financial sector. Beijing-based Zhongzhi, which has sizable exposure to real estate, has stopped payment to…
Last week, synthetic biotechnology company Amyris formally announced that the company will be moving forward with filing voluntary Chapter 11 bankruptcy proceedings and will undergo significant financial restructuring intended to improve the Company’s cost structure, capital structure, and liquidity position while streamlining Amyris’ business portfolio to focus on its core competencies in R&D and the…
Despite its products being found in millions of homes across the globe, international houseware and appliance manufacturer Instant Brands has filed for Chapter 11 bankruptcy protection. The company, which is controlled by private equity firm Cornell Capital, cited rising interest rates for its financial difficulties and Chapter 11 filing in the Southern District of Texas,…
TOKYO — Mergers and acquisitions between Japanese companies shot up around 80% on the year to 6.8 trillion yen ($47 billion) for the first half as corporate Japan focused on domestic business restructuring in a bid to lift stock prices. Major deals include a 2.1 trillion yen buyout of Toshiba by a Japanese investor group…
Aug 14 (Reuters) – Embattled property developer China Evergrande Group (3333.HK) said on Monday its listed electric-vehicle arm has agreed to issue new shares to certain subscribers to ease loan burden and improve liquidity as part of its restructuring proposal. Under the terms, China Evergrande New Energy Vehicle Group (0708.HK) (NEV) will issue an aggregate…
Country Garden Holdings Co., once Chinas biggest real estate developer, is edging toward a default. The distressed builder suspended trading in nearly a dozen onshore bonds Monday, paving the way for debt negotiations and a possible restructuring. Investment bank CICC International Capital Corp. has been engaged to explore options for the company, including extending some soon-to-mature yuan…
Aug 14, 2023 5.00am The new local country head of a major New York-headquartered professional services firm best known for restructuring bankrupt investment bank Lehman Brothers says the timing is perfect for it to bring its business to Australia and compete with its larger rivals. But it has been a long time of planning well…
Legal expertise from James S. Lamontagne, Esq. of Sheehan Phinney 21 minutes ago Businesses facing financial distress with lenders, landlords or vendors have options other than closing their doors. Two options for businesses to consider are forbearance agreements and the Subchapter V bankruptcy process, which is a streamlined, less expensive and more efficient bankruptcy process…
Aug 11, 2023 3.34pm Crown Group has entered into provisional liquidation, with its co-founders Iwan Sunito and Paul Sathio agreeing to put aside a long-running dispute in an attempt to salvage the company, once a major real estate developer. Andrew Sallway, BDO business restructuring partner, was appointed as the companys provisional liquidator on Thursday. Mr…