PAL eyes US court protection from creditors amid COVID-19
Philippine Airlines (PAL) is considering the filing of bankruptcy court protection in the United States as it seeks time to restructure debts and ensure continued operations while the COVID-19 pandemic crushes demand for air travel around the world.Sources told the Inquirer a final decision has yet to be made although the filing—the first ever for the storied flag carrier—could happen in the coming weeks.It comes amid a period of upheaval in the aviation sector, the slow pace of recovery of flights even within the Philippines due to a myriad of COVID-19 restrictions and limited financial suppo...
Philippines Daily Inquirer
Lebanon gets more time to meet audit demand by creditors
Lebanon has three more months to provide data for a forensic audit of the central bank after failing to meet a November 3 deadline, Finance Minister Ghazi Wazni said Thursday.The International Monetary Fund and France are among creditors demanding the audit as part of urgent reforms to unlock desperately needed financial support."The deadline set for submitting documents required for the financial audit has been extended by three months," the minister said after meeting with a representative of Alvarez & Marsal, the New York-based firm carrying out the audit.President Michel Aoun and central b...
Zambia’s debt crisis worsens
Lusaka. Zambia’s debt situation seems to be deepening with some commercial creditors “refusing” to grant it some relief it was seeking to ease the pressure, the country’s Parliament heard late Thursday.“Although we have obtained some relief under the debt service suspension initiative (DSSI) window, particularly from official creditors, engagements with commercial creditors, have not yet yielded the expected results. This is because these creditors were concerned that we were not treating all creditors equally,” Finance Bwalya Ng’andu told the house in a statement.The government seemed to be d...
Deadline set for THAI creditors
A deadline has been set for individual creditors to recover their money from Thai Airways International (THAI), with applications for debt repayment through corporate bonds getting underway on Wednesday.Applications filed by private individuals were received on the first day on Wednesday at the Securities and Exchange Commission (SEC) office in Bangkok. The deadline for applications falls on Nov 2.SEC secretary-general Ruenvadee Suwanmongkol said a total of 2,140 individual creditors hold THAI corporate bonds valued at 7.5 billion baht or 10.5% of the airline’s total amount worth 71.6 billion ...
The Bangkok Post
Are Protections Keeping Zombie Businesses Artificially Afloat?
Due to financial distress, many businesses have been experiencing, the Government made the decision back in March to relax the rules regarding bankruptcy and insolvency. These relief measures essentially made it much harder for creditors to pursue outstanding business debts, leaving creditors unable to issue bankruptcy notices to any businesses owing debts under $20,000.Q2 2020 hedge fund letters, conferences and moreUnder normal circumstances, each company director has a strict duty to cease trading immediately if they’re insolvency is looking likely, with them facing financial liabilities as...
THAI creditors told to file requests for repayment
Thai Airways International has asked its creditors to file their requests for debt repayments with the Department of Legal Execution after the Central Bankruptcy Court on Monday accepted its request for debt restructuring.THAI acting president Chansin Treenuchagron said creditors must submit their requests within a month of the order for the airline’s rehabilitation being published in the Royal Gazette.“All the creditors except customers can file their requests with the Department of Legal Execution. We’ve put in place measures to take care of the customers, so they do not need to worry,” he s...
The Bangkok Post
Registrar-General Set For Creditors Of Defunct Companies
Jemima OwareTHE REGISTRAR-General has requested to meet all creditors of some 20 asset management companies whose licences were revoked by the Securities and Exchange Commission (SEC).This will be a virtual first creditors meeting between the Registrar-General and the creditors of the defunct companies spanning Monday, September 7, 2020 to Friday, September 11, 2020.These companies are part of some 53 companies whose licences were revoked by SEC in accordance with Section 122 (2) (b) of the Securities Industry Act2016, (Act 929) (SIA).The Registrar of Companies, the High Court, Commercial Divi...
Daily Guide Network
Argentina secures deal on 'impossible' debt
Buenos Aires (AFP) - Recession-hit Argentina announced on Tuesday it has reached an agreement with three major creditors over the restructuring of a $66 billion debt, which the IMF described as a "very significant step" to solving its latest sovereign default crisis.The government of President Alberto Fernandez had set an August 4 deadline to complete a deal but it has now pushed the date to August 24 "to give effect to the agreement," which came after months of wrangling and extensions."We resolved an impossible debt in the biggest economic crisis in memory and in the midst of the pandemic," ...
Argentina announces debt restructure deal with creditors
Buenos Aires (AFP) - Recession-hit Argentina announced on Tuesday it has reached an agreement with three major creditors over the restructuring of a $66 billion debt as it seeks to solve its latest sovereign default crisis.The government had set an August 4 deadline to complete a deal but it has now pushed the date to August 24 "to give effect to the agreement," which came after months of wrangling and deadline extensions.Argentina's economy ministry said in a statement that the deal "will allow members of the creditor groups and such other (bond) holders to support Argentina's debt restructur...
Ecuador's creditors accept debt restructure plan
Quito (AFP) - Ecuador's creditors have voted in favor of a restructuring plan for $17.4 billion of debt that will see the South American country's capital and interest payments reduced, the government of President Lenin Moreno said on Monday.The deal means the debt will be reduced by more than £1.5 billion with the interest rate falling from 9.2 to 5.3 percent.Moreno wrote on Twitter that "the required majority" of votes had been secured to finalize the renegotiation.Last month Ecuador announced that it had secured the support of 53 percent of creditors and formally presented its restructure p...