Latest news with #debt
Bloomberg
5 hours ago
- Business
- Bloomberg
Irish Billionaire Coulson Nears Deal to Cede Ardagh to Creditors
Paul Coulson is nearing an agreement to hand creditors full control of Ardagh Group SA, the company he transformed into a global metal and glass packaging giant. The Irish billionaire is finalizing the details of a deal that would see him receive a one-off payment of about $250 million in exchange for handing over the company to debtholders after months of fraught negotiations, according to people familiar with the matter, who asked not to be named because they aren't authorized to speak publicly.
Yahoo
6 hours ago
- Business
- Yahoo
New World's $11B Lifeline: Will Hong Kong's Most Indebted Developer Survive the Countdown?
New World Development (NDVLY) is inching closer to sealing a massive HK$87.5 billion ($11.1 billion) loan refinancing, potentially giving the debt-laden Hong Kong builder some much-needed breathing room. After months of tense negotiations with over 50 lenders, people familiar with the talks say the company has now secured preliminary consent from all partiesincluding banks that had initially pushed back. But there's still a clock ticking: written approvals must land by June 30, or the deal could unravel entirely. Warning! GuruFocus has detected 8 Warning Signs with NDVLY. If finalized, the agreement would extend HK$63.4 billion ($8.1 billion) in near-term maturities to 2028, easing immediate pressure on New World's balance sheet. Roughly 40 assetsincluding New World Tower and the prized Victoria Docksidehave been pledged as collateral to secure the deal. Another HK$24.1 billion in longer-dated loans will remain on their original timelines, though with added credit enhancements and stricter collateral terms. The refinancing comes as part of a broader fight for survival, with investors increasingly concerned about the company's ability to navigate Hong Kong's prolonged property downturn and rising debt costs. The company isn't stopping there. New World is also seeking a separate HK$15.6 billion loan backed by Victoria Dockside, testing whether it can still tap fresh capital markets amid growing skepticism. Earlier this year, the developer delayed interest payments on four perpetual notes, triggering a sharp selloff in its dollar bonds. While this refinancing could help buy time, the path forward may still be rockyand investors are watching closely to see whether the firm can stabilize, or if this lifeline is just a pause before the next storm. This article first appeared on GuruFocus.
Bloomberg
10 hours ago
- Business
- Bloomberg
HK Builder New World Nears $11 Billion Loan Refinancing Deal
New World Development Co., one of Hong Kong's most indebted builders, is close to securing a crucial HK$87.5 billion ($11.1 billion) loan refinancing deal, according to people familiar with the matter, the culmination of months of negotiations as it raced to secure a lifeline amid a deepening liquidity crisis. New World has received preliminary consent from all the lenders for the refinancing deal, even from those that had previously resisted, the people said, asking not to be identified discussing private matters. A few of the banks are still working on formal written commitments, the people added.
Bloomberg
11 hours ago
- Business
- Bloomberg
UK Resists Preferential Treatment for Struggling Thames Water
The UK government is rejecting calls for preferential treatment for Thames Water and stepping up preparations for all possible outcomes — including special administration — as the heavily indebted utility struggles to stabilize its finances. 'The government would always act in the national interest on these issues,' Environment Secretary Steve Reed told UK lawmakers on Thursday. 'Thames Water must meet its statutory and regulatory obligations to their customers and to the environment. It is only right that the company is subject to the same consequences as any other water company.'
ABC News
11 hours ago
- Business
- ABC News
Administrators reveal staggering debts of Whyalla Ports with at least $194 million owed
The administrators of Whyalla Ports Pty Ltd have told creditors the company owes at least $194 million, but the true amount is still unclear. Accounting firm William Buck held the first creditors' meeting for the company on Thursday, revealing $25 million was owed to trade creditors with a further $63 million listed as a lease liability. The largest slice is owed to Golding's and its parent company NRW, a key mining contractor, with a secured debt of $106 million. However, administrator Michael Brereton said they were waiting to receive financial records from Whyalla Ports directors. "One of the first things we did on our appointment was to issue a notice to the directors to complete what's called the report on company affairs and property," Mr Brereton said. "That was issued immediately … [and] we have yet to receive those from the directors, so we don't have all the financial information. "[I] think one of the problems they face is that the company operated on the basis that it held the port. "Based on the litigation and the legislation that's been passed, it's become apparent that maybe the company didn't have control of the ports. "So I suspect they're having some problems trying to work through 'What are the financial records of the company?'" In early June, the ports became another casualty in the ongoing fallout since the Whyalla Steelworks was tipped into administration by the state government. The company, Whyalla Ports Pty Ltd, was involved in a Federal Court case launched by Whyalla Steelworks administrators KordaMentha, which wants control of the port so it can sell the steelworks as an integrated asset. Parent company GFG Alliance said when the state government passed new laws to "clarify" that the port was owned by OneSteel, it was left with "no option" but to push the port into administration. KordaMentha has since abandoned the legal action it began. However, a counterclaim from GFG Alliance is still being pursued over the ownership of some assets. During today's meeting, Mr Brereton said a lease agreement between OneSteel and Whyalla Ports was terminated on March 27. "The company was not trading on our appointment," Mr Brereton said. "The company was dispossessed of all its plants and equipment at that time and its right to provide services to customers." One Whyalla creditor, who wished to remain anonymous, previously told the ABC they were owed between $100,000 and $200,000 by Whyalla Ports. They said they feared they may never receive the money due to the dispute over the port's ownership. CEO of Sudel Industries and creditor Kevin Moore said he was owed roughly $20,000 from Whyalla Ports. "Basically, I've already written that money off. I don't think we'll see it." Although the paperwork has not been filed, it is understood that the company will more than likely apply for a deed of company arrangement (DOCA) at its next meeting.
