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...The creditor group ranking ahead of Blackstone received a £1.4mn payment in June, leaving them more than £50mn short....
...” — bilateral creditors do not want to be treated too differently from private creditors....
...The extra payment customers could receive remains far less than the gains they would probably have made from the return of their assets....
...waiting to see how things play out is a small group of hedge funds that participated in a $50mn convertible debt offering this year after other funds had walked away and are sitting on more than $400mn in gains...
...The fourth offer came from a consortium of the IT company’s bondholders and bank creditors....
...The company, China’s third-largest developer by sales in 2021, won court approval this week to conduct a debt restructuring plan that covers about $10.2bn of creditor claims....
...Key to the proposal was to give creditors the ability to switch back and forth between equity and debt claims, so they could gain exposure to a Chinese property recovery story as well as an easy exit....
...The idea, then, is that taxpayers won’t suffer while groups such as Elliott make fat gains....
...Significant support from the IMF and other official creditors in recent months has also helped, by reducing the likelihood of more sovereign debt defaults this year, say investors....
...However, the argument only really gains political merit when the face value of the new debt instruments is being reduced below its level at the time the country first got into trouble....
...Most of Evergrande’s assets are in mainland China, and offshore creditors are structurally subordinated to creditors onshore, where most of Evergrande’s $300bn in liabilities are owed....
...Atos has asked for proposals by Friday from top shareholders and creditors to achieve that debt reduction. Atos shares rose about 17 per cent in morning trading in Paris on Monday....
...More than two decades of nonstop gains in real estate prices had left the local steel sector’s growth seen as almost guaranteed....
...Stapf told them he and other outside advisers were still struggling to understand — or gain control over — Signa Holding’s sprawling network of subsidiaries and assets....
...Minority shareholders staged a rebellion in November in order to try to gain control of the company ahead of what they perceived to be its impending financial collapse....
...That’s not something you see very often for unsecured creditors in Chapter 11 bankruptcy....
...The new WeWork would carry no debt, and creditors will vote on that deal today....
...Morning futures trading in Europe indicate more gains for the index today....
...Meanwhile, shares in Chinese property developer Country Garden surged 14.6 per cent after the company gained approval from its creditors over the weekend to restructure the repayment of an almost Rmb4bn...
...Evergrande’s shares later pared gains to be up about 14 per cent in late morning trading....
...Rising interest rates worried creditors including Apollo....
...But for creditors and customers, the history of leveraged retailer buyouts has been . . . mixed at best....
...For that reason, it can often spark another situation with a slightly less fancy moniker: “creditor-on-creditor violence”....
...In contrast, they used their control over the nation’s assets for their own political and personal gain, leading Venezuela to lose an important source of revenue sorely needed to address its economic and...
...The company slowly began to gain credibility in the late 2010s, Garcia said....
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