Poorer nations could be facing economic collapse unless the world's richest economies agree to step up debt relief efforts, International Monetary Fund (IMF) chief Kristalina Georgieva warned on Thursday.
A U.S. judge on Tuesday questioned whether members of the Sackler family that owned Purdue Pharma abused the bankruptcy system, as she considers whether to overturn a ruling that shielded the Sacklers from liability over the opioid epidemic.
Colombian airline Avianca said on Wednesday it has successfully completed its Chapter 11 bankruptcy process, a month after a U.S. court approved its reorganization process.
Some people thrive on defaults and restructurings, but they’re rarely company bosses. Kaisa founder and chairman Kwok Ying-shing may be an exception. The Chinese developer, which put its creditors through the wringer six years ago, is asking holders of $400 million in bonds due to be repaid next month to effectively wait another 18 months to help it avoid another restructuring. But they are being offered little reward and will take added risk. It’s hard to see how this deal will avoid the rougher option.
The chairman of China Evergrande Group Hui Ka Yan sold 1.2 billion shares in the company at an average price of HK$2.23 each on Thursday, Hong Kong Stock Exchange filings show.