Latest news with #debtRestructuring
Bloomberg
3 days ago
- Business
- Bloomberg
Zambia Proposes Increased Number of Lawmakers as Elections Loom
Zambia plans to boost the number of elected members of parliament by more than a third, raising the prospect of a higher government wage bill at a time when the state is trying to conclude a debt-restructuring process. Proposed constitutional amendments published in state newspapers this week would increase the number of elected legislators to 211 from 156, while also raising the number of nominated MPs to 10 from 8. The increase would be achieved by splitting yet-to-be-specified constituencies into smaller ones.
South China Morning Post
7 days ago
- Business
- South China Morning Post
Time for China's belt and road partners to pony up as debt comes due, think tank finds
China has become the leading debt collector of developing countries, shifting from a net capital provider, 'as bills coming due from its belt and road lending surge in the 2010s now far outstrip new loan disbursements', according to new research. Advertisement In 2025, about 75 of the world's poorest and most vulnerable countries will make 'record high debt repayments' totalling US$22 billion to China, according to research released on Monday by an Australian think tank, the Lowy Institute, as a result of peaks in new loan commitments made from 2012 to 2018. The author, Riley Duke, said China was grappling with a dilemma. 'It faces growing diplomatic pressure to restructure unsustainable debt, and mounting domestic pressure to recover outstanding debts, particularly from its quasi-commercial institutions,' his report said. 'But a retrenchment in Western aid and trade is compounding difficulties for developing countries while squandering any geopolitical advantage for the West.' Duke explained that the research was being published now because China's belt and road lending spree peaked in the mid-2010s, and those grace periods began expiring in the early 2020s – a likely 'crunch period' for developing-country repayments to China. How China's shift to chief debt collector will impact its reputation as a development partner … remains to be seen Riley Duke, Lowy Institute In 54 of 120 developing countries with available data, debt-service payments to China now exceed the combined repayments owed to the Paris Club – a bloc that includes all major Western bilateral lenders.
South China Morning Post
7 days ago
- Business
- South China Morning Post
Time for China's belt and road partners to pony up as debt comes due, think tank finds
China has become the leading debt collector of developing countries, shifting from a net capital provider, 'as bills coming due from its belt and road lending surge in the 2010s now far outstrip new loan disbursements', according to new research. In 2025, about 75 of the world's poorest and most vulnerable countries will make 'record high debt repayments' totalling US$22 billion to China, according to research released on Monday by an Australian think tank, the Lowy Institute, as a result of peaks in new loan commitments made from 2012 to 2018. The author, Riley Duke, said China was grappling with a dilemma. 'It faces growing diplomatic pressure to restructure unsustainable debt, and mounting domestic pressure to recover outstanding debts, particularly from its quasi-commercial institutions,' his report said. 'But a retrenchment in Western aid and trade is compounding difficulties for developing countries while squandering any geopolitical advantage for the West.' Duke explained that the research was being published now because China's belt and road lending spree peaked in the mid-2010s, and those grace periods began expiring in the early 2020s – a likely 'crunch period' for developing-country repayments to China. How China's shift to chief debt collector will impact its reputation as a development partner … remains to be seen Riley Duke, Lowy Institute In 54 of 120 developing countries with available data, debt-service payments to China now exceed the combined repayments owed to the Paris Club – a bloc that includes all major Western bilateral lenders.
Bloomberg
21-05-2025
- Business
- Bloomberg
Azul Debt Talks Accelerate Toward Financing Through Chapter 11
Brazilian airline Azul SA is in advanced talks with creditors for a roughly $600 million financing that would fund the company through a potential bankruptcy that could come as soon as next week, according to people with knowledge of the matter. Azul and its lenders have been exploring options, including Chapter 11, Bloomberg previously reported. The carrier is looking to negotiate a debt restructuring in the face of weakening revenue and upcoming coupon payments, said some of the people.
BBC News
21-05-2025
- Business
- BBC News
South Yorkshire steel firm insolvency on hold over possible buyer
A South Yorkshire steel company has avoided insolvency for the moment after a potential buyer was found, the High Court has Steel UK (SSUK), part of the Liberty Steel Group founded by Sanjeev Gupta, employs 1,450 people and has plants in Rotherham and representing SSUK said at a hearing on Wednesday that "urgent meetings" had been taking place with a "third party purchaser".Insolvency and Companies Court judge Sebastian Prentis adjourned a winding up petition for eight weeks until 16 July to allow time for the sale of the company to go through. Following the hearing, Jeffrey Kabel, Liberty Steel chief transformation officer, said the court's decision was a "positive development".The company would use the time to "finalise options, including a sale of the business" while continuing its debt restructuring plans, Mr Kabel said."We remain committed to finding the right solution that preserves EAF [electric arc furnace] steelmaking in the UK, a vital national asset serving strategic supply chains," he said."We recognise that change is essential to set the business on a positive trajectory and provide certainty for our creditors, employees and stakeholders."Mr Kabel said the company would use the time afforded by the adjournment to engage in "intensive discussions" to achieve an outcome which "best serves the strategic interests of the business".He added that the company had been involved in "complex debt restructuring" since the collapse of Greensill Capital in 2021, the principal financial backer of Liberty Steel's owner GFG Alliance. Roy Rickhuss, general secretary of steelworkers' union Community, said on Tuesday that workers had run out of patience and called for Mr Gupta to "invest in the business or step aside".Mr Rickhuss said: "Failed restructuring plans and broken promises from the company have become a familiar demoralising pattern, and things simply can't go on as they are."New, responsible ownership is needed to give the business the brighter future it needs and deserves, and that can only be achieved with a decisive change at the top."Marie Tidball, Labour MP for Penistone and Stocksbridge, backed these calls, saying the Stocksbridge site needed "new, competent ownership".A spokesperson for the Department for Business and Trade said it would "closely monitor" developments, but that it was ultimately for the company to manage commercial decisions. Listen to highlights from South Yorkshire on BBC Sounds, catch up with the latest episode of Look North.
