Page 2 - Debt Restructuring Scheme

Edtech start-up Byju's and lenders renew talks to restructure $1.2 bn loan

Byju's and its lenders have been mired in a conflict for several months following rounds of failed negotiations to revamp its loan agreement

Sri Lanka to spare banks in $19.8 bn local debt restructuring plan

Sri Lanka will spare banks from being part of its local debt restructuring plan because of the possible impact on deposits, while the bulk of the burden will be shared by the Central Bank and superannuation funds, officials said Thursday. Sri Lanka's Cabinet a day earlier approved a plan to restructure nearly half of its $42.1 billion local debt following a bailout agreement with the International Monetary Fund. A special Parliament sitting has been convened for Saturday to seek approval for the plan. The government has announced a bank holiday until next week to prevent any speculation-triggered bank run. Central Bank governor Nandalal Weerasinghe said the treasury bills owned by the bank will be converted into treasury bonds with a longer maturity period and the same has been proposed to superannuation funds. If those funds are unwilling to be part of the plan they may have to pay a 30% tax instead of the 14% special treatment effective now. Sri Lanka is also seeking to reduce ..

Lankan parl to hold special session on Sat to discuss debt restructuring

It was earlier reported that Parliament would be convened on Saturday and Sunday to get the approval for the domestic debt restructuring process

What is China's position on restructuring debt owed by poor nations?

China wants multilateral lenders like the International Monetary Fund (IMF) and World Bank to absorb some of the losses, which those institutions and many developed nations

Sri Lanka must achieve debt restructuring process by September: IMF

The IMF on Tuesday reaffirmed that Sri Lanka must achieve its debt restructuring process by September, which is also the time for the global lender's formal review of the bailout facility it extended to the cash-strapped nation. The IMF on March 20 extended a nearly USD 3 billion bailout facility to debt-ridden Sri Lanka that would help stabilise the country's economy after it was jolted by a devastating economic crisis last year. In a statement issued on Tuesday at the end of a nearly two weeks staff visit to Colombo to assess the progress made by Sri Lanka since the agreement was reached, the IMF said that the two sides had discussed the developments on debt restructuring. "Sri Lanka must achieve debt restructuring by its first review due in September. We also discussed progress on debt restructuring, noting the ongoing discussions with both foreign and domestic creditors," the statement said. Debt-ridden Sri Lanka is still struggling to normalise its crisis-hit economy after it

FM Sitharaman attends high-level meeting on Sri Lankan debt issues

Finance minister Nirmala Sitharaman attended a high-level meeting on Sri Lankan debt issues and expressed India's commitment to support Colombo in dealing with its current economic crisis. She emphasised that a collaboration among creditors is important to ensure transparency and equality in treatment of all creditors in the debt restructuring discussions. The high-level meeting took place on the sidelines of the International Monetary Fund (IMF)- World Bank (WB) Spring Meetings here on Thursday. Japan Finance Minister Suzuki Shunichi, Sri Lanka State Finance Minister Shehan Semasinghe and Emmanuel Moulin, Director General of the Treasury, France were present in the meeting. Sri Lanka President Ranil Wickremesinghe participated virtually, an official statement said. The purpose of the event was to demonstrate the multilateral cooperation regarding the debt restructuring process among the creditors, together with Sri Lanka, it said. In the event, the ministers announced the launch

G20 agrees that debt restructuring must be speedily dispensed with: FM

Debt restructuring and resolution are urgent issues for many low and middle income nations, and the G20 agrees that these matters must be speedily dispensed with, Union Finance Minister Nirmala Sitharaman has said. She told a press conference here on Thursday that discussions of G20 countries and multiple stakeholders on these issues on the sidelines of the annual spring meeting of the IMF and the World Bank were to ensure that resolution for countries in debt should happen in time. Representatives of some of the countries facing debt such as Sri Lanka, Zambia, Ghana and Ethiopia were present for the discussions. The finance minister said the Global Sovereign Debt Roundtable, held on Wednesday, has also brought in a certain avenue for people to talk about how they will have to work towards addressing debt distress and amid an emerging global debt landscape, Sitharaman said. Zambia did mention that it had applied almost a year and a half ago for debt resolution and is still waiting.

China left out of Sri Lanka debt restructure talks amid angst over delays

Both Sri Lanka and its creditors have said they would like China to participate but people familiar with the talks said they are also eager not to let Beijing hold up negotiations any further

SpiceJet debt recast: Carlyle Aviation to pick up 7.5% stake in airline

SpiceXpress, the cargo business, to be hived off into separate unit

SpiceJet soars 6% as board okays debt restructuring plan worth Rs 2,555 cr

The company's board approved transfer of cargo business in lieu of issuance of securities including Compulsorily Convertible Debentures (CCDs) aggregate to Rs 2,555.77 crore.

Debt-ridden Sri Lanka thanks India for backing its $2.9 bn bailout package

Debt-ridden Sri Lanka on Wednesday thanked India for issuing the necessary guarantees sought by the IMF that would help Colombo to unlock the USD 2.9 billion bailout package. India's ministry of finance recently issued a letter to the International Monetary Fund (IMF) to confirm its support to Sri Lanka on the issue of debt restructuring. Also, External Affairs Minister S Jaishankar during his recent visit to Colombo gave the required assurances to Sri Lanka's top leadership for the much-needed IMF bailout package, becoming the first major lender to publicly back the island nation's efforts to recover from its worst-ever economic crisis. In a statement on Wednesday, the Governor of the Central Bank of Sri Lanka Nandalal Weerasinghe thanked India for issuing the necessary guarantees warranted by the IMF for unlocking the USD 2.9 billion bailout for the country. "India has clearly given financial assurances which are acceptable to the IMF..which has all the necessary assurances ..fir

Govt open to a comprehensive package for Vodafone Idea, with conditions

It wants promoters to pitch in first or bring new investors

Sanjeev Gupta's Liberty Steel nears deal with Credit Suisse, Greensill

Gupta's sprawling group of metals firms, gathered under a loose umbrella called GFG Alliance, were pushed to the brink when Greensill collapsed in March 2021

Sri Lanka starts second round of debt restructuring talks with creditors

Sri Lanka on Thursday held a second round of crucial talks with its bilateral creditors, state minister of finance Shehan Semasinghe said as the crisis-hit island nation attempts to get assurances of debt restructuring from them to close a deal with the IMF. Sri Lanka held talks with the International Monetary Fund on October 16 on the release of a USD 2.9 billion rescue package by the Fund, the completion of which hinged on assurances from the country's creditors on debt restructuring. The first round was in Washington. We scheduled another meeting to ensure that all matters will be clarified, Semasinghe told a meeting of Inland Revenue officers here. All bilateral creditors would be participating to review the progress of the debt restructuring talks, in addition to the Central Bank of Sri Lanka, the IMF, and financial and legal advisers, the minister said. Financial assurances from our bilateral creditors would be important for us to obtain the approval of the IMF board of ...

Suzlon Energy looks to pare debt by Rs 583.5 crore after rights issue

Targets repaying remaining debt in eight years; Rs 1,200 crore opened on Tuesday

India starts debt-restructuring talks with Sri Lanka, vows support

"The discussions held in a cordial atmosphere symbolise India's support to early conclusion and approval of a suitable IMF programme for Sri Lanka," the High Commission said.

GMR Warora Energy signs pact with lenders to recast Rs 3,000 cr loans

Loans would be repaid progressively over 15 years, giving the company additional time of about seven years to extinguish the liability

Reliance Capital hits fifth straight upper limit, soars 27% in one week

The stock was locked in upper circuit for the fifth straight day, up 5 per cent at Rs 17.93 on the BSE in Wednesday's trade in an otherwise weak market.

'The ball is in Sri Lanka's court': China on debt restructuring request

China has said "the ball is in Sri Lanka's court" as it avoided giving a direct reply to the island nation's request of restructuring its debt, according to a media report. Sri Lankan has been urging China to restructure its debt as the nation continues to reel under an acute economic crisis. It is estimated that Sri Lanka owes debt payments of USD 1.5 to 2 billion this year to China. Overall China's loans and investments in Sri Lanka were estimated to be more than USD eight billion in the last few years. But Beijing has not made a public commitment for debt relief assistance to Sri Lanka so far. Quoting a Chinese embassy spokesman, the Daily Mirror news website on Saturday reported that Beijing had communicated to the Sri Lankan Finance Ministry three months ago about its readiness to discuss how to address the debt issue with the Chinese banks. China encouraged its banks to discuss it. The Chinese position was also communicated during the telephone conversation between Chinese .

Sri Lanka picks Lazard, Clifford Chance as advisers for debt restructuring

Sri Lanka has hired leading financial and legal advisory firms Lazard and Clifford Chance LLP to support its debt restructuring as the country is on the brink of bankruptcy