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2 months ago | 
bloomberg.com | Andrew Monahan |Yujing Liu
China is planning to increase support for its technology companies as the sector makes rapid advances in artificial intelligence. A new bond platform will be created to help tech firms issue debt onshore and use the proceeds for innovation, project financing, and mergers and acquisitions, People’s Bank of China Governor Pan Gongsheng said at a briefing Thursday. China will also expand a tech industry re-lending program to as much as 1 trillion yuan ($138 billion) from 500 billion yuan, he said.
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Oct 23, 2024 | 
ttnews.com | Andrew Monahan |Luca Casiraghi
Government Business Equipment Private October 23, 2024 9:55 AM, EDT Company Will Continue to Operate Across US (American Tire Distributors via YouTube) [Stay on top of transportation news: Get TTNews in your inbox.] American Tire Distributors Inc., which sought bankruptcy protection in 2018 after the defection of two major manufacturers, has filed for Chapter 11 again as it considers a sale process to cut debt.
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Oct 23, 2024 | 
bloomberg.com | Andrew Monahan
American Tire Distributors Inc., which sought bankruptcy protection in 2018 after the defection of two major manufacturers, has filed for Chapter 11 again as it considers a sale process to cut debt. The company made the voluntary filing in Delaware, with estimated liabilities and assets of $1 billion to $10 billion each. It has entered into a restructuring support agreement “that contemplates transitioning ownership of the company through a competitive sale process,” according to a statement.
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Oct 23, 2024 | 
finance.yahoo.com | Andrew Monahan
While opinion polls predict a close race between Democratic nominee Kamala Harris and Republican nominee Donald Trump, billionaire investor and former hedge fund manager Stanley Druckenmiller, the chairman and CEO of Duquesne Family Office, on Thursday weighed in with his thoughts on the 2024 presidential election. What Markets Say: While stating that things are still fluid, Druckenmiller said he liked the market indicators for the elections.
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May 13, 2024 | 
bloomberg.com | Andrew Monahan
Agile Group Holdings Ltd., a Chinese developer of villa apartments and high-rise homes, defaulted for the first time on publicly issued dollar bonds, underscoring lingering distress amid the nation’s unprecedented property crisis. The company, based in the southern province of Guangdong, hasn’t paid interest within a grace period that ended May 13 on dollar bonds due 2025, it said in a filing.
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Dec 18, 2023 | 
bloomberg.com | Andrew Monahan |Adrian Leung |Pearl Liu |Shen Hong
China’s $680 billion offshore credit market has entered its least troubled period since a property crisis spread two years ago, even if only for the dwindling group of surviving borrowers that haven’t yet defaulted. The market’s stress level fell to level 1 last month from 3 in October, according to Bloomberg’s China Credit Tracker, marking its lowest since data compilation started in May 2021. The gauge indicates rising degrees of financial strain via a band from 1 to 6.
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Nov 14, 2023 | 
bloomberg.com | Andrew Monahan |Adrian Leung |Kevin Kingsbury |Lorretta Chen
China’s corporate-bond market has been helped recently by government efforts to support the economy, but the worsening debt travails at some of the surviving giants of the property sector are keeping risks alive. Credit market stress levels were unchanged in October, according to Bloomberg’s China Credit Tracker, remaining at level 2 onshore and level 3 offshore. The gauge indicates rising levels of financial strain via a band from 1 to 6.
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Oct 11, 2023 | 
bloomberg.com | Andrew Monahan |Adrian Leung |Kevin Kingsbury
China’s Credit Market Stress Eases After Onshore Defaults DropStrains in China’s credit market have lessened after local defaults fell to the lowest this year, with slightly less bad declines in home sales also helping even as a broader property debt crisis rages on. Onshore stress eased in September to its lowest point since November 2022, dropping to level 2 from 3 in Bloomberg’s China Credit Tracker. The gauge indicates rising levels of financial strain via a band from 1 to 6.
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Sep 25, 2023 | 
news.bloomberglaw.com | Andrew Monahan
The crisis at China Evergrande Group deepened Monday after the company’s mainland unit said it failed to repay an onshore bond, adding a new layer of uncertainty to the developer’s future as a restructuring plan with its offshore creditors teeters. The builder at the center of China’s property developer crisis said its Hengda Real Estate Group Co. subsidiary defaulted on 4 billion yuan ($547 million) in principal plus interest due Sept. 25.
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Sep 24, 2023 | 
news.bloomberglaw.com | Andrew Monahan
China Evergrande Group is running out of time to get what would be one of the nation’s biggest-ever restructurings back on track, after setbacks in recent days that raise the risk of liquidation. The string of surprise developments include scrapping key creditor meetings at the last minute, saying it must revisit its restructuring plan, detention of money management unit staff and an inability to meet regulator qualifications to issue new bonds.
