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New World Development Co. has received a $1.2 billion bid for the K11 Art Mall in Hong Kong from CR Longdation, a subsidiary of China Resources Holdings Co. The mall generates $40 million in rental income per month. If the sale goes through, it would help New World reduce its debt levels, which are currently the highest among its peers. New World has been selling off assets to decrease leverage in recent years. [Extracted from the article]

Global Aircraft Leasing Co. has raised $1.1 billion in the junk-bond market to refinance debt that is due next month. The senior secured bonds have a unique three-year structure and can be repaid after one-and-a-half years. The bonds were priced at a yield of 8.75%, lower than earlier discussions. The proceeds, along with $990 million of shareholder equity, will be used to refinance senior toggle notes that mature in September. Global Aircraft Leasing is a unit of Beijing-based Bohai Leasing Co. [Extracted from the article]

Global Aircraft Leasing Co. has raised $1.1 billion in the junk-bond market to refinance debt that is due next month. The senior secured bonds have a unique three-year structure and can be repaid after one-and-a-half years. The bonds were priced at a yield of 8.75%, lower than earlier discussions. The proceeds, along with $990 million of shareholder equity, will be used to refinance senior toggle notes that mature in September. Global Aircraft Leasing is a unit of Beijing-based Bohai Leasing Co. [Extracted from the article]

Global Aircraft Leasing Co. is planning to raise $1.1 billion in the junk-bond market to refinance debt that is due next month. The proposed bonds have a unique three-year structure and can be repaid after one-and-a-half years. The sale is being managed by Morgan Stanley, and discussions on the deal suggest an initial price of around 9%. Last year, Global Aircraft attempted a similar refinancing deal, but it fell through, leading to a withdrawal of the firm's long-term issuer default rating. The company is also seeking $990 million in new equity to refinance debt maturing this year. Global Aircraft is a subsidiary of Beijing-based Bohai Leasing Co. [Extracted from the article]

Global Aircraft Leasing Co. plans to raise $1.1 billion in the junk-bond market to refinance debt that is due next month. The proposed bonds have a unique three-year structure and can be repaid after one-and-a-half years. The sale is being managed by Morgan Stanley, and initial price discussions suggest an interest rate of around 9%. The proceeds from the sale, along with additional shareholder equity, will be used to refinance payment-in-kind toggle notes that mature in September. Global Aircraft Leasing Co. is a subsidiary of Beijing-based Bohai Leasing Co. and owns a stake in Avolon Holdings Ltd., one of the world's largest aircraft leasing companies. [Extracted from the article]

Thames Water, the parent company of the highly indebted water utility that supplies a quarter of people in England, is facing financial difficulties after a series of board resignations. The company is exploring options with a group of creditors and has appointed restructuring experts to engage with creditors and assess options. Shareholders blame restrictive regulation from Ofwat for the company's crisis, and Thames Water recently announced that it will need to spend £1.1 billion more than previously thought to fix chronic leaks and sewage spills. The next important deadline for the company is June 12, when Ofwat announces its draft decision on the company's next five-year business plan. [Extracted from the article]

Thames Water's largest shareholder, Omers Farmoor Singapore Pte, has written off the value of its stake in the company due to its worsening financial crisis. The Ontario Municipal Employees Retirement System, which owns Omers Farmoor Singapore Pte, made this decision after reducing the value of its holding in Thames' parent company, Kemble Water. Thames Water, which supplies water to London, is facing increasing pressure and may require government intervention. The utility is struggling to attract new investors, and current shareholders are distancing themselves from the company. [Extracted from the article]

Thames Water Utilities Limited, the UK's largest water utility, is facing a potential state takeover after a senior official at its biggest shareholder, Canadian pension fund OMERS Infrastructure, resigned from the company's board. Thames Water's parent company, Kemble Water Holdings Ltd, has already defaulted on its debt and is in talks with creditors about its future. The CEO of Thames Water has suggested that shareholders may still inject equity after June 12, but the resignation of the senior official indicates that existing shareholders are unwilling to invest further. This increases the likelihood of a government takeover and the search for new investors. Thames Water recently announced that it will need an additional £1.1 billion to address leaks and sewage spills. [Extracted from the article]

Thames Water Utilities Limited, the UK's largest water utility, is facing increasing financial difficulties and the risk of a government takeover. Michael McNicholas, a senior official at the company's biggest shareholder, Canadian pension fund OMERS Infrastructure, has resigned from the board. This resignation suggests that existing shareholders are unwilling to invest further, making it more likely that the government will have to step in and find new investors. Thames Water recently announced that it will need an additional £1.1 billion to address infrastructure issues, despite lacking shareholder support for new equity. [Extracted from the article]

Thames Water, the largest water and sewage utility in the UK, has announced that it will need to spend an additional £1.1 billion to address chronic leaks and sewage spills. This brings their total investment over the next five years to £19.8 billion, a 7% increase from their initial plans. Despite not having the support of its shareholders for new equity, Thames Water is seeking approval from the regulator for its updated business plan. The company's spending plan is uncertain due to its high level of debt and the refusal of shareholders to provide additional funding. [Extracted from the article]

Thames Water and its financing arm, Kemble Water Finance, have had their credit ratings downgraded by Moody's Ratings after shareholders of the utility's owner refused to provide additional capital. Thames Water is the worst performing water and sewage company in England and Wales and requires funding to improve its infrastructure. Moody's also noted that Kemble Water Finance may be unable to make interest payments and repay debt. The downgrade reflects the increased risk of payment default and potential losses for creditors. [Extracted from the article]

Low-cost Canadian airline Lynx Air has entered creditor protection and will cease operations in three days due to low passenger volumes and rising fuel costs. Despite cost cuts and attempts to sell or merge the company, Lynx was unable to save itself. The airline had 11 destinations in Canada, six in the US, and one in Mexico, and had about 500 employees as of December. Lynx cited rising jet fuel costs, low passenger volumes after Covid-19 restrictions, and the grounding of its Boeing 737 MAX 8 planes as factors contributing to its downfall. Customers with bookings are advised to seek refunds from credit card companies. Lynx had received startup debt funding from Indigo Northern Ventures LP, and its chairman's private equity firm, Indigo Partners, backs other low-cost airlines. The airline had C$429 million in assets and C$600 million in liabilities as of December 31. Singapore-based aircraft lessor BOC Aviation Ltd. owns three of Lynx's nine 737 Max 8 planes and plans to retrieve them with the help of Indigo. BOC expects no issues in finding new airlines for the planes due to high demand for new-generation aircraft. Both Boeing and Airbus are facing challenges in delivering new jets, particularly those powered by RTX Corp.'s Pratt & Whitney engines. [Extracted from the article]

Frasers Group Plc, majority-owned by Mike Ashley, has acquired online luxury clothing retailer Matchesfashion for £52 million ($66 million). Matches, owned by private equity firm Apax Partners, has been experiencing losses in recent years. Frasers aims to develop its luxury offering and attract big brands through this acquisition. Matches' CEO, Nick Beighton, will work closely with Frasers to develop the strategy going forward. Matchesfashion had outstanding term loans of £110 million and a £40 million asset-based lending facility with Wells Fargo. Apax Partners had provided support to Matchesfashion with over £200 million in equity and shareholder loans since the start of the pandemic. [Extracted from the article]

Brazilian retailer Americanas SA has released long-delayed financial reports, revealing a fraud of 25.2 billion reais ($5.2 billion) as of the end of 2022. The company sank into bankruptcy protection earlier this year due to a massive accounting scandal stemming from supply chain financing and false advertising contracts. Americanas' shareholders, including billionaires Jorge Paulo Lemann, Marcel Telles, and Carlos Sicupira, have proposed a debt restructuring deal that involves swapping bank debt for equity and receiving a 12 billion-real capital injection. The company's recovery plan aims to reduce total debt to as low as 1 billion reais by 2025. [Extracted from the article]

Thames and Southern Water Ltd. were the worst performers in Ofwat's annual review for a third year, missing targets for leaks and sewage spills. (Bloomberg) -- Thames Water Ltd. was slapped with a penalty of over £100 million ($122 million) by regulator Ofwat, just as the beleaguered UK utility needs billions of pounds to repair its aging, leaky networks. "It is not going to be easy for companies to regain public trust, but they have to start with better service for customers and the environment", Ofwat Chief Executive Officer David Black said in the regulator's annual assessment. [Extracted from the article]

(Bloomberg) -- Patrick Drahi is due to meet with investors in London and New York this week to address how his telecommunications empire Altice will reduce its debt as it wrestles with the fallout from a corruption probe in Portugal. Drahi is seeking to reassure debt investors, some of whom were spooked by the probe, prompting a decline in bonds. [Extracted from the article]

Mullen alleges the unlawful trading took place shortly after the company executed a 25-to-1 reverse split in May, which led to a reduction of the 3.7 billion shares outstanding to 152 million shares. (Bloomberg) -- Mullen Automotive Inc. has accused brokerages TD Ameritrade and Charles Schwab of facilitating naked short selling and damaging the electric-vehicle company's stock price. [Extracted from the article]

"We see this tax as substantially negative for banks given both the impact on capital and profit as well as for cost of equity of bank shares", Citigroup Inc. analysts led by Azzurra Guelfi wrote in a note. What Bloomberg Intelligence Says: Italian lenders, especially domestically focused banks, could collectively owe more than €3 billion in taxes if the government's extraordinary levy is imposed, based on the six Italian banks in BI's coverage. [Extracted from the article]

What Bloomberg Intelligence Says: Italian lenders, especially domestically focused banks, could collectively owe more than €3 billion in taxes if the government's extraordinary levy is imposed, based on the six Italian banks in BI's coverage. "We see this tax as substantially negative for banks given both the impact on capital and profit as well as for cost of equity of bank shares", Citigroup Inc. analysts led by Azzurra Guelfi wrote in a note. [Extracted from the article]

(Bloomberg) -- Ofwat faces a difficult balancing act. Whether Thames Water can secure £2.5 billion from shareholders will depend on the rate of return, which will be partly determined by what Ofwat decides on consumer bills. [Extracted from the article]

(Bloomberg) -- Stark Corp., a Thai industrial cable wire maker embroiled in an accounting scandal and debt default, plans to seek court approval to restructure its debt and sell new shares to shore up equity to stave off a forced delisting from the stock exchange. The company will also negotiate with its major creditors to convince them not to pursue an accelerated debt payment and, instead, support a debt restructuring plan, it said. "The company is not complacent and will urgently take action" to resolve its negative shareholders' equity, which is a major criteria for the stock exchange to remove its stock from trading, said Vonnarat Tangkaravakoon, a company director, in the statement. [Extracted from the article]

(Bloomberg) -- Thailand plans to tighten listing rules as a major accounting scandal, debt defaults and unexplained share gyrations rattle investors, putting the nation's key stock index on course for its first back-to-back quarterly loss in three years. The market turmoil prompted Finance Minister Arkhom Termpittayapaisith to urge the Securities and Exchange Commission to take steps to protect the interests of investors and rebuild confidence. [Extracted from the article]

Thailand's benchmark SET Index fell as much as 0.7% to 1,510.80 on Thursday, heading for its lowest close since March 2021. (Bloomberg) -- Thailand plans to tighten listing rules as a major accounting scandal, debt defaults and unexplained share gyrations rattle investors, putting the nation's key stock index on course for its lowest close in more than two years. [Extracted from the article]

The Paris-based bank sees its net income for the first half of the year at around €125 million ($137 million), and at about €280 million for the full year 2023, it said in a statement Monday. (Bloomberg) -- Rothschild & Co expects a 50% decline in profit ahead of going private later this year, citing a challenging environment for its units focusing on deals. [Extracted from the article]

"It's a very limited exposure to Credit Suisse, in particular to the AT1s - very limited", ECB President Christine Lagarde told European Union lawmakers in Brussels on Monday. (Bloomberg) -- The European Central Bank is asking lenders about indirect exposure to Credit Suisse Group AG after finding that their balance sheets show few or no holdings of the Swiss firm's junior debt, according to people familiar with the matter. [Extracted from the article]

Joules was working on turnaround efforts with Interpathincluding a company voluntary arrangement, a form of UKinsolvency proceeding that can permit retailers torenegotiate rents and close stores to lower costs. (Bloomberg) -- Joules Group Plc is set to file forinsolvency after the British retailer failed to securebridge financing or raise equity, putting around 1,600jobs at risk. [Extracted from the article]

Joules was working on turnaround efforts with Interpathincluding a company voluntary arrangement, a form of UKinsolvency proceeding that can permit retailers torenegotiate rents and close stores to lower costs. (Bloomberg) -- Joules Group Plc is set to file forinsolvency after the British retailer failed to securebridge financing or raise equity, putting around 1,600jobs at risk. [Extracted from the article]

It would be the second major UK retailer insolvency inthe space of a week after Made.com Group Plc brought inadministrators and was sold to Next Plc. (Bloomberg) -- Joules Group Plc is set to file forinsolvency after the British retailer failed to securebridge financing or raise equity. [Extracted from the article]

Joules said it's also holding talks with Joule, who recently returned to the company to try and revive its performance, and other strategic investors about raising equity as the retailer fights for survival. Joules Group Plc shares plunged after the British retailer warned it may not be able to repay a £5 million ($5.7 million) loan due at the end of the month. [Extracted from the article]

The UK's most popular money manager is proposing to shut down one of his listed funds after its performance fell below his expectations. The fund has persistently traded below its net asset values since mid-2019 and traded at a 13.5% discount on Monday, according to data compiled by Bloomberg. UK Money Manager Terry Smith Plans to Shutter £350 Million Fund. [Extracted from the article]

The cost of living crisis, coupled with stock delays and freight costs have weighed heavily on the business and last month Joules hired debt advisers at KPMG to help find ways to shore up its cash position. Joules Group Plc shares plunged after the British retailer warned it will make a loss for the full year and said it was in negotiations with banks to waive debt covenants. [Extracted from the article]

(Bloomberg) -- AMC Entertainment Holdings Inc., the world's largest theater chain, rose to a four-month high after its army of small investors embraced a new class of preferred equity the company is distributing. AMC Entertainment Jumps 19% After "Apes" Tout New Share Class AMC has had a dizzying few years, starting with a pandemic-related revenue collapse in 2020 that brought the chain to the brink of bankruptcy. [Extracted from the article]

BlockFi, Nexo, Tron and Tether were among those who took to Twitter in the hours after Celsius's announcement, which accelerated a crypto rout that erased more than $100 billion of market value. (Bloomberg) -- Crypto lender Celsius Network Ltd.'s shock announcement that it's freezing withdrawals sparked a rush by companies in the digital-assets sector to reassure markets about the health of their operations. [Extracted from the article]

Celsius's announcement compounded a crypto slump driven by expectations of higher interest rates following worse-than-expected US inflation data on Friday. (Bloomberg) -- Crypto lender Celsius Network Ltd.'s shock announcement that it's freezing withdrawals sparked a rush by companies in the digital-assets sector to reassure markets about the health of their operations. [Extracted from the article]

(Bloomberg) -- Saudi Arabia's sovereign wealth fund willtake a $185 million stake in Capital Bank of Jordan aspart of deal to help the lender expand. The deal would raiseCapital Bank's shareholders' equity to about $846million, helping to fund an expansion strategy in Jordan,Saudi Arabia and Iraq, and to grow its investment arm. [Extracted from the article]

(Bloomberg) -- Europe's latest push to revive long-stalled negotiations over a single market for banks risks being undermined by efforts to change the rules for winding down failed lenders. In Europe, at least 8% of a failed lender's liabilities need to be "bailed in" -- meaning investors will have to take losses -- before the region's bank failure fund can be used to absorb losses. [Extracted from the article]

(Bloomberg) -- Former Treasury Secretary Lawrence Summers said he's concerned about a populist tilt among US antitrust regulators, including comments this week that disparaged private equity, warning that the trend could prove harmful to the economy. Summers Warns on "Hipster Antitrust" Push Eyeing Private Equity Summers said that some of Kanter's comments "frankly sounded like some of the populist rhetoric that the FTC commissioner, Lina Khan, has engaged in.". [Extracted from the article]

"We believe substantial doubt exists about the Company's ability to continue as a going concern for twelve months from the date of issuance of our financial statements", Canoo said in a filing. (Bloomberg) -- Canoo Inc. fell in extended trading after warning shareholders that there is substantial doubt that the electric vehicle startup has enough cash to keep doing business. [Extracted from the article]

(Bloomberg) -- Canoo Inc. tumbled in extended trading after warning shareholders that there is substantial doubt that the electric vehicle startup has enough cash to keep doing business. "We believe substantial doubt exists about the Company's ability to continue as a going concern for twelve months from the date of issuance of our financial statements", Canoo said in a filing. [Extracted from the article]

Preferred shares of Petrobras gained as much as 7.8% in Sao Paulo Monday after CNN Brasil said President Jair Bolsonaro's administration is studying a bill to eventually sell some stock. (Bloomberg) -- Petroleo Brasileiro SA, Brazil's state-controlled oil company, gained amid signs the government is seeking a way to unload part of its holdings in the state-owned oil producer. [Extracted from the article]

Preferred shares of Petrobras gained as much as 7.8% in Sao Paulo Monday after CNN Brasil said President Jair Bolsonaro's administration is studying a bill to eventually sell some stock. (Bloomberg) -- Petroleo Brasileiro SA gained after a report that the Brazilian government is seeking a way to unload part of its holdings in the state-owned oil producer. [Extracted from the article]

If Southwest pursues its "ill-advised" Questar acquisition, Icahn argues, allowing shareholders to participate in the equity raise through a rights offering is the best way to ensure their holdings aren't massively diluted. (Bloomberg) -- Billionaire Carl Icahn is calling on Southwest Gas Holdings Inc. to first offer shares to existing shareholders, including himself, if it pushes ahead with selling up to $1 billion in equity and equity-linked securities to help finance its takeover of pipeline company Questar. [Extracted from the article]

(Bloomberg) -- Billionaire Carl Icahn is calling on Southwest Gas Holdings Inc. to first offer shares to existing shareholders, including himself, if it pushes ahead with selling up to $1 billion in equity and equity-linked securities to help finance its takeover of pipeline company Questar. If Southwest pursues its "ill-advised" Questar acquisition, Icahn argues, allowing shareholders to participate in the equity raise through a rights offering is the best way to ensure their holdings aren't massively diluted. [Extracted from the article]

If Southwest pursues its "ill-advised" Questar acquisition, Icahn argues, allowing shareholders to participate in the equity raise through a rights offering is the best way to ensure their holdings aren't massively diluted. (Bloomberg) -- Billionaire Carl Icahn is calling on Southwest Gas Holdings Inc. to first offer shares to existing shareholders, including himself, if it pushes ahead with selling up to $1 billion in equity and equity-linked securities to help finance its takeover of pipeline company Questar. [Extracted from the article]

Competing Groups The unsecured creditors committee, which also ranks relatively low on the list for repayment but ahead of shareholders under U.S. rules, cried foul last month over the rough outline of a bankruptcy plan circulated among stakeholders. (Bloomberg) -- Two key groups of Latam Airlines Group SA creditors, frustrated by a bankruptcy process that has dragged on for almost 18 months, are asking for a mediator to help devise an exit plan for the Chilean carrier. [Extracted from the article]

In August, Huarong secured a rescue package from some of the nation's biggest financial firms, including state-owned conglomerate Citic Group, and after a long delay revealed a record loss of 102.9 billion yuan for 2020, slashing shareholder equity by nearly 85% at the time. (Bloomberg) -- Shareholders of China Huarong Asset Management Co. are set to consider a proposal for the firm to issue as much as 70 billion yuan ($10.9 billlion) of bonds to "further enhance the liquidity management of the company.". [Extracted from the article]

Last month, it secured a rescue package from some of the nation's biggest financial firms and, after a long delay, revealed a record loss of 102.9 billion yuan for 2020, slashing shareholder equity by nearly 85% at the time. (Bloomberg) -- Shareholders of China Huarong Asset Management Co. are set to consider a proposal for the firm to issue as much as 70 billion yuan ($10.8 billlion) of bonds to "further enhance the liquidity management of the company.". [Extracted from the article]

Keywords: 1562086DCH; 2799@HK; ASIA; BUSINESS; CHINA; COS; LAW; MARKETS; STK; WORLD EN 1562086DCH 2799@HK ASIA BUSINESS CHINA COS LAW MARKETS STK WORLD China Huarong Asset Management Co. is suing Shenzhen Jushenghua Co. to accelerate a 4.2 billion yuan ($650 million) outstanding principal payment. QZ9QBNT0G1KW (Bloomberg) -- China Huarong Asset Management Co. is suing Shenzhen Jushenghua Co. to accelerate a 4.2 billion yuan ($650 million) outstanding principal payment. [Extracted from the article]

Keywords: 2799@HK; ALLTOP; ASIA; ASIATOP; BON; BONTOP; BUSINESS; CHINA; COS; FIN; HK; INDUSTRIES; MARKETS; TOP; WORLD; WWTOP; WWTOPAM; WWTOPAS; WWTOPEU EN 2799@HK ALLTOP ASIA ASIATOP BON BONTOP BUSINESS CHINA COS FIN HK INDUSTRIES MARKETS TOP WORLD WWTOP WWTOPAM WWTOPAS WWTOPEU China Huarong Asset Management Co. is marketing 380 billion yuan ($58.8 billion) in bad assets for sale as the firm moves to shore up its finances after record losses. QYSXWADWLU6E (Bloomberg) -- China Huarong Asset Management Co. is marketing 380 billion yuan ($58.8 billion) in bad assets for sale as the firm moves to shore up its finances after record losses. [Extracted from the article]

QYSWYXDWRGG0 (Bloomberg) -- China Huarong Asset Management Co. is seeking to sell 380 billion yuan ($58.8 billion) in bad assets as the firm moves to shore up its finances after record losses. 2799@HK, ALLTOP, ASIA, ASIATOP, BON, BUSINESS, CHINA, COS, FIN, HK, INDUSTRIES, MARKETS, TOP, WORLD, WWTOP, WWTOPAM, WWTOPAS, WWTOPEU Keywords: 2799@HK; ALLTOP; ASIA; ASIATOP; BON; BUSINESS; CHINA; COS; FIN; HK; INDUSTRIES; MARKETS; TOP; WORLD; WWTOP; WWTOPAM; WWTOPAS; WWTOPEU EN 2799@HK ALLTOP ASIA ASIATOP BON BUSINESS CHINA COS FIN HK INDUSTRIES MARKETS TOP WORLD WWTOP WWTOPAM WWTOPAS WWTOPEU China Huarong Asset Management Co. is seeking to sell 380 billion yuan ($58.8 billion) in bad assets as the firm moves to shore up its finances after record losses. [Extracted from the article]