tyb
Argentina open to proposals from bondholders: default deadline stands at 22 May-after extension given yesterday
Argentina will keep pushing for talks with creditors even as a deadline for its US$ 65 billion debt restructuring proposal passed on Friday with little sign it had the support needed from international bondholders to unlock a comprehensive deal. Apparently on averaged less than 20% of bondholders accepted Argentina's conditions Economy Minister Martin Guzman announced on Friday that Argentina “remains open to dialogue” and that it would reassess its position after the deadline, which expired at 6 p.m. (2100 GMT) in Buenos Aires. Argentina faces a race to restructure what it says is an “unsustainable” debt pile and avoid slipping into a ninth sovereign default that would revive memories of an acrimonious decade-long standoff with creditors after a default in 2001-02.
“We will assess the situation after the offer expires today and we will continue working to achieve the goal of restoring debt sustainability to put the county back on its feet,” Guzman said. If creditors have ideas that suit them better while respecting the constraints that Argentina faces, then “we are ready to listen”, Guzman added. “Any combination of interest or principal reduction, grace period, and extension of maturities that is aligned with the debt sustainability analyses of Argentina’s government and the IMF will be considered.”
However in practical terms this means a window of fifteen days remains open, that is until May 22, when Argentina is scheduled to make a US$ 500 million payment. Major bondholder groups have balked at Argentina’s proposal to impose big cuts in coupon payments, allow a three-year payment hiatus, and push back maturities into the next decade. The offer was unveiled in the middle of last month.
Guzman indicated to local media that the country would announce the next steps in the process on Saturday. On Saturday he is scheduled to share breakfast with president Alberto Fernandez. The bond revamp is part of a broad restructuring with creditors, including major backer the International Monetary Fund and the Paris Club of country-to-country lenders.
The government says its ability to pay creditors is extremely limited as Argentina was already in recession before going into lockdown due to the coronavirus pandemic on March 20. Since then the economy has shriveled. “The market is pessimistic about the chances of a deal being reached today,” said Gabriel Zelpo, director of Buenos Aires economic consultancy Seido.
On both sides of the talks, officials and creditors indicated there was unlikely to be a quick resolution, but there was hope a deal could eventually be struck.
https://en.mercopress.com/2020/05/09/argentina-open-to-proposals-from-bondholders-default-deadline-stands-at-22-may
_58-0076 USAF KC-135R Stratotanker from Abu Dhabi, UAE-Al Dhafra Air Base into Iraq
Don't often see them still switched on when entering here
turrible
18 posts faggit..you 'ain't over anything
EASY40 C-560 ne out of NAS Jax after a very short ground stop-origin New Orleans NASJRB
Carlyle, GIC Back Away from AmEx Global Business Travel Deal
Private-equity firm Carlyle Group Inc. and Singapore sovereign-wealth fund GIC Pte. Ltd. are backing away from a deal to take a 20% stake in American Express Global Business Travel, whose revenue has plummeted as a result of the coronavirus pandemic, according to people familiar with the matter.
The deal, announced in December, values the company at $5 billion including debt. It was scheduled to close Thursday but representatives for Carlyle and GIC informed AmEx Global Business Travel on Wednesday they wouldn't participate in the closing, the people said. An entity acting on behalf of the sellers filed a motion this past week in Delaware Chancery Court against Carlyle and GIC, calling for it to compel the duo to proceed with the purchase.
If the deal is scuttled, it would be the latest high-profile transaction to fall apart as a result of the pandemic. On May 4, L Brands Inc. and private-equity firm Sycamore Partners said they were scrapping plans to take Victoria's Secret private, a decision that came after Sycamore filed a lawsuit to try to cancel the deal.
AmEx Global Business Travel isn't party to the dispute. It "continues to operate with a strong group of existing shareholders committed to the success of GBT's business," a spokesman said. "This action neither impacts GBT's ability to manage through the current environment nor constrains any future opportunity." Revenue at AmEx Global Business Travel has plunged since the pandemic closed offices and caused travel to grind to a halt. The company's sales fell roughly 70% year-over-year in March, according to people familiar with its financials.
The potential dissolution of the deal throws into question a roughly $1.2 billion loan to AmEx Global Business Travel for which the company has received commitments from investors. If the deal doesn't close by June 30, the lenders could also walk away.
Much of the loan was originally intended to pay a dividend to stakeholders and to fund a possible acquisition. AmEx Global Business Travel told lenders in mid-April it would scale back the dividend payment. Some $112 million of the financing would be used to pay current and former senior employees in connection with the deal. The company has told lenders it is slashing roughly $600 million in costs, with about half of that coming from pay cuts, layoffs and furloughs, people familiar with the matter said. It could also tap the debt market to raise additional cash as Expedia Group Inc. and other travel-related businesses have done, some of the people said.
The deal began to unravel in early April when Carlyle raised concerns that the coronavirus shutdown constitutes a "material adverse effect" and that the travel-booking business would soon be insolvent, which the sellers disagree with.
In a Delaware court filing Friday, the private-equity firm outlined what it alleged were four violations of the purchase agreement, including that the company was planning to use a significant portion of its investment to fund operating losses. The sellers also deny that claim.
https://www.advfn.com/stock-market/NYSE/AXP/stock-news/82418109/carlyle-gic-back-away-from-amex-global-business-t
the video….umm the poster is unaware that they are not semites (but I'm usre they really do know based on the language used) and it has been spammed in here many times.
do some research faggit.
fuck off amateur