Debt Company – CTXETG http://ctxetg.com/ Tue, 20 Jul 2021 18:31:01 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 http://ctxetg.com/wp-content/uploads/2021/06/icon-150x150.png Debt Company – CTXETG http://ctxetg.com/ 32 32 Subcontractors decide to foreclose homes on hundreds of thousands of Olympus Pools debt http://ctxetg.com/subcontractors-decide-to-foreclose-homes-on-hundreds-of-thousands-of-olympus-pools-debt/ http://ctxetg.com/subcontractors-decide-to-foreclose-homes-on-hundreds-of-thousands-of-olympus-pools-debt/#respond Tue, 20 Jul 2021 17:51:59 +0000 http://ctxetg.com/subcontractors-decide-to-foreclose-homes-on-hundreds-of-thousands-of-olympus-pools-debt/ Several subcontractors hired a national commercial collection firm to seize dozens of liens by: Shannon Behnken Posted: Jul 20, 2021 / 1:51 PM EDT / Update: Jul 20, 2021 / 1:52 PM EDT (Better to call Behnken’s photo) TAMPA, Fla. (WFLA) – RAB, Inc., a national commercial collection company, has confirmed to Better Call Behnken […]]]>

Several subcontractors hired a national commercial collection firm to seize dozens of liens

(Better to call Behnken’s photo)

TAMPA, Fla. (WFLA) – RAB, Inc., a national commercial collection company, has confirmed to Better Call Behnken that it has sent 40 “Notice of Intent to Foreclosure” letters to clients of Olympus Pools, and many other opinions are in progress. the works.

Notices are expected to start arriving in Tampa Bay area mailboxes later this week, and foreclosure lawsuits could be filed 45 days after that. Certified letters are a last resort effort by subcontractors seeking payment for completed work on Olympus Pools work.

It’s a nightmare scenario for frustrated homeowners with unfinished pools and massive holes in their backyards. This is the latest shoe to drop in our ongoing Better Call Behnken investigation of hundreds of unfinished pools by Lutz-based Olympus Pools.

Zachery Hill, of RAB, said the company represents several subcontractors who have not been paid for hundreds of thousands of dollars of work done on the work of Olympus Pools.

“The intention is not to hurt these owners further,” Hill said. “Our hope is that Olympus Pools will pay what it owes.”

Unfortunately, he said, this is the best legal route for contractors to be paid for the work they have already done. Under the Notice of Intention to Foreclosure, Olympus and / or the Owner will have 45 days to pay off the Debt or a foreclosure action will be filed.

One of the contractors who go ahead with the foreclosure claims to owe $ 125,000 and another $ 350,000. Many other contractors have told Better Call Behnken that they also owe money for the completed work.

The notice of intent to foreclose is a blow to homeowners, many of whom have already paid Olympus Pools much – and in some cases – all of the work.

Meanwhile, Olympus Pools co-owners James Staten and Jordan Hidalgo insist they can finish all the pools and save the business. Earlier this month, Staten told investigator Shannon Behnken that he plans to complete all pools by Christmas.

Behnken contacted Olympus Pools for comment on the foreclosure action.

This is a developing story and will be updated.


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Glenmark’s debt reduction and life sciences industry IPO could trigger revaluation http://ctxetg.com/glenmarks-debt-reduction-and-life-sciences-industry-ipo-could-trigger-revaluation/ http://ctxetg.com/glenmarks-debt-reduction-and-life-sciences-industry-ipo-could-trigger-revaluation/#respond Tue, 20 Jul 2021 06:34:54 +0000 http://ctxetg.com/glenmarks-debt-reduction-and-life-sciences-industry-ipo-could-trigger-revaluation/ Glenmark Pharmaceuticals Ltd remains in the limelight, with its stock rising more than 50% from the March lows and trading near 52-week highs. The increase was driven by strong sales growth in the domestic formulations industry, driven by covid treatment drugs. The company also sees better prospects in its US operations, while improved cash flow […]]]>

Glenmark Pharmaceuticals Ltd remains in the limelight, with its stock rising more than 50% from the March lows and trading near 52-week highs. The increase was driven by strong sales growth in the domestic formulations industry, driven by covid treatment drugs. The company also sees better prospects in its US operations, while improved cash flow can lead to lower debt.

High debt had been one of the main concerns of the streets in the past. The company’s net debt to 3549 crore at the end of FY21, although less than The debt of 3,758 crore at the end of FY20 remains high. The company hopes to generate 400 crore of free cash flow in fiscal year 22. In addition, it provides for an IPO for Glenmark Life Sciences. Both measures can lead to 1000- A debt reduction of 1,200 crore and may trigger a revaluation, analysts say.

Glenmark Life Sciences specializes in the manufacture of active pharmaceutical ingredients (APIs). Its portfolio includes 120 products (10 products in laboratory development, four in laboratory validation and 106 currently on the market) according to the draft red herring or DRHP prospectus filed by the company.

APIs relate to various therapeutic areas such as cardiovascular disease, CNS, diabetes, anti-infective and others. The total market size in terms of sales for the 120 products worldwide was estimated to be around $ 140 billion in 2020 and is expected to grow by approximately 4.3% over the next five years to reach approximately $ 180 billion d ‘by 2026.

In addition, the company aims for an increasing share in the CDMO activity (contract development and manufacturing operations). In addition, the company plans to expand the manufacture of molecules in the peptide segment.

The company expects the growth of APIs to remain stable due to the increasing prevalence of noncommunicable diseases, increasing demand from regulated markets for drugs indicated for hypertension, diabetes and cancer, and aging. Population.

In addition to the progress of the IPO, the street will be scrutinizing the company’s earnings performance in the June quarter. The company grew around 105% in the quarter, according to data from the Indian pharmaceutical market. Therefore, strong growth in domestic sales can be expected in April-June. The company’s extensive dermatology and other specialty portfolios and product lines are also supporting growth.

US activity contributes just over a quarter to overall sales and experiences stable price erosion, as evidenced by the performance of the fourth quarter. Thus, aided by new launches, growth in the United States could accelerate. The healthy product pipeline remains favorable with 41 Abbreviated New Drug Applications (ANDAs) awaiting approval at year-end 21. Additionally, the company plans to file 18-20 ANDAs, including 4-5 of the installation of Monroe.

“We have increased our EPS estimate for FY22 / FY23 for Glenmark by 2.5% / 2% to account for increased sales of COVID-19 (FabiFlu) drugs and the stability of the business of based in the United States, ”said analysts at Motilal Oswal Financial Services Ltd.

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Would Smart Sand (NASDAQ: SND) fare better with less debt? http://ctxetg.com/would-smart-sand-nasdaq-snd-fare-better-with-less-debt/ http://ctxetg.com/would-smart-sand-nasdaq-snd-fare-better-with-less-debt/#respond Mon, 19 Jul 2021 13:25:55 +0000 http://ctxetg.com/would-smart-sand-nasdaq-snd-fare-better-with-less-debt/ Howard Marks put it well when he said that, rather than worrying about stock price volatility, “The possibility of permanent loss is the risk I worry about … and every investor practice that I know is worried. ” So it can be obvious that you need to consider debt, when you think about how risky […]]]>

Howard Marks put it well when he said that, rather than worrying about stock price volatility, “The possibility of permanent loss is the risk I worry about … and every investor practice that I know is worried. ” So it can be obvious that you need to consider debt, when you think about how risky a given stock is, because too much debt can sink a business. Like many other companies Smart Sand, Inc. (NASDAQ: SND) uses debt. But the real question is whether this debt makes the business risky.

What risk does debt entail?

Generally speaking, debt only becomes a real problem when a company cannot repay it easily, either by raising capital or with its own cash flow. An integral part of capitalism is the process of “creative destruction” where bankrupt companies are ruthlessly liquidated by their bankers. However, a more common (but still painful) scenario is that he must raise new equity at low cost, thereby diluting shareholders over the long term. That said, the most common situation is where a business manages its debt reasonably well – and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash flow and debt together.

See our latest review for Smart Sand

What is Smart Sand’s net debt?

You can click on the graph below for historical numbers, but it shows that Smart Sand had $ 27.3 million in debt as of March 2021, up from $ 37.1 million a year earlier. However, it has $ 11.4 million in cash offsetting that, which leads to net debt of around $ 15.9 million.

NasdaqGS: History of SND’s equity debt July 19, 2021

Is Smart Sand’s track record healthy?

Zooming in on the latest balance sheet data, we can see that Smart Sand had a liability of US $ 37.3 million owed within 12 months and a liability of US $ 94.4 million owed beyond that. In return, he had $ 11.4 million in cash and $ 66.9 million in receivables due within 12 months. Its liabilities therefore total $ 53.4 million more than the combination of its cash and short-term receivables.

Smart Sand has a market cap of US $ 119.2 million, so it could most likely raise funds to improve its balance sheet, should the need arise. But it is clear that it is absolutely necessary to take a close look at whether it can manage its debt without dilution. The balance sheet is clearly the area you need to focus on when analyzing debt. But ultimately, the company’s future profitability will decide whether Smart Sand can strengthen its balance sheet over time. So, if you want to see what the professionals think, you might find this free analyst earnings forecast report interesting.

Over the past year, Smart Sand has recorded a loss before interest and taxes and actually reduced its income by 55%, to $ 102 million. To be frank, that doesn’t bode well.

Emptor Warning

While Smart Sand’s declining income is about as comforting as a wet blanket, its earnings before interest and taxes (EBIT) can be said to be even less appealing. Indeed, he lost a very considerable amount of US $ 19 million in EBIT. When we look at this and recall the liabilities on its balance sheet, versus the cash flow, it seems unwise to us that the company has debt. Quite frankly, we believe the record is far from up to par, although it could improve over time. On the positive side, we note that EBIT for the past twelve months is worse than free cash flow of US $ 11 million and profit of US $ 34 million. So if we focus on these metrics, there seems to be a chance that the company will manage its debt without too much trouble. The balance sheet is clearly the area you need to focus on when analyzing debt. But at the end of the day, every business can contain risks that exist off the balance sheet. For example, we have identified 5 warning signs for Smart Sand (1 is significant) you must be aware.

Of course, if you are the type of investor who prefers to buy stocks without going into debt, feel free to check out our exclusive list of cash net growth stocks today.

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Gatchalian to sue abusive debt collectors http://ctxetg.com/gatchalian-to-sue-abusive-debt-collectors/ http://ctxetg.com/gatchalian-to-sue-abusive-debt-collectors/#respond Sun, 18 Jul 2021 16:39:14 +0000 http://ctxetg.com/gatchalian-to-sue-abusive-debt-collectors/ SEN. Sherwin Gatchalian has pledged to pass a law criminalizing abusive debt collection practices by certain online lending platforms. Gatchalian warned financial service providers on Sunday against continuing their illegal acts. The growing number of consumer complaints against online loans or loan sharks amid the pandemic was “quite worrying,” Gatchalian said. The deputy chairman of […]]]>

SEN. Sherwin Gatchalian has pledged to pass a law criminalizing abusive debt collection practices by certain online lending platforms.

Gatchalian warned financial service providers on Sunday against continuing their illegal acts.

The growing number of consumer complaints against online loans or loan sharks amid the pandemic was “quite worrying,” Gatchalian said.

The deputy chairman of the Senate Banking, Financial Institutions and Currency Committee lamented loan sharks and other financial crooks who know they are not covered by financial regulators.

He recently tabled Senate Bill (SB) 2287 or the “Financial Products and Services Consumer Protection Act” bill which prohibits financial service providers from using collective abusive practices or debt collection. .

SB 2287 also requires online lenders to respect the privacy and protect the data of their customers.

Some new loan companies have become more aggressive in collecting debts, Gatchalian said in a statement.

“Hindi sila titigil hangga’t walang batas na magpapanagot sa mga maling gawain nila (they won’t stop unless there is a law to hold them accountable),” he said.

Some of them slander their borrowers in order to collect payment, Gatchalian said.

The Securities and Exchange Commission recently shut down KingABC Lending Corp., the company behind the online lending platforms Pondo Loan, Start Loan, Green Loan, Loan Club and Familyhan Credit Corp. social media and various online platforms on an invented legal basis.

“Their liability should not be purely administrative, as some of the acts committed against financial consumers already constitute criminal liability, such as data privacy breaches and cyber-harassment to name a few,” Gatchalian said.

It took note of the 15,015 complaints received by the Consumer Empowerment Group of the BSP from the first to the third quarter of 2020, 63.3% more than those recorded in 2019, which amounted to only 9,250.

The figures do not include unreported cases, as some people and businesses have been discouraged from doing so due to insufficient action by the bank, regulatory agency or law enforcement, Gatchalian said.

SB 2287 puts a jail term of up to five years or a fine of up to P2 million.

Financial regulators such as the Bangko Sentral ng Pilipinas (BSP), the SEC and the Insurance Commission are authorized to impose “enforcement measures on their respective supervised financial service providers”.

Actions restrict the collection of excessive or unreasonable interest, fees or charges; and the imposition of fines, suspensions or penalties for non-compliance with the law.

He noted the “wide array of financial products and services following the Covid-19 pandemic, including the emergence of fraudsters victimizing those struggling with loss of income.”


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Student loan giant loses another private debt release case in bankruptcy http://ctxetg.com/student-loan-giant-loses-another-private-debt-release-case-in-bankruptcy/ http://ctxetg.com/student-loan-giant-loses-another-private-debt-release-case-in-bankruptcy/#respond Sat, 17 Jul 2021 16:44:24 +0000 http://ctxetg.com/student-loan-giant-loses-another-private-debt-release-case-in-bankruptcy/ Student borrowers with certain types of private loans have moved closer to being able to pay off that debt in bankruptcy after a New York court ruling. The United States Court of Appeals for the Second Circuit on Thursday sided with student debtor Hilal Homaidan against student loan giant Navient (NAVI), which had argued that […]]]>

Student borrowers with certain types of private loans have moved closer to being able to pay off that debt in bankruptcy after a New York court ruling.

The United States Court of Appeals for the Second Circuit on Thursday sided with student debtor Hilal Homaidan against student loan giant Navient (NAVI), which had argued that private student loans could not be removed under existing bankruptcy laws.

A panel of three judges determined that some private student loans can be canceled in certain cases by bankruptcy, just like credit cards and other debts, if certain conditions are met.

“Navient’s broad reading – that any loan is non-dischargeable under §523 (a) (8) (A) (ii) if used for further education – would result in virtually all student loans under of § 523 (a) (8) (A) (ii), “said circuit judge Dennis Jacobs. “This construction proves too much.”

The ruling, along with similar decisions in Circuits 5 and Tenth, suggests that private lending services such as Navient will find it difficult to claim that not all private student loans are dischargeable in bankruptcy.

“It kind of creates that domino effect… where you have three appellate court cases saying this type of student loan can be canceled,” Jason Iuliano, associate professor of law at the University of Utah and expert on student loan bankruptcy law, Yahoo Finance said. “You’re going to get the lawyers to think more about this… and really rethink their categorical advice that they’re giving everyone that student loans can’t be canceled. “

Graduated May 28, 2021 in Louisville, Kentucky. (Photo by Jon Cherry / Getty Images)

A spokesperson for Navient, who was estranged from Sallie Mae in 2014, told Yahoo Finance that the latest ruling only applied to one issue of the appeal and that the company “has argued multiple defenses and looks forward to presenting these defenses as the case progresses. “

At the same time, citing an ongoing push to reform the bankruptcy code, the company added, “We recognize that some student borrowers face long-term financial challenges, and that is why, for several years, Navient recommended bankruptcy reform that would allow federal and private student loans to be discharged in bankruptcy after making a good faith effort to repay them. “

Navient can no longer claim that private student loans are not dischargeable

Student loans have traditionally been considered non-dischargeable in personal bankruptcy or only eligible in very limited circumstances, with different guidelines for private and federally guaranteed debt.

There is approximately $ 100 billion in outstanding private student debt and over $ 1.56 trillion in outstanding student debt backed by the federal government.

According to lawyers for Homaidan, up to or more than $ 50 billion in private student loans could be dischargeable in bankruptcy, because these loans were made to finance studies at unaccredited schools or did not serve as a “benefit.” educational ”as defined by law.

For Navient, “one of the defenses… was that these [private student loans] are non-dischargeable in bankruptcy and constitute a type of loan or benefit protected in law ”, Adam Shaw, partner at Boies Schiller Flexner LLP, who represented Homaidan, told Yahoo Finance.

But, Shaw added, the latest ruling suggests Navient “can no longer claim that private student loans are not dischargeable in bankruptcy as an educational benefit.”

Along with other recent cases, the latest ruling adds to a growing trend that student debtors could claim that loans taken out to participate in an unauthorized program or used to fund student costs beyond educational benefits were dischargeable. in the context of bankruptcy proceedings.

Tuition Response Loans

Homaidan attended Emerson College from 2003 to 2007, taking out direct consumer loans called “Tuition Response Loans” from Sallie Mae, Navient’s predecessor. The loans amounted to approximately $ 12,500.

The tuition response loans, which were first offered by Sallie Mae in 2004, according to the company’s 2008 10-K SEC file, did not go through the school’s financial aid office. . Instead, TV commercials sold the loans directly to consumers and the funds went straight to bank accounts, court documents show.

After graduating, Homaidan filed for Chapter 7 bankruptcy with the U.S. Bankruptcy Court for the Eastern District of New York. In that petition, he listed Navient’s loans as liabilities and ultimately obtained a discharge order from the bankruptcy court – but the order did not specify which debts were discharged.

Navient then hired a collection company to collect the loans. Homaidan, confused, assumed the loans had not been paid and he paid Navient in full.

In 2017, he decided to reopen his bankruptcy case to determine whether these tuition response loans had indeed been discharged during the original proceedings. Navient pushed back, arguing that those loans were exempt from discharge under 11 USC § 523 (a) (8) (A) (ii). The Second District rejected Navient’s argument, ruling that Homaidan’s tuition response loan was “outside the scope” of this law.

An unidentified man walks out of United States Bankruptcy Court in Lower Manhattan, New York.  (Photo by Ramin Talaie / Corbis via Getty Images)

An unidentified man walks out of United States Bankruptcy Court in Lower Manhattan, New York. (Photo by Ramin Talaie / Corbis via Getty Images)

At the end of 2007, Sallie Mae had $ 3.3 billion in tuition response loans. The company stopped issuing new tuition response loans in 2008.

Shaw estimated that of that $ 3.3 billion, there could be around 300,000 loans involving $ 500 million in outstanding debt that looked like Homaidan’s: potentially dischargeable but still targeted by collections.

“Hundreds of thousands, if not millions, of people who had been turned down for bankruptcy or who thought they were not eligible [with student loans]… It’s safe for them to reconsider their luck, ”Austin Smith of Smith Law Group, another Homaidan lawyer, told Yahoo Finance.

Aarthi is a reporter for Yahoo Finance. She can be contacted at aarthi@yahoofinance.com. Follow her on Twitter @aarthiswami.

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Experts warn against student loan fraudsters http://ctxetg.com/experts-warn-against-student-loan-fraudsters/ http://ctxetg.com/experts-warn-against-student-loan-fraudsters/#respond Fri, 16 Jul 2021 18:43:00 +0000 http://ctxetg.com/experts-warn-against-student-loan-fraudsters/ The BBB claims that people are losing thousands of dollars to scammers claiming to reduce debt and monthly payments. TAMPA, Florida – Student loan payments are expected to drop in October this year after being suspended due to the pandemic. But people are losing thousands of dollars because of student loan forgiveness scams. The Better […]]]>

The BBB claims that people are losing thousands of dollars to scammers claiming to reduce debt and monthly payments.

TAMPA, Florida – Student loan payments are expected to drop in October this year after being suspended due to the pandemic. But people are losing thousands of dollars because of student loan forgiveness scams.

The Better Business Bureau of West Florida claims that scammers send emails and make phone calls. They are looking to take advantage of people looking to get out of debt or lower their monthly payments.

Here’s what to look for:

They promise that they can reduce your debt at very low payments. They promise to improve your credit scores. They can even claim to be part of a government agency or to associate with a government agency.

“The tip of the scam is that they are going to use high pressure tactics to act now and they are going to charge you an upfront fee and pay those fees now so they can make student loan consolidation easier for you,” he says. Bryan Oglesby with BBB from West Florida.

If you think you’ve fallen for the trap, here’s what you do.

Report it to the Federal Trade Commission.

Contact the Better Business Bureau’s scam tracker so they can help you crack down on scammers.

Remember: If someone calls you unsolicited and asks for your personal or prepay information, hang up. Then go to the BBB website and search for the company. Search for the name of this business on Google and see what happens.

“Many of these offers are something you can do, on your own, for free. Never feel pressured to give out personal information on the spot, especially your FSAID number through your student loans. platform, ”says Oglesby.

For more tips on avoiding student loan scams, visit the FTC website.

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Debt-heavy Evergrande shares rise as developer teases dividend http://ctxetg.com/debt-heavy-evergrande-shares-rise-as-developer-teases-dividend/ http://ctxetg.com/debt-heavy-evergrande-shares-rise-as-developer-teases-dividend/#respond Fri, 16 Jul 2021 06:32:21 +0000 http://ctxetg.com/debt-heavy-evergrande-shares-rise-as-developer-teases-dividend/ Shares in China Evergrande surged the most this year after the indebted real estate developer offered investors a rare respite by dangling the prospect of a surprise dividend payout. Evergrande is one of China’s largest borrowing companies in international markets and is headed by magnate Hui Ka Yan, once China’s richest man. The billionaire and […]]]>

Shares in China Evergrande surged the most this year after the indebted real estate developer offered investors a rare respite by dangling the prospect of a surprise dividend payout.

Evergrande is one of China’s largest borrowing companies in international markets and is headed by magnate Hui Ka Yan, once China’s richest man.

The billionaire and his company have come under intense investor scrutiny over how Evergrande will meet Beijing’s demands for sweeping reductions in leverage in the real estate industry after years of fueled aggressive expansion by debt.

Shares of the Hong Kong-listed group fell nearly a third in the first half of the year, as they were also hit by tighter credit conditions in China and Beijing slowly pulls out of implied guarantees. supported by the state for conglomerates under pressure.

However, on Friday, the stock rose 14% to its highest level since the depths of the Covid-19 crisis early last year after Evergrande said in a statement to the Hong Stock Exchange. Kong that its board of directors would meet to discuss its first special dividend in three years.

The company could not immediately be reached for comment.

Investors see Evergrande’s takeover as closely tied to Hui’s success or failure to navigate the Chinese government’s ‘three red lines’, which were introduced almost a year ago in response to concerns regarding increases in house prices. The measures limit corporate borrowing according to three parameters: debt / cash, net debt / equity and debt / assets.

Evergrande suffered a frantic sell-off of its stocks and bonds last year due to plans to list shares in subsidiary Hengda Real Estate.

Investor confidence was further shaken last month after Fitch, the U.S. rating agency, downgraded the Chinese developer from B over to B for its long-term foreign currency ratings. Fitch said his first downgrade of Evergrande in five years reflected pressures both to downsize the company and reduce debt.

Still, Goldman Sachs analysts noted that management had plans to meet Beijing’s “red lines” by the end of 2022, six months ahead of the mid-2023 deadline. The plan is to reduce the debt to less than Rmb450bn by mid-2022, up from Rmb717bn at the end of last year.

“On the back of a cash inflow of Rmb653 billion from real estate sales in 2020… Evergrande has made positive progress towards deleveraging,” the analysts wrote.

Yet Goldman Sachs also highlighted the risks the company faces, including further increases in debt if Evergrande resumes aggressive expansion, the potential for faster-than-expected interest rate hikes and liquidity control by the Chinese government.

Additional reporting by Hudson Lockett in Hong Kong


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Goldman sells $ 5.5 billion in bonds in April bank sales echo http://ctxetg.com/goldman-sells-5-5-billion-in-bonds-in-april-bank-sales-echo/ http://ctxetg.com/goldman-sells-5-5-billion-in-bonds-in-april-bank-sales-echo/#respond Wed, 14 Jul 2021 18:10:13 +0000 http://ctxetg.com/goldman-sells-5-5-billion-in-bonds-in-april-bank-sales-echo/ (Bloomberg) – Goldman Sachs Group Inc. raised $ 5.5 billion in new bonds after reporting its results on Tuesday, recalling the attack on America’s largest banks after releasing their results three months ago. The lender sold the debt in two parts, according to a person with knowledge of the matter. The longest part of the […]]]>

(Bloomberg) – Goldman Sachs Group Inc. raised $ 5.5 billion in new bonds after reporting its results on Tuesday, recalling the attack on America’s largest banks after releasing their results three months ago.

The lender sold the debt in two parts, according to a person with knowledge of the matter. The longest part of the offer, a 21-year security, is earning 1 percentage point above T-bills, after initial talks of around 1.25 percentage points, said the person, who said. asked not to be identified as the details are private.

Bloomberg Intelligence analyst Arnold Kakuda said Goldman sets itself apart from other large banks in that the company finds opportunities in blue chip brokerage, a potential driver of increased borrowing. The lender said Tuesday that it plans to continue growing its blue chip brokerage even as other banks retreat from selling bundled financial services to clients with more complex needs, such as hedge funds.

“For Goldman, they see an opening in blue chip brokerage to gain stakes with their funding,” Kakuda said in a telephone interview Wednesday, referring to the bank’s active issuance of debt.

The bank raised about $ 38 billion in bond sales in the first half of the year, the analyst wrote in a note Wednesday.

Big domestic banks borrowed heavily after reporting first-quarter profits to make sure they have enough cash to back up their assets, which have grown rapidly during the pandemic. Goldman borrowed $ 6 billion in April while Bank of America Corp. had the biggest sale of bank bonds ever, with a price tag of $ 15 billion. JPMorgan Chase & Co., meanwhile, borrowed $ 13 billion.

While JPMorgan, BofA and Citi will likely follow Goldman in selling new debt, banks could borrow smaller amounts than in April as their balance sheet growth is likely weaker than in the first quarter.

“The pressure to issue is not as strong as it used to be, so I don’t see the need for banks to issue massively like they did in April,” Kakuda said.

JPMorgan bank analyst Kabir Caprihan, meanwhile, raised his overall estimate of supply for US banks to $ 181 billion from $ 151 billion, this increase “reflecting the expected increase in debt issuance. senior unsecured from GSIB “. Caprihan also revised its estimate of non-US dollar denominated GSIB issuance from $ 34 billion to $ 48 billion.

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Gupta fights lender’s efforts to take control of aluminum plant http://ctxetg.com/gupta-fights-lenders-efforts-to-take-control-of-aluminum-plant/ http://ctxetg.com/gupta-fights-lenders-efforts-to-take-control-of-aluminum-plant/#respond Tue, 13 Jul 2021 16:36:58 +0000 http://ctxetg.com/gupta-fights-lenders-efforts-to-take-control-of-aluminum-plant/ Sanjeev Gupta is fighting to keep a Belgian aluminum smelter after a US private equity firm sued the UK to take control. Gupta’s metals group GFG Alliance, which is under investigation by Britain’s Serious Fraud Office, is battling to refinance more than $ 5 billion in debt after the bankruptcy of Greensill Capital, its main […]]]>

Sanjeev Gupta is fighting to keep a Belgian aluminum smelter after a US private equity firm sued the UK to take control.

Gupta’s metals group GFG Alliance, which is under investigation by Britain’s Serious Fraud Office, is battling to refinance more than $ 5 billion in debt after the bankruptcy of Greensill Capital, its main lender.

But the lender of GFG’s rolling mill in Duffel, near Antwerp – which people familiar with the matter said was private equity firm American Industrial Partners – launched legal proceedings last week.

AIP succeeded in persuading a court to appoint directors at a UK holding company that owns the assets. The process could result in the transfer of ownership of the Duffel plant to AIP, the holder of the $ 59 million debt.

GFG and AIP did not immediately respond to requests for comment.

The proceeding is the latest in a series of legal challenges Gupta has faced this year from creditors. The Indian-born industrialist recently got a reprieve from Credit Suisse – a leading investor in Greensill debt – after previously trying to force some of his businesses to close over unpaid debts. Meanwhile, GFG said it would “fully cooperate” with the SFO probe, which was announced in May.

AIP’s challenge threatens to complicate a bailout loan that Gupta recently negotiated with commodities trader Glencore, which offers to refinance the debt of its European aluminum company. The London-listed mining and trading company has offered to refinance more than $ 500 million in debt at the Duffel site and its French sister plant in Dunkirk with a new six-year loan.

At the start of the year, AIP bought back all of the debt of the Duffel plant and part of the debt of the Dunkirk smelter, while approaching Gupta with an offer to purchase the two assets.

In a note to senior management last week, Gupta confirmed that the group had rejected AIP’s offer on the two assets, adding that GFG “was aiming for an amicable settlement of their debts using the facilities agreed with Glencore.” .

However, people familiar with the situation said Gupta could retain control of the French foundry, but lose control of the Belgian factory to the US private equity firm.

Glencore is mainly interested in the Dunkirk aluminum smelter, which is the largest in Europe and produces 280,000 tonnes of light metal per year. The deal would give Glencore access to the metal it could sell through its large trading arm.

In its memo to staff, Gupta said GFG had made deals with the London-listed group and rival trading house Trafigura to supply raw materials to Dunkirk and Duffel, while Glencore would “also help with the marketing of products and would provide hedging facilities ”.

“These deals will help secure the working capital needs of businesses and allow us to reduce business risk by capturing current high prices,” Gupta said.


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