[ad_1] Jaguar-owner and mining giant Resources Ltd’s debt suffered the biggest fall on record last week, among a handful of Indian companies whose bonds fell to record lows of the rupee. In addition to those two dollar notes maturing in 2024, Energy’s forex bonds fell the most since March, while GMR Hyderabad 2026 debt also declined, Bloomberg-compiled data shows. The fall coincides with the rupee touching its all-time low against the dollar, posing the challenge of already high interest rates for Indian companies to pay off existing foreign debt or…
Tag: debt
Weak rupee burdened by heavy foreign debt
[ad_1] The global economic crisis has begun to take a toll on the Indian industry’s balance sheet, owing to the depreciating rupee. While a weaker rupee may bring cheer to export-oriented sectors such as IT and textiles, it has increased foreign exchange liabilities of Indian companies. The accounting rules, called AS-11 provisions, make it mandatory for companies to make mark-to-market provisions in their profit and loss accounts for any changes in foreign currency loans. The worst hit have been those companies that primarily serve the domestic market and opt for…
Revlon Inc.: Revlon files for bankruptcy facing high debt, supply chain pain
[ad_1] Revlon Inc. filed for Chapter 11 Unable to manage its huge debt load amid bankruptcy, supply chain crisis and high inflation. The billionaire-owned cosmetics giant Ron Perelman sought court protection in the southern district of New York, and listed both assets and liabilities up to $10 billion, according to court papers. Chapter 11 filings allow a company to continue operating while it works on a plan to repay creditors. Bankruptcy is a difficult period for the company, which was suffering during the pandemic and faced years of declining sales…
Supreme Court nod for settlement plan: After Supreme Court victory, Shiv Industries & Holding Ltd to focus on debt
[ad_1] With a Supreme Court order permitting the promoter’s settlement plan to save the company from liquidation, ailing Shiva Industries and Holding Ltd (SIHL) on Saturday said the company will soon be placed under new management and as soon as its The focus will be on settling the creditors. possible. Commenting on the SC order quashing the orders of both NCLT and NCLAT that directed the winding up of the company, serial entrepreneur and father of the company’s founder C Sivasankaran, Vallal RCK told FE: “I am by the judgment…