Terence Loh of Novena Healthcare in debt of S $ 70 million, launches attempt to avoid bankruptcy


Singapore — Distressed businessman Terence Loh, who co-founded Novena Global Healthcare (NGH), seeks interim order to avoid bankruptcy, The times of the straits (ST) reported Thursday (April 29).

The amount owed to five banks, owing to a personal guarantee for loans held by NGH, has reached S $ 70 million.

On April 15, his bankruptcy case was adjourned for the third time, after saying he needed more time to work out a payment plan from Maybank, one of NGH’s creditors.

And on Thursday (April 29), it was again adjourned when Mr. Muralli Rajaram, his lawyer, informed the court of Mr. Loh’s request for an interim order.

The interim order requested by Mr. Loh will be heard next month. She will put an end to all lawsuits against her, including bankruptcy proceedings, while the businessman comes to terms with his creditors for repayment plans.

If Maybank, Citibank, Bank, DBS Bank and UOB Bank, among other creditors, accept its settlement agreements, the High Court will appoint an agent for the implementation of its proposals.

However, if they refuse his , the court will set aside the interim order.

ST quoted Mr. Loh as saying Thursday that he “is actively developing a plan focused on recovery of value with various stakeholders. The transaction contains sensitive details and is highly confidential.”

Maybank sought to recover more than S $ 3 million from Mr Loh, who is the bank’s loan guarantor the Singaporean subsidiary of Novena Global Healthcare Group (NGH).

In November 2020, Maybank initiated bankruptcy proceedings against Mr. Loh.

In January of this year, Mr Loh asked creditors for more time to set up a repayment program.

This is quite a setback for Mr. Loh.

He and his cousin Nelson Loh, co-founder of NGH, were two of the three directors of the Bellagraph Nova Group, which was reportedly a serious contender for the takeover of English Premier League football club Newcastle United in August of last year.

In January, Mr. Nelson Loh, 41, was unable to pay more than $ 14 million in unpaid debts he owed to DBS Bank. The High Court of Singapore has since declared him bankrupt.

Additionally, Novena Global Healthcare Group faces charges of using unauthorized signatures from the accounting firm Ernst & Young in its financial statements.

The cousins ​​have since separated their business interests.

ST reports that Mr. Terence Loh has said he is trying to recoup the value of his other businesses so he can pay his creditors. It is reportedly exploring the possibility of selling a chain of clinics under a subsidiary of Novena Global Healthcare Group, Novu Aesthetics.

However, all five of Novu Aesthetics’ outlets were suddenly closed in March. There are hundreds of patients who still have prepaid treatment packages that they haven’t claimed yet, ST added.

The clinics were reportedly closed due to a lack of funds, with some clinic staff facing back pay.

/ TISG

Also read: Loh’s cousins ​​go from Newcastle United takeover bid to bankruptcy within months

Loh’s cousins ​​go from Newcastle United takeover bid to bankruptcy within months

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Sanctions threat brings foreign share of Russian debt to lowest level in 6 years


Foreign investors’ holdings in Russian government debt fell below 20% for the first time in six years at the end of March, according to official data from Russia’s National Settlement Depository.

International investors have been sale their holdings in Russian public debt since the start of the year, fearing to be caught in a possible toughening of sanctions against Russia in retaliation for the poisoning and imprisonment of Kremlin critic Alexei Navalny.

The outflow among foreign residents of holdings in so-called OFZ – Russian government bonds – reached more than 120 billion rubles ($ 1.6 billion) in March. It was the largest monthly sale since April 2020 and brought the overall share of foreign holdings down to 19.7%, according to analysts at the state-controlled Sberbank’s investment banking arm.

“The exits are driven, in our view, by concerns about rising benchmark yields, growing geopolitical risks, a weakened ruble and still high investments, ”Sberbank analyst Alisa Zakirova said in a research note on Tuesday.

Quarter-end cash outflows likely also played a role, VTB Capital strategist Maxim Korovin said, with much of the March sale taking place in the last few days. Analysts suspect many investment firms have downgraded their positions in Russia’s foreign debt to “underweight” – a sign of market pessimism as traders limit their exposure to assets they deem too risky or not offering enough value.

At the start of the pandemic, foreigners held more than a third of Russia’s public debt.

The Russian government quickly accelerated borrowing last year to help pay the costs of the coronavirus and fill the fiscal hole created by falling oil export revenues. State-controlled banks stepped in to buy back public debt in large numbers, which also lowered the share of foreign assets.

Despite their declining share, the holdings of foreign investors have remained relatively stable over the past 12 months in ruble terms, according to the Institute of International Finance (IIF) noted, calculating the total holdings to be around $ 43 billion. Foreign holdings have actually tripled in value since 2014, when the international community first imposed sanctions on Russia for annexing Crimea.

But investors now fear that the United States will opt for the “nuclear option” of punishments – an outright ban on US-based financial institutions that hold and trade Russian government debt.

Under various laws against the use of chemical weapons, which could be used in response to the poison attack on Navalny, the US administration has this option. It’s a move Washington has hesitated to consider, but calls from die-hard senators for the Biden administration to take a tougher stance against Russia in response to Navalny’s imprisonment have intensified since the start of the year.

Still, analysts are not convinced how damaging this step would be to the Russian economy and the government’s ability to take on debt.

“The Central Bank has the option of providing liquidity to banks to buy OFZs or the national social protection fund could be used to buy government bonds directly and at a significant discount,” noted Elina Ribakov, chief economist. deputy of the IIR.

The scale of Russia international reserves offers plenty of opportunities to recover from even a full sell-off among international public debt holders, experts say, with Russia’s National Social Welfare Fund – a war chest made up of oil profits in the years leading up to the pandemic – over $ 180 billion. In addition, a financial system dominated by state-controlled lenders also offers many potential domestic buyers.

“A total ban on transactions involving Russian foreign debt (…) will only result in serious losses for Western financial institutions as a result of the sale”, economist Vladislav Inozemtsev noted recently.

“The Russian authorities will restructure their liabilities – making huge savings on debt service. Therefore, by striking a blow against Russian sovereign debt, Western politicians will not inflict much damage on Russia’s finances.



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Approval of the amendment to Rallye’s safeguard plan relating to the global public tender offer launched by Rallye on its unsecured debt and announcement of the settlement date



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PARIS – (BUSINESS WIRE) – Regulatory news:

This press release features multimedia. See the full version here: https://www.businesswire.com/news/home/20210504006154/en/

Rally (Paris: RAL) announces that the Paris Commercial Court has today approved the amendment to its safeguard plan, thus enabling the effective completion of the global takeover bid on its unsecured debt launched on January 22, 2021 (the “Take-over bid») And the implementation of the financing of the Tender Offer (cf. Rallye press release of January 22, 2021).

Consequently, and subject to the availability of the proceeds of the new financing, the settlement-delivery of the Tender Offer will take place on May 18, 2021.

Rallye will acquire a total amount of unsecured debt of approximately € 195.4 million for a total repurchase price of approximately € 39.1 million reducing the total amount of its debt by approximately € 156.3 million. The total amount of unsecured debt purchased under the Tender Offer is broken down between the various instruments according to the breakdown shown in the appendix to the press release issued by Rallye on February 11, 2021.

Following the settlement of the Tender Offer, Rallye’s financial debt repayment profile will be as follows:

[See multimedia attached]

The details of the unsecured bonds purchased under the Public Offer are broken down, in nominal value, according to the breakdown provided in the Appendix.

Distribution of this document in certain jurisdictions may be restricted by law. Anyone in possession of this document is required to inform themselves and comply with all legal and regulatory restrictions.

Annex

Securities not guaranteed at nominal value purchased under the Tender Offer

Pre-call for tenders offer

Exceptional

Rising

Amount acquired

as part of the call for tenders

Offer

Post-tender offer

Exceptional

Rising

2022 tickets (ISIN FR0012017903)

€ 110,000,000

€ 27,500,000

€ 82,500,000

EMTN 2020 Tickets (ISIN CH0341440326)

75,000,000 CHF

CHF 6,465,000

CHF 68,535,000

EMTN 2021 tickets (ISIN FR0011801596)

€ 464,600,000

€ 26,000,000

438.600.000 €

EMTN 2023 tickets (ISIN FR0013257557)

€ 350,000,000

€ 22,000,000

328,000,000 €

EMTN 2024 Tickets (ISIN CH0398013778)

95,000,000 CHF

CHF 15,025,000

79,975,000 CHF

Non-dilutive notes 2022 (ISIN FR0013215415)

€ 200,000,000

€ 45,800,000

154,200,000 €

Exchangeable tickets (ISIN FR0011567908)

€ 4.628.847.61

€ 1,680,920.69

€ 2,947,926.92

Press contact:

Havas Paris

Aliénor Miens +33 6 64 32 81 75 [email protected]

Michaël Sadoun +33 6 82 34 76 26 [email protected]

Source: Rally



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Approval of the amendment to Rallye’s safeguard plan relating to the global public tender offer launched by Rallye on its unsecured debt and announcement of the settlement date



Enter Wall Street with StreetInsider Premium. Claim your 1-week free trial here.


PARIS – (BUSINESS WIRE) – Regulatory news:

This press release features multimedia. See the full version here: https://www.businesswire.com/news/home/20210504006154/en/

Rally (Paris: RAL) announces that the Paris Commercial Court has today approved the amendment to its safeguard plan, thus enabling the effective completion of the global takeover bid on its unsecured debt launched on January 22, 2021 (the “Take-over bid») And the implementation of the financing of the Tender Offer (cf. Rallye press release of January 22, 2021).

Consequently, and subject to the availability of the proceeds of the new financing, the settlement-delivery of the Tender Offer will take place on May 18, 2021.

Rallye will acquire a total amount of unsecured debt of approximately € 195.4 million for a total repurchase price of approximately € 39.1 million reducing the total amount of its debt by approximately € 156.3 million. The total amount of unsecured debt purchased under the Tender Offer is broken down between the various instruments according to the breakdown shown in the appendix to the press release issued by Rallye on February 11, 2021.

Following the settlement of the Tender Offer, Rallye’s financial debt repayment profile will be as follows:

[See multimedia attached]

The details of the unsecured bonds purchased under the Public Offer are broken down, in nominal value, according to the breakdown provided in the Appendix.

Distribution of this document in certain jurisdictions may be restricted by law. Anyone in possession of this document is required to inform themselves and comply with all legal and regulatory restrictions.

Annex

Securities not guaranteed at nominal value purchased under the Tender Offer

Pre-call for tenders offer

Exceptional

Rising

Amount acquired

as part of the call for tenders

Offer

Post-tender offer

Exceptional

Rising

2022 tickets (ISIN FR0012017903)

€ 110,000,000

€ 27,500,000

€ 82,500,000

EMTN 2020 Tickets (ISIN CH0341440326)

75,000,000 CHF

CHF 6,465,000

CHF 68,535,000

EMTN 2021 tickets (ISIN FR0011801596)

€ 464,600,000

€ 26,000,000

438.600.000 €

EMTN 2023 tickets (ISIN FR0013257557)

€ 350,000,000

€ 22,000,000

328,000,000 €

EMTN 2024 Tickets (ISIN CH0398013778)

95,000,000 CHF

CHF 15,025,000

79,975,000 CHF

Non-dilutive notes 2022 (ISIN FR0013215415)

€ 200,000,000

€ 45,800,000

154,200,000 €

Exchangeable tickets (ISIN FR0011567908)

€ 4.628.847.61

€ 1,680,920.69

€ 2,947,926.92

Press contact:

Havas Paris

Aliénor Miens +33 6 64 32 81 75 [email protected]

Michaël Sadoun +33 6 82 34 76 26 [email protected]

Source: Rally



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Bond insurer approaches Puerto Rico utility debt deal: court filing


FILE PHOTO: The Central San Juan of Puerto Rico Electric Power Authority (PREPA) is seen in San Juan, Puerto Rico, June 30, 2015. Reuters / Alvin Baez-Hernandez / File Photo

SAN JUAN (Reuters) – A tentative deal between a bond insurer and the Puerto Rico Electric Power Authority (PREPA), disclosed in a court case late Tuesday, displaces an agreement to restructure around $ 9 billion in utility debt into bankruptcy closer to the end of the line.

Assured Guaranty Corp is in the “final stages” of documenting and executing a deal with PREPA and a group of bondholders, which reached a deal with the utility in July covering more than $ 3 billion. dollars in debt, according to a petition filed in US district court. in Puerto Rico.

The so-called definitive restructuring aid agreement (RSA) would cover around half of the outstanding PREPA bonds.

“If finalized, the final RSA will provide PREPA and its creditors with a path to restructuring billions of dollars of inherited debt and facilitate PREPA’s transformation process and the development of an adjustment plan,” indicates the folder.

A PREPA deal has fallen behind on court-approved settlements with bankrupt U.S. Commonwealth Government Development Bank and Sales Tax Financing Corporation (COFINA) creditors. The island has been in federal court since May 2017 in an attempt to restructure around $ 120 billion in debt and pension obligations.

PREPA’s latest bankruptcy petition calls for a two-week extension of the litigation schedule filed in October by Assured and two other bond insurers seeking a court-appointed receiver for PREPA. Assured plans to withdraw from the lawsuit, which is currently set for a May 15 court hearing, if a settlement is approved, according to the filing.

The other insurers, National Public Finance Guarantee Corp and Syncora Guarantee, have not reached an agreement on less than 15% of the PREPA bonds they insure, according to the file.

PREPA filed for bankruptcy in July 2017. Its financial and operational problems were exacerbated by Hurricane Maria, which hit the island in September, decimating an electricity grid already in difficulty due to poor perception of tariffs, d ‘high management turnover and lack of maintenance.

Meanwhile, Puerto Rico’s government on Wednesday announced a new restructuring deal with a group of bondholders from its Infrastructure Financing Authority, tackling Port Authority bonds issued in 2011. The deal, which is awaiting approval by the island’s federally appointed financial supervisory board, includes an investment component in cargo and logistics operations in San Juan Bay.

Reporting by Karen Pierog in Chicago and Luis Valentin Ortiz in San Juan; edited by Jonathan Oatis



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Mozambique gets green light for Eurobond debt swap plan


LONDON (Reuters) – Creditors holding 99.5% of Mozambique’s euro-bond back its debt restructuring proposal, the country’s government said in a statement on Monday, paving the way for a part-part overhaul of the heavy burden of its debt.

Mozambique said in May it had reached a restructuring deal “in principle” with the majority of holders of the $ 727 million notes due 2023 MZ139100352 = after a hidden debt scandal in 2016 prompted the International Monetary Fund and foreign donors to cut support, triggering a currency collapse and default on the country’s sovereign debt.

One of the poorest countries in the world, Mozambique is also trying to restructure other parts of its debt, which has seen its debt-to-GDP ratio reach 113%, according to IMF data.

For the Eurobond overhaul it needed at least 75% consent to complete its planned restructuring and in a statement on Monday the government said it expected the settlement “to come about. on or around September 30, 2019 “.

The restructuring will see the issuance of $ 900 million in new bonds maturing in 2031.

The redeemable bond carries an interest rate of 5% until September 2023 and then 9% until maturity. The proposal also includes up to $ 40 million in cash payments.

Despite creditors’ objections that they were due to undergo a second restructuring in about three years, the debt swap plan was viewed by many as favorable to investors.

The bonds, which had fallen to just over 50 cents on the dollar in 2016, were last trading at 101.5 cents. MZ139100344 =, according to data from Refinitiv. However, this pricing takes into account accrued interest, which stands at around 39 points, analysts said.

The defaulted bond is tightly held and many current investors specialize in distressed assets and would have recovered the bonds when its price dropped to low points.

The largest group of creditors of the instrument is the Global Group of Mozambique Bondholders (GGMB), representing approximately 68% of the issue, which includes funds managed or advised by Farallon Capital Europe LLP, Greylock Capital Management, LLC, Mangart Capital Advisors SA and Pharo Management LLC.

Mozambique’s debt restructuring has been complicated by a number of legal proceedings within the country itself and abroad. Some investors expected the presidential, parliamentary and provincial elections scheduled for October 15 to raise more problems.

The document seeking investor consent released in late August said the government had yet to obtain all administrative clearances to issue the new bonds, and said this could cause delays.

On Monday, government restructuring and legal advisers did not respond to requests for confirmation as to whether those approvals had now been granted. A source close to the deal said it was Mozambique’s responsibility to tick all of those boxes, adding that they did not anticipate any delay.

Reporting by Karin Strohecker; Editing by Alexander Smith and Sandra Maler



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Nintendo Japan website updates rendering of Diddy Kong and fans are very excited • Eurogamer.net

The image of Diddy Kong has been updated on Nintendo’s Japanese website, sparking rumors that the pint-sized hero could make a comeback in the not-so-distant future.

As spotted by eagle eyes BlueCatBanjo73 and reported by our friends at Nintendo Life, Diddy has had a makeover, even though all has been quiet on the Kong front since the re-release of Tropical Freeze on Nintendo Switch a few years ago.

Now, however, Nintendo Japan has updated Diddy’s stock image on the official website, replacing the latest render – which was taken from Mario Party DS – with a new one. Interestingly, Diddy wears the same pose and outfit.

Does this definitely confirm that something new is on the way? Is that how it is. But there’s no denying that it’s an odd time for a random update, and can indeed be a devious sign that there’s something on the horizon, like a new Mario Party game. For now, though, all we can do is watch this space, I guess.

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ICYMI yesterday, Nintendo is suing a Switch hacker called Gary Bowser.

Nintendo of America has taken legal action against Bowser, a 51-year-old Canadian, who is an alleged member of Team Xecuter, the creators of Switch hack.

As Wes pointed out yesterday, that means Nintendo of America President Doug Bowser is suing a Nintendo hacker called Gary Bowser. This is the battle of the Bowsers – in court.



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My Nintendo Japan offers new physical Pokémon Snap rewards

My Nintendo in Japan continues to provide its members with cool physical products that make overseas fans jealous. Ahead of the release of New Pokémon Snap, two new themed rewards are now available. The first is a closing pouch with the logo of the Laboratory of Ecology and Natural Sciences (LENS) and costs 500 Platinum points.

The second element is a stationery set complete with two styles of letters and envelopes for 400 Platinum points. Best of all, envelopes can turn into photo frames!

No word on whether these products will make it west. Given that we finally saw the return of physical My Nintendo rewards to North America last year, that’s a possibility, but by no means a certainty. We’ll be sure to keep you posted if and when this happens.


Written by Amelia Fruzzetti

A writer and Nintendo fan based in Seattle, Washington. When not working for NinWire, she can be found eating pasta, writing stories, and wondering when Mother 3 is finally going to get an official whereabouts.

Amelia Fruzzetti


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World Bank warns G20 not to do too little to tackle debt problems


WASHINGTON (Reuters) – World Bank President David Malpass on Saturday warned G20 leaders that failure to provide more permanent debt relief to some countries could lead to increased poverty and a repeat of disorderly defaults observed in the 1980s.

FILE PHOTO: A participant stands near a World Bank logo at the International Monetary Fund – World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS / Johannes P. Christo / File Photo

Malpass said he was satisfied with the progress made by the Group of 20 major economies on increasing debt transparency and providing debt relief to the poorest countries, but more was needed.

“Debt reduction and transparency will enable productive investments, a key to achieving a faster, stronger and more sustainable recovery,” Malpass told G20 leaders in a meeting via video conference.

“We must beware of doing too little now and then enduring disorderly defaults and repeated debt restructurings like in the 1980s,” he said.

The so-called “lost decade” of the 1980s saw many heavily indebted countries in Latin America and elsewhere unable to pay their debts, stunting growth and efforts to reduce poverty.

Malpass, who began pushing for debt relief at the onset of the COVID-19 crisis, warned that debt problems were becoming more prevalent, including in Chad, Angola, Ethiopia and Zambia, and that the failure to provide “more permanent debt relief” left bleak prospects for poverty reduction.

G20 leaders are set to formally approve the extension of a temporary freeze on official bilateral debt payments by the poorest countries, and the adoption of a common framework for debt restructuring to the future.

Some countries, including China, have remained reluctant to accept the need for debt cancellation, although top economists say it will likely be necessary in some cases. Private sector creditors also did not participate, despite repeated calls from G20 leaders, civil society groups and the United Nations.

Malpass said the Bank is working closely with the G20 in countries affected by fragility, conflict and violence, including the Sahel, Somalia, Lebanon, Gaza and the West Bank.

In Sudan, he said he hoped that arrears clearance could be done quickly, especially given the influx of refugees from neighboring Ethiopia, which would allow substantial funding from the World Bank. to start pouring in almost immediately.

The United States decided last month to remove Sudan from its list of states that sponsor terrorism, removing one of the obstacles facing the heavily indebted African country, which has some $ 60 billion in foreign debt. .

Reporting by Andrea Shalal; Editing by Daniel Wallis and Diane Craft



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Debt relief and statement information updates


On April 6, VHA stopped printing and sending monthly patient statements. VA understands that COVID-19 has negatively affected some veterans. As a result, VA will not charge interest or add administrative fees, and will suspend collection actions on healthcare debts until at least December 31, 2020.

Monthly patient statements may resume in January 2021. Statements will include co-payments for medical care and prescriptions received since the suspension of patient surveys, in addition to co-payment fees unpaid before April 2020.

In November 2020, Veterans with a balance in their accounts will receive a newsletter only that will indicate that balance and contain information on how to make a payment, should Veterans choose to do so. Staff will also make calls to Veterans with balances over $ 2,000.

Veterans can make voluntary payments while filings are suspended. Veterans will need their account number to access their balance and other related information.

You can get an account balance by:

  • Call 866-400-1238.
  • Call the facility’s revenue office at your local VA medical center.
  • Looking at the letter, VA will send to veterans in November 2020, which will include a checking account balance.

payment methods

Methods by which a Veteran can pay on a balance:

  • pay.gov.
  • By phone at 888-827-4817; The veteran must have an account number.
  • By mail to: Department of Veterans Affairs, PO Box 3978, Portland, OR 97208-3978.

Options

Debt relief options are still available to veterans. They understand:

  • Set up a repayment plan.
  • Request a waiver, write-off or compromise of your debt.
  • Request a determination of VA difficulties.

For more information visit https://www.va.gov/health-care/pay-copay-bill/financial-hardship/ or contact a VA Medical Center billing office.



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