Debt restructuring

Embattled Chinese property giant Evergrande Group has filed for bankruptcy protection in the United States, court documents showed, a measure that protects its U.S. assets while it efforts a restructuring deal.

Sri Lankan authorities have declared a five-day closure of financial markets from June 29 ahead of a controversial move to restructure the government's domestic debt amounting to more than $51 billion.

The restructuring affects government bonds in line with an IMF bailout agreed in March, after Sri Lanka defaulted on its foreign debt in April last year and declared bankruptcy.

Shares in debt-laden Chinese property giant Evergrande rallied yesterday after a state firm official was appointed to its board, paving the way for a government rescue plan.

Restructuring of the Turkish real sector's debts to the domestic lenders has accelerated in the past two months, according to figures from the Banks Association of Turkey (TBB).

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Debts worth 24.9 billion Turkish Liras ($2.9 billion) were restructured in May and June as part of a program launched in 2018.

The government will submit to Parliament in September a new payment schedule for debts to the state incurred during the coronavirus pandemic.

These new debts will be paid either in 12 interest-free installments in 2021 or 24 low-interest installments. The amount of unpaid taxes and previous debt settlements that froze during the period from March to May exceeds €2 billion.

After the complex rescue of Croatia's biggest private company, Agrokor, which ended with a debt-for-equity swap, the biggest shareholder, Russia's Sherbank, told BIRN that it does not intend to own the firm long-term and wants to sell its stake.

Famar, a contract manufacturer to pharmaceutical industries, has completed a 174 million euro ($197 million) debt restructuring and secured new funds from private equity-backed Pillarstone to strengthen its capital position.

Although Greece exited its final bailout program this week, analysts warn that its economy is still very exposed to challenges and pitfalls that put off foreign investors and make the cost of a return to financial markets prohibitive.

There will be no more debt restructuring or postponement for taxpayers, Treasury and Finance Minister Berat Albayrak said on July 17.

Turkey's Doğuş Holding is in talks with banks on debt restructuring, sources familiar with the matter said on April 7.