Restructuring

The governor of the Central Bank of Cyprus has dispatched crucial correspondence to banks and credit repurchase companies shedding light on the strategy for restructuring nonperforming loans (NPLs) and navigating credit risk management.

The US Congress has approved financing through borrowing for ONEX Shipyards to carry out the consolidation plan for Elefsis Shipyards.

The US International Development Finance Corporation (DFC), America's development bank, will provide the amount of $125 million.

This financing will be the first so far from DFC for Greece.

China Evergrande has pledged to repay its debt this year, as the property giant faces a restructuring following Beijing's crackdown on excessive borrowing and rampant speculation in the real estate sector.

Zagreb – The Croatian group Fortenova and Slovenian retailer Mercator have signed a contract under which the latter will get a EUR 385 million loan to restructure its debt to creditor banks, in a move that further enables the transfer of the Slovenian retailer from the bankrupt former owner Agrokor to Fortenova.

Two full years after the scandal broke at Folli Follie, the troubled jewelry company's new management is close to completing its streamlining plan and starting the restructuring process according to the bankruptcy code, Kathimerini understands.

The Greek government on Monday presented a plan for the restructuring of LARCO, one of Europe's biggest nickel producers, by placing the mineral and metallurgical industry into a clearance management status which envisages cost and wage reductions, and an immediate launch of a tender for the selling of the factory and mines within 12 months.

The new management of Euromedica has filed for protection from creditors under the bankruptcy law.

The listed firm is planning to start a streamlining process with the entry of a strategic investor and the restructuring of obligations adding up to 500 million euros.

The completion of the agreement between property development group Haragionis and investment company Fortress Group is close, Kathimerini understands, with Fortress set to acquire the Greek company's debt.

Bulgaria can join the ERM II exchange rate mechanism in the first or second quarter of 2020. This was stated by the head of the European Banking Restructuring Council, Elke König. The leading institution in the process is the European Central Bank, with its response expected in mid-summer or early fall, BNR reports.

Greece's Folli Follie overstated its 2017 revenue by more than 1 billion euros, an audit by PwC showed on Tuesday, as the jeweller reported a rescue plan proposed by bondholders had collapsed.
Folli instead presented an alternative restructuring proposal for creditors and said it expected court ratification of it by June 2020.