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The WeWork mess, explained.
The company’s Chief Executive Officer and Founder Adam Neumann on Tuesday said he was stepping down after pressure from some of the company’s board members, including officials representing SoftBank. It’s an extraordinary fall for a founder who until recently seemed to be on the cusp of taking a nearly $50 billion company public. Read More
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The mess at Yes Bank.
Bad news surrounding Yes Bank doesn’t seem to stop. In September, the default of unlisted NBFC Altico Capital for ₹19.97 crore of interest income on an external commercial borrowing of ₹340 crore from UAE-based Mashreq Bank led to a ratings downgrade by various agencies. According to an India Ratings note, Yes Bank has a ₹450 crore exposure to Altico. Read More
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A Brief Overview of Acquisition Financing Documentation in India.
In relation to ECBs and acquisition financing, where the acquirer is an SPV located outside India and the funding is obtained from foreign lenders, the credit agreements and inter-creditor agreements will generally be based on the latest Asia Pacific Loan Market Association (APLMA) or Loan Market Association (LMA) forms. Read More
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Nissan Is Paying $15 Million, and Ghosn $1 Million, to Settle U.S. Fraud Charges.
The Securities and Exchange Commission announced Monday the settlement of civil fraud charges with the major Japanese automaker and its former chairman, who also will be barred for 10 years from serving as an officer or director of a public company. Ghosn, 65, is awaiting trial in Japan on financial misconduct charges in a criminal case. Read More
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Bill Barney steps down as Reliance Communications CEO.
Bill Barney, CEO of Reliance Communications (RCom), has resigned from his post. Barney will instead focus on the corporate restructuring of Global Cloud Xchange (GCX), an RCom subsidiary which recently filed for bankruptcy protection in a US court. Read More
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