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UPDATE 1-Bank of England approves bail-in of $595 mln loan to Ukraine's PrivatBank

The Bank of England said on Friday that it had approved the "bail-in" of $595 million of loans that a British-based financial company made to the major Ukrainian lender PrivatBank before it was nationalised in 2016.

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Sackler-owned Mundipharma seeks bids for China unit in over $1 billion deal -sources

3 Min Read
HONG KONG (Reuters) - Drugmaker Mundipharma International Ltd，owned by the billionaire American Sackler family, has kicked off the sale of its China unit in a deal that could fetch more than $1 billion, people familiar with the situation told Reuters.
Mundipharma has invited a select group of potential buyers, including private equity firms and local and international pharmaceutical companies, to bid for the asset, said the people.
Initial bids are due by the end of May, said one of them.
Mundipharma hired Deutsche Bank last year to explore a sale of itself and some individual businesses. It decided to run a standalone sale process for its China business earlier this year, the people said.

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Knighthead, Certares sweetened bid values Hertz at over $6.2 billion: Bloomberg News

By Reuters Staff
2 Min Read
FILE PHOTO: A logo of car rental company Hertz is seen on a building during the coronavirus disease (COVID-19) outbreak in Nice, France, May 27, 2020. REUTERS/Eric Gaillard
(Reuters) - Knighthead Capital Management and Certares Management have sweetened an offer to buy Hertz Global Holdings Inc out of bankruptcy in a deal that gives the car rental firm an enterprise value of over $6.2 billion, Bloomberg News reported.
The proposal could see equity investors recover $2.25 a share, and Hertz will evaluate it to determine if it is higher than the one from its current reorganization sponsor, the report said here on Monday, citing people familiar with the matter.

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South African Airways exits bankruptcy protection - statement

By Reuters Staff
1 Min Read
JOHANNESBURG, April 30 (Reuters) - South Africa’s struggling national airline South African Airways has exited a local form of bankruptcy protection called business rescue, its administrators said in a statement on Friday.
The administrators “have effectively discharged the business rescue and handed over the operations of SAA back to its board and executive team with immediate affect,” their statement read. (Reporting by Alexander Winning Editing by Promit Mukherjee)

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Singapore files more charges against oil trader Hin Leong founder O.K. Lim

2 Min Read
SINGAPORE (Reuters) -A Singapore prosecutor filed 23 additional forgery-related charges on Friday against Lim Oon Kuin, the founder of collapsed oil trading firm Hin Leong Trading Pte Ltd.
Slideshow ( 4 images )
Last year, police had charged the 79-year-old former oil tycoon, better known as O K Lim, with two counts of abetment of forgery for the purpose of cheating.
Friday’s charges accuse Lim of instigating a Hin Leong employee to forge documents supposedly issued by UT Singapore Services Pte Ltd.
The paperwork stated that Hin Leong had transferred cargoes of oil products to China Aviation Oil (Singapore) Corp between June 2019 and March 2020, the charge sheets showed.

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Norwegian Air sees European travel demand back to pre-pandemic levels in 2023-2024

By Reuters Staff
1 Min Read
OSLO, April 29 (Reuters) - Budget carrier Norwegian Air expects demand for short-haul travel in Europe to return to pre-pandemic levels in 2023 or 2024, it said as it presented a first-quarter loss before tax of 1.19 billion crowns ($144.96 million) on Thursday.
The airline earlier this month said it aims to raise 6 billion crowns in fresh capital, up from the 4.5 billion it originally planned, as part of a scheme to emerge from court-ordered bankruptcy protection next month.
Reporting by Gwladys Fouche, editing by Terje Solsvik

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Germany's Merkel rejects criticism of her Wirecard lobbying in China

4 Min Read
FRANKFURT (Reuters) -German chancellor Angela Merkel rejected criticism of her lobbying for Wirecard in China months before it collapsed, telling lawmakers she had no reason to suspect the firm of criminality as she sought to help it do business there.
German Chancellor Angela Merkel is seated prior to testifying in front of a parliamentary committee investigating the financial scandal over payment systems provider Wirecard in Berlin, Germany April 23, 2021. John MacDougall/Pool via REUTERS
Her detailed account of events leading to a state visit to China in September 2019 shone a rare light on the inner workings of government and its lobbying for business, marking the climax of a public inquiry into the country’s biggest post-war fraud.

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Hartford settles with Boy Scouts of America, to pay $650 mln for sexual abuse claims

By Reuters Staff
1 Min Read
April 16 (Reuters) - Insurer Hartford Financial Services Group said on Friday it had agreed to a settlement with the Boy Scouts of America and would pay $650 million for sexual abuse claims associated with policies issued mostly in the 1970s.
Under the agreement, the Boy Scouts and its local councils will release Hartford from any obligation under policies it issued, Hartford said.
The Boy Scouts filed for Chapter 11 bankruptcy last February, amid a flood of lawsuits over allegations of child sexual abuse stretching back decades.
Apart from Hartford, insurer Chubb Ltd is also facing potentially massive liabilities stemming from the Boy Scouts of America bankruptcy.

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Norwegian Air to raise more money than planned, CEO says

By Reuters Staff
1 Min Read
OSLO, April 14 (Reuters) - Norwegian Air now aims to raise up to 6 billion crowns ($711 million) in fresh capital before emerging from bankruptcy protection next month, more than the 4.5 billion originally planned, the company said on Wednesday.
“We want to take a conservative approach at a time when the pandemic and travel restrictions continue to create unpredictability in the travel sector,” Chief Executive Jacob Schram said in a statement.
$1 = 8.4380 Norwegian crowns Reporting by Terje Solsvik, editing by Gwladys Fouche

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Norwegian Air to raise additional cash before bankruptcy exit

By Reuters Staff
3 Min Read
OSLO (Reuters) - Norwegian Air now aims to raise up to 6 billion crowns ($711 million) in fresh capital, up from a planned 4.5 billion, to bolster its resources before emerging from bankruptcy protection next month as the pandemic continues to curb travel.
FILE PHOTO: A Norwegian Air plane is refuelled at Oslo Gardermoen airport, Norway November 7, 2019. REUTERS/Lefteris Karagiannopoulos
Financed largely by debt, Norwegian Air grew rapidly, serving routes across Europe and flying to North and South America, Southeast Asia and the Middle East before the COVID-19 pandemic plunged the airline into crisis.
“We want to take a conservative approach at a time when the pandemic and travel restrictions continue to create unpredictability in the travel sector,” Chief Executive Jacob Schram said in a statement on Wednesday.

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