yatinglaura/fine-tuning_test300

1instruction,input,output
2"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled China court accepts application to restructure parent of BMW's local partner. If the article mentions that Brilliance China Automotive Holdings Ltd has defaulted recently, respond with 'AFTER'. If the article mentions that Brilliance China Automotive Holdings Ltd will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Brilliance China Automotive Holdings Ltd is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Brilliance China Automotive Holdings Ltd is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Brilliance China Automotive Holdings Ltd has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Brilliance China Automotive Holdings Ltd. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","BEIJING (Reuters) - A Chinese court has accepted an application from a creditor of Huachen Automotive Group Holding Co Ltd seeking the restructuring of the parent of BMW AG's BMWG.DE joint venture partner Brilliance China Automotive Holdings Ltd 1114.HK. The Liaoning Shenyang Municipal Intermediate People's Court accepted the application from GZ Tooling Group Co Ltd, an auto mould supplier, to restructure Huachen after the Liaoning government-owned company failed to pay mould costs and interest worth 10.2 million yuan ($1.55 million), showed a court filing published on Friday. The restructuring will not involve Huachen's listed unit or joint ventures with BMW and Renault SA RENA.PA, state news agency Xinhua reported citing an unidentified Huachen executive. The venture with BMW will remain a steady source of profit for the group, which will make its best effort to recover creditors' losses after restructuring, Xinhua said. A Huachen media representative declined to comment beyond directing Reuters to the Xinhua article. At June-end, Huachen had 46 billion yuan in assets and debt of 52.4 billion yuan, the court filing said, citing data from the Shanghai Stock Exchange. Huachen defaulted on a 1 billion yuan bond last month, joining a growing number of delinquent state firms in a development that has hit investor confidence and roiled China's credit bond market. The latest clutch of defaults, which Goldman Sachs analysts noted is bigger and includes more state-owned enterprises than last year, highlights the close attention needed to avoid being caught in the credit clean-up.",NO
3"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Exclusive: China's FAW considers acquiring BMW partner Brilliance in US$7.2 billion deal - sources. If the article mentions that Brilliance China Automotive Holdings Ltd has defaulted recently, respond with 'AFTER'. If the article mentions that Brilliance China Automotive Holdings Ltd will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Brilliance China Automotive Holdings Ltd is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Brilliance China Automotive Holdings Ltd is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Brilliance China Automotive Holdings Ltd has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Brilliance China Automotive Holdings Ltd. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","REUTERS: FAW Group is looking at acquiring Brilliance China Automotive Holdings Ltd, BMW's main Chinese partner, in deals that may cost it some US$7.2 billion and then take it private, two people with direct knowledge of the matter told Reuters. The potential acquisition by state-owned FAW, China's No. 2 automaker, comes at a time when Brilliance's top shareholder Huachen Automotive Group is on the brink of bankruptcy, having defaulted on 6.5 billion yuan (US$1 billion) in debt obligations late last year. Under plans currently being discussed, FAW would first purchase 30.43per cent of Brilliance owned by Huachen and 11.89per cent owned by the state-controlled Liaoning Provincial Transportation Investment Group, said the sources. It would then make a mandatory bid for the rest of Brilliance's shares. It is considering offering about HKUS$11 per share for the two-stage deal, representing a 70per cent premium to its average share price over the past month of HKUS$6.48. The shares were trading at HKUS$6.7 on Wednesday morning. To conduct a deal, FAW is looking at setting up an offshore investment vehicle and is seeking other investors, said the sources, who declined to be identified as the discussions were confidential. FAW and BMW declined to comment. Brilliance, Liaoning Provincial Transportation Investment Group did not immediately respond to requests for comment. Huachen said the information was false but did not elaborate. Liaoning province's state asset regulator, which owns a majority stake in Huachen, also did not immediately respond to a request for comment. Reuters reported in September that Liaoning Provincial Transportation Investment Group was planning to lead a consortium of Chinese state-backed investors to take Brilliance private. However, the plan has been put on hold due to differences in valuations and financing difficulties, said one of the people. (Reporting by Julie Zhu; Additional reporting by Yilei Sun; Editing by Edwina Gibbs)",NO
4"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Hong Kong media group Next Digital says it aims to wind down, board quits. If the article mentions that Next Digital Ltd has defaulted recently, respond with 'AFTER'. If the article mentions that Next Digital Ltd will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Next Digital Ltd is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Next Digital Ltd is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Next Digital Ltd has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Next Digital Ltd. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","HONG KONG, Sept 5 (Reuters) - Hong Kong media group Next Digital Ltd (0282.HK) announced on Sunday that it aimed to go into liquidation and its board of directors had resigned to facilitate the process. Next Digital is owned by jailed tycoon Jimmy Lai and was the publisher of Apple Daily, a popular pro-democracy newspaper that closed in June after its newsroom was raided by police officers investigating whether some articles breached a national security law introduced in Hong Kong by Beijing last year. The company's assets were frozen as part of the national security investigation and its shares have been suspended from trading since June 17. In a filing to the Hong Kong bourse late on Sunday, Next Digital said the best interests of shareholders, creditors, employees and other stakeholders will be served by an orderly liquidation. Ip Yut Kin had tendered his resignation as a non-executive director and chairman, while Louis Gordon Crovitz, Mark Lambert Clifford and Elic Lam have tendered their resignations as independent non-executive directors, the company said. The company's CEO, who was arrested at the time of the raid related to the security law breach investigation, and its chief financial officer had resigned in July. Next Digital said it hoped the resignations of the remaining board members will result in liquidators being allowed by the Hong Kong government to authorize payments that directors were banned from approving, including for creditors and for former staff. It also said it hoped that liquidators will be able to conclude value-creating transactions that would generate funds to benefit creditors. The company said the Hong Kong government has never indicated which articles published by Apple Daily allegedly violated the national security law, and the uncertainty created a climate of fear, resulting in many resignations including those responsible for the regulatory compliance duties of the publicly traded company. ""We observe that the events affecting the company and its people following the invocation of the National Security Law occurred despite there having been no trials and no convictions,"" it said. ""Under this new law, a company can be forced into liquidation without the involvement of the courts."" ""As Apple Daily often observed, Hong Kong people have a collective memory of what life was like elsewhere when freedom of speech was denied: No other rights are safe,"" it said. Critics of the national security law, introduced in June 2020, say it has been used to muzzle dissent and erode fundamental freedoms, including those of the media, in the former British colony that returned to Chinese rule in 1997. read more Authorities have denied the erosion of rights and freedoms, including the media, in Hong Kong, but said acts that endangered China's national security crossed a red line. Security officials have said law enforcement actions are based on evidence and have nothing to do with an individual's background or profession.",AFTER
5"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Hong Kong government to wind up Lai's Next Digital media group. If the article mentions that Next Digital Ltd has defaulted recently, respond with 'AFTER'. If the article mentions that Next Digital Ltd will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Next Digital Ltd is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Next Digital Ltd is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Next Digital Ltd has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Next Digital Ltd. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Sept 29 (Reuters) - Hong Kong's Financial Secretary Paul Chan has presented a petition to the Court of First Instance to wind up Next Digital Ltd (0282.HK)(NDL), the media group owned by jailed tycoon Jimmy Lai. Next Digital was the publisher of Apple Daily, a popular pro-democracy newspaper that closed in June after its newsroom was raided by police investigating whether some articles in published breached a national security law introduced in Hong Kong by Beijing last year. The government said Chan took the view that it would be in the public interest to have Next Digital wound up after considering an investigation report on the affairs of the company. The Securities and Futures Commission (SFC) has also provided Chan with important information and evidence after it conducted enquiries into Next Digital, the government said. ""The SFC also believes that it is desirable and in the public interest for NDL to be wound up based on the information and evidence it has obtained,"" the government said in the statement on Wednesday. NDL said this month it aimed to go into liquidation and its board of directors had resigned to facilitate the process. read more The company's assets were frozen as part of the national security investigation and its shares have been suspended from trading since June 17.",AFTER
6"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Business Is Far From Usual in Hong Kong. If the article mentions that Next Digital has defaulted recently, respond with 'AFTER'. If the article mentions that Next Digital will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Next Digital is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Next Digital is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Next Digital has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Next Digital. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE."," Listen to article (5 minutes) Hong Kong leaders would like the world to think the financial hub is back to normal as it reopens for international business. At a conference this month of more than 200 of the world's top bankers, John Lee, Hong Kong's chief executive, reassured attendees that 'the rule of law is sacrosanct.' 'Fundamental rights and freedoms, including freedom of speech, of the press, of assembly, are enshrined in and protected by the Basic Law,' Mr. Lee said, referring to China's guarantee of a large degree of autonomy to Hong Kong. But Beijing's 2020 National Security Law'also called the NSL'has done the opposite, allowing the Chinese Communist Party to stomp its boot on Hong Kong's free society and markets.  Business is far from usual in Hong Kong. As the two American board members of Next Digital, a Hong Kong publishing company, we know this firsthand. Jimmy Lai, a self-made billionaire who fled to Hong Kong from communist China as a child, founded Next Digital and its Apple Daily, a popular pro-democracy newspaper. Next Digital became a publicly traded company in 1999, and Apple Daily had more than 600,000 online subscribers in 2020. Our company existed under a legal and regulatory system that for years placed Hong Kong among global hubs like New York and London. That all changed with the NSL. That the government came after Mr. Lai's business is no accident. Apple Daily's reporters and opinion writers often detailed Beijing's encroachments on Hong Kong's freedoms and its violation of the 'one country, two systems' arrangement Beijing promised Hong Kong when it was returned to China from the British in 1997.  Newsletter Sign-up Morning Editorial Report All the day's Opinion headlines. The NSL's terms are dangerously broad, referencing crimes of 'secession,' 'subversion' and 'collusion with foreign forces.' In 2021 Mr. Lee, then secretary for security, invoked the NSL to accuse Apple Daily of endangering national security and declared it a crime for Next Digital to fund Apple Daily. As a result, Next Digital couldn't use its cash flow to pay for newsprint, web servers or journalists' salaries, forcing it to close Apple Daily. The government has appointed a 'special inspector' to determine the cause of Next Digital's demise. It is no great mystery what happens to a company when it is prohibited from funding its own operations.  The 'Apple Daily Seven,' including Mr. Lai and the outlet's top executives and journalists, were arrested in August 2020, accused of collusion with foreign forces and conspiracy to publish a 'seditious publication' for their journalism. Mr. Lai has been in jail since December 2020 and the others since the summer of 2021.  After these arrests, the company's accounting firm and insurers stopped working with us out of fear, as did the corporate staff responsible for the regulatory compliance duties of a publicly traded company. We'along with the remaining directors'resigned in September 2021 to enable an orderly liquidation. As we wrote in our resignation statement to the Stock Exchange of Hong Kong, the NSL forced the company out of business despite 'no trials and no convictions.' The stock exchange, likely driven by fear, didn't object to the use of government diktat to force Next Digital into liquidation, costing its shareholders their equity. Next Digital's fate should be a warning to all Hong Kong businesses working under the shadow of the NSL. The law's vague crimes could apply to anyone who poses a risk to the Chinese Communist Party's conception of national security. Most vulnerable are the approximately 1,260 American companies with offices in Hong Kong. From Beijing's expansive point of view, American executives could be guilty of 'collusion' by complying with any of the growing list of U.S. sanctions against China. Mr. Lai's trial on national-security charges is scheduled to begin next month'two years after he was first jailed and more than a year after his Apple Daily was forced to close. What the Communist Party did to corrupt Hong Kong's rule of law and subsequently to target Apple Daily is a clear sign of how far Beijing will go to end fundamental freedoms wherever it can. Mr. Crovitz is a former publisher of the Journal. Mr. Clifford is president of the Committee for Freedom in Hong Kong Foundation. Both were independent nonexecutive directors of Next Digital.",NO
7"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Wolseley owner Corbin & King forced into administration. If the article mentions that Minor has defaulted recently, respond with 'AFTER'. If the article mentions that Minor will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Minor is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Minor is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Minor has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Minor. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","The owner of London's Wolseley restaurant, a favoured haunt for celebrities and power-lunching executives, has been forced into administration by its majority shareholder amid a long-running dispute over control of the company during Covid. Minor, the Thai hotel operator, said on Tuesday that it had appointed administrators to oversee a recapitalisation of Corbin & King, owner of iconic haunts including the Delaunay and Brasserie Zedel as well as the Wolseley, a former car showroom next door to the Ritz on Piccadilly. The move marks the latest clash in an ongoing spat between the restaurant company and its biggest financial backer that started early in the pandemic over site openings and staffing levels. Minor said that Corbin & King had been 'unable to meet its financial obligations' and that despite Minor's 'repeated proposals to recapitalise the company', its chief executive Jeremy King and other shareholders had declined. Minor had 'no other viable option than to appoint administrators'. King, who founded Corbin & King with the purchase of the Wolseley in 2003 with his partner Chris Corbin, quoted Romantic poet William Blake when speaking to the Financial Times in response to the news: 'A truth that is told with bad intent beats all the lies you can invent.' 'There is absolutely no need to go into administration, we are trading extremely well,' he added. Corbin and King are renowned restaurateurs having made their name at the high-end London venues The Ivy and Le Caprice. Corbin & King restaurants have counted the pop star Victoria Beckham and actor Robert Downey Jr among their guests, while the artist Lucian Freud dined at the Wolseley most nights before his death in 2011. A source close to the restaurateur's management said, however, that Minor had offered cash to the company only in return for King relinquishing his board position and shareholding. Minor said that it could not comment on King's position but that it had offered 'a number of commercially attractive expansion proposals' that King had blocked. In a bid to oust Minor, Corbin & King has been holding talks over financing with US-based investment fund Knighthead Capital Management. The negotiations were first reported by Sky News. FRP Advisory, the administrators appointed by Minor, were aware of Knighthead's interest in the business, the person close to Corbin & King said. It is the second time the group has discussed financial backing with the little-known Knighthead, which recently reaped the rewards of the car rental firm Hertz's emergence from bankruptcy. It initially held talks with the investment firm in 2017 before Minor bought the majority shareholding from the private equity group Graphite Capital. The appointment of administrators comes on the same day that Corbin & King was in court suing the insurer Axa to cover losses it incurred during repeated pandemic lockdowns. The two-day case is being closely watched by other companies considering their own legal action against insurers on business interruption policies after lockdowns from March 2020 forced pubs and restaurants to close and unable to access their premises. The High Court is being asked to examine the scope of Corbin & King's so-called denial of access insurance cover ' which compensates companies if their venues are shut by a statutory body because of a local 'danger' ' and whether Corbin & King's claims are limited to just ??250,000 payable by Axa in respect of all premises ' or whether there is a limit of ??250,000 for each set of premises, as Corbin & King contends. Stonegate, owner of the Slug and Lettuce and Walkabout chains, is suing three insurers MS Amlin, Liberty Mutual and Zurich ' for a total of ??845m in a dispute over the extent of its insurance coverage for pandemic-linked losses.",NO
8"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Corbin & King fends off High Court challenge over debt repayment. If the article mentions that Minor has defaulted recently, respond with 'AFTER'. If the article mentions that Minor will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Minor is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Minor is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Minor has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Minor. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","The owner of London's Wolseley restaurant has fought off a High Court challenge to a proposed ??38mn rescue package, marking the latest round in a fierce battle for control of the upmarket restaurant group. In an unusual hearing in London on Tuesday, a subsidiary of Thai hotel operator Minor International ' Corbin & King's biggest shareholder ' attempted to block the restaurant group from repaying a debt to the Thai company after Minor sought to call it in. Mr Justice Foxton said, however, he was 'not persuaded' to grant the injunction and would set out his reasoning in a ruling on Wednesday. The judge's decision comes after a bitter dispute between Corbin & King and Minor, which forced the group into administration in January, saying it faced 'major liquidity constraints'. Minor had called on Corbin & King to repay almost ??34mn of loans within 24 hours after a long-running dispute during the pandemic came to a head. It subsequently appointed administrators. The Thai group holds a 74 per cent stake in Corbin & King, which owns high-end London eateries including The Wolseley, The Delaunay and Brasserie Z??del ' famed for being popular with celebrities, businessmen and politicians. MI Squared, a subsidiary of Minor, had sought an injunction preventing co-founders and partners in the group, Jeremy King and Chris Corbin, from accepting financial backing from US investment fund Knighthead Capital Management to repay their largest investor, on the basis that it was a breach of their shareholder agreement. King has been in talks with Knighthead for more than a year in an attempt to oust Minor from its ownership of the company following a series of disagreements over how the group should be run. The court clash came days before the expiry of a legal moratorium protecting Corbin & King's individual restaurants from insolvency. Only the group itself is in administration. The administrator to Corbin & King, restructuring specialist FRP Advisory, has received as many as 30 expressions of interest for the entire business, according to lawyers involved in the case. Fraser Campbell, the barrister representing MI Squared, accused Corbin & King of trying to 'disrupt an orderly administration' by pursuing a deal 'with a body . . . that has been perfectly plain that it wishes to support them in the battle for the company'. Campbell said it was 'entirely unclear . . . how this new transaction will actually have any effect on rescuing the companies or protecting the interests of creditors'. He added that Minor was 'content' not to be repaid the debt. In a witness statement, King said the landlords of The Wolseley and the group's other restaurants could forfeit their leases if the moratorium were lifted. He said there was 'no doubt in my mind or in the minds of the other C&K director that if the subsidiaries were ' as Minor want ' put into administration, this would be disastrous for all concerned'. Barrister Nigel Dougherty, representing King, Corbin and Zuleika Fennell, the restaurant group's managing director, said the terms of Knighthead's loan were 'manifestly better than the terms on which [Minor] has extended its debt'. According to King's statement, Knighthead offered to buy Corbin & King's assets for ??45mn in February as well as offering a loan to refinance all debts including the sums owed to Minor, in order to avoid insolvency. Doherty said Knighthead had 'confidence' in King and Corbin and was 'prepared to work with them' in an effort to 'move forward successfully'. King declined to comment. Marion Walsh-H??douin, a vice-president at Minor, said the judgment 'resolves nothing', with the restaurant group replacing one secured creditor with another. 'As today's evidence showed, Mr King accepts that Corbin & King is insolvent and in need of strong financial support to secure its future, something Minor International has always been prepared and repeatedly offered to provide,' she added.",NO
9"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Asian Firms Seek Capital, But Investors Seem Wary. If the article mentions that Siam Commercial has defaulted recently, respond with 'AFTER'. If the article mentions that Siam Commercial will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Siam Commercial is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Siam Commercial is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Siam Commercial has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Siam Commercial. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","U.S. Federal Reserve Chairman Alan Greenspan put a fright into Asian markets on Friday, after hinting that he might be in the mood to raise interest rates. Now here is another cause for caution: Asia is in the mood to raise cash. With the region's stock markets looking surprisingly robust, investment bankers and company executives are back in action, hoping to sell shares and fortify their wobbly finances. This time around, they are promising investors that they will pay close attention to shareholder value. But the demands for new capital also could put a dent in share prices. New shares dilute earnings per share, and pay off only when a company can turn the cash it garners into returns that can be given back to shareholders. This makes investors squeamish. Just look at what happened to New World Development in January, when the Hong Kong property developer decided to place 117 million additional shares with investors. At the time, many investors said the 2.35-billion-Hong-Kong-dollar (US$303.2 million) deal was executed hastily, making them wary about a flood of new shares hitting the market. New World's shares tumbled 7% the day after the deal was concluded on Jan. 11, and have risen just 6% since then. That compares with a 21% rise in the Hang Seng Index over the same period. Meanwhile, underwriters Goldman Sachs and Credit Lyonnais Securities Asia were widely believed to have ended up holding much of the deal on their own books. ""It was a difficult deal,"" says Richard Taylor, the managing director of equity capital markets at Credit Lyonnais. He declined to say whether his company holds the shares, but he did say the rebound in New World shares since then means the deal didn't go as poorly as many thought. Now initial public offerings, rights issues and share placements are popping up all over the region. As part of a government privatization, Korea Telecom kicked off a road show to raise more than US$2.2 billion last week; executives promised investors in a packed ballroom at Hong Kong's Shangri-La Hotel that their overriding interest was shareholder value. Siam Commercial Bank of Thailand recently raised US$1.75 billion in a sale of preferred shares and warrants that is expected to juice up its limp capital base. Allgreen Properties jumped into Singapore's hot stock market to raise 1.1 billion Singapore dollars (US$647.4 million), the biggest initial public offering in the city-state since Singapore Telecommunications went public in 1993. And in Indonesia, despite widespread violence leading up to national elections, the government just managed to raise more than $400 million by selling shares in the state-controlled domestic call operator, Telekomunikasi Indonesia . ""There is a considerable amount of pent-up need for capital,"" says Scott Ferguson, the head of equity capital markets for Salomon Smith Barney, which managed the Siam Commercial deal. John Crompton, an equity capital markets executive with Morgan Stanley, expects Asian companies to raise more than US$20 billion from international investors this year, swamping the US$12.6 billion raised last year, though well short of the US$34 billion raised in 1997. This isn't necessarily bad news. By issuing new shares on April 29, Siam Commercial convinced investors that its capital base is secure and it is back from the brink; now the company's shares are up 46%. Furthermore, Asia's markets are oozing with extra cash looking for a home, thanks to a flood of investment from domestic investors and renewed interest from global fund managers. Mr. Crompton says managers of equity funds with global mandates command about US$2 trillion in cash; a trickle from them already is causing a big wave in Asia's tiny markets. But investors need to watch out for executives who don't have convincing plans for the cash they are raising. Fresh cash might have healing powers, especially when banks aren't lending. But if it comes too easily, it can lead executives to make more of the bad investment choices that caused many of Asia's financial problems in the first place. ""There is a possibility that they will make inefficient decisions that are more in their interests than in the interests of shareholders,"" says Vidhan Goyal, a finance professor at the Hong Kong University of Science and Technology. ""There is clearly a pattern here that has been established all over the world."" A good example is another Hong Kong deal that went sour a few months ago. In November, Shanghai Industrial , the listed investment arm of the Shanghai municipal government, raised HK$748 million by issuing new shares. A couple of weeks later, Shanghai Industrial told investors it planned to buy two hotels from its parent in a deal that many investors said was overpriced and arranged to bail out the parent company. Eventually, minority shareholders forced Shanghai Industrial to abandon the purchase of one of the hotels. Since the share placement, the company's shares have fallen 13%. Mr. Crompton says Hong Kong is especially prone to cash-raising exercises that feel like ""midnight raids"" on the bank. And this can be especially galling to existing shareholders, who wind up with a smaller percentage of a company's shares after a placement to new investors. Still, things might be different this time around. After investors dumped shares recently, several Hong Kong companies have had to deny rumors that they were planning to raise cash. And investment bankers say that investors -- burned too often in Asia -- are demanding more information in big deals around the region. But when cash comes too easily, memories often run short. And the cash is flowing now.",NO
10"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Thailand's Cabinet approves plan for Thai Airways' debt restructuring. If the article mentions that Thai Airways has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","BANGKOK: Thailand's cabinet approved a plan to restructure troubled Thai Airways International's finances through a bankruptcy court, the Southeast Asian country's prime minister said on Tuesday (May 19). The plan for a court-led restructuring of the national carrier replaces a previous proposal of a government-funded rescue package that was heavily criticised in the country. The state-controlled airline's troubles are the latest example of how the coronavirus pandemic is crippling the global airline industry. Colombia's Avianca Holdings SA and Virgin Australia Holdings have filed for bankruptcy protection since the pandemic broke out. Airlines around the world have grounded the bulk of their capacity due to government directives and border restrictions. Thai Airways, though, had been in trouble even before the outbreak of the coronavirus due to stiff competition from budget airlines and bloated costs. It posted losses every year after 2012, except in 2016. In 2019, it reported losses of 12.04 billion baht (US$377.3 million). ""The government has reviewed all dimensions ... we have decided to petition for restructuring and not let Thai Airways go bankrupt. The airline will continue to operate,"" Prime Minister Prayuth Chan-ocha told reporters at a news briefing. ""Thai Airways will be protected by the courts ... and a professional will be appointed to oversee the restructuring,"" Prayuth said, adding the airline's workers will continue to have jobs. Thai Airways said the plan will be implemented through the Central Bankruptcy Court and it would operate as usual as the restructuring took place. 'Thai Airways will not be dissolved or go into liquidation or be declared bankrupt,' Thai Airways Acting President Chakkrit Parapuntakul said in a statement. Operations including passenger and cargo transportation will continue in parallel with the plan, he said. Government spokesperson Narumon Pinyosinwat had on Monday likened the plan to a Chapter 11 filing in the US. By May, airlines around the world had grounded about 95 per cent of their capacity as air travel all but came to a standstill due to the coronavirus pandemic. As a state-controlled enterprise, the Ministry of Finance, which owns 51 per cent of the national carrier, would approve and initiate the proceedings, bankruptcy law expert, Vicha Mahakul, told Reuters. ""The rehabilitation plan would have to show clarity in how the company will recover and propose a capable person as the planner who is accepted by all sides,"" Vicha said, adding that the planner would be key in the process. Under Thai law, creditors, debtors and state agencies can initiate rehabilitation proceedings. The Thai Airways workers' union has said it agrees with the steps. ""We agree with these steps since the court would be unbiased ... previous rehabilitation plans were unsuccessful because they were influenced by politicians,"" its President Nares Peung-yaem said.",BEFORE
11"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Coronavirus: US death toll tops 86,000 ?€? as it happened. If the article mentions that Thai Airways has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Emma Boyde Matthew Rocco in New York The US has recorded the smallest number of coronavirus-related deaths over a 24-hour period since late March, as the spread of the virus continues to abate. There were 786 new fatalities attributed to Covid-19 on Monday, according to the Covid Tracking Project. It was the lowest daily tally since March 30 and down from the 839 deaths counted during the previous 24 hours. Reporting of deaths tends to be lower nationwide on Mondays because of slower record keeping at the weekend. The total number of deaths since the start of the pandemic rose to 84,640. The Covid Tracking Project does not include 5,000 estimated non-hospital deaths calculated by New York City, which Johns Hopkins University uses in its count. Daily infections also fell, as the number of new positive tests increased by 19,866 ' the smallest rise in about a week and the second-smallest since the end of March. The total number of confirmed cases sits just below 1.5m. Emma Boyde Jamie Smyth in Sydney and Sun Yu in Beijing Australia said on Tuesday it may appeal against China's decision to slap punitive tariffs on imports of Australian barley to the World Trade Organization, but said it was not interested in tit-for-tat trade war. Tensions between the two countries have escalated following Canberra's call for an inquiry into the origins of coronavirus. Simon Birmingham, Australia's trade minister, said he was 'deeply disappointed' by Beijing's decision to impose duties of up to 80 per cent on barley produced in Australia for up to five years ' a move farmers say threatens to cripple an A$2bn ($1.3bn) a year industry. 'We reserve all rights to appeal this matter further and are confident that Australian farmers are among the most productive in the world, who operate without government subsidy of prices,' Mr Birmingham said. 'Australia is not interested in a trade war. We don't pursue our trade policies on a tit-for-tat basis,' he added. China's Ministry of Commerce confirmed late on Monday it would impose 73.6 per cent anti-dumping and 6.9 per cent anti-subsidy duties on Australian barley from May 19, saying imports of the grains had 'materially damaged local industry'. The move came less than a week after China suspended imports of red meat from four Australian abattoirs, a move which analysts said was probably linked to Canberra's role in leading calls for an independent inquiry into the origins of Covid-19, which has killed 310,000 people worldwide. Australia was among the most active and earliest supporters of a global inquiry into the virus with Scott Morrison, its prime minister, saying last month that 'the world would want to have an independent assessment of how all this occurred, so we can learn the lessons and prevent it from happening again'. China's president Xi Jinping told the annual meeting of the WHO on Monday that Beijing would support a 'comprehensive review of the global response' to the pandemic, but just hours later it confirmed its decision to impose tariffs on Australian barley. Alice Woodhouse Asia-Pacific stocks climbed on Tuesday, tracking a Wall Street rally as the first US Covid-19 vaccine trial showed positive results and after oil prices rose as demand picked up. In early trading, Japan's Topix gained 1.5 per cent, the Kospi in South Korea jumped 2.1 per cent and Australia's S&P/ASX 200 was up 0.8 per cent. Overnight, the US benchmark S&P 500 rallied 3.2 per cent to close at its highest since early March and the tech-heavy Nasdaq Composite jumped 2.4 per cent. Those gains came after biotech company Moderna said its potential Covid-19 vaccine boosted participants' immune systems to the same, or higher, levels of protection than coronavirus patients who had recovered from the virus. US oil prices continued higher, with West Texas Intermediate up 4.4 per cent at $33.23 a barrel on signs of rising demand as countries began reopening their economies following months of strict lockdowns. Alice Woodhouse Health authorities in China reported six new confirmed coronavirus cases to the end of Monday, with more infections reported in a province that has reimposed lockdowns and sacked officials over a new outbreak. The north-eastern province of Jilin reported two new cases, taking the total number of infections to 36 since the new outbreak began two weeks ago prompting cities in the province to halt transport links in a bid to control the spread of the virus. Hubei, the province where the virus is thought to have originated, reported one confirmed Covid-19 patient, while the remaining cases in mainland China were imported. Those new infections take the tally of confirmed cases to 82,960 with 4,634 deaths linked to Covid-19. Emma Boyde Donald Trump on Monday said he had been taking hydroxychloroquine, even though the drug that the US president has previously controversially touted can have serious side effects. Baidu, China's dominant search engine, reported falling sales in the first quarter as the pandemic dented its advertising revenue. More than 50 per cent of some of Europe's biggest industrial and technology companies expect business conditions to improve in the short term, but one third are postponing investment. Spain will require people to wear masks in confined spaces such as shops and in public when it is not possible to maintain a two metre distance, the government said on Monday night. The United Arab Emirates will from Wednesday widen its night time curfew ahead of the Eid holiday marking the end of the holy fasting month of Ramadan, when families and friends traditionally gather. European Commission president Ursula von der Leyen has welcomed the Franco-German proposal for a ???500bn coronavirus recovery fund. New York will send 320,000 coronavirus test kits to its nursing homes to help them comply with a new state requirement that they test all staff at least twice a week for the virus. Uber has announced it will cut 3,000 more jobs, close or consolidate 45 global offices, and reduce its investments in several 'non-core' projects as it deals with what chief executive Dara Khosrowshahi described as the 'damn virus'. Emma Boyde Andres Schipani in S??o Paulo Brazil has overtaken the UK to become the country with the world's third-highest number of coronavirus infections even as President Jair Bolsonaro continues to downplay the seriousness of the pandemic. Brazil registered over 13,000 cases in the past day alone bringing the total tally of coronavirus infections to over 254,000. Latin America's largest country is now trailing only the US and Russia for being the world's worst-hit country as the virus continues its rapid spread. Brazil announced there had been 674 fatalities in the past 24 hours, bringing the total to 16,792 deaths. Mr Bolsonaro has repeatedly said that 70 per cent of Brazil's population of 211m would eventually be infected with coronavirus and 'there's no running away from that'. Alice Woodhouse Edward White in Wellington and Song Jung-a in Seoul South Korean shares gained on Tuesday on positive sentiment over the easing of coronavirus lockdowns, as investors shrugged off the risk to several of the country's tech groups from a dispute between the US and China. The broad Kospi 200 index was up more than 2 per cent in morning trading in Seoul, with heavyweight Samsung Electronics jumping more than 3 per cent and LG Electronics and SK Hynix also gaining more than 2 per cent. The boost for Korean equities followed Wall Street's best close since early March after a positive statement from US biotech company Moderna, which is in the early stages of human trials for a Covid-19 vaccine. The gains in Seoul came even though South Korea's largest electronics groups are bracing themselves for fallout from Washington's move to cut off Huawei's supply of key computer chips. Samsung, the world's biggest maker of computer chips, smartphones and displays, faces losing business if Huawei's demand for electronic displays and memory chips is damped. SK Hynix, the second-biggest producer of memory chips, is a key Huawei supplier with revenue exposure in the high single digits, according to Goldman Sachs analysis. In smartphones, both Samsung and fellow Korean group LG compete with Huawei but analysts say they have little chance of taking market share from the Shenzhen-based group, particularly in the China market where the Korean groups have for years struggled against Chinese competitors. Samsung, however, is making a push into 5G network hardware, and could be poised to snatch some international market share from Huawei if the US moves result in curbing the Chinese group's offshore ambitions. Samsung, SK Hynix and LG declined to comment. Alice Woodhouse Kana Inagaki in Tokyo Tokyo resident Eri had a miscarriage in March, just as Japan's coronavirus crisis was gathering pace. As she begins her fourth in-vitro fertilisation attempt this month, she is torn between her desire for a child and fears about the virus. 'If the outbreak does not come under control, I'm scared of getting pregnant,' she said. The 36-year-old social worker is not alone. Concern is mounting that the pandemic is deterring couples from parenthood, a trend that is adding to the demographic and economic challenges facing a fast-ageing society where births were at a historic low even before Covid-19. While the impact on straightforward conceptions is unclear, doctors say there has already been a sharp fall-off in IVF since April after the Japan Society for Reproductive Medicine recommended patients be given an option to delay treatment as Covid-19 infections rose. Read more here Emma Boyde David Pilling in London and Demetri Sevastopulo in Washington The US is preparing to publicly disassociate itself from a World Health Organization resolution that will support poor countries' access to a Covid-19 vaccine or treatment. Many governments, particularly in Africa, fear they will be squeezed out by richer countries unless they can force companies that discover anti-Covid therapies to share their intellectual property with manufacturers able to produce them cheaply at scale. African ambassadors in Geneva, where the WHO is based, said US diplomats had sought to persuade them to support a dilution of language in the resolution, but that they had refused. Talks are continuing, several people familiar with the . Although the US will make its objections clear, the resolution is expected to pass. The White House declined to comment on the negotiations. Read more here Emma Boyde Demetri Sevastopulo in Washington President Donald Trump has threatened to withdraw from the World Health Organization unless it demonstrates independence from China, in an escalation of his attack on the body. In a letter to Tedros Adhanom Ghebreyesus, the director-general of the WHO, Mr Trump said he would take one of several significant actions unless the organisation made a commitment to reform within 30 days. 'If the World Health Organization does not commit to major substantive improvements within the next 30 days, I will make my temporary freeze of United States funding to the WHO permanent and reconsider our membership in the organisation,' he wrote. The threat comes as Mr Trump increasingly blames China for the global spread of the Covid-19 and accuses the WHO of being complicit in helping China hide the true facts of the outbreak which originated in Wuhan. Alice Woodhouse Mercedes Ruehl in Singapore Shares in Sea Group, the south-east Asian gaming and ecommerce group backed by Tencent, jumped 12 per cent on Monday in the US after the company reported a strong shift to online, including digital payments, during the coronavirus crisis. The company's fast-growing digital financial services arm, SeaMoney, recorded more than $1bn in total payment volume as customers in south-east Asian countries under lockdown took up its mobile payment service. In Indonesia, the largest market for SeaMoney, the amount of consumers using digital wallet services to pay for products on the company's ecommerce platform Shopee grew from 30 per cent in January to 40 per cent in April. ""We see significant growth ahead in the digital payments and digital financial services segment, and we see that growth accelerating as the coronavirus crisis drives more consumer activity online,"" said Sea Group founder and chairman Forrest Li. The technology company has three main segments, Garena in online games, Shopee in ecommerce, and SeaMoney in online payments, all of which experienced growth during the first three months of 2020. The company disclosed some April growth figures which showed continuing acceleration for each of the three businesses. Overall revenue for the quarter was $913.9m, slightly below expectations but up 57.9 per cent year-on-year. Net losses fell 59.3 per cent on a yearly basis to $280.8m over the same period. Emma Boyde Jude Webber in Mexico City El Salvador's President Nayib Bukele announced plans for a gradual reopening of Central America's smallest country from June 6 after the Supreme Court suspended his controversial weekend decree extending a quarantine lockdown without approval from the legislature. Legislators were on Monday night attempting to hammer out new emergency legislation to contain Covid-19 but the president said the National Assembly had no power to issue any such decree unless it was at the behest of the president and he would veto it. Speaking at a news conference, Mr Bukele said he had met business leaders and would send guidelines to legislators for a gradual reopening from June 6. Wearing a mask and a baseball cap, he said he would veto legislators' emergency legislation. 'The current quarantine ends on May 21 because the law is in force but we hope that the Assembly approves 15 days of additional quarantine which would end on June 5 to begin reopening the economy on June 6,' the presidency tweeted. Alice Woodhouse Australian airline Qantas has outlined a series of measures including masks for passengers, hand sanitiser stations and disinfectant wipes as it prepares for travel restrictions to be eased. The airline said masks would be provided to all passengers on Qantas and Jetstar flights, but the face coverings would not be mandatory. An enhanced aircraft cleaning regimen would focus on high contact areas and passengers would be given sanitising wipes to wipe down areas such as the armrests and tray tables, Qantas said. Boarding will be staggered, passengers would be asked to limit the amount of time out of their seats and crew would offer a simplified service and catering to minimise contact. 'From the early rescue flights we operated right into Wuhan and then more recently bringing Australians back from places such the US and Europe, we have a lot of experience at creating a safe cabin environment for passengers and crew,' said Alan Joyce, Qantas Group chief executive. Airlines have been forced to cancel flights and ground their fleets as countries locked down to slow the spread of Covid-19, but they are now examining ways to limit the risk of infections onboard to resume operations. Dr Ian Hosegood, the group's medical director said it was not necessary to apply social distancing measures on aircraft as there was a 'low transmission risk on board'. Australia has gradually reopened its economy as the number of coronavirus cases has slowed, but travel restrictions between some states remain in place with 14-day quarantines for non-essential travellers. Qantas this month extended flight cancellations to the end of July, adding that some flights could resume domestically, as well as to New Zealand, if restrictions were eased. Australia and New Zealand, which have some of the strictest rules on entry to their countries and a low number of new coronavirus cases, have discussed operating a 'trans-Tasman travel bubble' to allow movement across the Tasman Sea. Emma Boyde Amy Kazmin in New Delhi India's confirmed coronavirus infection count has exceeded 100,000, even as Prime Minister Narendra Modi's government is now easing the conditions of the country's eight-week lockdown in a bid to revive the battered economy. Of the 100,328 Indians known to be infected, 3,157 have died and nearly 39,200 have recovered, while India's overstretched health care system is wrestling with more than 57,900 active cases. Most coronavirus cases have been concentrated in a handful of big cities, including the financial capital, Mumbai ' the city hardest hit by the virus ' Ahmedabad and New Delhi, the capital. But concern is growing about the rising number of cases reported in small towns and rural areas, in some cases carried by migrant workers, now returning to their villages across India after weeks stranded in cities and industrial areas without work or wages. In the small town of Khandwa in Madhya Pradesh, 90 people have been confirmed as infected with the virus in the past 24 hours. Other rural districts of Madhya Pradesh, Bihar and Odisha, where many of the migrant workers who labour in other parts of India come from, have reported a surge in cases in recent days. Amitabh Kant, the chief executive of the Niti Aayog, the government's public policy think-tank, has downplayed India's coronavirus caseload, which has risen steadily despite a draconian lockdown imposed on March 24. https://twitter.com/amitabhk87/status/1262565715208437760?s=20 'It's not total no of +v cases but the mortality and recovery rates which are critical. We are faring well on both,' Mr Kant tweeted on Tuesday morning. However, public health experts believe the death toll of the virus could be higher than reported, given that many people die at home, and family members do not report illness or fatalities to authorities for fear that they will be ordered into unpleasant institutional quarantine facilities. India is also facing a new challenge this week, as a super cyclone, Amphan ' the most powerful storm to brew in the Bay of Bengal for decades ' is expected to slam into the country's east coast on Wednesday. The last time a storm of this magnitude hit India was in 1999, when a super cyclone killed 9,000 people. Alice Woodhouse Edward White in Wellington and Kang Buseong in Seoul South Korean health officials are urgently tracing the contacts of nurses from one of Seoul's biggest hospitals after a group fell ill with coronavirus, dealing a potential blow to the country just after it suppressed a virus outbreak in the capital. At least four nurses from Samsung Medical Center were confirmed to have Covid-19 on Tuesday morning, the hospital told the Financial Times, marking the first time medical staff from one of the country's largest general hospitals have been infected with the virus. The cases follow a rapid effort by health officials this month to trace and isolate a cluster of more than 100 people linked to Itaewon, a bustling nightlife district in the capital. The country reported just 13 new cases on Tuesday, taking the total caseload to 11,078 with 263 deaths. The latest potential cluster also comes as social distancing measures are set to be relaxed in South Korea with a staged return to school to start from Wednesday. Asia's fourth-largest economy has garnered international praise for its handling of the pandemic after deploying a system of mass testing, tracing and distancing to fight off what was for a time the worst outbreak outside China. But health experts have warned that the country continues to face risks over new outbreaks emerging as human interactions increase. Emma Boyde Valerie Hopkins in Budapest Hungary's premier Viktor Orban declared victory over Covid-19 on Saturday, announcing that from Monday the lockdown would be lifted in Budapest. But as the capital, which has been the centre of the coronavirus pandemic in Hungary, emerges from two months of restrictions, Mr Orban faces twin problems: a struggling health system and a newly emboldened opposition. On Sunday, opposition MP Timea Szabo posted a video on her Facebook page of an interview with a widow whose husband died after he was sent home from hospital immediately after surgery, because beds were being freed to make room for Covid-19 patients. Ms Szabo concluded that the human capacities minister Miklos Kasler's 'decision to empty hospital beds and delay surgeries cost lives'. Read more here Alice Woodhouse John Reed in Bangkok Thailand's film industry has been barred from shooting love scenes, fight scenes, and other 'scenes that require close contact and access' under new government guidelines meant to prevent the spread of Covid-19. Film crews will also be limited to no more than 50 people, with no spectators present, under ministry of culture guidelines announced this week. Under the measures, outlined by Yupha Thawiwattanakit Bowon, deputy permanent secretary of culture, on Sunday, presentations of 'fight scenes, love scenes, embracing, kissing (or) speaking loudly' will have to be filmed with the help of camera angles or special effects. Film crews will be required to have a handwashing station with soap, alcohol gel or antiseptic, a temperature screening point, seat people 1.5 to 2 metres apart, and have good ventilation when shooting indoors. Ms Yupha said that ministry officials would be conducting spot checks and that film crews that failed to follow disease control measures would be ordered to stop. Thailand has one of south-east Asia's largest film industries, and produces films in genres ranging from historical epics to comedies, crime dramas, and horror movies. Alice Woodhouse Song Jung-a in Seoul South Korea's Jeju island is famous for the haenyeo, the sea women who dive for seaweed and shellfish in the waters off the volcanic coast, but a new sight has become common bobbing offshore: oil tankers. The country, the world's fifth-largest oil importer, is fast running out of commercial storage space, leaving some of Asia's biggest refiners scrambling for alternatives as the coronavirus pandemic batters energy demand and feeds a glut in global supply. 'We are in an unprecedented crisis,' said Kim Woo-kyung, at the country's largest refiner, SK Energy. South Korea has the fourth-largest commercial storage capacity in Asia, and is a popular spot to store crude and fuels thanks to its proximity to the region's big oil buyers including China and Japan. Read more here Harry Dempsey Peter Campbell in London Car sales in the EU fell by three-quarters in April, with every single country seeing a double digit decline as dealerships and factories were closed due to coronavirus. With most showrooms across the EU closed for the entire month, the number of new cars sold fell from 1,143,046 units in April 2019 to 270,682 units last month, according to figures released on Tuesday by manufacturers' group ACEA. Plants across Europe were shuttered in March as coronavirus spread throughout the continent, leading to government-issued lockdowns and disrupting supply of parts to factories. Though some facilities have slowly reopened, demand across the region is expected to take months to recover. Italy and Spain suffered the steepest declines, with April sales down 97.6 per cent and 96.5 per cent. The least affected markets were Denmark, which fell 37 per cent, and Sweden, which dropped 37.5 per cent. Every other country saw a decline of more than 50 per cent, with around half seeing drops of more than 70 per cent. The UK, which booked a 97.3 per cent drop in its new car market, is not in the EU. Sales across Europe had been falling before the pandemic struck, and have dropped 38.5 per cent between January and April when compared with the same period a year earlier. Three of the four largest EU markets - Italy, Spain and France - have seen sales fall by 50 per cent in the first four months, while Germany has dropped by a third. Philip Georgiadis Nathalie Thomas in Edinburgh Ovo, one of Britain's three largest energy companies, is planning to cut more than a quarter of its workforce as it said the coronavirus pandemic had hastened plans to integrate the household supply business it acquired earlier this year from rival SSE. The Bristol-headquartered company said it hoped to achieve 2,600 job cuts ""largely through voluntary redundancy"" over the course of this year, although the group will be trying to push through its plans in a climate where unemployment is mounting and the Bank of England has warned Britain is heading towards its deepest recession in 300 years. Ovo had already furloughed 3,400 workers at the start of April as the UK's decision to enter lockdown the previous month had caused work such as fitting digital smart meters in homes to nearly dry up. Ovo was founded just over a decade ago by the former City trader Stephen Fitzpatrick to challenge the dominance of a group of energy suppliers once referred to as the ""Big Six"". The ??500m deal for SSE's domestic supply business in Britain, which was completed in January, propelled it into the top flight of suppliers along with British Gas-owner Centrica and Eon. Ovo had a combined workforce of around 10,000 following the acquisition. Harry Dempsey Judith Evans in London The UK's largest sandwich maker Greencore has scrapped dividend payments for the next year after lockdown cut sharply into appetite for its food-to-go products. Greencore said it would cancel its full-year dividend payout for 2020 and interim payout for 2021 after adjusted operating profit dropped 14.3 per cent to ??38.3m in the six months to March, mainly because of the effects of coronavirus in the final weeks of that time. The 2020 interim dividend had already been scrapped. The company also makes other forms of convenience food, such as ready meals and cooking sauces. But sandwiches, sushi, salads and other foods eaten on the go make up almost two thirds of Greencore's business, and appetite for these has slumped: demand is almost 60 per cent below last year's levels, the company said, with Greencore's revenues currently about 40 per cent down on last year. The company has furloughed a 'substantial proportion' of staff and ceased production at three sites. Revenues in the first half of the year were up 1.6 per cent to ??712.7m, however. Patrick Coveney, chief executive, said: We have implemented a broad range of actions to mitigate the impact of Covid-19 on our business and to position us for growth as the pandemic eases. Harry Dempsey Compass Group, the catering services company, aims to raise ??2bn of new equity in the largest UK share sale in the year to date, to strengthen the company's liquidity after revenues fell by about 46 per cent in April. Chilean mining conglomerate Antofagasta reduced its final dividend recommendation for last year by 16.3 cents to 7.1 cents per share, since quarantine measures could restrict the company's ability to operate, if expanded beyond Greater Santiago, the capital. Ovo, one of Britain's three largest energy companies, is planning to cut more than a quarter of its workforce as it said the coronavirus pandemic had hastened plans to integrate the household supply business it acquired earlier this year from rival SSE for ??500m. Tobacco company Imperial Brands said that Covid-19 has had a small impact on the business to date but it expects the effect to be greater in the second half of the year due to lower sales from duty free, consumers shifting to cheaper brands and retailers drawing down on inventories. It said that it has reduced its dividend by a third to accelerate debt payments. Topps Tiles, the flooring retailer, swung to a loss in the first half of the year after its stores were forced to close near the end of March. Harry Dempsey Neil Hume in London Antofagasta will pay a much smaller than expected final dividend as the Chile focused copper producer looks to conserve cash. The London-listed miner said new restrictions imposed by Santiago in response to a significant increase in coronavirus cases was the trigger for the decision 'The evolution of the health emergency in Chile could result in an increased risk of an escalation in quarantine provisions which could restrict the company's ability to move its workforce to and from its operations,' the company said in statement. Due to this 'heightened uncertainty', Antofagasta said it had decided to conserve cash and revised its recommended final dividend for 2019 to 7.1 cents per share, down from 23.4 cents previously. It added that: As conditions in Chile evolve, the board will continue to monitor the progression of Covid-19 and its impact on the business, and any future dividend decisions will be made considering the prevailing situation at that time, noting the company's priorities remain maintaining a strong balance sheet, investing in the business, supporting its local stakeholders and increasing returns to its shareholders. Adam Samson Delphine Strauss UK claims for jobless benefits jumped by the most on record in April as the lockdown snarled the country's economy, according to figures released on Tuesday. The country's claimant count jumped by 856,481, or 69 per cent, in April compared with the previous month to 2.1m, with the sharpest increases in the south-west and south-east of England, according to the Office for National Statistics. Separate provisional data show that the number of paid employees in the UK fell sharply in April, giving an early indication of the scale of outright job losses resulting from the coronavirus lockdown. The ONS said the number of people paid by employers through the Pay As You Earn scheme fell by 1.6 per cent between March and April, and by 1.2 per cent year-on-year, after five years of steady growth. Median pay also fell, down by 0.9 per cent year-on-year. The figures are early estimates based on real time data collected by HM Revenue and Customs, and published by the ONS on an experimental basis. They give a sense of the scale of job cuts made on top of the much larger numbers of employees ' 7.5m at the last count - who have been placed on furlough, but are still on their employers' payroll. Philip Georgiadis A broad rally in global stock markets pushed into a second day on Tuesday, as investors welcomed positive signs of a possible Covid-19 vaccine and a co-ordinated European response to the pandemic. London's FTSE 100 opened up 1 per cent, while Germany's Dax was 1.1 per cent higher. Futures trade pointed to gains of around 0.5 per cent for the S&P 500 on Wall Street. News that biotech company Moderna's potential Covid-19 vaccine had delivered positive results in early small-scale human trials has significantly boosted investor sentiment this week, which was already bullish on signs economies are reopening and central banks could have more ammunition waiting in the wings. On Monday, the Stoxx 600 regional benchmark index rose 4.1 per cent, while the S&P 500 on Wall Street gained 3.2 per cent as global stocks enjoyed their best session since early April. Analysts said evidence of a co-ordinated European fiscal response to the coronavirus pandemic has also cheered investors, after Germany and France joined forces to push for a ???500bn EU recovery fund. The spreads between Italian, Spanish and Portuguese 10-year bond yields and their German equivalents tightened following the news. Harry Dempsey Jim Pickard in London The price of food and cars imported from countries without a UK trade deal will rise sharply under a new trade regime set out by trade secretary Liz Truss on Tuesday morning. The plans, which would apply both to imports from the EU and from outside the bloc, would slash tariffs on a large range of products but introduce 10 per cent duties on cars, and levies on beef, butter and poultry as well as protections for the ceramics industry. In an early morning announcement the Department for International Trade said Britain would scrap all levies on ??30bn of imports as part of its new 'MFN (most favoured nation) tariff regime' called the UK Global Tariff. This is the basis on which the UK will trade with other countries unless and until it has struck new trade agreements with them by the end of the Brexit transition period on December 31. For the EU, for example, London is hoping to replicate the existing zero-tariff arrangement it enjoys from being part of the customs union ' although talks last week hit an impasse. Under the MFN tariff regime products with tariffs currently below 3 per cent will see those reduced to zero, including fridge-freez",NO
12"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled THAI faces privatisation if it declares bankruptcy. If the article mentions that Thai Airways International has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways International will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways International is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways International is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways International has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways International. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","It was expected that Thailand's Cabinet would give the go-ahead to the rehabilitation of Thai Airways International (THAI) as per the Bankruptcy Court's procedure at its meeting on Tuesday. This could potentially result in the airline losing its status as a state enterprise. The State Enterprise Policy Committee, chaired by Prime Minister Prayut Chan-o-cha, decided on Monday to force the national carrier to file for bankruptcy and rehabilitation under the court's process. THAI is listed on the stock market and has been in financial trouble for many years, and now, with the Covid-19 crisis, things have become worse. Deputy Prime Minister Anuthin Charnvirakul said THAI may lose its status as state enterprise once it starts going through the rehab procedures set by the Bankruptcy Court. Once that happens, the State Enterprise Committee will no longer have authority over the carrier, though the manager of the rehabilitation will have the power to manage the airline's business restructuring plan, he said. The airline will be able to continue operating while its debts and businesses are being restructured, and it will not have to service debts during that time. Government spokesperson Narumon Pinyosinwat said it is still not clear whether the airline's bankruptcy case will be filed in a Thai or foreign court. However, an informed source at the Ministry of Transport said the case should go to a Thai court even though 30 per cent of the airline's 200 billion baht ($6.3 billion) debt is owed to foreigners. Some sources suggested that the government file the case in the US to stop foreign creditors seizing THAI airplanes when they land on foreign soil. However, the ministry source said there should be no such problem if THAI can negotiate with its foreign creditors, most of whom have leased planes to the airline. Meanwhile, THAI trade union leader Nares Puengyam voiced concern about the airline potentially losing its status as state enterprise. 'The union agrees with the plan to rehabilitate via the Bankruptcy Court's process, but we do not agree with the proposal to reduce the finance ministry's stake by two per cent,' he said. The Ministry of Finance currently holds a 51.03 per cent stake in the airline, but if its holding is cut to below 50 per cent, THAI will no longer be a state enterprise. Nares said he was worried that this would adversely affect the company's credit rating and push up the cost of future borrowing. However, officials say once THAI becomes a private entity, it will find it easier to restructure by cutting redundant staff, slashing wages as well as cancelling perks offered to the local elite and efficiently managing its costs as a whole. THE NATION (THAILAND)/ASIA NEWS NETWORK",BEFORE
13"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Cabinet gives nod to THAI rehab. If the article mentions that Thai Airways International Plc has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways International Plc will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways International Plc is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways International Plc is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways International Plc has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways International Plc. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","The cabinet on Tuesday decided that ailing Thai Airways International Plc (THAI) must go through rehabilitation via the bankruptcy courts in a ""difficult but necessary"" decision that ushers in complex, make-or-break steps for the national carrier, according to Prime Minister Prayut Chan-o-cha.14Gen Prayut insisted the cabinet had opted out of throwing a financial lifeline to the airline because it must save the money for relief schemes needed to alleviate the Covid-19 crisis and reinvigorate the economy.15""Today I had to make a very difficult decision regarding THAI. But it is one that I know is in the best interests of the public and of our country,"" he said.16The government had three choices; find more money to keep the airline flying, let it go bankrupt, or let THAI be the subject of a bankruptcy court-approved rehab plan. ""We've decided on the third option,"" the premier said.17According to the Transport Ministry, the bankruptcy petition to trigger a rehab will be filed with courts both in Thailand and the US. Some 35% of the airline's creditors are based in the US.18Previous attempts at salvaging the airline were ineffective because of legal hindrances, particularly the Labour Act and the State Enterprises Act, criticised as having complicated efforts to reform the national carrier.19The court-dictated rehab, however, will involve reducing the Finance Ministry's majority stake in THAI and cost the airline its state enterprise status.20THAI should be allowed to continue operating to generate income so it can regain business strength, Gen Prayut said.21Charamporn22The cabinet's resolution on Tuesday effectively quashed an earlier rehab plan jointly designed by THAI and the State Enterprise Policy Committee (SEPC), which favoured the Finance Ministry acting as guarantor for a 54-billion-baht loan to prop up THAI and splitting the airline into separate commercial units with THAI functioning as a holding company.23Gen Prayut insisted the government has to be cautious with its spending given the huge Covid-19 relief loan it has taken out. He indicated any money earmarked for bailing out the airline would be better spent helping those affected by the pandemic.24""We need to think our spending through carefully now the pandemic has struck. It's for the survival of our citizens,"" he said.25The bankruptcy courts would appoint appoint professionals to execute THAI's rehab who would hopefully turn the airline around, Gen Prayut said, saying the national carrier has been a cultural ambassador for Thailand.26Tevin27On Tuesday, Finance Minister Uttama Savanayana said the State Enterprise Policy Office will come up with a plan to bring the stake in THAI held by the ministry down from 51.03% to below 50%, which would end the airline's state enterprise status.28After the share sale by the ministry, all but three airline board members will resign. Those left behind will join three new board members, expected to be Tevin Wongwanich, president and chief executive of PTT Exploration and Production Plc; GSB president Chartchai Payuhanaveechai; and Charamporn Jotikasthira, a former THAI president.29Chartchai30",BEFORE
31"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Rehab chiefs to be named this year. If the article mentions that Thai Airways International has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways International will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways International is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways International is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways International has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways International. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","The court-ordered administrators of the rehabilitation plan for Thai Airways International (THAI) will likely be appointed in no more than three months, according to Deputy Prime Minister Wissanu Krea-ngam.32Mr Wissanu has been assigned by the cabinet to oversee the legalities surrounding the national carrier's rehab programme which is set to kick in if and when the Central Bankruptcy Court approves it.33He said on Thursday the plan's administrators must be revealed three months from now, though the announcement could come sooner.34Details of the rehab will be thrashed out mainly between the court and the creditors, although sometimes that could involve the airline.35THAI will need to come up with a rehab plan for the creditors to decide if they will accept it or not. If not, the plan will collapse, Mr Wissanu said.36He was speaking after meeting Finance Minister Uttama Savanayana and Transport Minister Saksayam Chidchob at Government House on Thursday. The meeting mulled the direction of THAI's planned rehab.37On Tuesday, the cabinet decided that debt-ridden THAI should file for bankruptcy. The Finance Ministry will sell 3.17% to the state-run Vayupak 1 Fund, with the aim of stripping the airline of its state enterprise status and facilitating the rehab.38THAI has been ordered to hire financial and legal consultants to advise on its rehabilitation under the bankruptcy law, according to Mr Saksayam.39He said on Thursday??he has instructed the national carrier to produce the Terms of Reference (ToR) for the hiring and submit it for ministry approval.40The ToR must clearly define the working areas and responsibilities of the consultants within the rehab plan to be conceived.41There will also be bids to consider the technical and financial qualifications of those vying for the consultant contracts.42Mr Saksayam said the hiring must be transparent. The Transport Ministry will forward the draft ToR, once completed, to Prime Minister Prayut Chan-o-cha for consideration.43The ToR was one of the issues Mr Saksayam ordered the airline to prepare in response to the impending bankruptcy filing and rehab entry.44The minister has given THAI until next Tuesday to submit essential documents to accompany the filing.45They include the airline's balance sheets detailing assets and debts owed to creditors in Thailand and overseas, and repayment deadlines.46THAI must also present a list of people to be nominated as rehab planners and administrators.47",BEFORE
48"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled UPDATE 1-Thai Airways, under bankruptcy protection, appoints chair, ex-CEO to rehab body. If the article mentions that Thai Airways has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","(Recast with Thai Airways statement on rehabilitation planners, credit rating downgrade) BANGKOK, May 27 (Reuters) - Thai Airways International Pcl on Wednesday said it appointed board members as rehabilitation planners in a bankruptcy court submission. The court accepted the airline's request for bankruptcy protection earlier in the day, setting the first hearing for August 17. It gave creditors until three days before then to submit objections. The rehabilitation committee comprises the flagship carrier's chairman Chaiyapruk Didyasarin, acting president Chakkrit Parapuntakul and three newly appointed board members, including its former CEO, Piyasvasti Amranand. EY Corporate Advisory Services Limited will also participate. The court's decision to agree to bankruptcy protection prompted local rating agency TRIS to downgrade the airline's senior unsecured debentures to default because the airline was given an automatic stay on debt.",AFTER
49"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Group demands help for troubled THAI customers. If the article mentions that Thai Airways International has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways International will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways International is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways International is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways International has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways International. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","The Foundation for Consumers has demanded authorities protect the rights of customers affected by Thai Airways International (THAI)'s financial woes.50Narumon Mekborisut, head of the foundation's consumer rights protection unit, said customers outside of the country also need help.51Many customers were reportedly facing a delay of up to six months in getting ticket refunds from the airline.52The customers were also offered remedial options of postponing travel dates with no extra charge, extending the tickets' validity, and exchanging the tickets for travel vouchers of equal value, according to THAI.53Ms Narumon said the foundation has written to the Transport Ministry and the Civil Aviation Authority of Thailand asking them to look after any customers who might be unfairly treated in exercising their options offered by the airline.54THAI has entered a pre-phase of debt rehabilitation after the Central Bankruptcy Court accepted its rehab petition for examination on Wednesday.55Ms Narumon said the airline must spell out refund deadlines. For example, she said, a cash refund should not take more than seven days.56THAI has said it needs up to six months to refund customers due to the court proceedings and obligation under the bankruptcy law. It is not known how many customers are affected by the potential delays.57Other commercial airlines registered in Thailand have also sought soft loans from the government to prop up their businesses.58However, Ms Narumon said the airlines should not secure funds until they have dealt with issues concerning refunds.59",AFTER
60"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Push to keep THAI in the sky. If the article mentions that Thai Airways International has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways International will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways International is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways International is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways International has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways International. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Creditors are likely to try to keep Thai Airways International (THAI) afloat to pay off debts, raising hope the airline's rehabilitation plan will pass the court's scrutiny, according to a source in the Finance Ministry.61The creditors are not out to seize the airline's business. If rehab plan fails and the airline cannot make an income, it will head for default and the creditors knew they would be in trouble too if that were to be the case, the source said.62The best way forward is to keep THAI flying and that would be a ""win-win"" formula for both the creditors and the airline, the source added.63Before the cabinet decided to let THAI file for bankruptcy and seek debt rehab, the Finance Ministry had other plans, he siad.64The ministry wanted to offload part of the government's stake in the airline to Dhanarak Asset Development Company Limited, which is supervised by the Treasury Department. The intention was to maintain THAI's status as a state enterprise for which the Finance Ministry would be legally permitted to guarantee a bailout loan.65The plan had also called for a replacement of the airline president and revamp of the company, including restructuring ticket sales that relied heavily on agents.66The source said the plan met with public resistance as it required pouring taxpayers' money in to prop up the cash-strapped airline. In the end, the cabinet chose to subject THAI to rehab via the Central Bankruptcy Court which accepted the airline's petition for examination last week.67The source said the rehab plan prepared by THAI stands a good chance of sailing through creditor vetting and winning their approval. Many major creditors based in Thailand are state enterprises including PTT Plc which supplies petrol to the airline.68However, a hurdle ahead for the rehab executors has to do with the inevitable downsizing of an airline with more than 20,000 employees. It is reported that this retrenchment will affect one-third of the workforce, which is certain to run into internal opposition.69The airline's union, disbanded when THAI lost its state enterprise status, has already voiced its resistance to the airline's extension of salary cuts to the end of this month.70",AFTER
71"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Khazanah chief quashes rumours of RM5bil Malaysia Airlines capital injection. If the article mentions that Thai Airways has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","KUALA LUMPUR: Khazanah Nasional Bhd has dismissed a wire report that it is considering injecting RM5 billion capital for its struggling Malaysia Airlines Bhd. Khazanah managing director Datuk Shahril Ridza Ridzuan told NST Business that the sovereign wealth fund was not planning to inject capital into the national carrier. ""It is not true. We do not know where they (the rumours) are from,"" Shahril Ridza said via Whatsapp yesterday. It was reported that Khazanah was considering to inject a fresh capital of up to RM5 billion to allow Malaysia Airlines resume some operations it had suspended. It was believed the cash infusion could happen in the coming weeks, the report revealed. The Bloomberg report added that Malaysia Airlines, which has been struggling to turn around since it was taken private by Khazanah in 2014, would join carriers around the world in receiving a lifeline from their respective shareholders and governments. Authorities worldwide have pledged more than US$85 billion to prop up airlines after the coronavirus pandemic wiped out travel demand and grounded fleets. Meanwhile, a source said Malaysia Airlines had not received any funding commitment from Khazanah for it to survive amid slumping bookings due to the Covid-19 pandemic. However, the source told the NST that the airline was working on the possible assistance, adding that the process for any finalisation would be ""long"". When contacted, Malaysia Airlines said Khazanah had been supportive of its efforts to address and cope with the impact of the Covid-19 crisis. ""As we are currently realigning our long-term business plan to the changing aviation landscape, we are in continuing discussions with Khazanah on the level of support needed moving forward,"" it said. Malaysia Airlines said it had taken some hard measures to contain the impact of the crisis. This included undertaking negotiations with aircraft lessors and vendors to manage payments and financial obligations as well as offering unpaid leave and inducing salary cut of between 10 per cent and 35 per cent among employees to sustain its cash flow. ""This is to protect those in the lower income bracket, and to avoid possible job cuts in our effort to trim costs further. ""A number of business investments have also been put on hold in view of the crisis. We've also proactively removed capacity to manage our cost effectively,"" Malaysia Airlines added. Aviation is one of the sectors hit hardest by the Covid-19 pandemic. Asia is expected to see the steepest dropoff in passenger revenue, with airlines in the region losing an estimated US$113 billion this year. Air traffic there reportedly plunged 98 per cent in April compared to the year before. On Tuesday, the Hong Kong government reportedly announced it would spend almost US$4 billion to bail out the city's flagship airline, Cathay Pacific. The airline had a net loss of US$581 million in the first four months of 2020. Last month, the Thai government said it would submit a rehabilitation plan, similar to filing Chapter 11 bankruptcy in the US, for Thai Airways. This eschewed a previous plan to lend Thailand's national airline US$1.81 billion. On the local front, AirAsia - Southeast Asia's biggest low-cost airline - was reportedly slashing its 20,000-person workforce by up to 30 per cent and cutting staff salaries by as much as 75 per cent in an effort to save money. It is understood that Malindo Air had offered a voluntary separation scheme to all permanent and contract staff after failing to secure loan or guarantees from the government to sustain operations.",AFTER
72"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled THAI workers' jobs 'safe for now'. If the article mentions that Thai Airways International has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways International will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways International is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways International is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways International has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways International. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","The management of Thai Airways International (THAI) insists job terminations are not in the pipeline for at least a year even though downsizing the fleet and cutting routes are part of its six-point strategy to turn the business around.73The assurance was given by acting THAI president, Chakkrit Parapuntakul, to airline staff on Thursday during a meeting to clarify the debt-rehabilitation process after the Central Bankruptcy Court agreed to examine its rehabilitation plan in August.74Mr Chakkrit said the court might take three to five months to vet the rehabilitation plan and the airline will need to speed up the implementation of its six-point strategy to keep the company afloat.75""We receive a lot of questions about layoffs and I can assure that the employment status of the staff remains intact. There will be no layoffs, for the time being, as we have to wait for a clear re-organisation plan.76""Once it is ready we'll know how many jobs will be retained. Then we will come up with plans and remedies. It will take at least a year before we reach that point,"" he said.77Mr Chakkrit said the restructuring may also set clear business directions for the airline and help it identify profitable units for expansion. In that case, massive layoffs may not be necessary and staff could be rotated to work in those units, he said. The national carrier, 244 billion baht in debt, has more than 20,000 employees and it is feared up to one-third of the workforce could be affected by downsizing.78Despite flight operations looking set to resume now that Covid-19 restrictions have eased, the aviation industry will not rebound easily, he said.79The outbreak has disrupted the travel industry and the way people travel and it will take one or two years for the sector to recover.80He expressed confidence that if THAI can follow the six-point strategy, the company will become financially strong within five years.81According to Mr Chakkrit, the strategy includes downsizing the fleet; reducing routes; revamping ticket sales; restructuring the company to match the size of its business; cutting costs and revamping welfare benefits; and expanding investment in small business units such as catering and cargo services.82While assuring THAI does not have liquidity problems thanks to cost-cutting over the past months, cash flow remains a challenge, Mr Chakkrit said.83",AFTER
84"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled THAI tries to soothe anxious customers. If the article mentions that Thai Airways International has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways International will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways International is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways International is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways International has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways International. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Thai Airways International (THAI) on Monday moved to allay concerns among its customers after they began receiving a notice from the Central Bankruptcy Court, which is scheduled to hear the debt-ridden national carrier's rehabilitation plan in August.85THAI said in a statement that the notice was part of the court process now that the airline has entered the pre-debt rehabilitation phase. It said it is attempting to convince creditors, who include customers, the rehabilitation plan would work.86THAI insisted that ticket holders wanting a refund and Royal Orchid Plus members do not need to file debt-negotiation petitions with the court.87""The company is committed to safeguarding the benefits and retaining the privileges for our customers as soon as [THAI] can resume operations under the rehabilitation plan,"" it said.88It was reported that THAI could need up to six months to provide refunds to customers due to court proceedings and obligations under the Bankruptcy Law.89Customers with issues were reportedly offered remedial options such as travel date postponements with no extra charge, ticket validity extension and travel vouchers.90THAI has outstanding debts totalling 244.9 billion baht, 30% of which are owed domestically.91Meanwhile, Samart Ratchapolsitte, deputy Democrat leader and a transport management expert, on Monday??called on THAI to revamp its company benefits programme for senior executives.92Mr Samart targeted the transportation allowances of members of THAI's senior management team. He shared details of their salaries and travel allowances on his Facebook page.93He noted that despite receiving travel allowances, THAI senior executives still use company cars and resources.94According to Mr Samart, the monthly transportation allowances of THAI vice presidents and senior vice presidents are 70,000 baht, while executive vice presidents receive 75,000.95He noted that these allowances are on top of their salaries which range from 240,000 baht to 700,000 baht.96""Travel allowances can be given as part of benefits packages, but they must be fair to all staff in the entire organisation,"" Mr Samart said.97",AFTER
98"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled UPDATE 1-Thai court accepts budget carrier Nok Airlines' petition for bankruptcy protection. If the article mentions that Thai Airways has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","(Adds background) BANGKOK, July 30 (Reuters) - Thailand's bankruptcy court on Thursday said it had accepted a petition from low-cost carrier Nok Airlines Pcl for bankruptcy protection, as the coronavirus pandemic worsened conditions for the struggling airline. The court set the first day of hearings for Oct. 27. Its acceptance gives the budget carrier an automatic stay on debt worth 26 billion baht ($828 million). The collapse in travel demand and grounding of flights all over the globe this year due to the coronavirus outbreak has tipped several industry players over the edge. National carrier Thai Airways, which holds a 13% stake in Nok Airlines, filed for bankruptcy protection in May, while Nok Airlines' subsidiary, NokScoot Airlines, entered liquidation the following month. Nok Airlines has booked losses since 2014.",AFTER
99"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Thai Airways must pay B5.4bn in pensions. If the article mentions that Thai Airways International has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways International will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways International is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways International is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways International has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways International. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Debt-ridden Thai Airways International (THAI) will have to pay more than 1,600 employees pensions worth 5.4 billion baht over the next 13 years, according to a source at the airline.100The revelation came as THAI puts together a debt rehabilitation plan -- which necessitates aggressive cuts to employee salaries and other expenses -- to be submitted to the Central Bankruptcy Court on Aug 17. It has also appointed six members of its board of directors to execute the plan.101After THAI lost its status as a state-owned enterprise (SOE) when the Finance Ministry reduced its stake in the airline to below 50% earlier, the government system of pensions applicable to the airline was also scrapped.102This leaves the last batch of 1,642 staff members who signed the employment contracts while the airline was still an SOE, entitled to the pension.103A total of 124 employees will go into mandatory retirement at the end of this year alone. THAI will need to set aside 394 million baht worth of pension money for them.104The number of retirees at the airline will continue to rise until 2025 when 217 employees retire. The company will have to pay them pensions to the tune of 717 million baht. After that the retirees will drop to 169 in 2026 with the pensions costing 574 million baht.105In 2032, the last pension-paying year, only three employees will collect the payment worth altogether 10 million baht.106The source said the airline board has reserved funds in a bank account to pay the pensions to ease many staff concerns that THAI might run out of liquidity and thus be unable to pay.107",AFTER
108"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Travel industry hit hard by new restrictions. If the article mentions that Thai Airways has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Your level-headed briefing on how the coronavirus epidemic is affecting the markets, global business, our workplaces and daily lives, with expert input from our reporters and specialists across the globe. For updates visit our live blog. Please send your reactions and suggestions to covid@ft.com. We would like to hear from you. The FT is offering a free 30-day trial to??Coronavirus Business Update, which includes access to??FT.com. Please spread the word by forwarding this newsletter to friends and colleagues who you think would find it valuable. And if this has been forwarded to you, hello.??Please sign??up??here. US industrial production grew at a slower pace in July but advanced for a third straight month, as factories increased output after coronavirus shutdowns  Local lockdowns in northern England will stay in place after evidence showed there has been no decrease in coronavirus infection rates Italy registered 574 new coronavirus cases on Thursday, the highest since May 28 (Bloomberg) 'Another devastating blow to the travel industry' was how Tim Alderslade, chief executive of Airlines UK, described Britain's decision last night to extend quarantine restrictions to passengers arriving from France and the Netherlands. Investors seemed to agree. Shares in easyJet, Ryanair, Air France-KLM and British Airways' parent International Airlines Group all tumbled, as did those of Tui, the tour operator.  The UK move, which caused a scramble by British holidaymakers to get back across the Channel today, caps a grim few days for the travel industry as fears grew that new surges in infections could snuff out hopes of a business bounceback.  Tui, which employs about 70,000 people and runs 400 hotels and 150 aircraft, revealed a net loss of more than ???2bn this year. It expects 'normalised levels of business' from 2022 ' based on the assumption that long-haul travel would return in 2021 and a coronavirus vaccine would be??available 'early next year'. National Express, which runs coach, school bus and rail services in eight countries, also went into loss. In normal times, almost a third of its revenue comes from its fleet of yellow??buses ferrying children to North American schools, many of which have been shuttered.  Easyjet is one of many airlines desperately trying to shore up their finances. Hong Kong carrier Cathay Pacific announced losses, as did Thai Airways. Ancillary businesses such as Swissport, the world's biggest baggage handling group, have also been hit hard. New restrictions to stem the spread of coronavirus, such as those put in place today in France and Spain, mean an already dismal outlook is turning even worse: S&P now expects global air traffic to fall by up to 70 per cent this year, a decline much steeper than it had projected in May.  Airlines will remain under pressure until either a coronavirus vaccine or treatment is found, the rating agency said ' or until they find an appropriate way of operating under a 'new normal'. The International Energy Agency cut its forecasts for oil consumption this year and next, saying global demand would average 91.9m barrels a day in 2020 compared with 100m b/d last year. Oil companies in recent weeks have reported some of their worst??quarterly results??ever, taking large writedowns on assets. New research showed 445 companies listed on the London Stock Exchange ' including big names such as Royal Dutch Shell and Lloyds Bank ' cut, suspended or cancelled dividend payments in the first half of this year as stricken companies held on to cash. US finance editor Robert Armstrong explains how low borrowing costs are driving the 'everything rally'.  China said frozen chicken from Brazil ' the world's largest exporter of frozen poultry ' had tested positive for coronavirus, setting off a diplomatic spat. New Zealand is investigating whether its first infection in more than 100 days could also have come from imported frozen goods. Strong investor enthusiasm for vaccine stocks was illustrated by the market debut of China's CanSino Biologics and looks set to continue with the IPO of Germany's CureVac. A vaccine is 'the most discussed topic by far across the investor community', said one banker. 'It's like saying 'www.' in 2000.' Carlsberg became the first of the big brewers to reinstate financial guidance since the start of the pandemic. It said underlying operating profits would drop up to 15 per cent in 2020, after an 8.9 per cent fall in the first half, as it warned of renewed lockdowns in its biggest market of China. A record 5m jobs were lost in Europe in the second quarter, underlining the damage done to the economy by the pandemic. In the US, new applications for unemployment benefits fell below 1m for the first time since mid-March as employers resumed hiring. Struggling city centres need more government help, writes London mayor Sadiq Khan in the FT. More must be done to reduce the fear of infection, and the business rates holiday for retail, hospitality and leisure should be extended, he says. UK restaurants are worried for their future once the government's 'Eat out to help out' subsidy ends. Turkey's finance minister dropped his previous forecast of growth and said the country's economy could shrink by up to 2 per cent this year, compared with IMF and World Bank forecasts of 5 per cent and 3.8 per cent. Its current account deficit widened in June as tourists stayed away.  Manticore comments on I have been laid off ' how do I get a job amid the current crisis? Ask a friend. You are, of course, now one of thousands in the same position. It might be nice to think you can get ahead by showing commitment, demonstrating expertise and all that ' but actually, this is meat-grinder time and none of that matters as much as anyone thought in February. If there are any jobs to be had, the people within organisations will know about them. Companies are still setting up divisions or changing businesses, so there are opportunities but don't kid yourself: 'career planning' is for the good times, not now.  How is your workplace dealing with the pandemic? And what do you think business and markets ' and our daily lives ' will look like after lockdown? Please tell us by??emailing??covid@ft.com.??We may publish your contribution??in an upcoming newsletter. Thanks England is trying again with a contact tracing app. The app, being tested on the Isle of Wight and Newham in London, will use Bluetooth to alert individuals if they have spent 15 minutes or more near someone who has tested positive for Covid-19. Browse through our collection of alternative indicators, from retail footfall to pollution levels to box office takings, in our global economic recovery tracker.  'In a matter of months, designers have been forced to rethink work conceived to tackle the problems of one era to solve the problems of another. The design industry is expected to improve lives, now more than ever.' House & Home editor Helen Barrett looks at visions of the post-pandemic home.",NO
109"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Panel submits probe results on THAI debt. If the article mentions that Thai Airways International has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways International will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways International is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways International is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways International has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways International. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","The Transport Ministry on Tuesday submitted the findings of a probe into alleged irregularities involving Thai Airways International (THAI) to the Finance Ministry for further action.110The report was submitted by Khomkrit Wongsomboon, head of a working panel under an investigation team set up by the Transport Ministry to examine factors that played a major part in landing the struggling airline deep in the red.111According to Mr Khomkrit, irregularities were found in air ticket sales, overtime payments to technicians and the procurement of Airbus A340 planes in 2003-2004 among others, which contributed to huge losses.112Overtime payments should not exceed 1,500 hours annually but about 200-300 technicians picked up 2,000-3,000 overtime hours.113Salaries and expenses for technicians were estimated at 2.4 billion baht annually and overtime payments were also around 2 billion baht.114Mr Khomkrit said the Transport Ministry is leaving the matter in the hands of the Finance Ministry because THAI is no longer a state enterprise and therefore is not under its supervision.115The airline lost its status as a state-owned enterprise when the Finance Ministry reduced its stake in the airline to below 50%.116According to Mr Khomkrit, the findings will also be handed to the prime minister and the National Anti- Corruption Commission (NACC).117""If they find irregularities it will be up to them to decide what action needs to be taken. In principle the NACC is responsible for the probe. But because the Finance Ministry owns 49% of shares, it is expected to make the initial move.118As for the prime minister, it depends on him,"" he said.119He said the probe was ordered by Deputy Transport Minister Thaworn Senneam who oversaw THAI before it lost its state enterprise status.120The national carrier has run up debts exceeding 244 billion baht and the Central Bankruptcy Court has set Sept 14 for a ruling on whether it should enter rehabilitation.121Meanwhile, Wingspan, a sister company of THAI, yesterday announced its intention to lay off 2,598 workers, effective immediately.122Ampai Wiwatanasathapat, a labour representative, said this was the second batch of workers to lose their jobs after 896 workers were laid off in May this year. The company had 4,400 workers on its payroll.123She said the labour union is waiting for an official termination of employment letter to be delivered to all workers to see if they receive fair compensation.124It is reported that the company is seeking up to a year in which to make the severance pay and compensation payments due to its financial problems.125",AFTER
126"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Thai Airways opens diner for customers craving in-flights meals. If the article mentions that Thai Airways has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","BANGKOK (Reuters) - More than 100 diners craving in-flight meals after months of travel restrictions flocked to Thai Airways International Pcl's offices on Thursday to try a new pop-up restaurant and get a reminder of the forgotten flavors of on-board dining. The national carrier, which has for months grounded most of its planes, has transformed the cafeteria of its Bangkok headquarters into an airline-themed restaurant and opened it to the public. 'I ate a lot,' said Pirachat Pengthongworrapetch, 36, who heard about the restaurant online. 'It's better here than in the air because it's cooked to order.' Thailand has halted commercial flights to try to prevent coronavirus infections. But diners can still get to meet cabin crew, who greet them in full uniform as they enter the restaurant. It is decorated with airplane parts and seats to lend it an authentic aircraft feel. 'Spare parts from engines, windows and fan blades were used as furniture,' Thai Airways Catering Managing Director Varangkana Luerojvong told Reuters. Each decoration has a QR code attached so visitors can look up information about the parts. Diner Kanta Akanitprachai, 50, liked the idea of a plane meal without having to buy a flight ticket. 'I like the in-flight meals on Thai Airways, but we only get to have it when we fly,' said Kanta. 'Today we get to have it here, that's good because we want to eat.' Varangkana said the restaurant, which serves about 2,000 meals per day, was a way to recoup some lost revenue during the coronavirus pandemic, and there are plans to turn other Thai Airways offices into similar dining experiences. Chefs and cabin crew from the airline, which filed for bankruptcy protection in May, appeared in good spirits. Japanese chef Jun Uenishi said the experience was different because it was his first time interacting with customers. The Thai bankruptcy court will decide on Sept. 14 if the airline can go ahead with its restructuring proposals. Editing by Martin Petty and Mike Collett-White",AFTER
127"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled THAI creditors told to file requests for repayment. If the article mentions that Thai Airways International has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways International will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways International is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways International is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways International has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways International. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Thai Airways International has asked its creditors to file their requests for debt repayments with the Department of Legal Execution after the Central Bankruptcy Court on Monday accepted its request for debt restructuring.128THAI acting president Chansin Treenuchagron said creditors must submit their requests within a month of the order for the airline's rehabilitation being published in the Royal Gazette.129""All the creditors except customers can file their requests with the Department of Legal Execution. We've put in place measures to take care of the customers, so they do not need to worry,"" he said.130According to the airline, customers are allowed to keep unused tickets for use after its rehabilitation or with its subsidiary Thai Smile Airways which is still operating. They can also trade their tickets for travel vouchers that will be valid until Dec 31, 2021.131The court's decision came after three rounds of hearings were held on Aug 17, 20 and 25.132Mr Chansin said the rehab plan is expected to be submitted to the court by the end of the year and the Department of Legal Execution will hold a meeting with the airline's creditors to examine the plan.133He said the court is likely to rule on the plan and the appointment of administrators early next year but declined to give any details saying it must be approved by the court.134According to Mr Chansin, THAI's total outstanding debt currently stands at about 352.494 billion baht with 10.248 billion baht due for imminent repayment. However, the airline has been given an automatic stay from debt collection by creditors.135In July, the flag-carrier announced a huge fall in passenger numbers, with only about 3.5 million people carried in the first five months of the year. It also lost its state enterprise status after the Vayupak 1 Fund bought a 3.17% stake from the Finance Ministry.136",AFTER
137"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Breakingviews - Corona Capital: Coca-Cola, Viral inequality. If the article mentions that Thai Airways has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","NEW YORK/MILAN/LONDON/MUMBAI (Reuters Breakingviews) - Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights. - Hard seltzer - Covid fairness REFRESHING. Coca-Cola is jumping on the hard seltzer bandwagon just as the alcoholic drink is gaining popularity. The soda maker will launch Topo Chico Hard Seltzer next year, Chief Executive James Quincey said on CNBC on Monday. Coke has sold alcohol before ' it had a wine business in the 1980s and recently started selling alcoholic soda in Japan ' but it's a departure for the brand that, during the U.S. prohibition era, was marketed as 'The Great National Temperance Beverage.' Then again, temperance isn't really in fashion in these times of Covid-19. Sales of hard seltzer increased almost 140% year-over-year in the 12 weeks to Sept. 5 as drinkers moved outdoors, compared with a 7.5% rise for beer, according to data from Nielsen and Cowen. Sales of Boston Beer's Truly more than doubled in the same period, and the brewer's stock now trades at 56 times forward earnings, twice Coke's own valuation. Given hard seltzer is more a twist on an old product than a reinvention, it's worth a shot. (By Amanda Gomez) MIXED METRICS. When is the right time to ease Covid-19 lockdowns? Common metrics are the rate of tests that come back positive, and the average number of new cases per day. But there's a third idea that's being considered in California, according to one San Francisco radio broadcaster: measuring Covid inequality. That is, looking at the disparity between low-income and high-income areas. That could create surprising results. Consider New York City's Queens borough, where public data shows the Far Rockaway neighborhood has quadruple the rate of positive tests as the somewhat wealthier Arverne area, even though they're just a couple of miles and one zip-code digit apart. Every city, and country, would find similar discrepancies. The result would most likely be that restrictions are eased more slowly. But that doesn't make it a bad idea. Conversely, focusing on hardest hit, lowest-income areas would mean resources get diverted to where they're needed, and rich folk would have an incentive to see that happen. Besides, with essential workers generally over-represented in lower-income areas, the faster those spots improve, the better for everyone. (By John Foley) BATTLE OF THE BULGE. Aaptiv, a fitness app backed by Amazon.com's Alexa Fund, may be the latest company to take advantage of investors' huge appetite for at-home fitness. The startup ' valued at over $200 million two years ago ' is considering a sale, according to Bloomberg. If the skyrocketing values of fitness subscription services like Zwift, now worth over $1 billion, are any indication, its value has probably jumped. Meanwhile, traditional gyms have lost significant weight in the fight for exercisers' dollars. Town Sports International, the owner of New York Sports Clubs, recently said it was filing for Chapter 11 bankruptcy. Gold's Gym International did the same in May. And the share price of Planet Fitness has fallen by almost a quarter this year. But banking on the continuation of the pandemic-generated shift toward at-home exercising may be premature. It could be like assuming the people who show up at a gym in January will still be there in April. (By Anna Szymanski) INTERNAL DUEL. The pandemic is undermining Italy's right-wing opposition leader Matteo Salvini. The League chief, a vitriolic European Union critic, failed to deliver a clean sweep at Italian regional elections this week. The centre-left PD party, which is in the ruling coalition, secured three out of seven regions and lost just one to the centre-right. The results, together with support in a referendum for a government plan to shrink parliament, reinforced investors' view that Giuseppe Conte's executive will stay in charge. Salvini's chief worry will be the success of Veneto governor and League rival Luca Zaia, who won praise for his handling of Covid-19. Zaia, dubbed 'The Doge' and more moderate than Salvini, won a third mandate with 77% of votes. That's a prelude to a duel within a party that is topping the opinion polls. If Zaia gets the upper hand, investors will fear the League less. (By Lisa Jucca) PANIC ROOM. With Britain teetering on the brink of a second national lockdown, Whitbread is bowing to the inevitable. After announcing a 78% slump in like-for-like domestic revenue in the 26 weeks to Aug. 27, the 4 billion pound operator of Premier Inn hotels and Beefeater pubs said it would lay off as many as 6,000 people, or 18% of its workforce. Swallowing the 12 million pounds to 15 million pounds in redundancy costs is an acceptance that things are unlikely to improve any time soon. These workers ' like most Whitbread staff ' are on flexible furlough. Under the scheme, the government pays at least 80% of salaries up to a cap, even when staff aren't working. But the Treasury has been tapering its support, with employers meeting the shortfall. Whitbread is evidence that without a blank cheque, the costly job-retention schemes merely delay the reckoning. (By Dasha Afanasieva) POT-DE-VIN. If persuasion fails, try bribery. Such is Suez's approach to investor relations. On Tuesday, the French waste management company tried to fend off a potential hostile bid from rival Veolia by pledging to hand shareholders 2 billion euros in bumper dividends and buybacks over the next two years. That's more than a fifth of its current market value. The promised largesse comes after state-backed Engie, which holds 30% of Suez, told Veolia to raise a 15.50 euro per share offer for its stake. Suez boss Bertrand Camus' munificence relies on cost cuts and sales growth to achieve 1.7 billion euros of operating profit by 2022 on revenue of 17 billion euros. That implies a meaty 220 basis point expansion in annual margins. So far, the bullishness is failing to sway investors waiting for a possible raised cash bid from Veolia: Suez shares edged up a paltry 0.6%. (By Christopher Thompson) STALLING. Indonesia's Garuda is flying low but reckons bankruptcy is off the table. The flag carrier has weighed up insolvency proceedings but will instead seek better terms on its aircraft loans, according to Bloomberg. The airline, which has $5.4 billion of leasing debt, has already delayed repayment of an Islamic bond but says an expected $580 million bridging loan from the government is taking longer than expected. Time is of the essence. The carrier's shares have fallen 55% so far this year, slightly worse than Thai Airways, which secured court approval this month for a restructuring. Like its Asian rivals, Garuda is counting on a speedy revival in domestic tourism as tough restrictions on international arrivals remain in place. With the virus raging across Indonesia, however, it's going to be a long and bumpy ride. (By Una Galani) Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time. Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.",AFTER
138"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Commentary: Southeast Asian airlines are falling from the sky in this COVID-19 storm. If the article mentions that Thai Airways has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","BANGKOK: Before the COVID-19 pandemic, Southeast Asia was one of the fastest growing markets for air transport. But despite being buoyed by high demand, a deregulated airline market squeezed the profit margins of most Southeast Asian airlines, leaving them particularly vulnerable to the economic fallout from COVID-19. Southeast Asia's ""sky liberalisation"" produced fierce competition between low-cost carriers (LCCs) and full-service carriers (FSCs) over the last decade. This rivalry had a revolutionary impact on airfares. But the price war that increased affordability simultaneously reduced margins, with unstable fuel costs further elevating the industry's cost structure. With the pressure of such a business environment, airlines were already struggling to perform. The emergence of a COVID-19-induced recession has now debilitated the industry. The tourism and hospitality sectors were first to be hit by public health measures recommended by the World Health Organization. As a link in the tourism value chain, airlines were abruptly affected and several airlines were immediately thrown into the red as domestic and international tourist numbers collapsed. NATIONAL CARRIERS IN TROUBLE Thai Airways ' Thailand's national carrier ' is in bankruptcy court with reported losses of US$564 million in the first half of 2020. Malaysia Airlines is similarly on the brink of bankruptcy after revealing a loss of US$3.32 billion. Thai Airways suffered from poor performance for more than a decade before the onset of COVID-19 because of its excessive and complicated organisational structure and political forces that bred serious mismanagement and corruption. The Thai Ministry of Finance, its biggest shareholder, now plans to reduce its shareholding ' perhaps allowing Thai Airways to shed its state enterprise status. Like Malaysia Airlines, the COVID-19 crisis has forced it to choose between going bankrupt and abandoning its flag carrier status, or being acquired by another airline. Other airlines in Southeast Asia share the same destiny, with Vietnam Airlines revealing a US$284 million loss, Philippine Airlines posting US$183.1 million in losses and Singapore Airlines recording a loss of approximately US$538 million in the first half of this year. Garuda Indonesia similarly announced US$696 million in losses. The crisis is not contained to FSCs ' AirAsia Group, the LCC with the biggest market share in the region, is also in the red, with losses of up to US$188 million. CAN DEEP CUTS STEM THE BLEED? The underperformance of Southeast Asian airlines will shape how they restructure and downsize post-COVID-19. Airlines are a labour-intensive industry, so layoff policies, wage reductions, leave-without-pay measures and golden handshakes are common and quick-win strategies employed by firms to maintain liquidity. Singapore Airlines recently decided to cut more than 4,000 workers across subsidiaries, while Lion Air Group terminated over 2,000 employees. Garuda laid off 180 pilots while Malaysia Airlines offered voluntary unpaid leave for 13,000 of its staff as they struggle to make ends meet. This retrenchment strategy has been similarly adopted by AirAsia as it plans to shave costs by 30 per cent, while NokScoot announced huge layoffs a few months before it ceased operations. But these cost and job-cutting strategies have an adverse impact on local economies. Losing a job means losing a consumer of goods and services. TIME FOR DEEP RESTRUCTURING This puts pressure on governments to provide financial support to airlines in order to preserve employment. Financial liquidity could be provided by governments, central banks, airport authorities or even aviation-related organisations to ailing airline companies. This assistance can take the form of an interest reduction plan, airport fee waiving measures or soft loan schemes, all of which should be extended promptly by governments. But airlines should implement their own strategic responses in lieu of external support to sustain business administration through COVID-19. Airlines may need to readjust their business models to generate other forms of revenue as the outbreak hits domestic cargo flights. For example, Scoot has adapted by modifying regular passenger cabins so they can carry extra cargo, while Cebu Pacific has chartered aircraft that serve and supply food, water, medical equipment and assistance around the Philippines. The COVID-19 pandemic has had a catastrophic impact on Southeast Asian airlines. But there is light at the end of the tunnel. The airline industry has weathered many storms since 1950, including the 1997 Asian financial crisis, the 9/11 terror attacks, the SARS pandemic and the global financial crisis. There will be some airlines that endure this industry-wide disaster. The lessons learned from those who establish best practices will inform future business operation and strategy. Thanavutd Chutiphongdech is a Professor at the International College for Sustainability Studies at Srinakharinwirot University, Bangkok. This commentary first appeared on East Asia Forum. Read it here.",AFTER
139"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Airlines dangle ultra-cheap fares to get the world flying again. If the article mentions that Thai Airways International pcl has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways International pcl will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways International pcl is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways International pcl is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways International pcl has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways International pcl. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","London THE nightmare year of 2020 brought the airline industry's first decade of sustained profitability to a shuddering halt. The coronavirus pandemic tore through in a tumultuous, unprecedented way, leaving carriers in a deep hole, along with a constellation of aerospace manufacturers, airports and leasing firms. 2021 is shaping up to be a transition year for an enterprise that takes passengers on the equivalent of 208 million annual trips around the globe. At best, the path ahead will be bumpy, with progress toward a return to travel dependent on the pace of vaccine roll-outs, access to capital, government policies and the unpredictability of a virus that's not yet fully understood. Still, there will be leaps, including the first commercial flights to near-space. Here are some developments to look for over the next 12 months. Airline traffic won't see a major boost until vaccines saturate enough of each country's population to stamp down infection rates. Even then, it may take effort to get some people back on planes. In Europe, that'll mean fares as low as 9.99 euros (S$16.2), according to Ryanair Holdings plc chief executive officer Michael O'Leary. Other ideas being floated to entice travellers are free hotel stays, 2-for-1 deals and complimentary travel insurance. Travel-pass promotions from carriers such as China Eastern Airlines Corp, which is offering unlimited flights for a single price, have proved popular and been extended into this year, while online agents show ultra-cheap trips in China for the Chinese New Year holiday next month. The key question is how long it'll take to wean customers off those incentives. An upturn in leisure and family travel should hit by midyear, depending on the region. More lucrative business traffic is likely to trail as companies resist sending people out on the road. John Grant, chief analyst at flight-bookings specialist OAG, says it won't be a recovery until enticements are no longer needed and carriers can manage routes for profit. Airlines raised record amounts of money in 2020. More will be required in 2021. Stock sales and debt conversions will take on a greater importance as companies try to restore balance sheets to health. Governments, which ponied up US$220 billion in state aid last year according to Moody's, will continue to play a role. France and the Netherlands, the largest shareholders in Air France-KLM, are in negotiations to inject billions of euros more, while converting part of the 10.4 billion euros already loaned into hybrid debt. Carriers like EasyJet plc are likely to raise more equity, while cash burn remains a concern, according to Daniel Roeska, an analyst at Sanford C Bernstein. Some airlines are in more desperate straits. Norwegian Air Shuttle ASA's court-supervised restructuring plan relies on attracting new investment and would largely drop the low-budget trans-Atlantic business it's known for to focus on regional services. Creditors of bankrupt Thai Airways International pcl are due to consider a rehabilitation plan in February. AirAsia X Bhd, the Malaysian long-distance carrier, and Thailand's Nok Airlines pcl are also due to present plans in coming months. US airlines will receive US$15 billion in federal aid to help pay workers through March 31, on top of US$25 billion in similar help provided during 2020. The US Treasury Department has made billions more available in the form of loans. Dozens of airlines have disappeared or filed for bankruptcy since the pandemic began. More are on life support, in danger of getting swallowed by stronger players. In Germany, Deutsche Lufthansa AG is taking straight aim at holiday specialist Condor by adding routes to sunny spots like Zanzibar and Corfu. Condor, once a Lufthansa unit that in 2019 survived the failure of then-parent Thomas Cook, could make a tempting target. However, some big players like Lufthansa that accepted bailouts may be prevented from making purchases by terms of state aid packages. In India, Tata Sons Ltd bought out struggling partner AirAsia Group Bhd's stake in a local joint venture. State-owned Air India is another potential target, possibly through Vistara, Tata's venture with Singapore Airlines Ltd. Air India's buyer would ""definitely need to make it a lot leaner,"" Bloomberg Intelligence analyst James Teo says. While interest is starting to pick up for smaller jetliners, the market for twin-aisle aircraft from Airbus SE and Boeing Co is ""beyond grim"", said aerospace consultant Richard Aboulafia. Sales were depressed before the outbreak, and a surplus of used models will crimp demand for years. With long-distance travel on hold, Airbus and Boeing have seen higher retirement rates for their biggest planes within airline fleets and a dearth of new orders. And there's not much sign of encouragement. Boeing is fighting to hold on to orders for the largest plane on the market, its 777-9, which is two years behind schedule. Analysts see more production-rate cuts ahead for the better-selling Boeing 787 - which is also beset by production snafus - and the Airbus A350. Output of the less-popular A330 could go down to one a month, according to Agency Partners analyst Sash Tusa. The plane has struggled to attract orders despite a reengined version, with biggest customer AirAsia X's financial troubles the latest blow. Still, analysts predict the programme will limp on at lower rates rather than being scrapped. Major airlines packed into ever-smaller destinations as the boom in air travel hit its zenith in 2019. Now, they're dropping newly unprofitable routes to stem losses. Fewer flights, smaller planes and reduced big-city connections are eating into the economies of several tourism-dependent locations. Some of the pullback could last indefinitely, according to OAG's Mr Grant. Particularly vulnerable are long-haul routes that were still in their developmental phase. From late March, British Airways will permanently axe 13 long-haul destinations across North America, the Middle East, South Africa and Asia. Cathay Pacific will cease operations to seven global locations as losses mount. Cities such as Manchester, England, are vulnerable to weakening links to key markets like China, while flights from Beijing to Lisbon, Barcelona and even Madrid could come under pressure as airlines re-evaluate. Large Middle Eastern carriers like Emirates and Qatar Airways, which thrive on whisking passengers across the world, aren't likely to fill the gaps, according to Mr Grant. He says they're serving as many destinations as they realistically can, given a dearth of connecting traffic. ""It's more about getting back to pre-Covid capacity and demand levels."" BLOOMBERG",AFTER
140"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Thai Airways seeks to raise B50bn. If the article mentions that Thai Airways International has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways International will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways International is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways International is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways International has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways International. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Thai Airways International (THAI) says it plans to raise about 50 billion baht over the next two years as the financially struggling flag carrier submitted its business rehabilitation plan on Tuesday.141Chai Eamsiri, acting executive vice president of THAI's Finance and Accounting Department, said an initial amount of 30 billion baht must be raised by June this year to pay for operational costs and compensation for employees who have resigned.142The funds may be sought by borrowing from financial institutions, seeking investment allies or through a debt-to-equity conversion, he said.143In negotiations with creditors over the rehabilitation plan, the company has not asked for haircuts or debt reductions out of fear that creditors may not approve the plan. Instead, THAI has asked for a three-year debt moratorium after which the debt will be repaid, Mr Chai said.144Chansin Treenuchagron, the airline's acting president, said that the company submitted its rehabilitation plan to the Legal Execution Department, with debt amounting to about 410 billion baht and 13,000 creditors in total.145THAI's creditors will meet on May 12 to vote on the rehabilitation plan and if the majority of creditors vote in favour, the plan will be forwarded to the Central Bankruptcy Court for consideration, Mr Chansin said.146The court is expected to decide whether to endorse the plan between June and July, he said before adding that if the plan is endorsed, the company will conduct its business according to the plan.147Mr Chansin said THAI has nominated the airline's independent director Piyasvasti Amranand and Chakkrit Parapuntakul, the company's second vice chairman as rehabilitation plan administrators.148He said the airline has also downsized, with the number of about 29,000 employees in 2019 reduced to 21,000 currently.149This year, between 6,000 and 7,000 employees are also expected to take part in the company's mutual separation plans, which would lead its workforce to be reduced to about 14,000 to 15,000 by the end of this year which would suit the company's future business plans, Mr Chansin said.150He also said that the airline plans to downsize its fleet by reducing the types of aircraft from 12 to five and the types of aircraft engines from nine to four to be in line with demand and supply in the aviation industry and its short- and long-terms needs for aircraft.151below'THAI staff give a mini-heart hand gesture as the financially troubled airline holds a press conference on its business rehabilitation plan at its head office on Vibhavadi-Rangsit Road yesterday.' (Photos by Somchai Poomlard)152In light of this, the rehabilitation planners have negotiated with creditors who are aircraft leasing companies for leasing fees that are flexible according to real-time use. This would enable THAI to reduce costs efficiently, Mr Chansin said.153He also revealed a set of four strategies to strengthen the airline's business operations and boost its income under the theme ""Private High Quality Full Service Carrier with Strong Thai Brand, Connecting Thailand to the World and Generating Consistently Healthy Profit Margin"".154The first strategy is to make the airline become customers' first choice by presenting its products and services that cater to customers' needs.155The second is to increase the company's commercial potential by strengthening its commercial aspects and gaining more income with returns and profits from additional and alternative services. A focus will be placed on omni-channel commerce both online and offline, with digital investment, Mr Chansin said.156The third strategy involves efficient cost management to ensure the airline's competitiveness in the aviation industry and the fourth strategy is to make the company an organisation that is most efficient in operations and safety and a centre connecting a network of airlines which are its allies that fly to Thailand.157The company has also appointed the chief of its transformation office to carry out the plans, Mr Chansin said.158Last month, THAI announced a staggering net loss of 141 billion baht last year as the Covid-19 crisis plunged the carrier deeper into the red.159",AFTER
160"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Thai Air gets creditors' backing for debt restructuring plan. If the article mentions that Thai Airways has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Bangkok THAI Airways International Pcl's creditors approved the airline's debt restructuring plan, paving the way for payment extension and unpaid interest waiver on at least 170 billion baht (S$7.92 billion) of its debt. The plan was backed by 91 per cent of creditors at an online meeting, Kitipong Urapeepatanapong, chairman of Baker & McKenzie in Bangkok, the airline's legal adviser, said by phone on Wednesday. Five people have been appointed as its administrators including acting chief executive officer Chansin Treenuchagron and former CEO Piyasvasti Amranandthe, Thai Airways said in a statement after the meeting. ""The creditors' approval offers Thai Airways an opportunity to continue its business,"" the airline said. ""It will also enable the airline to maintain its competitiveness in the aviation market."" The airline in March proposed a three-year freeze on loan payments and a deferment of bond repayments for six years. To help it return to profitability after posting a record loss of 141 billion baht last year, Bangkok-based Thai Air also plans to cut its workforce by half, sell property and is seeking to raise 50 billion baht in new capital. There were some changes to the original debt proposals but not too many, Mr Kitipong said. These include allowing some creditors to convert their debt into equity. The bankruptcy court will meet on May 28 to consider the creditors' vote for final approval. The issues faced by the airline have become more acute as the country has been hit by its deadliest outbreak of the coronavirus so far. Thailand this week slashed its growth outlook for this year, citing a delay in reopening borders to foreign tourists and slow vaccination. New cases reached a record this week, prompting a government's plan for additional borrowing of 700 billion baht to fund new stimulus. While Prime Minister Prayuth Chan-Ocha has rejected calls to extend direct financial support to Thai Air, the finance ministry as the airline's largest shareholder has pledged its support for the restructuring plan. A lack of government support may make it difficult for Thai Air to survive the current slump in global aviation, according to Shukor Yusof, founder of aviation consulting firm Endau Analytics. ""I don't think any national carriers in this region can survive without significant government support as well as 3-4 years extension to their aircraft leases,"" Mr Yusof said. ""The flare up in infections is certainly working against the creditors too. The longer the pandemic goes the less chance creditors and lessors have of getting their money back."" Thai Airways isn't alone in trying to get debt relief as mass flight suspensions globally have decimated the travel industry. Thai Airways has already challenged some US$7.4 billion in claims from dozens of aircraft lessors and engine service provider, saying it isn't liable for the monies because they concern future expenses and were incurred after the airline received bankruptcy protection. Thai Airways shares had rallied 67 per cent this month before they were suspended by the exchange on Tuesday, citing its negative equity as a possible ground for delisting. BLOOMBERG",AFTER
161"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Genting Hong Kong slides after reporting US$1.7b net loss. If the article mentions that Thai Airways International has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways International will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways International is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways International is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways International has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways International. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","[HONG KONG] Genting Hong Kong, the cruise ship operator that halted all payments to creditors last year, dropped in the stock market on Monday after reporting a loss amid travel restrictions sparked by the pandemic. Its shares slid 2.2 per cent as of 10.59am in Hong Kong, outpacing a 0.7 per cent decrease in the benchmark Hang Seng Index. The company, controlled by Malaysian tycoon Lim Kok Thay, reported a net loss of US$1.7 billion and net operating cash outflow of US$629 million in audited results for the year ended December, according to a stock exchange statement Sunday. There are ""material uncertainties which may cast significant doubt about the Group's ability to continue as a going concern,"" it said. The Covid-19 crisis has presented an existential challenge to the cruise industry as revenue all but evaporated for global giants including Carnival Corp. It's also forced dozens of peers in the aviation industry including Thai Airways International and Latam Airlines Group SA to restructure or seek bankruptcy. While travel within some countries is recovering as vaccination rollouts gather pace, a return to pre-pandemic levels could still take years as the virus mutates and governments take different approaches to opening borders. Genting Hong Kong said in the exchange filing that the group ""is cautiously optimistic that the cruise industry will return to normalcy towards 2023."" Current liabilities at the company exceeded assets by US$3.3 billion and borrowings with principal of US$3.4 billion were in default as of the end of 2020, it said. Cracks were already starting to show even before the cruise operator said in August that it was halting debt payments and asked creditors to form a steering committee to evaluate a planned restructuring proposal. The Genting group had to shut casinos and resorts around the world as countries imposed lockdowns to curb the spread of the coronavirus. Genting Hong Kong said earlier this month that its creditors and partners have given their formal written agreement for term sheets that outline arrangements for the company's debt and recapitalisation plan. It remains ""optimistic a holistic consensual solvent restructuring proposal can be implemented by the first half of 2021,"" it said in the statement on Sunday. The coronavirus epidemic has forced the company to temporarily suspend almost all of its cruise operations and stopped or deferred the construction of ships in its pipeline, according to the statement. ""Further resumption of the cruise operations is dependent on the development of the Covid-19 pandemic, including the travel restriction requirement of different countries,"" it said. The company said it may consider additional measures to improve its financial position including allotting new shares, raising liquidity through debt or equity sources, working with creditors to restructure debt, requests for debt holidays and the monetisation of non-core assets. REUTERS",AFTER
162"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Thai Airways to sell 42 jets, cut workforce to reduce costs. If the article mentions that Thai Airways has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","BANGKOK (Reuters) - Thai Airways International Pcl will sell 42 planes and cut nearly a third of its workforce as part of a plan to slim down the fleet and cut costs, the head of its restructuring committee said on Monday. The airline, which was in difficulty well before the pandemic struck, is going through a bankruptcy-protected restructuring. Piyasvasti Amranand, who is leading the effort, said that the planes being sold are old and not energy efficient. He said 16 jets on lease will be returned. After the sale, the airline will have 58 planes across four types. Thai Airways has been losing money nearly every year since 2012. Piyasvasti said the airline planned to add more flights especially from Europe over the next few months as travel recovers. On Monday, the Thai government reopened the country for quarantine-free travel for vaccinated tourists. Piyasvasti said that Thai Airways will reduce the number of workers from 21,300 to 14,500 by December 2022. To help with cash flow, the airline will conclude a 25 billion baht ($749.18 million) credit agreement with financial institutions by next year and is in talks with the government for an additional 25 billion baht, he said. The airline booked a profit of 11.1 billion baht ($332.63 million) in the six months ending in June from a loss of 28 billion baht during the corresponding period a year earlier after reducing expenses. ($1 = 33.3700 baht)",AFTER
163"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Future's bright as THAI rebounds. If the article mentions that Thai Airways International has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways International will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways International is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways International is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways International has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways International. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","The aviation business was plunged into an unimaginable depth of despair during the more than two years of the Covid-19 pandemic, which has also set a new rule for the industry: shape up or ship out.164Among the noted casualties has been the national flag carrier, Thai Airways International (THAI).165In reality, the airline was in a precarious position before Covid-19 came along. The pandemic pushed the carrier, that had been on the verge, into bankruptcy.166The Central Bankruptcy Court approved a recovery plan in September 2020 after the coronavirus pandemic grounded most of its fleet as borders gradually shut, grinding air travel to a halt. THAI's total liabilities stood at 338.9 billion baht against total assets of 298.9 billion baht as of Sept 30 that year.167RELATED168The airline fought for its life by adopting drastic internal restructuring and implementing ""survival"" measures including foregoing half of its aircraft fleet. By biting the bullet, it managed to stabilise its debt situation and its losses narrowed as a result.169THAI seems to be looking up based on this year's numbers. Here is the chronology of how the situation unfolded for the flag carrier.170In late February, THAI posted a 55.11 billion baht net profit for the previous year on 81.52 billion baht in revenue from one-time transactions, mainly asset sales, and a 19.70 billion baht operating loss.171The operating loss was down 44% from the previous year but revenue from operations fell by 51% from 2020 to 23.75 billion baht.172Income from passengers and cargo decreased by 59.9% to 24.60 billion baht.173Operating expenses were at 43.45 billion baht, down by 48.2%.174Apart from asset sales, the 81.52 billion baht in revenue from one-time transactions included income from debt restructuring, the sale of investments and restructuring and downsizing.175As of Dec 31, the airline and its subsidiaries had assets of 161.22 billion baht, down 23% from a year earlier. Its accumulated debt was 232.47 billion baht, down by 31.2%.176Worldwide, pressure on airline profitability diminished in the last quarter of last year with the improvement expected to continue this year, according to a business confidence survey of airlines' chief financial officers and heads of cargo, conducted by the International Air Transport Association.177THAI took in three Boeing 777-300ERs in April after a substantial slashing of its fleet, suggesting a restored demand in air travel in light of relaxed travel restrictions.178The planes will boost the airline's capacity to serve increasing demand from various markets across the globe, which are starting to pick up thanks to the easing of travel restrictions in most markets, including Thailand.179The aircraft are equipped with a state-of-the-art inflight entertainment system, with eight seats in first class, 40 in business and 255 in economy.180The jets will initially be deployed on the Bangkok-London route, though they would ultimately serve other lucrative long-haul routes, according to THAI.181For the time being, the cost will be calculated based on the number of hours the aircraft are used.182In the long run, THAI will pay the lessor a monthly rate for the additional planes that will be further negotiated to meet the company's ongoing financial rehabilitation process.183As of April, the financially strapped flag carrier had sold or was in the process of selling 45 jets, leaving it with just 58 aircraft, excluding the three leased 777-300ERs.184The flag carrier was banking on pulling out of bankruptcy protection and resuming trading of its shares earlier than planned, given an improved bottom line, the airline announced in June.185The announcement came as the airline kept on cutting back on expenses. Its revenue was set to expand as the pandemic had subsided by the middle of 2022 and travel restrictions were lifted.186The measures launched to streamline its operations and its improving financial performance are expected to enable the airline to emerge from financial rehabilitation and resume its stock trading sooner than was originally thought possible.187The Stock Exchange of Thailand (SET) suspended the trading of THAI shares in May 18 last year due to the risk of it de-listing as a result of negative equity and signs of non-compliance.188The company has until 2025 to resolve the issues that forced it to be suspended from the SET. However, the carrier said it was determined to get things back on track much sooner.189The recovery of global travel narrowed THAI's losses to 3.1 billion baht in the first quarter of 2022, down from 6.9 billion baht in the corresponding period the year before.190THAI was also working on mobilising a fresh fund under the restructuring programme while selling its assets overseas worth around 2 billion baht as it shifts its focus to online ticket sales.191It was reported on July 1 that the airline had a new debt rehabilitation plan following a better-than-expected recovery from its financial crisis.192The amended rehabilitation plan was submitted to the Central Bankruptcy Court.193In the previous plan, THAI expected to face a cash deficit of 50 billion baht and therefore planned to borrow 25 billion baht from state-owned lenders and the rest from private financial institutions.194However, since the airline realised it would be difficult to obtain the full loan amounts required, it first tried to find more cash by selling a number of assets and old aircraft, which brought in more than 9 billion baht, he said.195The airline has also gained more income than expected after resuming international flights after the Covid-19 situation improved.196At the time, the average number of THAI passengers stood at 13,000 a day, up from 1,000 during the first 10 months of last year, and with flights between 80% and 90% full.197In the old rehabilitation plan, the airline had expected to have 5 billion baht in cash by the end of June, but in fact, it had up to 14 billion baht on hand then.198The apparent signs of recovery prompted an amended rehabilitation plan as the airline felt it no longer needed to borrow as much as it initially thought.199Under the new plan, THAI would borrow 12.5 billion baht over six years and another 12.5 billion baht in the shorter term.200The airline's creditors accepted an amended business reorganisation plan (BRP) submitted to them by the plan administrator, the airline announced in September.201The creditors, holding 78.5% of the total debt voted to accept the BRP amendment. A resolution from the meeting convened to conduct the vote was reached under the Bankruptcy Act. THAI hailed the plan approval as a significant step in laying the foundation for its growth and profit-making capability.202In the following month, the Central Bankruptcy Court gave the green light to THAI's revised plan, setting in motion its full financial restructuring process.203The creditors who earlier gave their nod to the plan included the Finance Ministry which viewed it as a critical instrument for pulling the airline out of financial rehabilitation and returning it to the stock market faster.204THAI was on course to hiring a financial adviser to prepare the processes of debt-to-equity conversion and recapitalisation worth 25 billion baht to be completed over the next two years. The target is half of what was set prior to the business plan revision.205In October, the airline had cash flow of around 20 billion baht. It added three more Boeing 777-300ER aircraft to its fleet. THAI deployed or was in the process of re-deploying aircraft as it continually restored flight frequency to several routes. The airline's cabin factor had climbed to a solid 80%.206In late October, the airline's letter of interest signed four months earlier for two Airbus A350-900 aircraft won approval by both the Ministry of Transport and the Civil Aviation Authority of Thailand. THAI was moving to get the aircraft lease agreement signed as soon as possible.207By the middle of November, 60% of the aircraft in THAI's pre-pandemic fleet had resumed service. The company was exploring opportunities in the Asia-Pacific as the number of passengers was forecast to grow 4.5% and reach 2.53 billion by 2040, surpassing all other regions.208THAI in November had 44 aircraft in service, compared with 83 before the pandemic. THAI and its subsidiary, Thai Smile, together operate 713 flights per week serving 68 destinations, including 402 flights per week within Asia, 63 flights per week in Europe, 21 flights per week serving Australia as well as 227 domestic flights per week, which are operated by Thai Smile.209Passengers in Asia are rising, especially on Japanese and Indian routes, as flight capacity has almost reached the level recorded in pre-pandemic 2019. Meanwhile, 80% of European passengers have returned with healthy demand during the months of December and January when high airfares do not matter much.210The termination of China's circuit-breaker mechanism -- in which incoming flights are to be suspended if they are found to carry a certain number of passengers who tested positive for Covid upon landing -- is a boon for THAI's flights to China.211THAI said in November it was also looking to resume flights to major cities in mainland China, such as Beijing, Shanghai and Guangzhou. The company expected to add five more wide-body aircraft and four narrow-body aircraft to its fleet this year to meet its revenue projection.212High airfares are expected to persist due to an increase in fuel prices amid geopolitical tensions as this accounts for 40% of the airline's operational costs. Flight capacity is expected to gradually increase, the airline has said.213In the first nine months of this year, THAI logged revenue of 73.1 billion baht with a 11.2-billion-baht loss, including a third quarter loss of 4.7 billion baht.214THAI requires only half the money it initially estimated would be needed for recapitalisation, given its positive performance,215A high-level meeting was convened to follow up on THAI's financial rehab. It was attended on Nov 22 by airline executives, those in charge of the carrier's rehabilitation plan, senior Finance Ministry officials, Fiscal Policy Office director-general Pornchai Thiraveja and State Enterprise Policy Office director-general, Pantip Sripimol. The meeting was chaired by Deputy Prime Minister Wissanu Krea-ngam.216The meeting was told THAI's liquidity had returned after the reopening of borders and revitalised air travel demand. For this reason, the airline will need to borrow less than planned to finance its operations and recapitalise. The airline has cut its borrowing target of 50 billion baht by half.217Despite this, the airline still needs loans to maintain its liquidity and drive business growth.218In late November, Chai Eamsiri, the national carrier's chief financial officer, was chosen to be its new CEO. He starts his new job on Feb 1.219",AFTER
220"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Airlines juggle demand as fares skyrocket. If the article mentions that Thai Airways International has defaulted recently, respond with 'AFTER'. If the article mentions that Thai Airways International will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Thai Airways International is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Thai Airways International is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Thai Airways International has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Thai Airways International. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Global aviation has experienced a promising start to the year as travel restrictions have been lifted, allowing people to fly with fewer barriers.221Even countries with strict Covid-19 policies, such as China, lifted their restrictions earlier than expected.222The World Tourism Organization predicts Europe and the Middle East will reach pre-pandemic international tourist levels this year, forecasting an 80-95% overall recovery, while the Pacific Asia Travel Association projects a growth rate of at least 71%.223Yet the aviation industry faces a manpower shortage as demand for air travel surges, while seat capacity remains limited. This has resulted in a significant increase in airfares as supply struggles to keep up with pent-up demand from eager travellers.224WHAT ARE THE MAIN REASONS FOR THE COSTLIER TICKETS?225In 2020, Covid-19 travel restrictions caused massive damage to the aviation industry, resulting in airline bankruptcies and widespread layoffs.226An estimated two-thirds of passenger airplanes remained grounded at airports and desert yards during the pandemic's first year.227As of June 2022, the global airline fleet totalled 28,674 planes, with 5,161 still grounded, mainly in Asia, according to airline data provider ch-aviation.228China's closure, while other countries in the region reopened in the second half of last year, contributed to Asia's grounded fleet of 2,338 jets, representing 23% of the region's total fleet of 10,014 recorded in June 2022.229However, with the lifting of international travel mandates, the aviation industry's recovery pace began to accelerate in the second half of 2022, helping to revive outbound travel demand.230According to the International Air Transport Association (IATA), global air passenger traffic in 2022 recovered to 68.5% of the 2019 level, up from 41.7% in 2021.231Philip Goh, regional vice-president for Asia-Pacific at IATA, said pent-up demand would keep growing rapidly, which naturally pushes up prices.232He said the spike in passenger airfares resembles the high price of cargo services during the three-year pandemic, when limited supply could not match demand.233Mr Goh said higher jet fuel prices also contributed to soaring ticket prices. The impact from energy costs was prevalent in 2022 when the fuel price skyrocketed by almost 80% to US$138.80 per barrel from $77.80 per barrel in 2021.234WHICH REGIONS ARE RESUMING AT A SLOWER PACE?235Global passenger capacity resumed to 77.9% of 2019 levels in December 2022, with Asia-Pacific trailing at 59.8% because of recently relaxed travel restrictions.236As travel demand outpaced supply, airlines struggled to bring back grounded jets.237Some airlines even returned leased aircraft to cut costs during the pandemic, forcing them to order new ones as the market recovers.238To maintain their finances, these airlines are operating with a limited number of aircraft.239""Seat capacity on many routes, notably in Asia-Pacific, has yet to be restored to normal as it was affected by various travel restrictions, labour shortages and the time needed to bring parked aircraft back into service,"" said Mr Goh.240According to the International Air Transport Association, higher jet fuel prices has attributed to the higher ticket prices. (Photo: Somchai Poomlard)241HOW LONG WILL HIGHER TICKET PRICES LAST?242In general, prices will depend on whether seat supply can increase to match the strong passenger demand, he said.243Even if seats can be increased, Mr Goh said unpredictable factors remain such as high fuel prices and how effectively airlines can cope with manpower shortages, service restoration, retraining of staff and refreshing operating and safety procedures.244Local aviation industry executives believe ticket prices will continue to be expensive, which is in line with IATA's forecast that industry passenger traffic will not return to the 2019 level until next year.245Patee Sarasin, a former Nok Air chief executive, said high airfares are expected to persist for 2-3 years as some airlines suffered losses from the pandemic and want to make up for that period.246For example, airfares from Thailand to major cities in Europe are projected to exceed 40,000 baht, and airlines are unlikely to lower prices anytime soon, especially for popular routes such as Japan, he said.247For the Songkran holiday next month, direct flights from Bangkok to Fukuoka start at 26,000 baht, while flights to Tokyo increased to a minimum rate of 35,000 baht, according to data from online travel agents.248The high prices primarily affect international routes and not domestic flights, where capacity has rapidly resumed and average prices are predicted to return to competitive levels soon.249Santisuk Klongchaiya, chief executive of Thai AirAsia, said as the airline adds more international flights this year, its airfares increased by around 20%.250The average airfare for the newest routes in China that reopened this quarter increased by 50% compared with pre-pandemic rates, he said.251Mr Santisuk said there is little chance of airlines starting a price war, as happened during the pre-pandemic years.252HOW HAVE LOCAL AIRLINES ADJUSTED THEIR CAPACITY?253The aviation industry in Thailand suffered a heavy toll from the downturn the past few years, leaving airlines with no choice but to scale back their fleets.254As a result, there is now a shortage of supply as passengers begin to return this year.255Low-cost carrier NokScoot Airlines exited the market in June 2020, while loss-ridden Thai Airways International (THAI) and Nok Air filed for bankruptcy protection with the Central Bankruptcy Court in the same year, followed by Thai AirAsia X, the long-haul service under AirAsia group, in 2022.256As of Dec 31, 2022, THAI and its affiliate slashed their fleet size from 103 in the pre-pandemic period to 64, of which 41 jets were used by THAI and the rest by Thai Smile Airways.257This year the flag carrier plans to merge Thai Smile Airways to streamline operating costs and integrate business plans.258THAI also plans to add nine jets to the fleet this year to cater to robust passenger demand.259Thai AirAsia X downsized its fleet size from 11 aircraft before the pandemic to six Airbus A330s. It now faces a shortfall as there is overwhelming demand for popular destinations in Japan this year.260Thai AirAsia (TAA), the biggest low-cost airline in the country, maintained most of its enormous fleet, with 54 airplanes still in operation in 2022, compared with 63 in 2019.261However, the availability of jets is likely of little use for long-haul flights as all are narrow-body planes for TAA destinations in Southeast Asia, which face less steep price hikes.262The longest-distance route for TAA is to Fukuoka, Japan, which has a persistent high price, said the airline.263TAA is gauging Chinese demand this year and plans to increase its fleet to 58 jets by the end of the year if this market proves feasible, said Mr Santisuk.264Thai Vietjet expanded its fleet from 13 jets in 2019 to 16 in 2020 and is now operating with 18.265The carrier expects to have 20 Airbus A320 and A321 planes by the end of this year.266Nok Air continued to cut its fleet to 22 jets in the first half of 2022, while Thai Lion Air currently has 11 aircraft, down from 30 jets prior to the pandemic.267Bangkok Airways slashed its 40-aircraft fleet in 2019 to 35 in 2022, and has a plan to replace old aircraft with new ones, targeting 26-28 jets this year.268",AFTER
269"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Little progress made on salvage of 'infamous twelve' failed mega projects. If the article mentions that TISCO has defaulted recently, respond with 'AFTER'. If the article mentions that TISCO will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. TISCO is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. TISCO is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. TISCO has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of TISCO. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","H?€ N???I ' Little progress has been made to salvage the 'infamous twelve', a series of failed mega economic projects under the management of the Ministry of Industry and Trade, despite numerous attempts by various government agencies in the last four years to revive the projects. The twelve, which have cost the State billions of dollars, have always been high on the priority list of the Government's effort to restructure State-owned corporations during the 2016-20 period. According to the latest report from the Government, only three out of the twelve: DAP-1 H???i Ph??ng (a fertiliser factory) and two bioenergy plants in the provinces of Ph?? Th??? and B??nh Ph?????c, have seen improvement in their performance. Several of the twelve have begun operating though after experiencing delay after delay due to a mirage of technical and financial problems. Several have been put on hold completely with no reboot schedule insight, and others did not even finish their construction phase. According to the ministry, at least five of the twelve are currently being held back in legal limbo after multiple negotiation attempts failed to resolve issues with their EPC (Engineering, Procurement and Construction) contracts. No amount of the State's investment could be retrieved before said issues were addressed. A restructuring effort at Th??i Nguy??n Steel Corporation (TISCO), Vi???t-Trung Mining and Metallurgy Company (VTM) and ????nh V?? Polyester Plant has been put on hold for now due to a lack of capital. By the end of the first quarter of 2021, TISCO's total liability is due to reach VN??7.73 trillion or nearly 80 per cent of its total assets, all on top of nearly VN??1 billion it has to pay every day in interest alone. Meanwhile, VTM, after a period of profit-making, has lapsed into the red. The company's board blamed the pandemic and the tighter import/export of minerals as the main factors. For a majority of the twelve, efforts to salvage them have slowed to a crawl as governmental agencies showed they possessed little political will to make breakthroughs. Economists have long pointed out the underlying cause, which is the agencies' save-the-State-budget-at-all-costs attitude. Attempts to gloss over or trivialise losses to the State budget in official accounting have been made, a far departure from the grim reality of the projects. For some of the twelve such as the Ph????ng Nam Pulp Mill, there doesn't seem to be a way out. The mill, which has cost over VN??3 trillion by the end of 2014 according to a report by the Nh??n D??n (People) newspaper, has not even been put to use, except for a short pilot run in 2012 during which it had experienced a mirage of technical issues and had to be shut down. Since then the mill has been put on sale at least four times without success. It has been left unused for so long the Long An provincial government at one time submitted a proposal to turn it into a residential project. A government report showed by the end of last year, the twelve's total liability has reached over VN??63.3 trillion or US$ 2.76 billion, with estimated capital loss in the range of VN??7.2 trillion. ' VNS",NO
270"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Phoenix Pulp's Chief Considers Resigning. If the article mentions that Phoenix Pulp & Paper PCL has defaulted recently, respond with 'AFTER'. If the article mentions that Phoenix Pulp & Paper PCL will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Phoenix Pulp & Paper PCL is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Phoenix Pulp & Paper PCL is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Phoenix Pulp & Paper PCL has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Phoenix Pulp & Paper PCL. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","BANGKOK, Thailand -- The chief executive of embattled Phoenix Pulp & Paper PCL, George Davison, said he is considering resigning. Mr. Davison spoke a week after an annual shareholders' meeting at which a business coalition led by Kirit Shah, a commodity trader and the head of shipping group Globex Corp., won the upper hand in a six-year-old hostile takeover battle and succeeded in placing five new directors on Phoenix's 15-member board. Mr. Shah, one of the five new directors, described the victory as ""just a first step."" Police arrested Mr. Davison before the end of the meeting and temporarily detained him on a complaint by Mr. Shah and associates that he had failed to call an extraordinary shareholders' meeting. ""We are going to make a decision: Do we pull the plug and get out or do we try to live under the new circumstances?"" Mr. Davison said after the meeting. He acknowledged, however, that his battle to keep control of the company he has run for 21 years effectively ended last year when he failed to keep up payments on loans from two Thai finance companies, Phatra Thanakit and National Finance, and was forced to surrender most of his shares in Phoenix, which he had pledged as security. Mr. Davison, speaking as he prepared to leave for a visit to the Seychelles, where he owns a resort hotel, said he hadn't made a final decision, but ""you can say I am considering resigning."" Mr. Davison said most of Phoenix's head office staff and some employees at its pulp mill in northeastern Khon Kaen province are planning to quit in the face of the takeover. Half of the 50 employees of the company's Bangkok office already have given notice. ""I have not encouraged this,"" Mr. Davison said.",NO
271"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Alphatec Plan May Provide Debt Blueprint for Thailand. If the article mentions that Alphatec Electronics has defaulted recently, respond with 'AFTER'. If the article mentions that Alphatec Electronics will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Alphatec Electronics is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Alphatec Electronics is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Alphatec Electronics has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Alphatec Electronics. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Price Waterhouse is putting the finishing touches on a document that will soon tell investors a lot about Thailand's progress in fixing its debt problems. The document is a restructuring plan for Alphatec Electronics, the bankrupt Thai computer-chip assembler whose collapse last year symbolized the roots of Asia's financial distress. Burdened by debt and accused by auditors of lying in its financial statements and misusing funds, Alphatec was the first Thai company forced into bankruptcy under a code written this year. But now it could be the first out, possibly boosting investor confidence that Thai companies and their creditors are beginning to resolve the country's massive debt problems. To date, that slow process throughout Asia has left many investors wary. Price Waterhouse, Alphatec's court-approved planner, is expected to submit the restructuring proposal to Thai officials as early as Monday. If creditors approve the restructuring of $375 million in debt, the moribund manufacturer will have a clean balance sheet and a chance at a new life, while bankers and bond investors will have a potential road map for fixing other debt problems in Thailand. If creditors don't approve it, a potentially messy foreclosure looms. ""It is absolutely the landmark case in Thailand,"" says Robert Appleby, a partner with Hong Kong-based Asia Financial Products, and a creditor to Alphatec. The only trouble is, nobody knows how the plan will be greeted by bankers, who hold the key to moving the company out of bankruptcy. The process in any bankruptcy restructuring is plagued by competing interests among different classes of creditors. But this case is further clouded by the shaky state of Thai banks, which are major creditors and might be unwilling or unprepared to write off the debt. ""How things are going to turn out, I really don't know,"" says Robert Linck, an executive at ING Barings and chairman of the creditors' steering committee on Alphatec. When asked if he was optimistic, he said, ""to a certain extent."" The case is further burdened by lingering bad blood among bankers toward Alphatec's founder and former chief executive, Charn Uswachoke, whom many creditors viewed as the central player in Alphatec's demise. As the major shareholder, Mr. Charn blocked a debt-restructuring effort earlier this year. He has had no say in this restructuring plan, though, and his shareholding would be rendered practically worthless under the proposal. Mr. Charn denies any wrongdoing at Alphatec, and says he wants more involvement in the process. ""I'm the owner of the company, so I should have the clearest sense of which direction Alphatec should go,"" he said. He has his own complaints about some of the creditors involved. ""Part of the problem was that they screwed up, and then blamed me for it,"" he said. As uncertain as its outlook appears, Alphatec is in an enviable position compared with many other Thai companies. As a producer of an export-oriented product that can earn U.S. dollar revenue, it is a company that strategic investors are willing to consider. The lynchpin to the restructuring will be the injection of new capital into the company by a substantial equity investor, or possibly more than one. But that new investor might not come from within the computer-chip industry. Instead, people familiar with the restructuring say an investment-management company might ride to the rescue. One name mentioned by several people familiar with the restructuring is American International Group , the giant U.S. insurance company whose investments in the region are substantial. Its 80-year roots trace back to Shanghai. An executive with the direct-investment arm of AIG declined to comment on the company's interest in Alphatec. Robert Mollerstuen, acting chief executive officer of Alphatec, says that a ""major international company"" has already signed a letter of intent to take a significant chunk of Alphatec's equity, though its commitment is not yet certain. He declined to name the company. The other key to the plan will be persuading banks and bondholders to take a massive writeoff on their claims, in ex change for an equity interest in the company. For the plan to be approved, Alphatec will need to secure the approval of 75% of bond holders, based on the amount of their claims. But it isn't clear yet whether everybody is on board. ""Alphatec's rehabilitation plan doesn't seem to be working very well,"" says one Japanese banker who lent to the company. In the face of these uncertainties, Alphatec has managed to continue operating while under court supervision and to keep some loyal customers. ""We see continued good services from them,"" says the local manager from a multinational chip maker that uses Alphatec as a supplier. ""We rate them one of our top suppliers."" Mr. Mollerstuen notes that the sharp depreciation of the Thai baht makes the company one of the lowest-cost chip producers in the world. Still, a bruising global downturn in the chip cycle has hurt the company. Mr. Mollerstuen says the company has already reduced its workforce by more than 70%, but the industry turmoil is putting a crimp on orders. ""We have been draining cash since [September],"" he says. ""We are looking for a working capital infusion some time in December."" That places creditors in a tricky situation. If they liquidate the company, they'll be stuck with equipment that might not have much resale value. But if they agree to keep it going, they won't get their cash back unless the company can produce growing profits in an increasingly tough environment. Added to that, Alphatec is on a list of 47 companies that the Stock Exchange of Thailand is threatening to boot off the exchange if they can't raise capital. Alphatec's shares were suspended from the Stock Exchange of Thailand in June 1997. ""The cycle is certainly going against them, big time,"" says one investor in convertible bonds issued by Alphatec in 1994. Mr. Mollerstuen says the restructuring plan will include a sweetener for creditors who are willing to convert their shares to equity: a promise of a big payout in eight to 10 years if the company meets cash-flow targets. ""Things will pick up, and that's where a company like Alphatec has a future,"" says ING's Mr. Linck. If enough creditors agree with him, then confidence in Thailand's future might pick up, too. But progress is clearly not coming easily.",AFTER
272"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Alphatec's Restructuring Hits Snag With Creditors. If the article mentions that Alphatec Electronics has defaulted recently, respond with 'AFTER'. If the article mentions that Alphatec Electronics will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Alphatec Electronics is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Alphatec Electronics is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Alphatec Electronics has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Alphatec Electronics. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","An important test case of Thailand's new bankruptcy law appears to be spinning out of control. For the second time in a week, creditors Tuesday put off voting on a restructuring plan for Alphatec Electronics, a failed Thai chip assembler, placing an effort to revive the company on the verge of collapse. If the restructuring plan does crumble, creditors say it will represent a big step backward for Thailand's own financial restructuring, which could hurt investor sentiment in what many have come to believe is Asia's fastest-reforming economy. Alphatec was placed under court supervision in May, under a new bankruptcy law rewritten to make it easier for creditors to restructure companies that had defaulted on debt. But it has been a unique case. To date, creditors have been reluctant to push their defaulted clients into bankruptcy, fearful of placing much faith in the new law. That has slowed the whole restructuring process, leaving creditors and majority shareholders to fight it out on their own. Bankruptcy removes the majority shareholder from the equation. In the case of Alphatec, creditors saw few alternatives to that route. The majority shareholder, Charn Uswachoke, was accused of doctoring Alphatec's books before the company collapsed; he then blocked restructuring efforts in March. (Mr. Charn has denied any wrongdoing.) If Alphatec is successfully restructured under court supervision, some hope it will embolden creditors to use the courts and speed up the process of reform. Now, however, that has been thrown into doubt. Krung Thai Bank, Alphatec's biggest creditor, has raised concerns about key elements of the plan, which calls on creditors to write off 90% of Alphatec's $363 million in debt. In return, they would get a 20% equity stake in the restructured company plus a promise of additional returns if the company meets long-term performance goals, according to a copy of the restructuring plan, which was obtained by The Asian Wall Street Journal. In addition, the plan says, the lenders could be asked to invest a total of $15 million to $20 million in the company during the next two years to provide working capital. American International Group , a U.S. insurer and a large investor in Asia, has signed a letter of intent to invest $40 million in Alphatec, in return for 80% of the restructured company's equity. But Krung Thai representatives complained at the creditors' meeting Tuesday that the bank's board of directors isn't prepared to write off such a large amount of debt. They also protested against the structure of the deal, which would essentially create a new company that would be given the assets of Alphatec. Krung Thai argues that is against the law. (Union Bank of Bangkok, a smaller creditor, also expressed similar concerns with the plan.) ""What we have to do between now and next Monday is talk to both the investor and Krung Thai and reach some kind of compromise with them,"" says John Perrins, an executive at PricewaterhouseCoopers, which has been assigned by the Thai courts to oversee the company. But the prospects for a compromise by Monday, which is when creditors will meet again, don't look bright. ""It would be very difficult for me to change what is in fact reality,"" Mr. Perrins acknowledges. The reality, he says, is that Thai banks are unlikely to be able to recover much more from Alphatec than is proposed. Alphatec, in fact, is on the verge of complete collapse. Earlier this year, it lost one of its major customers, Texas Instruments Inc., when the company sold one of its units that had been doing business with Alphatec. The move will cut revenue by 50%. ""We are burning cash,"" says Alphatec President Willem Devries. He says Alphatec has several new customers lined up, and could have its Bankgok plant running at fuller capacities -- currently it is running at just 50% of capacity -- by the second quarter of next year. But the customers won't sign on until Alphatec's financial troubles are resolved, he says. And he says the company will run out of cash to pay its employees by January. Some creditors find the present situation particularly galling, because Krung Thai, as Alphatec's largest creditor, has played a key role in restructuring talks for 18 months, sitting on the creditors' steering committee, and appeared to be ready to accept the plan. ""It gets to the board level, and there seems to be a lack of understanding,"" Mr. Perrins says. Further, Krung Thai is a government-owned bank. As a result, some creditors say its rejection of the restructuring plan could send a negative signal to investors about the Thai government's seriousness about reform. Krung Thai executives weren't available to comment. Of course, PricewaterhouseCoopers might reach some agreement with Krung Thai by Monday. But if it doesn't, Mr. Perrins says, he might walk away from Alphatec as an adviser. He warns that AIG could well walk away too. AIG declined to comment. ""I don't want to create a situation in which people just don't want to negotiate,"" he says, but he adds that at some point, ""you have to say enough is enough.""",AFTER
273"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Investors Keep Crowding Into China, Sometimes Only to Find a Great Wall. If the article mentions that Alphatec has defaulted recently, respond with 'AFTER'. If the article mentions that Alphatec will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Alphatec is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Alphatec is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Alphatec has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Alphatec. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","F oreign investors pumped $5.16 billion into China in November, showing increasing confidence in the country's growth after a slump earlier in the year. The investments are not without friction as Asia's most promising market wants to grow, yet keep control of decisions and the process of change. The first Buick rolled off the production lines in Shanghai, but General Motors is quietly looking for ways to make its $1.52 billion joint venture more viable with a smaller, less expensive car. The prospects for the Buick -- chosen by GM's Shanghai partners because of its popularity in China before Communist rule -- have withered as China's growth has slowed and as Beijing restricts government car purchases to cut costs. New rules may ban car purchases by government employees altogether, further clouding the future for foreign car makers who have been crowding into China with images of getting 1.2 billion consumers off their bicycles. Meanwhile, as China has warmed to the idea of professional sports leagues, some foreign companies, citing too much government meddling, are withdrawing their league sponsorships. Philip Morris Asia Inc. ended the Marlboro League of top-division soccer clubs, and in China's only other pro sport, basketball, Ford Motor Co. and others have ended league sponsorships in recent months. The government wants the sponsor money to build China into a world sports superstar, but also wants to retain control of decisions such as selling tickets, trading players and arranging television rights. Some sports officials realize the risk in losing sponsors, and are slowly coming around. ""We're not familiar with the market,"" says Liu Yumin, director of marketing for the national basketball federation. ""We're from the planned economy. We're telling sponsors, 'You should help us,' and not thinking about what to give in return."" Others see negative effects of commercializing Chinese sports, including a change in the government's gender-blind attitude. Since the 1950s when the state set up a massive training network, girls and boys have been recruited in equal numbers. But with pro sports a new thinking is creeping in as the market overwhelmingly prefers men's sports. ""You mention women to international companies, and they don't want to sponsor them. They only want to sponsor men,"" says Wu Shouzhang, the assistant head of the Chinese delegation to this year's Asian Games. But while both foreign companies and the Chinese feel that they are giving something up in their new-fangled alliances, both sides fear stalled growth that could trigger a banking crisis and spark social unrest. And as investors remain reasonably assured China won't devalue its currency, the yuan, they are likely to continue seeing opportunity in China. Deutsche Bank signaled it would cash out of its industrial assets, including DaimlerChrysler, by announcing plans to put holdings of $24.3 billion into a separate corporation. Petersen Cos. said it would be acquired by Emap for $1.2 billion plus the assumption of $300 million in debt. Salim Group will sell two 30% stakes in Indofood, one to Japan's Nissin Food, the other to its Hong Kong affiliate, First Pacific, to raise US$570 million. General Motors will increase its stake in Isuzu Motors to 49% by buying shares valued at $450 million. Royal Dutch/Shell unveiled a major restructuring and said it would post a $4.5 billion write-off in its fourth quarter. MCI WorldCom acquired about 15% of OzEmail, one of Australia's leading Internet service providers, and will make a cash offer to buy all of OzEmail for US$322.8 million. Members of the Association of Southeast Asian nations agreed to admit Cambodia although no definite date was set. Also, at the two-day summit of the trade group, Japan said it will lend Asian nations as much as $5.14 billion to help boost their ailing economies Alphatec's creditors rejected a plan to revive the debt-laden Thai chip assembler, forcing the ouster of its court-appointed planners, PricewaterhouseCoopers. Nissan Motor said it will cut production capacity and may close plants. France's Seita is acquiring Consolidated Cigar of the U.S. for $531 million. Japan's government sold one million shares in Nippon Telegraph & Telephone, raising $7.3 billion. Publishing & Broadcasting plans to buy Melbourne casino operator Crown in a deal valued at about $346.9 million. Japan's ruling party agreed on last-minute tax breaks, boosting tax cuts planned for next year to $79.7 billion. America Online plans to launch a Spanish- and Portuguese-language version through a joint venture with Venezuelan media conglomerate Cisneros. Malaysia plans to revive the controversial Bakun hydroelectric dam project, but on a smaller scale. Fuji Bank will sell its 44% stake in Kwong On Bank to the Development Bank of Singapore. Philip Green is forming a group of investors to bid $779 million for all of Britain's Sears. Ciba Chief executive Hermann Vodicka resigned in the wake of the collapse of Ciba's proposed merger with rival Clariant. Charles Schwab made its first foray into Canada by buying two small brokerage firms . ... Foster's wine division bought 51% of German wine club Heinrich Maximillian Pallhuber for $31.6 million. ... Press Holdings shut down the ailing weekly newspaper The European after failing to find a buyer. ... Dutch authorities gave Unilever's new, cholesterol-lowering margarine a positive assessment. ... Lucent Technologies opened a $60 million manufacturing plant in Brazil. ... LanChile is suspending its flights to the Falkland Islands as requested by Chile's government to protest the continued detention of Gen. Augusto Pinochet. ... Security firm Pinkerton will open new branches in Colombia, Venezuela and Argentina. ... International Economic Calendar",AFTER
274"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Alphatec Restructuring Is Cleared, But Pact Receives Mixed Reviews. If the article mentions that Alphatec Electronics has defaulted recently, respond with 'AFTER'. If the article mentions that Alphatec Electronics will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Alphatec Electronics is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Alphatec Electronics is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Alphatec Electronics has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Alphatec Electronics. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","BANGKOK, Thailand -- Creditors narrowly approved a restructuring plan for Thailand's debt-riddled Alphatec Electronics PCL that ends more than 18 months of tortuous negotiation, but the plan still received mixed reviews. The deal, under which new investors will inject $40 million into the company and creditors will face steep initial losses, was hailed by some legal and financial officials as a significant step in resolving the burden of debt that is hobbling economic recovery in Thailand. But others cautioned that overall progress will remain slow until the government passes proposed bankruptcy and foreclosure legislation. Under the agreement, U.S. insurance giant American International Group and Sweden's Investor AB will invest a total of $40 million to take 80% of a new company, Alphatec Holding. The remaining 20% will be owned by creditors of the old company, who hold its outstanding debts of 13.9 billion baht ($378.6 million). Alphatec Holding will own 100% of Alphatec Semiconductor Packaging Co., a newly incorporated company that will take over the computer-chip assembler's assets and operations in Thailand. It will also hold 51% of Alphatec Electronics Corp. of Shanghai and 100% of its U.S. sales and marketing company, which is to become Alphatec Services Co. Alphatec Electronics' creditors have to swallow heavy initial losses under the deal but may eventually recover part of them. Under the agreement they also receive secured debt of $35 million issued by Alphatec Semiconductor Packaging and the possibility of a hefty payoff from a performance-linked, 10-year bond. If Alphatec Holding achieves profit averaging $130 million a year for the last three years of the bond, the payoff would reach $55 million. Alphatec and its creditors have battled over a restructuring plan since mid-1997 and creditors approved it Tuesday with the narrowest of margins. In all, 85% of Alphatec's 1,200 creditors agreed to the deal. They hold 75.2% of its $379.8 million of debts, just clear of the 75% minimum required for the deal to get through. A crucial factor in Tuesday's agreement was the support of Krung Thai Bank PCL, Alphatec's biggest creditor with outstanding loans of 4.2 billion baht, which had rejected the package as recently as mid-December. Krung Thai decided to approve the package after a series of amendments that ensure guarantors of Alphatec's debts, including its founder and former Chief Executive Charn Usawoke, do not automatically escape their obligations, the bank's legal adviser Kraisri Kaewparadi said. Krung Thai could still lose up to three billion baht of outstanding loans but concluded it was better to accept this deal than the alternative, liquidation of the company and disposal of its assets at very low prices, Mr. Kraisri said. Official receiver Wisit Wisitsora-at, who coordinated the creditors' meeting, hailed the agreement -- the first under a court-supervised process laid out by Thailand's 1998 bankruptcy law -- as a landmark case. ""It's a good day for Thailand and for its legal and financial systems,"" echoed Jonathan Sissons, a managing partner of PricewaterhouseCoopers, the court-appointed planners who negotiated the package. Only a handful of restructuring negotiations have gone through the court process and the success in the Alphatec case should encourage more companies to try it, he said. ""It has proved the process is workable."" Management of Alphatec, battling to keep the company's client base intact through more than 18 months of uncertainty over its future, also welcomed the agreement. ""We're ecstatically happy,"" said acting Chief Executive Officer Robert Mollerstuen. He now expects sales to existing customers to increase and plans to start seeking out new buyers. Alphatec expects its 1999 revenue to remain at the same level as last year at $38 million. But a sales increase in the second half of the year should achieve neutral or positive cash flow by the end of 1999 and return the company to profitability in 2000, said Willem de Vries, the company's president. Financial analysts, however, cautioned against seeing the Alphatec deal as the breakthrough that will accelerate the snail's pace of progress in restructuring Thailand's corporate debts and unraveling the nonperforming loans that continue to paralyze lending by Thai banks. Alphatec fell into difficulty in mid-1997 before the onset of Thailand's financial crisis, more as a result of fraud than debt, an analyst with a foreign brokerage firm in Bangkok noted. It was not therefore typical of many Thai companies, which were hit hard by high levels of foreign debt when Thailand's currency plummeted and then by the impact of the ensuing recession. Negotiations on restructuring their debts depend on government success in passing 11 economic-reform bills, including a new foreclosure law and amendments aimed at strengthening the 1998 bankruptcy law, the analyst said. But progress has stalled over opposition from senators in the upper house of Parliament, including some of Thailand's biggest debtors. Restructuring agreements so far account for only 107 billion baht or less than 4% of total outstanding debts of 2.7 trillion baht, official figures show. ""We're years away from any solid change in fortunes if that is the pace maintained, and the pace will only change when we have bankruptcy and foreclosure laws with teeth,"" the analyst said.",AFTER
275"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Shares of Alphatec Will Be Delisted From Thai Bourse Amid Revamping. If the article mentions that Alphatec Electronics has defaulted recently, respond with 'AFTER'. If the article mentions that Alphatec Electronics will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Alphatec Electronics is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Alphatec Electronics is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Alphatec Electronics has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Alphatec Electronics. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","BANGKOK, Thailand -- Shares in Alphatec Electronics PCL, a Thai maker of computer chips, will be delisted from the Stock Exchange of Thailand on Friday after more than a year of suspension, the SET said. The removal of Alphatec's shares, following court approval for Alphatec's restructuring plan in February, is the latest step in the cleanup of what was once the rising star of Thailand's computer industry. Under the plan, pushed through by its creditors, Alphatec will write down its paid-up capital to virtually nothing from 370 million baht ($10 million), then increase its capital to allow creditors to later swap some of the $375 million they are owed into equity. That will leave Alphatec with only 37 shares, making it unqualified for public trading, the SET said. The restructuring has led to the formation of a new entity, to operate under the name Alphatec Semiconductor Packaging, which has acquired what remains of Alphatec, including its management and staff. In April, two investors agreed to pump $40 million of cash into Alphatec Semiconductor to allow it to begin production. They are AIG Asia Opportunity Fund, an investment arm of U.S.-based American International Group Inc.'s Asian division, and Investment Corp. (Asia), a subsidiary of Investor AB of Sweden. Alphatec was one of the first companies to collapse as the worst economic crisis in decades began taking its toll on corporate Thailand. The company's financial troubles were uncovered a month after the economic crisis erupted in July 1997, when PricewaterhouseCoopers said that for about three years Alphatec had been reporting profits when it should have been reporting losses. The independent auditor also reported that more than $150 million of company funds had been paid to people related to Charn Uswachoke, Alphatec's founder and former chief executive, without approval from the board of directors. The company was the first to file for bankruptcy under Thailand's new bankruptcy law. At their peak in 1996, Alpahtec shares were trading at nearly $15 each (at the then-prevalent exchange rate). When trading in the shares was first suspended in August 1997, they were priced at about 67 cents each. The company's last trading price, in April 1998, was less than 0.02 cent each, according to the SET.",AFTER
276"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Metech JV files lawsuit against ex-director Deng Yiming over missing diamonds. If the article mentions that Metech has defaulted recently, respond with 'AFTER'. If the article mentions that Metech will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Metech is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Metech is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Metech has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Metech. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","CATALIST-LISTED Metech International on Monday (Mar 13) said a lawsuit has been filed against Deng Yiming, one of the owners of its subsidiary's former joint venture (JV) partner X Diamond Capital, over missing diamond seeds and loose diamonds. The pieces were last in Deng's possession, and he had, to date, not satisfactorily addressed issues relating to them, Metech said in a bourse filing. The JV entity, Asian Eco Technology (AET) ' established on Sep 24, 2021 between Metech's wholly-owned subsidiary, Asian Green Tech (AGT), and X Diamond Capital to manufacture and distribute lab-grown diamonds ' had thus commenced legal action in the General Division of the High Court against Deng. On Monday, Metech also said AET's directors, which used to include Deng as well, had filed a police report on issues relating to the missing diamond seeds and loose diamonds on Feb 14. This was after AGT on Jan 17 issued a default notice in writing to X Diamond Capital to terminate the JV agreement with the partner. It was on grounds that the company and its appointed directors in AET, namely Deng and Yang Hanyu, failed to satisfactorily address numerous issues and irregularities relating to the JV. Apart from missing diamond seeds and loose diamonds, there were also issues relating to outstanding loan advances, irregularities with the importation of machines supplied to AET, and the sale of machines to AET at an inflated price, Metech had noted. Deng had been removed as AET's director by a members' resolution in writing dated Jan 17, which was passed on the same day. Metech closed up 52.2 per cent at S$0.07 on Monday.",NO
277"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled UPDATE 1-Singapore's Jurong Aromatics goes into receivership on debt woes. If the article mentions that Aromatics Corp has defaulted recently, respond with 'AFTER'. If the article mentions that Aromatics Corp will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Aromatics Corp is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Aromatics Corp is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Aromatics Corp has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Aromatics Corp. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","* Jurong plant shut down since Dec 2014 to fix technical issue * Plant includes 100,000 bpd splitter to make paraxylene for China (Adds quotes, background) SINGAPORE, Sept 30 (Reuters) - Jurong Aromatics Corp (JAC), which operates a large petrochemicals complex in Singapore, has gone into receivership because of debt problems, according to its restructuring firm and a filing with Singapore's accounting authority. JAC's debt problems mounted in recent months after it halted production in December to fix a technical issue. The company is the latest victim of a global commodities rout which has seen a Japanese shipper filing for bankruptcy on Tuesday and lower profits at global trading firm Louis Dreyfus. Specialist restructuring firm Borrelli Walsh said in a letter to JAC's creditors that two of its executives were appointed as receivers and managers of JAC this week by BNP Paribas. BNP Paribas is one of the lenders to the company and the security agent for its assets. JAC, which operates one of the world's largest integrated aromatics plants, declined to comment. Receivership is a type of corporate bankruptcy in which a receiver is appointed by bankruptcy courts or creditors to run the company. Thomson Reuters publication PFI reported in July that the company was studying rescue packages and debt restructuring options to restart the $2.4 billion plant. 'I presume it went into receivership because the partners can't work together to put in money to revive it,' said Colin Shelley, an analyst at energy consultancy FGE. Among the eight shareholders, South Korean conglomerate SK Group owns 30 per cent of the company and Chinese polyester maker Jiangsu Sanfangxiang Group owns 25 per cent. Glencore also has a 10 percent stake in the firm.",NO
278"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Commentary: Worried about keeping your job? Here?€?s advice to soothe your concerns no matter how old you are. If the article mentions that Esprit has defaulted recently, respond with 'AFTER'. If the article mentions that Esprit will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Esprit is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Esprit is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Esprit has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Esprit. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","SINGAPORE: The coronavirus pandemic has caused huge disruption to lives and livelihoods. I don't think the world has seen the light at the end of the tunnel just yet. While here in Singapore, all of us are eagerly looking forward to Phase 3 ' when our economy opens up a little more and more rules on gatherings, activities and travel may be relaxed - health experts have cautioned this does not spell the end of the coronavirus threat. Until an effective vaccine is widely disseminated to the public, assuming the virus does not mutate, businesses and workers may have to hold their breath a little longer. Health Minister Gan Kim Yong has just highlighted on Wednesday (Nov 4) that Singapore must be prepared for a Phase 3 that could last a year or more even as the multi-ministry task force laid out a roadmap that could see Singapore enter this new phase of its reopening by end of the year. On the economic front, the Singapore Government has been effective in supporting businesses and workers with four Budgets through this storm but we are nowhere near exiting this disruption. The Singapore economy is expected to contract 5 to 7 per cent in 2020, with unemployment already at a decades-long high. The worst is definitely not over, as Government financial support to firms mainly through the Jobs Support Scheme is tapering off and targeted to end in early 2021. The pandemic has ended the fortunes of retail giants like Esprit and Robinson's. Scores of small- and medium-sized enterprises (SMEs), which employ 70 per cent of Singaporeans, are staring down their biggest crisis. SNAP OUT OF YOUR SLEEPLESS NIGHTS Given the economic uncertainty, many Singaporeans are having sleepless nights over the possibility that their heads may be next on the chopping board. My advice to you is this: Worrying gives you something to do, but is ultimately unproductive and meaningless. I would urge all those concerned about their jobs to focus on practical strategies to mitigate the risk of receiving the dreaded pink slip and be ready for such an eventual scenario. FOR ALL THOSE BELOW 35: CHASE AFTER YOUR DREAM JOB Living through the pandemic does not mean you park your career management activities on the back burner and do everything to cling on tightly to your job. Opportunities do present themselves during crisis times. And if you are below 35, without a home loan and family responsibilities, you should take risks to improve your career prospects and use this time to secure your dream role in an environment where everyone else is holding firm to their roles. The coronavirus has caused huge upheaval, but it has also created unprecedented opportunities for many sectors. Many of you are likely to have been working hard to stay employable. This is a time to approach top-tier firms to pivot to a high-growth industry. Just think of all those names you would love to have on your resume like that tech company you've been dreaming of working at. Write up a list and reach out to potential hiring managers. Use your LinkedIn to showcase the value you can bring to the table and demonstrate your knowledge of news and developments shaping the sector. Request for a conversation without asking for a job right away ' most things in life begin with one. A word of caution: Mind the number of companies you reach out to. You don't want the entire market to know you are exploring a job change. People in high-performing sectors can be small and highly connected. Be prepared that word will get around. If transitioning to another career means getting suitable training ' as a medical or legal professional for instance, go back to school. You may have been drifting for some years but that is alright. Most of us started out not knowing what we want to do with our lives. This pandemic is a chance to reset your career. FOR THOSE IN YOUR LATE 30S TO 40S: DEMONSTRATE VALUE If you are in your late 30s to 40s, you may be the sole breadwinner of the family, and have outstanding home and car loans. If so, this is no time to be adventurous. Your best strategy is to hang on to your job. Sometimes that means grinding your teeth and working really hard. This is not the time to focus on work-life balance issues, much as this is important to everyone. You should seek out additional responsibilities to entrench your contribution to the company. The more areas of responsibility you have, the more your boss will find it difficult to let you go. When the economy picks up, shouldering bigger roles also puts you in a better position to ask for a raise. If you have been cruising along in your job, now is the time to wake up and do something about it. Make your presence and accomplishments felt. Be sensitive and responsive to your boss' needs. This will not come easy seeing how most of us are working from home. Over-communicate if you need to. Make sure your supervisor knows you are just a WhatsApp away. FOR THOSE 50 AND ABOVE: GO FOR TRAINING, THINK ABOUT LIFE AFTER WORK If you are over 50, unless you have been actively managing your career and have been keeping up with training to ensure your skillsets are up-to-date, you should explore rebuilding your skills. The Government has put in place several skills conversion programmes through SkillsFuture Singapore and Workforce Singapore you can apply for. The Government has also incentivised employers in high growth sectors like ICT to hire older workers through the Jobs Growth Incentive from now until February 2021. Consider this the chapter 2 of your career. Unless the external environment changes dramatically again, you can probably work till your late-60s or 70s, assuming of course you do well at your job and remain healthy. If you are in your 60s, you might be looking forward to a change in pace and role 'with activities you enjoy in a post-corporate life phase. I would urge you to remain active physically and mentally for as long as you can. Get exercise and think about activities that may fill the spaces where work currently occupies ' whether volunteering or coaching. If you already know what you want to do post-retirement, great. If you don't, now is the time to sit down, ideally with a coach or friend, to map it out. I myself have a portfolio of 14 activities that gives me deep satisfaction and purpose I would like to engage in, in a life after work. I plan to continue with coaching, writing, facilitating of small group activities and active volunteering. We only have one life. While we are some time away from when borders can reopen safely and the costs make sense, travelling is high up on my list. I fondly recall my walk up to Bhutan's Tiger Nest monastery. PREPARING FOR A RETRENCHMENT All of these might not be enough to prepare you for the shock of being retrenched, even if you have been given a heads-up by your boss. In that scenario, my advice is to keep your emotions in check. The sudden loss of a routine, contact with colleagues and your work identity can be tough to grapple with. Apart from tying up loose ends, handing over to ensure your team and partners can continue without you, take time also to rethink your finances, what you want to do next and resist the urge to be a hermit. If you have followed expert advice of having at least six months' worth of savings, you should have enough financial buffer. Managing your career is an individual responsibility, with or without a pandemic. No one owes you a living, you have to own this. Paul Heng is founder and managing director of Next Career Consulting Group.",NO
279"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Malaysia Pacific sells Wisma MPL for RM189mil. If the article mentions that Malaysia Pacific Corp Bhd has defaulted recently, respond with 'AFTER'. If the article mentions that Malaysia Pacific Corp Bhd will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Malaysia Pacific Corp Bhd is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Malaysia Pacific Corp Bhd is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Malaysia Pacific Corp Bhd has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Malaysia Pacific Corp Bhd. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","KUALA LUMPUR: Malaysia Pacific Corp Bhd (MPC) has sold Wisma MPL on Jalan Raja Chulan here for RM189 million to Asia New Venture Capital Holdings Sdn Bhd. The companies signed a sale and purchase agreement on the disposal today. This would allow it to settle its debts with RHB Bank Bhd, said MPC in a filing to Bursa Malaysia. MPC owes some RM148.54 million to RHB Bank as a redemption sum for the land. Both MPC and RHB have been involved in a lengthy legal dispute after thebank had served it with a notice of default for revolving credit and bank overdraft facilities in March 2015. 'The proposed disposal will enable us to use the proceeds to, amongst others, repay our defaulted borrowings from RHB,' the group said, adding that it planned to complete the repayment within three months. MPC will also repay its creditors some RM19.92 million and incur expenses of RM18.14 million. The disposal price was arrived at on a 'willing-buyer willing seller' basis after taking into consideration the third auction by RHB Bank. The reserved price was based on the forced sale valueof RM184 million, the group said. 'The third auction was called off on November 28, 2018,' it added. MPC said based on a valuation report was prepared by JB Jurunilai Bersekutu dated August 28 using the investment and comparison methods of valuation, the market value of Wisma MPL was RM252 million.",NO
280"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled HSBC seeks to remove management of ZenRock Trading. If the article mentions that Agritrade International has defaulted recently, respond with 'AFTER'. If the article mentions that Agritrade International will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Agritrade International is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Agritrade International is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Agritrade International has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Agritrade International. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","HSBC has taken steps to remove the management of Singapore-based ZenRock Commodities Trading, seeking to have the company put under judicial management in the latest blow to the city-state's natural resources sector. Investment banks have tightened credit lines and scrutiny of existing loans to commodities traders in response to the crash in global oil prices and the collapse of Hin Leong Trading, one of Asia's biggest fuel traders. Hin Leong is under judicial management after its founder Lim Oon Kuin revealed last month that $800m of losses had not been reflected in its financial statements and sought protection from creditors, who are owed almost $4bn. That sent other oil traders, including ZenRock, scrambling to reassure investors they could survive the historic oil price falls rocking energy markets. HSBC on Monday lodged an application in Singapore's High Court to have ZenRock placed under judicial management, according to a filing seen by the Financial Times. If approved by the court, an independent judicial manager would be appointed to run the business while a debt restructuring agreement is hammered out with its creditors. At least 10 banks have exposure to ZenRock, according to regulatory filings and people with knowledge of the situation. The person added that there were questions about some of the company's financial transactions. ZenRock did not immediately respond to a request for comment. HSBC declined to comment on its filing. Last month ZenRock, which describes itself as 'one of the fastest-growing independent commodity trading houses in the world', sought to reassure investors and distance itself from Hin Leong's woes. In a letter seen by the Financial Times, ZenRock said it had the 'ability and experience' to navigate 'profitably' the challenges facing the industry. Its revenue more than doubled to $6.1bn in 2018 from the previous year, according to filings in Singapore, while net income from continuing operations was $6.1m, up from $2.1m. The company's 2018 results were audited by Ernst & Young. Other banks with exposure to ZenRock include ING and Cr??dit Agricole, according to people familiar with the situation. ING declined to comment, while Cr??dit Agricole did not immediately respond to a request for comment. Citi, which also counts ZenRock as a client, declined to comment. Producers around the world have grappled with wild oil market swings in recent months, including a drop into negative for US prices with producers forced to pay buyers to take crude off their hands because of a lack of storage capacity. ZenRock was founded six years ago by Xie Chun, a former executive at Unipec, the Chinese oil trader owned by state-run Sinopec, and Tony Lin, an ex-Vitol executive. The crisis at the company follows a string of scandals and failures including the implosion of Hin Leong, the collapse of Agritrade International and the debt crisis at Noble Group. That has alarmed Singapore regulators, which have urged lenders not to pull back from the sector. This week several government agencies including the Monetary Authority of Singapore, the de facto central bank, met 15 big trade finance banks to discuss the fallout from Hin Leong's collapse. MAS could not immediately be reached for comment.",NO
281"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Commodity trading blow-ups dent Singapore?€?s reputation. If the article mentions that Agritrade International has defaulted recently, respond with 'AFTER'. If the article mentions that Agritrade International will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Agritrade International is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Agritrade International is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Agritrade International has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Agritrade International. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","A series of scandals in Singapore, including a startling admission of financial irregularities by one of the country's most successful businessmen, is threatening the city-state's ambition to become the world's leading commodity trading hub. The blow-ups in close succession of Hin Leong Trading ' whose billionaire founder Lim Oon Kuin confessed to hiding $800m of losses ' ZenRock Commodities Trading and Agritrade International have raised serious questions about the strength of Singapore's regulatory framework and oversight of trading houses. The corporate collapses have also highlighted structural risks such as the lack of transparency underpinning the global commodities trade, which remains critical to the small, open economy of Singapore. Critics say the country's rules, monitoring and enforcement of many of the privately owned companies involved in the sector are weak. Driven by an overriding desire to be a business-friendly destination, they say Singapore has been hesitant to introduce stricter rules that might discourage companies from incorporating in the city, which competes directly with London, Geneva and Houston. 'I believe there are legitimate concerns about whether resources for regulatory enforcement have kept pace and whether our regulators are too conservative,' said Mak Yuen Teen, an accounting professor at the National University of Singapore. 'My sense is that regulators here are less willing to test the law and will only prosecute in 'sure win' situations.' Others take a different view, arguing that no amount of regulation could have stopped the failures, particularly any involving financial impropriety. Commodity trading blow ups are hardly unique to Singapore, they add, pointing to the recent debt crisis at Dubai-based Phoenix Commodities. 'The fact that Singapore has been the epicentre of [these collapses] reflects the fact that it is the epicentre of trading in the region,' said Craig Pirrong, a finance professor at the University of Houston and author of reports on commodity trading. 'It's not as if Singapore doesn't have laws against fraud and isn't capable of rigorous enforcement.' Singapore's location straddling the shipping lanes that connect China with global markets has helped turn the tiny city-state into one of the world's biggest commodity hubs ' and a natural home for traders, which the country has courted with low corporate tax rates and other benefits. All of the world's major oil traders, including Trafigura, Glencore, Vitol and Mercuria, have offices in Singapore. They rub shoulders with the trading arms of oil majors BP and Shell and a group of aggressive local players that have carved out strong positions in markets such as bunkering, or marine fuel. It is these local traders that have struggled in 2020. 'We have had a crazy couple of months in the oil market,' said Christophe Salmon, chief financial officer at Trafigura. 'When we see such price movements it is also always the companies that either speculate or lack proper risk management frameworks that get into trouble. That's what we have been seeing in south-east Asia.' Indeed, it was the crash in oil prices caused by the Saudi-Russia price war and the coronavirus epidemic that triggered the liquidity crunches at Hin Leong and ZenRock Commodities. This, in turn, led to the discovery or admission of financial irregularities. In the case of Hin Leong, it was hiding losses from trading in futures markets and selling off oil inventories that had been pledged as collateral for loans, according to legal filings in Singapore. For ZenRock, it was using the same cargo of oil to obtain loans from several banks, according to claims made by HSBC, one of its lenders, in court documents. Both companies are now being run by independent third parties that are trying to hammer out a debt restructuring agreement with their lenders. They are also under investigation by the police. Hin Leong and ZenRock did not respond to calls and emails seeking comment. ZenRock has blamed its financial difficulties on the steep decline in crude oil prices and a tightening credit market 'exacerbated' by banks' increased caution, according to local media reports. Prof Mak says the failure to hold companies and directors to account for their conduct has contributed to the string of collapses. 'We certainly do not have much of a record in putting directors who break laws into jail or even disqualifying them,' he said. In 2018, the white collar crime unit of the Singapore police launched an investigation into suspected 'false and misleading statements' made at Noble Group, the commodity trader that came close to collapse in a debt and accounting crisis. To date, no charges have been made. Noble, which was listed in Singapore, has always defended its accounting. Allegations about the company accounts first surfaced in 2015. Enterprise Singapore, the government agency that promotes trade in the city state, said commodities trading was regulated under the Commodity Trading Act and the Securities and Futures Act. 'Trading companies that are suspected to have contravened Singapore laws may be investigated and dealt with in accordance with our laws,' it said. 'Failure to comply with [commodities trading] regulations may result in an offence punishable by fine or imprisonment or both.' Bankers also note that Hin Leong did not have to file annual results even though its revenues exceeded $20bn in 2019, according to court documents. This is because of its classification as an 'exempt private company', defined as a business with fewer than 20 shareholders and no corporate investors. 'How can a $20bn revenue company not be a public interest entity?' asks Prof Mak. Hin Leong's creditors, which include HSBC, ABC and Soci??t?? G??n??rale as well as local banks DBS, OCBC and UOB, are owed almost $4bn. Singapore's Accounting and Corporate Regulatory Authority said 'most private companies adopt the accounting standards that are similar to those prescribed for listed companies and the international accounting standards . . . [they] are also required to make disclosures that are comparable to listed companies in Singapore, as well as companies incorporated overseas'. The recent failures in Singapore have also shone a light on broader issues with commodity trading. These include aggressive lending practices and archaic paper-based systems that are vulnerable to abuse and forgery. Baldev Bhinder, managing director of Singapore-based law firm Blackstone and Gold, said the people who vilified the city-state for the recent collapses should also look at the part played by the banking sector. 'The spotlight is on the traders for some sharp and shoddy practices but it is also on the banks for some better lending practices,' said Mr Bhinder. He added: 'I am always struck as to how companies of all shapes and sizes sometimes get access to a startling amount of financing.' Commodity trading is a capital-intensive business ' it cost tens of millions of dollars to fill up an oil tanker ' and fees from lending to local players such as Hin Leong and ZenRock can be up to two and half times higher than from deals with sector leaders such as Vitol and Trafigura, according to industry executives. A veteran industry banker says he was stunned to discover Agritrade International, a relatively small trader that collapsed in February, had been granted $1.54bn of credit from 26 different lenders. 'This is a really staggering number,' he said, adding that he hoped regulators in Singapore would set up a credit registry so that banks could check on banking facilities granted to commodity traders by other lenders. The Monetary Authority of Singapore, the country's financial regulator, said it promoted 'transparency and fair-dealing by banks in relation to their customers and counterparties'. 'In their credit risk management, banks are expected to apply judicious credit assessments on individual borrowers and not rely on broad-based sector de-risking,' it said. For Trafigura's Mr Salmon, the problems in Singapore also highlighted the need for global electronic platforms to process documents that underpinned commodity trading. The buying and selling of raw materials is still largely a paper-based process with banks relying on bills of lading or warehouse receipts as title documents and security for financing goods. 'One of the ways to mitigate fraud is through tighter systems. A comprehensive blockchain solution could take years but electronic bills of lading could be an important step forward,' said Mr Salmon. Whatever solutions are chosen, bankers and industry executives say the pressure is on the authorities to show they can handle the restructuring or liquidation of the collapsed traders and take firm measures to prevent it happening again. Otherwise Singapore may fail to realise its ambitions to be the world's premier commodity trading hub. 'I have no doubt that Singapore will make an example (or examples) pour encourager les autres,' said Prof Pirrong. 'It has a reputation for meting out pretty rough penalties for a variety of crimes.' This article was amended to reflect the fact that allegations about Noble Group's accounts first surfaced in 2015, not 2014.",AFTER
282"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Credit Suisse Funds Under Review Financed Nissan, Kellogg?€?and a Mogadishu Hotel Owner. If the article mentions that Agritrade International has defaulted recently, respond with 'AFTER'. If the article mentions that Agritrade International will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Agritrade International is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Agritrade International is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Agritrade International has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Agritrade International. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","LONDON'Greensill Capital, a SoftBank Group Corp. -backed financing firm, has raised billions of dollars by offering a way for investors to boost yields by helping companies manage cash flow. Greensill funds long-established companies such as cereal maker Kellogg Co. and Nissan Motor Co., but it also has a roster of lesser-known businesses that inject risk into its portfolio, according to fund documents distributed to investors. These include a private security firm that runs a hotel in Mogadishu, a coal miner that paid Greensill in stock instead of cash and several firms that got more in financing than they generated in revenue. Last week, Credit Suisse Group AG launched an internal review of four funds that the bank runs with Greensill. The funds have grown quickly and hold about $7.5 billion in assets in aggregate, up from $2 billion at the start of 2019. They invest in securities sourced from Greensill clients. Credit Suisse hasn't provided details about the review, which is continuing and is looking at the funds broadly. According to people familiar with the matter, it was prompted by concerns about the multilayered role of SoftBank. As well as holding a large stake in Greensill, the Japanese conglomerate invested $500 million in the funds. The less-established names that the funds finance include several of SoftBank's Vision Fund portfolio companies, including one to whom it provided unusually long payment terms. Credit Suisse and SoftBank declined to comment. A spokesman for Greensill said one of the funds is a 'high-income fund which comprises assets that are commensurate with that risk profile.' Greensill 'aims to make finance available to all businesses whether they are innovative startups or well-established Fortune 500 companies,' he said. Greensill, run by former Citigroup Inc. banker Lex Greensill, is part of a broader industry that provides short-term funding to pay companies' suppliers, also known as supply-chain financing. It counts former U.K. Prime Minister David Cameron as an adviser. Using this financing, companies effectively borrow money to pay their bills. Greensill pays the suppliers faster than they normally would be, but at a discount to the invoiced amount. The corporate clients, known as obligors, agree to pay back Greensill later. Those promises are packed up into securities that can be sold to investors. The Credit Suisse funds, which invest in securities primarily originated by Greensill, are pitched as alternatives to other relatively liquid diversified investments, such as money-market funds, which also lend short term to companies. The main Credit Suisse Greensill fund returned 3.35% in the year to June 1, compared with 1.8% in the same period for a large money-market fund run by JPMorgan Chase & Co. Assets in three of the funds are also protected by trade credit insurance, which covers potential defaults. Credit Suisse warns investors that there is no certainty that obligors or the insurance contracts pay in full or on time, according to a fund document. The most recently published detailed fund data for the two largest funds, from October 2019, show the vast majority of the funding has been tied to global businesses including Vodafone Group PLC, AstraZeneca PLC and General Mills Inc. But the funds have extended financing to lesser-known companies as well. One of Greensill's biggest clients was Bluestone Resources Inc., a U.S. coal-mining company, which received about $40 million in financing from one of the funds. Bluestone is owned by Jim Justice, the billionaire governor of West Virginia, who has settled a number of cases in recent years for alleged nonpayment of bills, according to court records. Supply-chain financing is almost always paid back with cash. Yet Bluestone repaid Greensill in a combination of cash and equity warrants, according to Bluestone. More than half of Greensill's profit for 2018 was tied up in $25 million worth of warrants that gave Greensill the right to own shares in the coal-mining company. It isn't clear whether Greensill received the warrants as payment for the Credit Suisse financing. Greensill also has other financing arrangements with clients. Bluestone's general counsel said the company has been working with Greensill since 2018 to improve its working-capital position. The portion of the fees it paid to Greensill that year in equity warrants 'were very soon after redeemed fully in cash,' he said, without specifying further. He said Bluestone 'continues to enjoy a strong relationship with Greensill.' A Greensill spokesman said the size of its business and the number of its customers have grown substantially since 2018, when the Bluestone warrants were paid. In recent months, the Credit Suisse funds' relationship with SoftBank has deepened. Financial News, which is owned by Wall Street Journal parent company Dow Jones, reported in April that four Vision Fund startups were among the top clients of one fund, receiving equivalent to about $800 million in financing. The four are auto-financing company Fair Financial Corp.; Indian hotel chain Oyo Hotels & Homes; glass manufacturer View Inc.; and Chinese online car-trading platform Chehaoduo Group, which operates Guazi. There is no indication any of them have failed to pay back Greensill. Fair Financial's chief executive stepped down in October after layoffs at the company and discussions about its future. The company allegedly broke an office lease and failed to pay its $500,000 security deposit, according to a recent lawsuit its landlord filed against it in California state court. A Fair spokeswoman declined to comment. Oyo announced thousands of layoffs in January and its chief executive in April said its 'balance sheet runway has come under severe stress' because of the coronavirus pandemic. Major financial-market and trading news. View was tied to more than $80 million in financing from the main Credit Suisse fund for a term of one year, according to a fund document. Several supply-chain-finance experts said a term of a year seemed unusually long. Most of the financing in the Credit Suisse fund was extended for around 90 days, and almost all of it is for periods of less than six months. A spokesperson for View didn't return requests for comment. A spokesperson for Chehaoduo didn't have an immediate comment. Other clients of the funds include a recycling facility in England; a two-year-old company that offers services to special-needs students; and another that provides modular buildings to hospitals. Those companies have just a few million dollars in annual revenue'less than what they have received in financing'according to filings. The Greensill spokesman said clients go through the 'same rigorous credit and risk approval process' and that the special-needs company and modular-building provider 'have had no trouble meeting their responsibilities.' RW Chelsea Holdings, the umbrella company for Cyprus and U.K.-based Chelsea Group, provides security-related services including crisis management for kidnap or extortion situations. It also runs a hotel in Mogadishu, Somalia. The Chelsea Group, founded by Richard Bethell, who served in the U.K. special forces and has run private military groups in conflict zones around the world, received about $11.6 million from the Credit Suisse funds as of October last year. The company didn't respond to requests for comment. Several companies financed by the funds have run into financial difficulties, including Singapore commodities trader Agritrade International (PTE) Ltd., which collapsed after allegations of fraud, and U.K.-based rent-to-own business Brighthouse Ltd., which filed for restructuring earlier this year. U.K.-listed NMC Health PLC was among the largest obligors in the main fund last year and received financing of at least $66 million as of October. The company recently filed for bankruptcy.",AFTER
283"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Sun goes down on Singapore's first solar power firm Sun Electric. If the article mentions that Agritrade International has defaulted recently, respond with 'AFTER'. If the article mentions that Agritrade International will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Agritrade International is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Agritrade International is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Agritrade International has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Agritrade International. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Singapore THE sun has set on Singapore's first licensed solar energy retailer Sun Electric Power (SEP). The electricity retailer for mid-size and large businesses is under liquidation after commodity house RCMA Asia won the bid in court to wind up the firm in September, The Business Times has learnt. (see amendment note) RCMA pushed to wind up the firm on the basis that SEP was unable to pay some S$7.5 million, which mostly entailed ""incentive payments"" for assuming SEP's market making role in the electricity futures market, as it was cash flow and balance sheet insolvent, according to court documents. SEP has filed an appeal against the court order and BT understands that the court granted a conditional stay to SEP at a hearing last week. A search on the Accounting and Corporate Regulatory Authority (Acra) indicated the company's status as ""in liquidation"". The imminent collapse of SEP, once deemed an up-and-coming ""clean-tech"" solar energy company, is the culmination of a winding and protracted legal battle that began in February 2018 when RCMA launched a legal action against the firm to claim the monies owed. Court documents reveal that SEP has a S$1 million counterclaim against RCMA, which is a unit of global commodity house RCMA Group, parent company of iSwitch. iSwitch is one of Singapore's 12 electricity retailers and, at 14 per cent as at March 2020, commands the third-largest market share under Singapore's liberalisation of the power sector that began two years ago and went full throttle nationwide in May 2019. According to the Energy Market Authority's (EMA) website, 46 per cent and 43 per cent of household and business accounts respectively have switched out of SP Services - the incumbent - to a retailer, as at end-March. While SEP participated in the April 2018's soft launch of the Open Electricity Market (OEM) in Jurong, it had not been part of the nationwide agenda to open up the sector. When contacted by BT, the EMA said that SEP had ""only contracted household and small business consumers during that period"" and that it currently has fewer than 20 household and business consumers. The industry regulator reiterated that there are consumer safeguards should a retailer exit the retail electricity market and hence, consumers' electricity supply will not be disrupted. ""...affected households and small businesses with an AMC (average monthly consumption) of less than 4MWh (megawatt-hour) will be transferred to SP Group to buy electricity at the regulated tariff rate. They can choose to switch to a new retailer of their choice thereafter,"" the spokesperson elaborated. SEP's struggles are well known in Singapore's oft-construed small and crowded electricity sector. The solar company is part of the Sun Electric Group that was founded and is led by Canadian and Singapore resident Matthew Peloso. In September, Mr Peloso was held in contempt of court - with penalties - for breaching an injunction order after he withdrew funds from SEP's bank account to extend a loan to a related entity. When contacted by BT, Mr Peloso said: ""The company is strong, and has many customers. The Sun Electric Power Pte Ltd company has applied and obtained the stay and the winding up is under appeal. It can continue to grow."" The group as well as Mr Peloso have been dogged by claims and contractual disputes as far back as 2016. Last year, the court dismissed SEP's bid to place the firm under interim judicial management and judicial management on the basis that such a route was unlikely to better realise SEP's assets versus a winding up. Then, in December 2019, Agritrade International and private equity firm Hector Capital announced that they acquired a 51 per cent stake in SEP's parent Sun Electric for an undisclosed sum. According to reports, Agritrade, a Singapore commodity trader that was wound up this year after it defaulted on loans and was hit by fraud allegations, was already facing a cash crunch around the time of the SEP investment. Within a fortnight following that deal, RCMA applied for SEP to be wound up and made EMA a non-party to the application. RCMA and SEP had inked a pact for the former to assume SEP's market making obligations in exchange for a 70 per cent share of the incentive payments that SEP would get from SP Services. Under the ""forward sales contract scheme"", SEP, as a market maker, was required to trade electricity futures and, in return, receive incentive payments from SP Services, the national utility. In his grounds of decision dated Sept 30 for the winding-up order, High Court Justice Tan Siong Thye said SEP's balance sheet ""depicted a discouraging state of affairs"" with total liabilities, including contingent liabilities, of S$10.4 million dwarfing its total assets of some S$290,000. Justice Tan also expressed serious doubts over the veracity and reliability of a ""one-page balance sheet"" that was provided by Mr Peloso that purportedly showed SEP's financial standing as at end-June 2020 and indicated an about-turn to support the company's contention that it was solvent. There were more grave matters. RCMA cited alleged suspicious circumstances relating to SEP's funds, more specifically the garnishment of an account held with DBS by a UAE firm Kashish Worldwide, which had entered into a trading contract with SEP. A liquidator, it said, would be able to determine if there had been any fraud by SEP's management and ensure appropriate action to benefit creditors. Kashish's application to garnish SEP's DBS account in Feb 2019, which it successfully obtained, followed three transfers by Mr Peloso totalling S$6.09 million between November and December 2018 from an OCBC account held by SEP to the DBS one. These transfers ultimately led to the diminishing of the funds despite the injunction, remarked Justice Tan, who also pointed out that Mr Peloso, SEP's sole director, played a significant role in enabling Kashish to garnish the DBS account. ""...I also found disconcerting, the ease with which the funds were garnished from the DBS account. The entire process only took three months...,"" he said, adding that the circumstances were ""highly suspicious"". Hence, he added that the ""lack of probity in the conduct and management of the company's affairs justified a winding-up."" SEP's woes could once again renew doubts over the survivability of electricity retailers, more so independent retailers, in a small market such as Singapore. But one industry player said: ""The collapse of SEP does not have anything to do with the wider industry. This is such unusual circumstances for a small company."" Amendment note: In an earlier version, it was mentioned that SEP is the developer of solar rooftops for Singapore's industrial landlord JTC Corp. The contract with JTC is in fact undertaken by a related entity, Sun Electric Energy Assets Pte Ltd and not SEP. Both companies are under the Sun Electric Group.",NO
284"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled SoftBank-Backed Greensill Delays Fundraising. If the article mentions that Agritrade Resources has defaulted recently, respond with 'AFTER'. If the article mentions that Agritrade Resources will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Agritrade Resources is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Agritrade Resources is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Agritrade Resources has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Agritrade Resources. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","SoftBank Group Corp. 9984 -0.06% -backed Greensill Capital, a specialty finance startup that helps companies manage cash, has delayed by several months plans to raise fresh money from outside investors, according to people familiar with the matter. Greensill had previously hoped to secure the investment by early January. But the company is unlikely to complete the funding round until late March at the earliest, some of the people said. One of these people said the delay is because Greensill has increased the amount it wants to raise to $1 billion from $500 million. The fundraising delay comes at a challenging time for the company, which competes with banks to supply short-term capital to companies. The firm had anticipated extending $173 billion in financing last year, according to a presentation viewed by The Wall Street Journal, but ultimately provided $143 billion, flat from the year before. Greensill has also run into issues doing business with other SoftBank-related companies. In December, Greensill forgave $435 million in financing to construction startup Katerra, in exchange for a roughly 5% stake in the company, Katerra's chief executive told The Wall Street Journal. Both companies are held in SoftBank's $100 billion Vision Fund. It isn't clear how much the 5% stake in Katerra is worth. At the same time, SoftBank injected $200 million into Katerra to help it avoid bankruptcy. Katerra seeks to construct buildings more cheaply by cutting out middlemen and using factory assembly. Greensill packages its financing deals into investable securities. A Greensill spokesperson said that investors hadn't incurred losses related to Katerra. The spokesperson declined to comment further. A SoftBank spokesperson declined to comment. SoftBank invested nearly $1.5 billion into Greensill in 2019. Other investors include private-equity firm General Atlantic. Former U.K. Prime Minister David Cameron is an adviser. A spokesperson for General Atlantic declined to comment. Greensill is a small part of SoftBank's Vision Fund, which holds stakes in more than 80 companies, including Uber Technologies Inc., chip designer Arm Holdings and South Korean e-commerce site Coupang. The Vision Fund has scored big wins lately, including the initial public offering of food delivery company DoorDash Inc. It has also stumbled, requiring big write-downs on investments in office landlord WeWork and hotel network Oyo Hotels & Homes. Greensill has helped to turbocharge other Vision Fund holdings by extending them supply-chain finance, a form of short-term cash advance that lets companies stretch out the time they have to pay their bills. In addition to Katerra, Vision Fund investees Fair Financial Corp., an auto-financing company, and View Inc., a glass manufacturer, have received financing from Greensill. Last year, Credit Suisse Group AG executives grew concerned about potential conflicts of interest in four multibillion-dollar funds it runs with Greensill after SoftBank invested $700 million into one of the funds. The fund had also made loans to four Vision Fund companies. SoftBank ultimately redeemed its stake, and the bank committed to protecting investors. Credit Suisse remains a key partner for Greensill: It continues to manage the supply-chain finance funds and advises Greensill on its fundraising, alongside Citigroup Inc. As of December, Oyo and Guazi, a Chinese used-car trading platform, were among the top recipients of financing from the main fund, according to its website. Greensill moved last fall to shore up its corporate governance ahead of an eventual initial public offering, including finding a new auditor, selling off a fleet of corporate planes and adding a senior adviser and a nonexecutive director to its board. Other Greensill clients have also encountered difficulties, including NMC Health PLC, U.K.-based rent-to-own business BrightHouse Ltd. and Singapore commodities trader Agritrade Resources Ltd.. All three filed for restructuring last year.",AFTER
285"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Greensill Problems Build as Regulator Watches Over Banking Unit. If the article mentions that Agritrade Resources has defaulted recently, respond with 'AFTER'. If the article mentions that Agritrade Resources will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Agritrade Resources is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Agritrade Resources is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Agritrade Resources has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Agritrade Resources. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Pressure mounted on embattled SoftBank Group Corp. -backed Greensill Capital as it scrambled to sell core parts of its business and regulators intensified supervision of its banking unit. Greensill founder Lex Greensill told employees on a conference call Tuesday that he was focused on keeping the specialty lender's business operating and said there would be new owners by next week, according to people familiar with the matter. Greensill spent Tuesday going through the company's books with Apollo Global Management Inc., which has been in talks to take over some of its business, according to a person familiar with the discussions. The deal could see the bulk of the startup, which two years ago was valued at $4 billion, trade hands for around $100 million. In a statement, a Greensill spokesperson confirmed the company was in talks to sell a large part of its business. 'While the structure of the new business is still being determined, we expect the transaction will ensure the majority of Greensill clients will continue to be funded in the same way as they currently are.' Meanwhile on Tuesday, a second fund manager, GAM Holding AG , barred investors from trading in and out of its Greensill-connected fund 'as a result of recent market developments' and related media coverage. It plans to wind down the $842 million fund and return the money to investors. Greensill's business model was upended Monday after Credit Suisse made a similar move, suspending $10 billion in investment funds that contain securities created by the financial startup. U.K.-based Greensill was founded in 2011 by Mr. Greensill, a former Citigroup Inc. and Morgan Stanley financier. It specializes in an area known as supply-chain finance, a form of short-term cash advance that lets companies stretch out the time they have to pay their bills. Greensill packages the cash advances it makes to companies into bondlike securities. The GAM and Credit Suisse funds invested exclusively in Greensill-generated assets, selling them on to investors looking to eke out higher returns than they could get from traditional money-market funds. The Credit Suisse and GAM funds were crucial to Greensill's business of extending financing to blue-chip clients including AstraZeneca PLC and Ford Motor Co. The funds also contained notes tied to Greensill's lesser-known customers, including small startup businesses and companies that are considered higher-risk borrowers. The Wall Street Journal reported Monday that Greensill had hired restructuring advisers and could file for insolvency, the U.K. equivalent of bankruptcy, within days, a move that was sparked by the closure of the funds. In Germany, financial regulator BaFin in recent weeks appointed a special representative to oversee day-to-day operations of Greensill's Bremen-based banking unit, according to people familiar with Greensill. A Greensill spokesperson said BaFin's audit of Greensill Bank started last fall and 'has specifically not revealed any malfeasance at the bank.' Greensill acquired the small German bank in 2014 for around $20 million. In 2019, Greensill used the bulk of an $800 million investment from Softbank's Vision Fund to recapitalize the German lender, boosting its capital buffers. It used the bank to fund its supply chainfinance deals until it sold them off to the investment funds. 'The bank is as much as anything a warehouse that provides us with the ability to manage the liquidity requirements of our business,' Mr. Greensill said in an interview at that time. Given its relative size, Greensill is unlikely to cause widespread disruption in the financial world, though it could cause problems for its customers as they look for alternative forms of short-term financing. Greensill reported $420 million in revenue in 2019. Greensill said it generated more than $140 billion in financing last year. Some of that total counts short-term financing deals with companies that get renewed multiple times a year. The banking subsidiary in Germany at the end of 2019 had ???3.8 billion in assets, currently equivalent to about $4.5 billion, according to Scope Ratings. It had ???3.3 billion in deposits, much of which fall under Germany's generous deposit insurance programs. In the case of Credit Suisse, a key factor driving the fund closures was the decision in recent days by a credit insurance provider not to backstop new Greensill assets, Mr. Greensill told employees on the conference call Tuesday. On Monday, a judge in the Supreme Court of New South Wales Australia rejected a suit brought by Greensill in February to demand its credit insurers maintain coverage on $4.6 billion of assets related to around 40 clients. The insurers included BCC Trade Credit Pty Ltd., which is a unit of Tokio Marine Holdings Inc., and Insurance Australia Group Ltd. The judge's ruling said that the insurers informed Greensill in September that they would drop coverage as of this month. Credit insurance protects investors from losses and gives extra comfort in deals related to the types of less established or unrated companies on Greensill's client list. Last year, several Greensill clients ran into financial difficulties. They included NMC Health PLC, U.K.-based rent-to-own business BrightHouse Ltd. and Singapore commodities trader Agritrade Resources Ltd. All three filed for restructuring. A Greensill spokesman said in October that credit insurance was in place for each of these companies. Credit Suisse's relationship with Greensill also includes a loan the Swiss bank made last fall, according to people familiar with the matter. The loan, which one of the people said is worth $140 million, remains outstanding and was meant as a bridge to help Greensill while it was trying to raise fresh equity, the people said. The existence of the loan and the move by the German regulator were first reported by the Financial Times. Credit Suisse froze its funds Monday because of difficulties ascertaining accurate valuations of some assets created by Greensill. The Journal reported Sunday that Credit Suisse had grown concerned about the funds' exposure to a single client, U.K. steel magnate Sanjeev Gupta. GAM on Monday said it had no exposure to businesses affiliated with Mr. Gupta. In July 2018, GAM froze a $12 billion fund after an internal whistleblower raised concerns about how the fund valued the Greensill assets at the time. These included hundreds of millions of dollars of illiquid assets tied to Mr. Gupta's businesses. The German regulator,BaFin, began examining ties between Mr. Gupta's businesses and Greensill's German banking unit last year, according to a person familiar with the probe. The German regulator was concerned that Greensill Bank had too much exposure to Mr. Gupta's businesses. In the talks with Apollo, one plan is to sell the good parts of Greensill, including performing assets and the core operating business, according to people familiar with the talks. The rest of Greensill, including riskier loans to Mr. Gupta's companies and supply-chain financing deals Greensill did with other SoftBank Vision Fund companies, would be dealt with separately.",AFTER
286"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Daily Debrief: What Happened Today. If the article mentions that Agritrade International has defaulted recently, respond with 'AFTER'. If the article mentions that Agritrade International will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Agritrade International is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Agritrade International is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Agritrade International has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Agritrade International. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Stories you might have missed Singapore exports down 20.6% in December in third straight month of contraction SINGAPORE'S non-oil domestic exports (NODX) contracted again in December, dragged by declines in non-electronic shipments and declining deliveries to most of the Republic's top 10 key markets, data from Enterprise Singapore (EnterpriseSG) showed on Tuesday (Jan 17). Tourism receipts total S$13.8b-S$14.3b in 2022; higher forecasts for 2023: STB SINGAPORE tourism receipts reached an estimated S$13.8 billion to S$14.3 billion in 2022, about half of the 2019 pre-pandemic level, based on preliminary figures, the Singapore Tourism Board (STB) said at their year-in-review on Tuesday (Jan 17). South-east Asia food delivery GMV growth in 2022 slows to 5%: report THE total gross merchandise value (GMV) of South-east Asia's food delivery platforms in 2022 grew a muted 5 per cent to US$16.3 billion after supercharged growth from the pandemic, according to the Food Delivery Platforms in South-east Asia report by venture builder Momentum Works. Kitchen Culture, ex-CEO drop legal proceedings, agree to settle KITCHEN Culture and its former chief executive Lim Wee Li have discontinued their respective legal proceedings against each other after agreeing to a settlement. Meyer Park en bloc sale relaunched at lower S$390m reserve price FREEHOLD sea-fronting Meyer Park has been relaunched for collective sale at a lower reserve price of S$390 million after its two previous attempts closed without a sale. Former Agritrade CFO gets 20 years jail for defrauding banks involving US$586 million in loans LIM BENG KIM, a former chief financial officer of commodities firm Agritrade International, was sentenced to 20 years jail for defrauding over a dozen banks and causing almost US$500 million in losses. The STI today Singapore stocks slide in line with most Asian bourses SINGAPORE shares slid in line with the declines recorded at most Asian bourses on Tuesday (Jan 17), amid reports of the Republic's December exports having experienced their steepest decline in a decade.",AFTER
287"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled ""Hidden"" defaults set to soar as recession squeezes companies. If the article mentions that Asia Aluminum Holdings Ltd has defaulted recently, respond with 'AFTER'. If the article mentions that Asia Aluminum Holdings Ltd will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Asia Aluminum Holdings Ltd is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Asia Aluminum Holdings Ltd is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Asia Aluminum Holdings Ltd has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Asia Aluminum Holdings Ltd. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","THE worst recession since the Great Depression is prompting indebted companies to default, and increasingly more will do so in a way that's harder for investors to detect. Rating firms predict that more companies will pursue distressed debt exchanges, in which they try to overcome liquidity problems by swapping debt or buying it back at steep discounts. Such moves are less stark than missed payments and can fly under the radar for the general investing public, but often result in losses for creditors and are usually counted as defaults by rating companies. Moody's Investors Service forecasts an increase in the overall number of distressed exchanges amid the economic downturn stemming from the coronavirus pandemic and low oil prices. Fitch Ratings said the ""price dislocation"" in high-yield bond markets could lead to a surge in the practice. There have already been a handful of them this year, including Indonesian coal firm Geo Energy Resources Ltd and Chinese business park developer Yida China Holdings Ltd. ""Distressed exchanges often are just 'bandages' and the firm eventually goes bankrupt,"" said Edward Altman, a professor emeritus at New York University's Stern School of Business and director of credit and debt market research at the NYU Salomon Center. Altman, who developed a widely used method called the Z-score for predicting business failures, estimates that up to 40 per cent of distressed exchanges end in bankruptcy within three years. Winners, Losers The Covid-19 outbreak and unprecedented lockdowns prompted the International Monetary Fund to predict that the ""Great Lockdown"" recession would be the steepest in almost a century. If history is any guide, that means there will be a surge in distressed exchanges. There was a spike in such practices during the global financial crisis, and cases have remained high in recent years as borrowers struggled under debt they had piled on in a decade of cheap money. Distressed exchanges as a share of total defaults rose from around 10 per cent in the years before 2008 to roughly 40 per cent subsequently, according to Moody's in March. In the practice, borrowers offer creditors new or restructured debt securities in exchange for the ones they hold. Companies can also offer cash to buy back notes at a substantial discount to the principal. In sum, the packages amount to less than what the firms originally owed. Distressed exchanges can be acrimonious at times, as was the case for Chinese firm Asia Aluminum Holdings Ltd, where bondholders formed a group to oppose a buyback proposal in 2009, as they felt it was too low. The company eventually cancelled the bond buyback and liquidators were appointed. Investors may agree to distressed exchanges for a variety of reasons: they might believe the borrower just needs time to turn things around, or they may feel they would lose more if the company were immediately pushed into liquidation. In some instances, investors even initiate the discussion with the company to buy back bonds as they are keen to liquidate their holdings and can't find other buyers, according to Xavier Jean, senior director for corporate ratings at S&P Global Ratings. While the exchange price may be higher than the current market price, it is important for investors to look beyond short-term mark-to-market gains as they don't get their principal back, according to Raymond Chia, head of credit research for Asia-excluding Japan at Schroder Investment Management. The winner in distressed exchanges is ""always the company"" and the loser is the investor, he said.",AFTER
288"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled AirAsia X shares fall 9.5% on rights issue plan. If the article mentions that AirAsia has defaulted recently, respond with 'AFTER'. If the article mentions that AirAsia will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. AirAsia is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. AirAsia is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. AirAsia has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of AirAsia. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Shares in AirAsia's long-haul unit fell as much as 9.5 per cent on Tuesday in response to a RM500m ($123m) rights and share issuance plan as the struggling Malaysian carrier tries to win creditor backing for a proposed debt restructuring. The tumble in AirAsia X's stock came after the airline on Monday night proposed a rights issue of up to RM300m and an issuance of new shares via a special purpose vehicle of up to RM200m. The company said the plan was a 'critical component' of the RM63.5bn debt restructuring that is a last-ditch attempt to save its business. But the arrangement is subject to the approval of the Malaysian bourse and AirAsia X shareholders at an upcoming extraordinary general meeting. AirAsia X's deputy chairman said in October that the carrier had run out of money and was liquidating its Indonesia business as well as writing down its 49 per cent stake in Thai AirAsia X. That same month the airline, whose shares have fallen 39 per cent this year, warned of 'an imminent default of contractual commitments [that] will precipitate a potential liquidation of the airline' barring restructuring. The alternative to the [debt restructuring] scheme is a liquidation of the airline without any returns to creditors AirAsia group's Japanese unit has filed for bankruptcy and it is reviewing its investment in India. On Monday, AirAsia X also said it was seeking to further shrink its issued share capital by 99.9 per cent in response to 'representations made by certain creditors'. It had previously proposed a reduction by 90 per cent. Paul Yong, an equity analyst at DBS, said Tuesday's share price drop was not surprising because of the dilution effect of a rights issue. But longer term, 'a lot will depend on the ability to actually raise the amount they want to raise,' he added. AirAsia X, which was founded by Malaysian tycoon Tony Fernandes and has been in operation for 13 years, has encountered resistance as it tries to secure creditors' support for the debt restructuring. 'Several lessors have intervened in the restructuring proceedings to register their objections to the scheme,' AirAsia X said. The carrier added that it would continue engaging with creditors to ease concerns, adding: 'The alternative to the scheme is a liquidation of the airline without any returns to creditors'. One AirAsia X creditor, who did not wish to be identified, told the Financial Times last month that it objected the debt restructuring plan: 'We suspect we may have to make some judgment call and take impairments on receivables in the current year. That will diminish our exposure. It seems pretty terminal.' The latest fundraising would finance working capital requirements including staff salaries and aircraft activation costs for 24 months, according to a stock exchange filing. The global airline industry has been pummelled by the coronavirus pandemic, with border controls and travel restrictions all but wiping out passenger traffic. The crisis has also forced the AirAsia group to seek financial support from the Malaysian government for the first time. In July, AirAsia's auditor warned of 'significant doubt' about whether it could continue as a going concern.",AFTER
289"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled China Properties defaults on notes worth $226 million. If the article mentions that China Properties Group Ltd has defaulted recently, respond with 'AFTER'. If the article mentions that China Properties Group Ltd will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. China Properties Group Ltd is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. China Properties Group Ltd is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. China Properties Group Ltd has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of China Properties Group Ltd. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Oct 15 (Reuters) - China Properties Group Ltd said on Friday it had defaulted on notes worth $226 million, failing to make the payment by the maturity date. The property developer said the senior notes matured on Oct. 15 and they will be delisted from foreign bourses.",AFTER
290"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Evergrande debt woes are manageable, China central bank official says. If the article mentions that China Properties Group Ltd has defaulted recently, respond with 'AFTER'. If the article mentions that China Properties Group Ltd will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. China Properties Group Ltd is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. China Properties Group Ltd is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. China Properties Group Ltd has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of China Properties Group Ltd. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","SHANGHAI, Oct 15 (Reuters) - The spillover effect of China Evergrande Group's debt problems on the banking system is controllable, a central bank official said on Friday, in rare official comments on a liquidity crisis at China's No. 2 developer that has roiled global markets. Chinese authorities are urging Evergrande to step up asset disposals and the resumption of projects, Zou Lan, head of financial markets at the People's Bank of China (PBOC), told a briefing, adding that individual financial institutions did not have highly concentrated exposure to Evergrande. read more ""In recent years, this company did not operate and manage itself well. It failed to conduct prudent operations according to changing market conditions, and it blindly diversified and expanded its business,"" Zou told the briefing in Beijing. Chinese officials and state media have been largely silent on the crisis at Evergrande, which has missed a series of bond interest payments and has $300 billion in debt, making it the world's most indebted developer. Zou also said property firms that have issued bonds overseas should actively fulfil their debt repayment obligations. Evergrande has left its offshore investors in the dark about repayment plans after already missing three rounds of interest payments on its dollar bonds. Zou's comments came as sources told Reuters that Evergrande (3333.HK) CEO Xia Haijun was holding talks in Hong Kong with investment banks and creditors over a possible restructuring and asset sales. read more Xia had been in Hong Kong for more than two months, several sources told Reuters. Xia needed to communicate with foreign banks on loan extensions and repayments, one of the sources said. Joining a list of property developers reeling from the debt crisis, China Properties Group Ltd (1838.HK) said on Friday it had defaulted on notes worth $226 million. Another Chinese developer, Xinyuan Real Estate Co's (XIN.N), avoided a default on a maturing dollar bond on Friday, saying in a Singapore Exchange filing that bondholders had agreed to an offer to accept new bonds and cash in exchange for maturing notes. read more Xinyuan said that holders of more than 90% of the company's $229 million notes due Oct. 15 had agreed to the exchange, which would see it deliver new bonds worth $205.4 million and $19.1 million cash. Xinyuan's 14.5% September 2023 bond crashed nearly 30% on Friday to trade at 58.35 cents, according to data provider Duration Finance. The agreement follows warnings from other developers that they could default on their bonds, while still others have taken steps to delay payments in the wake of Evergrande's troubles. Evergrande, with 1,300 real estate projects in more than 280 cities, missed a third round of interest payments on its international bonds this week. However, in a separate statement filed to the Shenzhen Stock Exchange, Evergrande said it would pay interest coming due on Oct. 19 on a yuan-denominated bond it issued in 2020. At the Friday briefing, Zou said Evergrande should step up asset disposals and the resumption of project building, for which authorities will provide financing support. Some lenders have had 'misunderstandings"" about the central bank's debt control policies, causing financial strains for some developers, as some new projects were unable to get loans even after repaying existing loans, Zou said. ""This short-term extreme reaction is a normal market phenomenon,' he said. Chinese developers face more than $500 million in coupon payments on their high-yield bonds before the end of this month. Refinitiv data show coupon payments by Kaisa Group Holdings (1638.HK) and Fantasia Holdings (1777.HK) are due this weekend. read more ""In some cities, the property prices surged too fast, causing the approval and issuance of personal mortgages to be restrained,"" Zou said, referring to the first nine months of this year. ""Once housing prices stabilise, the supply and demand of mortgages in those cities will be normalized too,"" he said. Still, Evergrande suffered fresh setbacks on Friday with sources telling Reuters that Chinese state-owned Yuexiu Property (0123.HK) pulled out of a proposed $1.7 billion deal to buy the company's Hong Kong headquarters building over worries about the developer's dire financial situation. read more Evergrande has been scrambling to divest some assets to repay creditors knocking on its doors and the collapse of the talks shows the difficulties it is facing. Adding to its woes, Hong Kong's audit regulator said on Friday it was investigating Evergrande's 2020 accounts and their audit by PwC because it had concerns about the adequacy of reporting on whether it could continue operating as a going concern. read more Evergrande bonds fell following the Reuters report. The company's 8.75% June 2025 bonds slumped more than 6% to trade at a discount of more than 80% from its face value, according to data provider Duration Finance. Apart from Xinyuan, Duration Finance data showed other developers' bonds deepening their rout. Sinic Holdings Group's 10.5% June 2022 bond dived more than 20% to just 12.25 cents, and Ronshine China Holdings' February 2022 bond fell more than 6% to 68.35 cents. Moody's downgraded Risesun Real Estate Development Co Ltd (002146.SZ) to B1/B2, with a negative outlook. Spreads on Chinese high-yield corporate dollar bonds (.MERACYC) touched a fresh record late Thursday evening U.S. time, having nearly tripled since late May, while investment-grade spreads remained near their widest in more than two months (.MERACCG). Worries of contagion have also hit property developers' shares this week. On Friday, an index tracking A-shares in the sector (.CSI000952) gave up small gains to end down 0.1%, lagging a 0.38% gain in the blue-chip index (.CSI300) and taking losses since Tuesday to 4.5%. China has been ramping up property market curbs since late 2020, introducing new measures to closely monitor and control developers' debt levels. But with economic growth cooling and new construction starts slowing, speculation has been rife over whether it will start relaxing those restrictions, as was the case during previous downturns.",AFTER
291"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Evergrande contagion may be nearing its peak. If the article mentions that China Properties has defaulted recently, respond with 'AFTER'. If the article mentions that China Properties will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. China Properties is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. China Properties is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. China Properties has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of China Properties. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","HONG KONG, Oct 18 (Reuters Breakingviews) - China Evergrande (3333.HK) boss Hui Ka Yan has just had yet another of his bubbles burst. Last year he suggested in a leaked letter that his property-developing empire was too big to fail. On Friday, though, the country's central bank decided the beleaguered company is a bad apple in an otherwise ""healthy"" industry. That's too generous, but the regulator is right that the chance of a domestic systemic financial crisis is falling. The message read more from Zou Lan, a senior official at the People's Bank of China is clear for investors: The government is keeping its hands off. Despite urging faster asset disposal to deliver unfinished apartments , Zou defined Evergrande's mistakes as purely operational and dismissed Hui's creditors as ""relatively dispersed"". That probably came as the result of stress tests that the central bank has been quietly conducting with banks and other financial institutions. Evergrande will, though, cause more pain. Hui is already struggling to offload office buildings read more and other assets without a big haircut. And defaults have started to snowball across the industry. On Friday China Properties joined a dozen others that have defaulted on over 47 billion yuan ($7.3 billion) of bonds this year, per an estimate from CRIC, a Chinese property consultancy. S&P Global last week downgraded two of the bigger players, Greenland (600606.SS) and E-house Enterprise (2048.HK). But for more sanguine players like Longfor (0960.HK), which remains clear of the debt red lines but whose stock has fallen 24% this year, the risk of becoming collateral damage is much lower. Overly tightened credit policies will probably be corrected on the margin, too, as Zou criticised some lenders for misunderstanding the central bank's debt control policies. Smaller, more vulnerable developers remain the weak link. The analogy Zou drew to the shock default of Yongcheng Coal last year and interbank market panic following the Baoshang Bank takeover in 2019 suggests Beijing is willing to stomach some pain for proper deterrence. Chinese property firms have 1.28 trillion yuan of debt due this year, and total bond issuance was 21% lower in the first eight months of the year, according to Beike Research Institute. The relative resilience of the majority of the industry, though, suggests the light at the end of the tunnel is drawing nearer. Follow @ywchen1 on Twitter CONTEXT NEWS - China Evergrande's problems are isolated and not representative of the country's broader real estate industry, Zou Lan, head of financial markets at the People's Bank of China, said at a briefing on Oct. 15. Most companies in the sector are operating steadily and have good financials, he argued. Zou also said that the risk of Evergrande's debt problems spilling over to the financial sector is controllable, as its financial liabilities are less than one-third of total liabilities and each of its many creditors' exposure is limited. - 'Relevant departments' and local governments are carrying out 'de-risking' work at Evergrande based on market-driven principles in accordance with the law, urging it to step up asset disposal efforts, restart project constructions, and safeguard the legitimate rights and interests of home buyers, Zou said. - Some lenders have had 'misunderstandings"" about the central bank's debt control policies, causing financial strains for some developers, Zou said. - Chinese state-owned property developer Yuexiu has pulled out of a proposed $1.7 billion deal to buy Evergrande's Hong Kong headquarters over worries that Evergrande's unresolved indebtedness would create complications in completing the transaction smoothly, Reuters reported on Oct. 15 citing sources. ($1 = 6.4364 Chinese yuan renminbi) BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.",AFTER
292"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Chinese Property Slump Extends into September. If the article mentions that China Properties Group has defaulted recently, respond with 'AFTER'. If the article mentions that China Properties Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. China Properties Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. China Properties Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. China Properties Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of China Properties Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","China's giant housing market slowed substantially in September, official data showed, as the country's debt-saddled developers cut spending and demand from home buyers waned. Monday's data builds on recent reports from individual real-estate companies showing punishing drops in sales. It also underscores how property-market weakness, already evident in lackluster August figures, hasn't abated as the industry enters what is traditionally a much stronger period for home sales. Investments made by property developers fell 3.5% in September compared with last year, according to data released by China's National Bureau of Statistics on Monday. It was the first time property investment had fallen year-over-year after growing quickly since the beginning of the coronavirus pandemic. Home sales by value fell 16.9% in September from a year earlier, while the floor area of new construction projects that were started in the month fell 13.5%. Both measures had already dropped sharply year-over-year in August, falling 19.7% and 17%, respectively. The data paint a bleak picture for China's property market and the many developers that had banked on strong housing sales to help pay off large amounts of borrowings. Global investors have turned bearish on the prospects of Chinese real-estate developers, sending their dollar bond prices to deeply distressed levels. The yield on an ICE BofA index of high-yield bonds from Chinese companies climbed above 23% last week, its highest in more than a decade. 'It's become a lot harder for developers to access financing...at affordable rates, so that's probably going to result in a further pullback in housing starts going forward,' said Julian Evans-Pritchard, senior China economist at Capital Economics. 'I think policy makers are willing to take measures to support housing demand but they're less willing to take measures to support developer-borrowing.' A string of property developers'starting with industry giant China Evergrande Group 'have missed payments on their dollar bonds over the past month, and defaults are rising. Late last week, a smaller developer, China Properties Group Ltd., said it had defaulted on $226 million in three-year notes that matured on Oct. 15. A few days earlier, Sinic Holdings, another Hong Kong-listed Chinese developer, warned it was likely to default on bonds that mature on Oct. 18, after earlier falling behind on some other obligations. Overall, data showed Monday that China's economy grew 4.9% in the third quarter from a year earlier, slowing sharply from the previous quarter's 7.9% growth rate, as power shortages and supply-chain problems added to the impact from Beijing's efforts to rein in the real estate and technology sectors. 'Today's set of data reconfirmed our view that the property slowdown is one of the main drivers of the current China economic slowdown, on the back of financial tightening and property tightening,' said Mo Ji, chief China economist at Fidelity International. 'Chinese policy makers are striking a delicate balance between growth goals and reform goals,' she said, describing the country's housing costs as the government's biggest challenge, next to those of education and healthcare, in its drive to reduce income inequality.",AFTER
293"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Evergrande makes coupon payment before Friday deadline -sources. If the article mentions that China Properties Group Ltd has defaulted recently, respond with 'AFTER'. If the article mentions that China Properties Group Ltd will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. China Properties Group Ltd is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. China Properties Group Ltd is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. China Properties Group Ltd has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of China Properties Group Ltd. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","HONG KONG, Oct 29 (Reuters) - Developer China Evergrande Group has made an interest payment for an offshore bond before a grace period expired on Friday, two people with direct knowledge of the matter said, narrowly averting a catastrophic default for the second time in a week. Evergrande (3333.HK), once China's top-selling developer, is reeling under more than $300 billion in liabilities, fuelling worries about the impact of its fate on the world's second-largest economy as well as on global markets. read more The property developer, which staved off a default last week by securing $83.5 million for the last-minute payment of interest on a bond, needed to make $47.5 million in coupon payments to bondholders by Friday. A failure to pay by the Friday deadline would have triggered cross-defaults on all of the company's $19 billion worth of bonds in international capital markets, in what would have been the world's second-largest emerging market corporate debt default. Evergrande did not respond to Reuters' request for comment. The people declined to be identified due to the sensitivity of the matter. Reuters was not able to determine the source of the funds used to make the interest payments. Bloomberg News reported earlier this week that Chinese authorities had urged Evergrande's founder, Hui Ka Yan, to pay the developer's debts out of his personal wealth. Shares of Evergrande gave up early gains to fall about 0.8% by late morning on Friday, versus a 0.3% decline in the Hang Seng Index (.HSI). The Hang Seng Mainland Properties Index (.HSMPI) fell about 0.9%, while an index of developers' mainland A-shares (.CSI000952) dropped 3.6%. Prices of the developer's bonds jumped higher on Friday, with its 11.5% January 2023 bond surging more than 9%, and its 12% January 2024 bond up nearly 8% on the day, data from Duration Finance showed. That still left them trading at discounts of more than 75% from their face value, with the 2023 bond yielding nearly 190%. One bondholder said he maintained a negative outlook for the developer despite it making the coupon payment. ""I only think they are buying time at this point,"" the bondholder said. Evergrande missed coupon payments totalling nearly $280 million on its dollar bonds on Sept. 23, Sept. 29 and Oct. 11, beginning 30-day grace periods for each. It still has nearly $338 million in other offshore coupon payments coming due in November and December. The New York Times earlier reported that the developer made an interest payment, citing a person speaking on condition of anonymity. ""Evergrande has tried its best to solve liquidity problems, but it's a little bit difficult to gather enough capital to pay all the debt,"" said Cliff Zhao, chief strategist at China Construction Bank International in Hong Kong. ""I think there (will) be some negotiations between Evergrande and its lenders, so some sort of haircut is still possible. The market still needs some time to digest and to price this in."" DEBT CRISIS Evergrande's woes have snowballed for months and its dwindling resources set against its vast liabilities have wiped out 80% of its value, leading some analysts to consider default at some point inevitable. read more Even as Evergrande secures funds to make payments, other Chinese developers whose fortunes have been hit by market concerns over Evergrande's debt crisis have slid into formal default. Fantasia Holdings Group Co Ltd (1777.HK), Sinic Holdings (Group) Co Ltd (2103.HK), China Properties Group Ltd (1838.HK) and Modern Land (China) Co Ltd (1107.HK) have all defaulted on dollar debt obligations this month. Other developers with significant dollar debt have proposed extending offshore bond maturities or undertaking debt restructuring in a meeting with regulators, sources have said. read more In a meeting with developers this week, China's National Development and Reform Commission (NDRC) and the State Administration for Foreign Exchange told developers facing large offshore debt maturities to evaluate repayment risk and report difficulties. The NDRC also implored developers to meet offshore debt obligations, and maintain their reputations and market order. read more ""Selective defaults in the offshore market are emphatically not acceptable for the authorities, and the NDRC clarification this week should reassure offshore investors that they will be treated fairly alongside onshore investors,"" DBS strategist Wei Liang Chang said in a client note. Even developers who have not defaulted have seen their share and bond prices walloped. On Friday, Chinese Estates Holdings Ltd (0127.HK) said it would book an aggregate loss of HK$1.36 billion in the current fiscal year from the sale of all of its bonds issued by peer Kaisa Group Holdings Ltd (1638.HK). Concerns over the systemic impact of a default by Evergrande have widened spreads on Chinese high-yield dollar debt (.MERACYC) to record levels as investors demand higher risk premiums. Investor worries have also kept the cost of insuring against default on China's sovereign debt elevated. That cost earlier this month touched its highest level since the height of the pandemic in 2020. Founded in Guangzhou in 1996, Evergrande epitomised a freewheeling era of borrowing and building. But that business model has been scuttled by hundreds of new rules designed to curb developers' debt frenzy and promote affordable housing. Any prospect of Evergrande's demise raises questions over the fate of more than 1,300 real estate projects it has ongoing in some 280 cities. Bank exposure to developers is also extensive. A leaked 2020 document, branded fake by Evergrande but taken seriously by analysts, showed the developer's liabilities extended to more than 128 banks and over 121 non-banking institutions.",AFTER
294"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Evergrande Averts Default Again by Making Second Late Payment. If the article mentions that China Properties Group has defaulted recently, respond with 'AFTER'. If the article mentions that China Properties Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. China Properties Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. China Properties Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. China Properties Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of China Properties Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","China Evergrande Group EGRNF -3.23% avoided default for a second time by making an overdue interest payment on dollar bonds shortly before the end of a 30-day grace period, people familiar with the matter said. Evergrande, one of China's largest real-estate developers, made a coupon payment that was originally due on Sept. 29, the people said. Evergrande was on the hook to pay about $45 million of interest on $951 million of bonds, which have a 9.5% coupon and mature in 2024, according to CreditSights research. Last week, Evergrande unexpectedly made a $83.5 million payment on another set of dollar bonds. By making these last-minute payments, Evergrande is buying time to organize its finances and negotiate with creditors. If it had let either grace period run out, that would likely have spiraled into the biggest corporate default in Asia, by enabling creditors to declare defaults on some of Evergrande's other debts. Evergrande is China's most indebted developer, with the equivalent of more than $300 billion in total liabilities as of the end of June, including some $89 billion in interest-bearing debt. China's developers enjoyed years of rapid, debt-fueled growth, in the process running up obligations of more than $5 trillion. But many are now buckling as new home sales slow and regulators restrict their access to credit. Evergrande's crisis and a string of defaults by smaller developers, such as China Properties Group Ltd., Fantasia Holdings Group Co., Modern Land (China) Co. and Sinic Holdings (Group) Co., have hammered the prices of bonds issued by financially weaker players. That has sent bond yields, which move inversely to prices, soaring. The result is that developers are all but shut out of international bond markets'further increasing default risks, as many have hefty short-term refinancing needs. Some firms have been able to raise funds through asset sales. On Friday, Sunac China Holdings Ltd. said it sold about $554 million worth of shares in KE Holdings Inc., the U.S.-listed Chinese online real-estate brokerage firm. Sunac said it would use the proceeds from the sales, conducted between June and late October, for general working capital. For its part, Evergrande has been trying to raise cash through sales of shareholdings and an office block in Hong Kong. It sold part of its holding in a Chinese bank, but last week called off a $2.6 billion deal to sell a majority stake in its Evergrande Property Services Group Ltd. subsidiary. Evergrande's $4.7 billion of 8.75% bonds due 2025'its largest outstanding international debt issue'were bid at 22.75 cents on the dollar by late Friday morning in Hong Kong, according to Tradeweb. That price indicates deep skepticism among investors that they will be repaid in full, though it is modestly higher than a low point reached earlier this month, when the bonds hit a closing low of 19.25 cents.",AFTER
295"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Chinese Property Developer Kaisa Proposes $400 Million Debt Swap. If the article mentions that China Properties Group has defaulted recently, respond with 'AFTER'. If the article mentions that China Properties Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. China Properties Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. China Properties Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. China Properties Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of China Properties Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Kaisa Group Holdings Ltd., which in 2015 became one of the first Chinese developers to default abroad, warned it risked reneging on its international debts again unless creditors agreed to a $400 million bond swap. The Shenzhen-based company is one of the sector's biggest offshore borrowers after China Evergrande Group, EGRNF -3.82% with about $10.9 billion of dollar bonds outstanding as of end-June. Government efforts to control developers' mounting debts, falling home sales and the crisis at Evergrande have shaken investor confidence. That has pushed down bond prices and effectively shut the market for new offshore debt issuance, making it even harder for property companies to raise the cash they need to repay coming debts. 'Persistent tightening governmental policy, multiple credit events and deteriorating consumer sentiment have resulted in temporary shut-down of various refinancing venues for the sector and put enormous pressure on our short-term liquidity,' Kaisa said Thursday. Kaisa is seeking to swap $400 million of notes due Dec. 7 for new bonds paying the same annual 6.5% coupon, which will mature in June 2023. Investors will get $25 in cash for every $1,000 in face value of notes they exchange. If it can't conclude the exchange, Kaisa warned it may not be able to repay the bonds at maturity on Dec. 7, and said it could consider an 'alternative debt restructuring exercise.' The Hong Kong-listed developer said it was already in a 30-day grace period for more than $88 million of coupon payments due earlier this month, which it hadn't paid on time. It didn't specify whether there was any such grace period for repayment of principal on its maturing bonds. In a separate filing late Wednesday, Kaisa said it had implemented a repayment plan for about 1.1 billion yuan, the equivalent of about $172 million, of wealth products 'issued for and on behalf' of the company and its subsidiaries. Principal repayments will be staggered over the next 2 ?? years. It is still negotiating with holders of other wealth products, it added. Kaisa's shares, which had been halted since Nov. 5, resumed trading and jumped 18% by midafternoon Thursday in Hong Kong. A Kaisa bond due 2024 was bid at 33 cents on the dollar, according to Tradeweb. A string of developers have defaulted on dollar debt in recent months, including China Properties Group Ltd., Fantasia Holdings Group Co. , Modern Land (China) Co., and Sinic Holdings (Group) Co. Some others such as Yango Group Co. and Xinyuan Real Estate Co. have persuaded investors to exchange bonds for longer-dated debts. Rating firms often view such swaps as distressed debt exchanges, which they see as a form of default. Distressed exchanges typically help a company avoid a formal default while switching investors into less financially attractive securities. Kaisa's credit ratings have already been slashed to levels that indicate a high risk of default. S&P Global Ratings lowered Kaisa's credit rating to CCC- two weeks ago, saying the developer's liquidity and refinancing ability were deteriorating severely. Fitch Ratings and Moody's Investors Service have assigned Kaisa even lower ratings, of C and Ca, respectively. Kaisa said earlier this month that it plans to speed up asset disposals to meet investor obligations, adding that it would try to sell assets in Shenzhen, Shanghai and other places.",AFTER
296"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled The Quiet Death of a Notorious Harlem Drug Kingpin. If the article mentions that Times has defaulted recently, respond with 'AFTER'. If the article mentions that Times will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Times is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Times is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Times has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Times. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","I am not the guy you'd expect to know a 1970s heroin kingpin, but I knew Nicky Barnes pretty well. While the notorious Harlem drug trafficker died in 2012, the public only learned of his death this week via a report in the New York Times. When I met Nicky in 2004, he was in the U.S. Federal Witness Protection Program and going by the name Clayton 'Clay' Williams. I wanted to publish his memoir, but getting to him took more than a year of pestering the U.S. Marshals Service. Finally, with marshals monitoring the call, I was allowed to speak to him on the phone. Not long after that I went out to meet him in Minneapolis. A chiseled, compact man'a bantam rooster with a strut to match'Nicky was then 70. He still did push-ups and pull-ups to stay in shape, a habit he acquired at the federal penitentiary in Marion, Ill. He ate healthy food, drank only beer, had a car, and liked to go ice fishing. His girlfriend had no idea about his past life. Nicky was 44 when he was sent away, 48 when he decided to cooperate, and 66 when he finally walked out of prison a not-exactly-free man. He worked at Walmart, and it frustrated him. When it came to sales, distribution and product display, he felt he could do a much better job. He might have been right. But he was a damn good storyteller and had a lot of tales to tell. We started work on what would become his book, 'Mr. Untouchable: The Rise, Fall and Resurrection of Heroin's Teflon Don.' The first problem was the contract. It couldn't be with Nicky Barnes, because he no longer existed. It could be with Clayton Williams, but then it'd be too dangerous to keep the executed contract in our office. Lots of bad guys still wanted Nicky dead, and he no longer had federal protection. Contrary to what the Times has reported, by 2005 Nicky had left the Witness Protection Program. The U.S. Marshals cut him loose when he decided to publish a book. If anything surprised me about Nicky, it was the anger, decades later, that still ran hot regarding the betrayal by his prot??g??, Guy Fisher. Nicky dedicated 'Mr. Untouchable' to Mr. Fisher: 'You disrespected me. You betrayed me. See where that got you? I want you to read every word of my story. And when you finish the last page, I want you to look up, see where I put you and ask yourself, was it worth it?' Mr. Fisher is still serving out a life sentence on racketeering, drug and murder convictions based in part on Nicky's testimony. Nicky was a character out of Shakespeare. The man only wanted a family but ended up triggering a titanic and depraved tragedy. Nicky's childhood on the streets led him to crave the intimacy and trust of a family unit. So he tried to build one in the form of seven drug-dealing 'brothers' known as 'the Council,' which by the mid-1970s ruled much of the East Coast heroin trade. When Nicky learned these 'family' bonds were no more than a naive delusion, he retaliated against them all, putting dozens into prison, many for life. The book came out in 2007, and I last spoke to him in 2011. He wanted to know when someone would make a Hollywood movie about him. It bothered him that he'd been portrayed as a minor character in 'American Gangster,' the 2007 biopic starring Denzel Washington as Nicky's competitor Frank Lucas. Nicky must have died not long after our phone call. He said nothing of his cancer. I tried calling Nicky/Clay over the years, but his phone number was disconnected. I figured he might have finally made it to Arizona. He hated Minneapolis: 'Much too cold most of the year and almost everyone is white.' I figured if I really had to get in touch, I would go through the marshals again. It would be a chore, but I knew the drill. Back in the day, Nicky wasn't a 'good' guy, either personally or professionally. He required that all of his girlfriends learn to 'stand and hold.' This meant they had to learn to walk with his loaded pistol under their skirts so that the weapon wouldn't be found by the cops. A former heroin addict himself, Nicky knew the horrors of addiction but rationalized away any remorse for destroying tens of thousands of lives. Indeed, he relied on his addict's knowledge to make his product the best on the street. No matter how generous he was with people in Harlem'holiday turkeys and hospital bills'the money he spread around was taken from other members of the community who'd poisoned and killed themselves with his product. So why did his death attract so much attention? Supposedly, no minority makes it in America until they first make it in crime. In the 1970s, as blacks emerged as leaders in politics, society, and culture, Nicky Barnes did the same, only for African-American organized crime. Members of the Italian mafia'whose methods Nicky studied while in Greenhaven Prison alongside 'Crazy Joe' Gallo'became both rivals and partners. Only now, under Nicky, the nation's first black godfather dictated to them. With an unfinished grammar-school education, Nicky had few opportunities for legitimate business success. Instead, he played the hand he was dealt. If Nicky had grown up in a different place and at a different time, he'd likely have gone in an different direction as an entrepreneur. My guess is he'd have done OK. Mr. Stone is a book publisher and film producer.",NO
297"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Markets Now - Tuesday 4th August 2020. If the article mentions that Times has defaulted recently, respond with 'AFTER'. If the article mentions that Times will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Times is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Times is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Times has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Times. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Remember BP's last big pivot? The one where it rebranded around the slogan Beyond Petroleum to usher in a low carbon future? Well, here's the thing. Beyond Petroleum wasn't pitched in the first instance as an environmental manifesto. It was mostly about groceries. BP hosted the press conference for its July 2000 relaunch at a petrol station near Atlanta. The FT's report on the day describes how BP had made 'its most aggressive move yet into the broader retail sector with a global corporate makeover that includes a new logo and a revamped, high-technology approach to future service stations.' The NYT does a similar treatment packed with anachronistic detail ('customers using the Paris station, for example, will be able to find foie gras'), while the WSJ's reading is even more literal: BP Is Pushing: Beyond Petroleum --- Redesign Seeks to Boost Sales of Other Products --- New Filling Stations Feature Internet Kiosks and Gourmet Coffee Will BP Amoco PLC become the Starbucks or Virgin Airlines of gasoline retailing? That's the question on the minds of brand watchers as the U.K. energy giant rolls out a snazzy redesign of more than 23,000 of its filling stations world-wide today. Starbucks and Virgin redefined coffee and music stores by essentially branding the experience, not the product. Enter BP Amoco, now the largest gasoline retailer in the world with some 29,000 stations, which is making the boldest attempt yet by an oil company to try to steer the focus of the traditional filling station to everything but gasoline. Nearly all of the station changes are designed to pump up non-gasoline sales and get people inside the convenience store. ""The point is that BP, at its retail sites, will be selling . . . a lot more than gasoline,"" said Roddy Kennedy, a BP spokesman. Excitingly, the WSJ goes on to describe how Beyond Petroleum means BP 'will be the first major oil company to embrace the use of the Internet in its filling stations'. (Lord Browne was a non-exec at Intel between 1997 and 2006): Internet kiosks -- offered free of charge -- will allow motorists to get directions, weather and view headlines, though full Internet surfing won't be allowed. Customers can print out the map information or download it via transmitters to Palm Pilots. Outside, people can order sandwiches or drinks from color-touch screens on newly designed pumps with Internet connections. How much of BP's latest pivot will have the same relevance by 2025 as map transmitters for Palm Pilots had by 2005? Second-quarter results from BP this morning come with a long, bitty and quite ambitious list of goals that has the shape everyone expected (less from oil, more from renewables) but avoids being a prisoner to specifics. There's a tenfold increase in low-carbon investment by 2030, by which time oil and gas production will be down 40 per cent. There's no foie gras. A very short summary of the main points is provided by Jefferies: It will reduce oil and gas production by 1 mbd but increase renewable power capacity to 50 GW from 2 GW by 2030. Low carbon energy investment will increase by 10x to $5b/yr, but total capex including inorganic will be held to $14-16b/yr. BP is targeting $25b of divestiture proceeds by 2025 as it reshapes its portfolio. The rebased dividend of $0.0525/sh (50% cut) will be supplemented by share repurchases of at least 60% of surplus cash once net debt is reduced to $35b ($41b at 2Q) As is normal with oil majors, the consensus bore no relation whatsoever to BP's results. Upstream losses were narrower than expected, possibly, depending on where the preannounced exploration writeoffs are placed. Downstream profits were more than three times the forecast but Rosneft, corporate costs and tax were all worse. Debt's down because of BP's recent $12bn hybrid bond issue, which it's booking as equity. Headline numbers missed consensus by around 20 per cent both at an operating and net level if you look at adjusted income, which it seems most people haven't as the shares are up nearly 8 per cent. Barclays is positive, saying it enjoys a meaningful pivot to a dynamism scenario: The dividend cut at 50% was greater than the 30% we were anticipating, but it comes alongside a commitment to meaningfully pivot the company to a lower carbon future with the investment plans in this area more ambitious and the implied cashflow higher, quicker than the base case we out-lined in our report BP: Build Back Better (01/07/2020) and is much closer to our dynamism scenario. Given that the shares still offer a 6% dividend yield and our consistent view that financial markets will incentivise low carbon investments, the changes being made by BP should see the shares re-rate ' if they can deliver proof of concept. There are a lot of big numbers being presented today ' a doubling of customer interactions, a 50GW renewables ambition by 2030 and a 10% share of hydrogen in core markets. Proving that it can deliver profitable growth, rather than just setting an ambition for it will be the next key step for BP. We rate the stock Overweight with a 400p/sh price target. And JP Morgan Cazenove says that while it can't hope to forecast BP on a quarterly basis, its 2025 predictions were bang on: Following recent discussions with investors . . . we believe this announcement should be welcomed so long as the 'why' can be evidenced through a clear energy transition message that demonstrates the cash saving is being used to accelerate a shift to a lower carbon and more profitable energy business. Taken together with a robust Q2 (Adj. net loss $6.68bn, including $6.5bn of exploration write-offs) this should drive resilient share price performance today (stock is up 6% as we write) as investors look through a necessary 'clearing of the decks' ahead of the September CMD and focus on a transformed strategy to 2025 led by the new CEO Bernard Looney. BP remains our top pick in the sector and we reiterate our OW. 'OilCo' to 'NewCo' - Strategy: i) Hydrocarbon business to shrink and be high-graded/value focused. As outlined in our recent deepdive, BP has delivered a radical shift in core O&G strategy (leaner, lower capex intensity, value/FCF mandate). Upstream oil and gas production is expected to reduce from 2.6mboe/d in 2019 to around 1.5mboe/d (a far more significant cut vs JPMe 2.5mboe/d); and refining throughput is expected to fall from 1.7mb/d in 2019 to around 1.2mb/d (vs JPMe 1.4mb/d). In addition, BP will not seek further exploration in countries where it does not already have upstream activities (the company also highlights its stake in Rosneft as a fundamental part of BP's broader portfolio).ii) Shift underpinned by active portfolio management. Having completed the original target of $15bn of announced divestments a year early with the petchems sale to INEOS, BP is now targeting $25bn of divestment proceeds between 2H 2020 and 2025 (vs JPMe $23bn ' including INEOS/Alaska). iii) Low Carbon buildout. BP will increase low carbon investment to around $4bn by 2025 (8x the current $500m), and $5bn by 2030. This compares to a JPM estimate of $3bn by 2025. Net renewable generating capacity is expected to grow from 2.5GW in 2019 to c50GW by 2030, vs JPMe 40GW. iv) Net zero ambition includes... Emissions from operations 30-35% lower by 2030, carbon intensity of products BP sells lower by more than 15% by 2030 (in-line with JPMe). 'OilCo' to 'NewCo' - Fiscal frame: i) Cash return (DPS/buyback upside) and shareholder value. The quarterly dividend has been reset to (a JPMe) $5.25c/sh, with an intention this will remain fixed i.e. there won't be a progressive element. This is supplemented by buybacks equivalent to at least 60% of surplus cash flow contingent on net debt (including hybrids) going below $35bn while maintaining a strong investment grade credit rating. ii) Capex. BP expects to maintain annual net capex (organic + inorganic) in the range of $14-16bn to 2025; keeping within the lower end of the $13-15bn range until net debt has been reduced to $35bn ($40.9bn end 2Q20). This is broadly in-line with JPMe $15bn pa 2021-25, c$14bn pa 2026-30. iii) Returns/Breakeven. BP aims to reach a 12-14% ROACE by 2025 at $50-60//bbl 2020 real (2025 JPMe 12.3% at $60 Brent), and the company guides to a 2021-25 'balance point' of c$40 Brent (in-line with JPMe). Before leaving oils we should note that Andrew Garthwaite and his Credit Suisse strategy team are sellers of European energy in their latest portfolio rejig. Pharma too. Switch to utilities, they reckon. Here's page one: Macro: The key driver from here, in our view, is not PMIs (which have already had most of their recovery), but the euro (which we now think can rise to $1.25 by year-end, up from our previous expectation of $1.20), and the fall in the real cost of debt. Utilities are the most domestically-exposed sector, and the most leveraged, and thus stand to benefit most from both trends. By contrast, pharma is the biggest dollar earner and the oil price is dollar-denominated. Upgrade European utilities to overweight (a value sector with emerging growth): from benchmark, as: 1) the sector no longer looks disrupted. Renewables-focused names are now 50% of sector market cap (vs fossil fuels at 20%). Electric vehicles could boost electricity demand by 10%, and hydrogen could supplement gas. 2) Utilities are the clear winner in Europe from the 'E' of ESG. According to the IMF, CO2 prices need to rise to $75/tonne to achieve the Paris Climate Accord target, and the sector is now correlated positively with CO2 prices. Wind is now economic without subsidies against gas, and the IEA expects wind capacity to rise 20-fold by 2040. ESG continues to attract huge inflows. 3) Valuation: the FCF yield for renewables on maintenance capex is c11%. P/E relatives are at levels from which the sector historically has outperformed 80% of the time. CPI-linked utilities (e.g. UK water) should have re-rated more given the fall in index-linked bond yields. 4) Governments will spend more on renewables/utility infrastructure as the multiplier on GDP is up to 3x in a recession (i.e. an investment of $1 delivers an increase in GDP of $3). 5) Other macro factors: 50% of market cap is from peripheral Europe, and peripheral spreads remain controlled. Utilities might in the short term be a bit more cyclical (as CO2 emissions rise in an upturn and customer defaults fall), but offer more longer-term stability as they become less reliant on coal/gas to set the power price and the EU Emissions Scheme reduces excess CO2 by 24% a year. Outperform-rated exposure includes Enel, EDP (60% renewables) and E.ON. We are also overweight US utilities. Downgrade European pharma to underweight: i) The pharma sector outperforms if PMIs fall, but it is discounting a PMI of 45 (0% GDP growth) vs 56 currently; ii) pricing looks unsustainable (with branded drug prices in the US 50% above those in Europe when the US government now accounts for c45% of spend, and at a time of record fiscal deficits). President Trump's proposals (if implemented) could take 30% off EPS, according to our pharma team; iii) the last two times Democrats gained control of both the presidency and Congress, the pharma sector traded on 14% and 20% relative PE discounts (cf to 8% now) and stayed at low levels for 10-20 months. Currently, the probability of the Democrats winning control of the Senate stands at 63% (according to PredictIt); iv) the sector is more technically disrupted than many investors realise; and v) net consensus buy recommendations are at a 10-year high. Downgrade European energy to underweight: i) At $60pb, the FCF yield of the sector is 10.8%, below that of mining (15% on 2021 spot prices), utilities and half that of coal; ii) ESG and disruption (IEA believes that oil demand needs to fall c35% from pre-virus levels to meet Paris climate accord targets) means this sector ought to be cheaper. Renewables are just 9% of capex; iii) It is hard to see the oil price rising above its average of $64pb given US shale and OPEC 9Mbd of spare capacity; iv) the tactical drivers are problematic (oil has moved in line with ISM new orders, which is at its peak; positioning is mid-range and revenues are dollar-denominated). OMV is rated Underperform. Much further down the market, there's M&AAA. The ever-excellent Dom Walsh at the Times stood up a rumour doing the rounds last week that AA might return to private equity ownership in order to fix some of the problems created between 2004 and 2014 when it was under private equity ownership. A Centerbridge/TowerBrook Capital Partners consortium, as well as Platinum Equity Advisors and Warburg Pincus are all talking about possible cash offers for the 'entire issued and to be issued share capital', AA said this morning. The PUSU's September 1. The first thing to note is that they wouldn't need much upfront cash: a near 13 per cent gain at pixel gives AA a market cap of ??174m. The second, very important thing to note is AA's accompanying statement talking of a 'range of refinancing options including the possibility of raising new equity', because it 'requires a significant amount of new capital in order to reduce the Group's indebtedness and to fund future growth'. AA has ??2.65bn of net debt, ??913m of which falls due within the next two years, which is mostly at unflippable YTMs. Finding any value whatsoever in AA's equity is a real challenge and, while the inevitable refinancing might involve some form of take private, it's not usually in the nature of PE firms to throw scraps to stub shareholders unless there's no option. Here's Barclays: The AA could be run more effectively as a private company than a public company, we believe. Though the business has some attractive features to public markets (highly resilient, high margin, barriers to entry), its ability to de-lever is severely hindered by the size of its debt profile and FCF-to-equity is at risk of being eroded further by refinancing at higher rates. This cash constraint is in stark contrast to the CEO's ambitions to make the AA more relevant to all UK car drivers, rather than just B2C members. Any new owner of the AA would need to invest heavily in new avenues of growth for the business, in our view. The current capital structure prevents the AA from doing that in any meaningful way. It is difficult to comment on what PE could bid for the equity component. The equity is worth only c5% of the total EV, so it will come down to the specifics of what re-financing structure each party is prepared to accept and the level of new equity injected. The 40p price suggested by The Times is 60% higher than its last close price but implies a value of 8.2x FY21e EV/EBITDA, which is only 0.2x higher than the current 8x valuation. In the 6m prior to Covid-19 the shares traded between 45-60p and, from recent trading updates, it seems the impact on EBITDA this year should be minimal and the return to membership stabilisation / modest growth merely delayed by a year. Reprising its 2018 work, Barclays notes that the size of the cash call required to 'have a meaningful impact on leverage would be too restrictive' and 'make-whole payments on outstanding notes would transfer much of the funds raised to credit holders.' It estimates that for 2022 leverage to move from 7.1 to 4-5, AA needs between ??750m and ??1.1bn pre fees. That'd be nearly 4bn new shares, versus 634m outstanding. It also highlights make-whole charges including more than ??80m for paying off 2022 early: An equity raise under the current debt structure would offer little for existing shareholders, in our view. The AA could continue as it is; it probably could refinance the A & B notes, but it's limited FCFE could render it un-investable to most potential shareholders and its cash constraints would not be in the interest of any stakeholders. A substantial debt restructuring seems inevitable therefore and perhaps returning to private equity ownership is the AA's best remaining option. Over in France we had news late Monday that Natixis has said goodbye to CEO Fran??ois Riahi after only two years. He is replaced by Nicolas Namias of BPCE, the co-operative bank that's Natixis's majority shareholder. As per the FT overnight: Last month, the Financial Times reported that BPCE had explored the idea but the parent bank then denied that it intended to file a tender offer. Mr Riahi disagreed with the plan, say people familiar with his thinking, which was supported by Laurent Mignon, who heads BPCE. Mr Namias was very clear about this on this morning's post-results conference call. You can tell how clear he's being by the number of times he says 'clear': The facts are quite simple. I think that there were rumour in the press and less than two hours afterwards we released a press release which was very clear, stating that the group did not intend to file a draft tender offer on the shares. So actually just one rumour, and the position has been very clear. So the group position is clear. And my position is clear, my [job] with Natixis as CEO of Natixis is just to create value for all my shareholders. All of them. And that's my sole mandate. And therefore, I don't have to comment any rumours, and the group has answered very clearly to that rumours. A small point of inclarity involves whether BPCE had been planning to file a draft tender offer before the FT report forced a rethink. It would be interesting to know, for example, if BPCE had been in the later stages of putting together the buyout plan with advice from Rothschild, JPMorgan, the boutique bank d'Angelin & Co and corporate lawyers Darrois Villey Maillot Brochier. It'd be interesting also to know if Natixis had set up an internal strategy committee to examine a potential offer, then split off into a second adhoc committee to weigh up a price in the region of ???3.50 a share, having been approached formally by BPCE on the second Wednesday of July. These are all small points of inclarity, as we say, though perhaps they will become less small over the next six to nine months. Jefferies upgrades Natixis to 'buy': 2Q20 results ' the short view. The company reported a 2Q20 net loss of -???57m, in line with consensus of -???62m but below JEFe of +???97m. Versus consensus, revenues missed (3% below) but this was more than offset by better costs (5% better) while provisions were in line. By division, AWM was in line, but stronger AuM and stronger net inflows bode well for outlook. CIB missed on lower EQ revenues, while Insurance & Corporate Center beat. Payments were line. The CET1 ratio was 11.2% (consensus & JEFe 10.9%) and was even at 11.6% pro forma, per Natixis' calculation. Cost of risk guidance for FY20 was maintained. Activity was described as bouncing back across all businesses. 2021 targets are to be released with Q3 results on 5 Nov, with a new strategic plan to be unveiled in June '21. #1: The worst is over (2Q20 marks the trough). We think 2Q20 revenues mark the trough, with particularly weak revenues in Equities and Asset Management. We expect revenues to recover from here. We also think 2Q20 provisions mark the peak ' with Natixis guidance for provisions FY20 reiterated after an updated sensitivity analysis, we think the worst is over. Last, we think the 2Q20 capital ratio at 11.2% marks the trough and we expect a recovery from 3Q20 (on better earnings, lower Market RWA, mainly). #2: Mgmt change offers optionality. We expect the new CEO to tackle the profitability and risk profile issues of CIB (the main reasons for our cautious stance so far). Also, while it's not our base case, we cannot rule out further changes, including to group structure, with the CEO change. This could offer further optionality and upside risk to Natixis shares. #3: Dividend potential is attractive. We reflect in our forecasts the risk that there could be some M&A, capital destruction, or ECB limitations. With the Q2 capital beat, we increase our dividend forecasts. We expect a flat dividend per share of 33c for each of 2020-22E, corresponding to 16% yield per year, or a cumulative 48% of today's market cap. We expect the dividend ban to be removed by the ECB in January '21 (if no new crisis). We update our forecasts but leave 2021-22 EPS close to unchanged (-1% and +2%, respectively). Our 2021-22 forecasts are 17% and 10% above company-compiled consensus for 2021-22. Natixis is trading at 7.4x and 0.54x PTBV 2021E for 7.1% ROTE (our estimates). Elsewhere in sellside, BT's on a tear after Berenberg turns positive. ' Thinking one year ahead: Sentiment towards BT is on its knees, leading the share price to be the worst in the telecoms sector year-to-date. Looking one year ahead, BT will have just reported Q1 2021/22 results which should show revenue and EBITDA growth, including mid-single-digit growth in Openreach. With Openreach's capex/depreciation at c140%, its mean capital employed is growing (now ??14.1bn but should be higher in a year) and with an ability to earn returns above WACC, we believe delivering mid-single-digit growth will strengthen investor belief that Openreach's valuation could approach ??20bn, underpinning BT's valuation. BT's investment case should also de-risk in other ways over the next year - a pension agreement with similar payments to the current ??907m pa plan (with possible upside from an asset-backed contribution); Premier League rights should be renewed for less than the current ??325m pa; and 5G spectrum should be secured for less than ??1bn. BT trades on 2021/22E 5.8x P/E and a 7.9% dividend yield. Given where sentiment should recover to over the next year, that represents an opportunity, so we upgrade to Buy.' Pain is significant, but somewhat temporary: Returning to today, COVID-19 has hurt BT in four areas: 1) Openreach went further than other incumbents, ceasing in-home engineering work from March to May; 2) BT Sport suffered, due to event postponements and BT offering bill credits; 3) Enterprise's wholesale and SME segments form c12% of BT's revenue and are being hit by macro weakness; and 4) the pension deficit is sensitive to real gilt yields. However, the first two of these are temporary, with in-home engineering now resumed and sporting fixtures restarted.' Not our ""usual"" Buy: We have previously stated a preference for ""whatever weather winners"", without significant exposure to externalities. BT is not in this category. However, given its significant underperformance and scope for improved sentiment over the next year, we make an exception. Specifically, we recognise BT's exposure to real gilt yields and the risk from using Huawei as a supplier. On real gilt yields, the triennial pension review priced on 30 June, at which time we believe the deficit was c??9bn, meaning that near-term volatility is now less relevant, the next review not pricing until June 2023. On Huawei, the 5G risk is now known, given the recent government ruling, albeit the consultation on fixed networks remains.' Punished for investing: On the main multiples that telecom investors look at, capex is only viewed as a ""bad"" thing, ignoring the potential for good IRR projects. On these, BT trades broadly in line, on 2021/22E 15x EV/OpFCF and 5.9% normalised EFCF yield (the sector: 14x and 6.6% respectively). However, on metrics that smooth out investment, like P/E, BT looks very cheap, on 6x P/E (sector 15x). Our price target remains 130p. ' Updates follow, influenced or otherwise by requests and complaints in the comment box. A number of AV Telegram group chats are also available.",NO
298"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Inside London?€?s Docklands: 40 years of ambition, politics and financial wrangling. If the article mentions that Times has defaulted recently, respond with 'AFTER'. If the article mentions that Times will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Times is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Times is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Times has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Times. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","In 1981, in the grip of what in retrospect I realise must have been a premature midlife crisis, I sold my three-bedroom south London semi for ??65,000 and moved into a loft in Wapping. I left my Habitat kitchen and the stained-glass window depicting a galleon over the front door behind and moved into Metropolitan Wharf, a 19th-century Thames-side warehouse with 2,000 square feet of agoraphobia-inducing, wide-open raw space. It was big enough for an indoor bike ride. Strictly speaking, my three-year, non-residential warehouse leaseprohibited me from living there. So I built a box in one corner to hide theevidence of illegal habitation ' in case of any unannounced visits from the landlord ' installed a shower and hoped for the best. I'd spent the previous summer in an artist's studio in Tribeca, New York, and liked the idea of finding something similar in London, where loft living was not yet the phenomenon that attracted the attention of estate agents. It was still a precarious way of life for working artists that offered little security. The warehouses of Wapping, still smelling faintly of spices, fitted the part. Metropolitan Wharf stood out. Its woodwork had been painted pillar-box red to distract from the crumbling brickwork. Its top floor, with the river view, had once been occupied by a colony of architects, including a youthful David Chipperfield. There was a specialist dealer in Dr Who artefacts on the floor below and a music-equipment hire business above me, with an earnest co-operative growing mung beans in the basement. This was the year that the Royal Docks, the last of London's upstream docks, closed; the final act in a process of continuous decline ever since the East India Docks had shut down in 1967, triggered by the invention of the shipping container. There was now a full seven miles of continuous dereliction all the way from Tower Bridge to Beckton. The ships that once clustered around the wharves and the 25,000 jobs that went with them evaporated, leaving nothing but mirror-smooth basins, disturbed only by the occasional arc of a bird taking flight. In Wapping, on still summer nights, you could walk to the Pier Head along deserted cobbled streets and experience the scent of the Thames and glimpses of a full moon over Tower Bridge through the haze hanging above the dark and silent river. When Michael Heseltine, then environment secretary, embarked on a massive experiment in 1981 by taking the area out of the hands of local government, it wasn't just London's docks that were dying. The capital itself had been haemorrhaging people for half a century. At 6.7m, London's population was the lowest it had been since before the first world war, 2m fewer than at its peak. Tower Hamlets, Southwark and Newham were stripped of their planning powers in the 5,100 acres placed under the control of the London Dockland Development Corporation (LDDC). Heseltine appointed Reg Ward, who arrived from running Irvine new town in Scotland, as the LDDC's chief executive. Ward had an ??80m-a-year budget with which to attract private investment into the area, and a barrage of incentives to offer. He established the Isle of Dogs Enterprise Zone with no land tax, no training levies, no planning restrictions, a 100 per cent tax write-off on capital costs and a 10-year tax holiday. The Enterprise Zone itself was limited to a cluster of sites around the three West India dock basins on the Isle of Dogs, but the LDDC's domain stretched from London Bridge in the west to the Beckton sewage farm in the east. Most of its territory was north of the river in Tower Hamlets and Newham, but there was also a riverfront fringe in Bermondsey, dropping south to Surrey Wharfs. The supremely pragmatic Ward claimed not to have a master plan, but took decisions bit by bit, so as to create 'a plan that might only make sense in hindsight', he told The Times in 1986. The best Ward and his team could envisage in the early years was suburban-style private house building and low-rise industrial sheds. That was the Docklands I moved into. Heseltine recently told me: 'If I had made a speech then about what we were planning to do about London's Docklands, predicting everything that has happened there ' Canary Wharf, the Dome, the Exhibition Centre, the Olympics, the high-speed rail link, London City airport ' they would have sent the men in white coats and had me locked up.' If I had made a speech then predicting everything that has happened there they would have sent the men in white coats and had me locked up The response from the local authorities ' and Ken Livingstone's soon-to-be-abolished Greater London Council ' to what they took to be an assault on local democracy was furious. The local authorities mostly refused to deal with the LDDC. And both sides spent lavishly on propaganda billboards that populated the gap sites between the corrugated iron fencing and the empty buildings. 'It will feel like Venice and work like New York,' declared the LDDC. The GLC response was to warn: 'Big money is moving in. Don't let it push out local people.' Despite the protests, Ward ploughed on. He funded the building of the Docklands Light Railway (DLR) to bring people into the area. An airport followed in the Royal Docks. And then one day in February 1985, something extraordinary happened. Michael von Clemm, who combined being chair of the Credit Suisse First Boston investment bank in London with a role on the board of Le Gavrocherestaurant, was invited down to Canary Wharf for lunch by the LDDC. The Roux brothers wanted to invest in a new cold store in the area. Von Clemm, who also maintained a parallel career as an anthropologist at Oxford and played an important part in establishing the Eurobond market, had the insight to realise that Canary Wharf's tax incentives and lack of red tape could be used to build skyscrapers as well as sheds. Which is why three years after that lunch, I found myself on the floating gin palace that Olympia & York, a Canadian property company owned by the Reichmann brothers, chartered to ship journalists down the Thames to watch Margaret Thatcher, the prime minister, unveil its scheme for Canary Wharf. She wore a Prince of Wales check suit jacket with improbably cantilevered shoulder pads. The bar on the boat had a whole table full of portable telephones charging for the Reichmann entourage. It all felt eerily like an out-take from The Long Good Friday, which starred Bob Hoskins as an East End villain trying to go legitimate by developing the docks with American money. Getting this far had been a white-knuckle ride. Von Clemm fundedthe flamboyant American developer G Ware Travelstead to plan a vast office scheme for Canary Wharf. Arthur May, a New York architect, designed three 60-storey office towers using a book on Hawksmoor churches that he kept by his desk for reference. But von Clemm moved on to Merrill Lynch, and Travelstead's scheme was unfundable. By this time, the LDDC could not afford to see Canary Wharf's redevelopment fail. Christopher Benson, the corporation's chair, called Paul Reichmann to persuade him to take over the project. Heseltine relishes his memory of watching a famously non-interventionist prime minister joining the effort. She spoke to Reichmann personally, promised to fund the Jubilee line extension of the London Underground and even offered to move civil servants into offices there. What really attracted Olympia & York was a simple calculation. In 1980, Tokyo had 400m sq ft of prime office space; New York had 300m sq ft; but London had just 160m sq ft. Because the City of London's planners ruled out high-rise buildings, insisted on keeping the existing street pattern and preferred new buildings constructed behind existing facades, when the financial Big Bang in 1986 ended the Bank of England's insistence that banks stay in easy walking distance, Canary Wharf looked a natural alternative. But since the City of London was wily enough to have seen off every threat to its existence from Wat Tyler to King Charles I and the Great Fire of 1666, the City Corporation executed a handbrake turn in planning policy. It flooded the market with office consents. Olympia & York struggled, and was eventually pushed into bankruptcy. George Iacobescu, the engineer who had been brought in from Canada to oversee construction for the Reichmanns, once told me that he had spent his first day in London walking all the way from his hotel to Canary Wharf to see for himself just how much of a problem they would have attracting tenants. Battery Park, which the Reichmanns built in New York, is just 15 minutes' walk from Wall Street. Canary Wharf is 4 miles from the Bank of England. 'Why does it have to be so tall?' the Prince of Wales once inquired of Cesar Pelli, architect of the original Canary Wharf tower. The answer, which Pelli was too polite to give, was obvious. Canary Wharf needed an unmissable signpost. Pelli's svelte, postmodern tower, with its steel skin designed to reflect changing London skies, initially proved hard to fill. It became a kind of vertical Fleet Street, with The Telegraph, The Independent and The Mirror taking floors at bargain rates. Some have since moved on. In 1992, Olympia & York went bust, owing $20bn. It took Paul Reichmann three years to raise the money to buy the development back from the banks, and he began building more towers, a process that has continued under successive owners ever since. Why does it have to be so tall?' the Prince of Wales once inquired of Cesar Pelli, architect of the original Canary Wharf tower The Economist reports that Canary Wharf accounts for 67,000 finance sector jobs, putting it ahead of Frankfurt as a banking centre. And it's no longer an office monoculture. Count in the hotels, shops and restaurants, and Canary Wharf employs around 120,000 people ' or it did before the pandemic arrived. As for the LDDC, that was dissolved in 1998. Michael von Clemm, who died in 1997 aged just 62, is memorialised by a bronze relief unveiled by Eddie George, the former governor of the Bank of England, that stands beneath Canary Wharf's tallest tower. On its 35th floor is a space that feels like the map room from Raiders of the Lost Ark. It is full of huge models with which the current owners, a combination of the Qatari government and Brook??field Property Partners since 2015, plan the next steps in the development, which has spilled beyond the original site and concentrates on residential property. In fact, well before Canary Wharf became an alternative financial centre, the LDDC had succeeded in attracting housebuilders to the Docklands. The pioneers in the early 1980s lacked shops, restaurants or schools, but they did get amazing river views and postmodern architecture, such as China Wharf, designed by Piers Gough, completed in 1983 and now a listed building. It was the start of a ripple effect extending south of the river eastward beyond the LDDC's original area into the Greenwich Peninsula, selected for the building of the Millennium Dome, now the O2 Arena, and the Millennium Village, where the Anglo-Swedish architect Ralph Erskine designed a colourful 12-storey block on the river in 1999. After decades in which high-rise tower blocks were synonymous with social deprivation, they became popular with luxury developers ' many from overseas. Knight Dragon from Hong Kong is now completing the so-called Greenwich Design District, a collection of 16 new buildings that will provide flexible work space to local creatives. On the north side of the Thames, Irish developer Ballymore ' which, after a blaze at its New Providence Wharf building on the Isle of Dogs, faced protests from flat owners over costs to fix fire safety issues ' is completing the 10 residential buildings that make up London City Island on the Leamouth Peninsula in a joint venture with EcoWorld International. Even the Canary Wharf company itself is building residential towers, such as the 58-floor tower One Park Drive, by Herzog and de Meuron, architects of the extension to the Tate Modern. One-bedroom flats start at ??840,000. FT subscribers can sign up for our weekly email newsletter containing guides to the global property market, distinctive architecture, interior design and gardens. Sign up here with one click Today, Canary Wharf is emerging from the lockdowns and wondering if anybody will come back. London City Airport, 'closed' 'for' 'three' 'months, ' 'is' 'open' 'again, though' 'operating' 'a' 'small' 'fraction' 'of' 'the' 'flights' 'that' 'it did 'before. By the time of the millennium, the population of Greater London had made up for its losses since 1938. Subsequently, it is widely believed that it saw its first drop during the pandemic. Metropolitan Wharf, where I lived, is fully legal now, and its open spaces have been subdivided within an inch of their lives. I swapped loft life in 1984 for the white stucco terraces of Maida Vale, where you could see trees and pedestrians. Deyan Sudjic is a writer and broadcaster and the director emeritus of London's Design Museum Data visualisation by Steven Bernard and Keith Fray Follow @FTProperty on Twitter or @ft_houseandhome on Instagram to find out about our latest stories first",NO
299"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Inside the secret, often bizarre world that decides what porn you see. If the article mentions that Times has defaulted recently, respond with 'AFTER'. If the article mentions that Times will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Times is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Times is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Times has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Times. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Bill Ackman was at home in the Hamptons, killing time on a Saturday morning in December 2020, when a New York Times article caught his eye. He read it on his phone, got angry, re-read it and logged on to Twitter to express his outrage. Then, the 56-year-old billionaire started plotting the downfall of America's best-known porn site. Moments like this often trigger Ackman's sibling, Jeanne, to send an email of sisterly guidance: Bill, what on earth are you doing? Why are you weighing in on this topic? You're a hedge fund manager. What makes you an expert? And Ackman usually ploughs ahead anyway. His m??tier is meddling in other people's business, ideally without an invitation. Ackman is the founder and CEO of Pershing Square Capital Management, an activist fund that uses its billions to buy stakes in publicly traded companies and goad them into changing their business practices or, at the very least, increasing their stock price. Before the pandemic, Ackman was best known for a quixotic and bitter campaign against Herbalife, a purveyor of health supplements he accused of being a covert pyramid scheme. (It wasn't entirely successful, and Pershing lost nearly half a billion dollars.) In 2020, he became the talk of Wall Street again with a trade that turned a $27mn hedge on Covid-19 uncertainty into a $2.6bn windfall, all within a month. 'I've been called the most persistent person in America,' he says. 'And I take that as a compliment.' Now Ackman had found a new target in the pages of the Times: Pornhub, the most-visited website of the world's biggest porn company, MindGeek. Nicholas Kristof's column that week included testimony from victims of abusive videos, spy-cams and revenge porn and argued the site was 'infested with rape videos', from which it was profiting. (Pornhub denied the allegations, insisting it had better moderation than most social media platforms.) While Ackman is not against pornography per se, the 'appalling accounts of exploitation' just 'hit a nerve'. 'The problem with the topic is people don't want to talk about it,' he says, which is why he took a public position with his tweets. What he did next was more consequential. Ackman texted Ajay Banga, who was then the chief executive of Mastercard, writing 'Ajay, please read the above' and sharing Kristof's piece. Ackman wrote that Mastercard was 'facilitating sex trafficking' and should immediately stop working with Pornhub. 'Call to discuss if you disagree,' he concluded, with delicious passive aggression. Not long after Banga replied: 'On it.' Ackman knew Banga from the tennis circuit; they share a passion for the sport. He also understood the power Mastercard and Visa wielded over Pornhub's parent company. Most videos on the site are free to watch, but MindGeek offered subscriptions and took credit card payments from small advertisers. Roughly half of the company's overall revenues, which peaked at about $460mn in 2018, came from paid-for porn. Within days of Kristof's piece and Ackman's message, the payments giants cut Pornhub off. The effect on MindGeek was debilitating. The company's cash flow dried up. It broke the conditions of its loans, prompting a notice of default from its lenders. And the pressure kept building, as Visa considered making its temporary suspension permanent. So MindGeek buckled. Almost overnight, the company removed most of the porn available on its flagship site. Pornhub went from hosting 13 million videos to about four million. Millions of videos uploaded by 'unverified' providers disappeared. It was probably the biggest takedown of content in internet history. Mastercard and Visa hardly ever shut out a big merchant. ??Ackman's text wasn't the main reason they did so in late 2020, but it is not hard to imagine it helped tip the balance. While governments might be slow and bureaucratic, Ackman realised that payment companies, when they want to, can act decisively. 'They have to be de facto regulators of what's permissible content and what's not,' he says. What Ackman didn't realise is that Visa and Mastercard have increasingly been doing that job for close to 20 years. The biggest and third-biggest financial companies in the world now exercise more control over the global porn business than any government. They wield this power in total discomfort and do so by relying on a cadre of satraps responsible for making precise and occasionally bizarre distinctions ' what distinguishes a performer dressed as an alien from bestiality, what are the conditions of acceptable vampire sex ' that determine exactly what you can and cannot see. The moving picture has stoked fears of moral depravity from the start. In the 1930s, Hollywood developed and adopted the Hays Code, a regime of self-censorship intended to affirm the industry's rectitude. The provisions ' no lustful kissing, no interracial relationships, no sexual perversion, whatever that meant ' applied to most major films released for about three decades. Porn's Hays equivalent isn't maintained by the industry, but by an ecosystem of payments companies, banks, billers and service providers ultimately overseen by Mastercard and Visa. It is a vast domain. Porn accounts for close to 8 per cent of all internet traffic, according to data provider SimilarWeb, and generates 18.5 billion visits a month or a total of 158 billion page views. As part of a year-long FT investigation into the adult industry for our Hot Money podcast, a door to this world was opened to us when a porn executive mentioned, almost in passing, some oddities in production guidelines, the dos and don'ts for making porn. We asked her to dig up a hard copy, and she shared a short document of 'best practices' compiled by a Florida-based company called MobiusPay. It was just a page. But it was packed with unacceptable terms, definitions of extreme content and bans on everything from weapons to depictions of real harm, implied rape or incest. There were also a few puzzling provisions on hypnosis and mind control. Its author is Jonathan Corona, a softly spoken, bespectacled 39-year-old executive. We met in Los Angeles on the margins of Xbiz, a porn-industry conference where performers mixed with fans, payment companies and tech geeks, as delegates nursed hangovers from the previous evening's 'lingerie and pyjama' party. Companies like MobiusPay provide essential services to the adult industry. As one executive put it, 'The story of the porn industry is the story of trying to take payments.' For a business to charge credit cards, it needs a merchant account from a sponsor in the Visa and Mastercard network. MobiusPay helps sort that out, acting as a bridge between higher-risk businesses ' legal cannabis sales, gambling, porn ' and credit card companies. That access comes with conditions in the form of content standards. Corona, MobiusPay's chief operating officer, explained the almost ??Talmudic way in which these standards are derived. Visa and Mastercard set down rules for the payments community on porn, essentially core principles and goals. Then banks and payment processors like MobiusPay make fine distinctions on what these mean in practice, often with informal help from Visa and Mastercard. The result is lists. Many lists. Mastercard's core rules take up 436 pages but only devote one paragraph to porn, rule 5.12.7.2, found in the 'illegal or brand-damaging transactions' section. It states that the company is against the sale of any image or service that is 'patently offensive' or lacks 'serious artistic value'. It bans nonconsensual sexual behaviour, sexual exploitation of a minor, nonconsensual mutilation of a person or body part and bestiality. Mastercard, it states, is also against 'any other material that the Corporation deems unacceptable'. From this ambiguous guidance ' not even 10 commandments ' people like Corona must flesh out a regime of specific regulation. Since mutilation is off limits, MobiusPay interprets that to mean all blood is prohibited. In a section on 'creatures', the company helpfully clarifies that aliens, whether real or ersatz, are given the same protection as animals when it comes to porn. For a censor, outright bans are routine; it's nuance that is difficult. Corona read us a sample of 'concern words' matter-of-factly, 'twink, nymph, nymphet, teen', and explained how these terms are not banned but 'tend to create problems', specifically with Visa and Mastercard. The conversation turned to the question of twinks, slang for young, hairless gay men. Presumably working this all out, categorising words and behaviours, must require conversations with Visa and Mastercard? 'Absolutely,' Corona said. 'It's self-censorship and self-policing. Ultimately, if you want to accept Visa and Mastercard, then you have to follow their rules.' Seen in its totality, the system looks very much like an apparatus of control. There are rules. Registration requirements for adult merchants. Enforcement responsibilities, delegated to banks and processors and service providers. See-through powers allow Visa and Mastercard to inspect any site at any time. ??Penalties, fines and even the threat of being cut off, as MindGeek discovered. There are conferences and seminars and interpretative communiqu??s. It is a highly regulated market, without any government regulators. Both Visa and Mastercard declined interview requests. In statements the companies stressed their priorities are supporting legal commerce, even when a transaction is objectionable or morally dubious. The main test is legality. Mastercard explicitly justified its 2020 action against MindGeek on the grounds it had identified 'unlawful' content on Pornhub. Visa and Mastercard play an important role in policing highly regulated, high-risk commerce such as gambling or pharmaceuticals, or other sectors prone to fraud. But when they do intervene, the credit card companies do so carefully and cleave to the law, since their success stems from their ubiquity. Porn is the exception. Both companies play the role with reluctance but, on a day-to-day basis, they do restrict access to porn that is, strictly speaking, legal. These curbs are justified on the basis that condoning such content, even implicitly, could hurt their brand. Some are clear-cut prohibitions; others are standards that evolve and change with the sexual culture. That means behaviour that might be fine on Netflix may be unacceptable on a porn site taking credit cards. We asked Corona why his list forbids, for example, depictions of hypnosis and sex while someone appears to be asleep or under the influence of mind control. 'Of course they are acting,' he said. 'But being asleep . . . or hypnotising someone removes the ability to render consent.' Which might, in other words, damage Mastercard or Visa. Jessica Stoya is a career pornographer, model and author. We met in her modest, three-room Brooklyn apartment. Outside the streets were white with fresh snow. Jessica's origins, and the inspiration for her stage name Stoya, are Serbian. She was wearing a baggy top, her black hair pulled back. Fifteen years after being signed as a 'contract star' for Digital Playground, a prolific hardcore studio, Stoya, 36, is still recognised on the street while wearing a Covid mask, just from 'her eyes and eyebrows'. She is a porn star who has written for The New York Times and Slate and authored a book of essays called Philosophy, Pussycats & Porn. Fans of her live shows would not be surprised by the odd reference to the French intellectual Georges Bataille. But in these performances, on so-called camsites or paid social media platforms such as OnlyFans, there are some more straightforward things that must go unsaid. Everyday words that cannot be spoken. Phrases that payment companies decide are beyond the pale. 'I'm in lingerie. And people tip me. And I take my bra off or pull the cups down and I jiggle my shoulders while saying, 'T-h-a-n-k-y-o-u,'' she says, making her voice go jittery and giving a brief shimmy. 'It's very cute. When I get my period, I have cramps and really don't want to be vigorously jiggling. But I also want people to know, like, don't be disappointed. It would be nice to be able to say ' 'It's because I have my period'' but I cannot,' she says. 'It is a banned word.' She cannot type 'period' into the chatbox of her porn platform. Stoya says when it comes to porn, Visa and Mastercard have more power than the Pope. Visa and Mastercard have no explicit rule against blood. But most payment companies and banks in the Visa and Mastercard networks associate blood with violence or mutilation, which is prohibited. So blood is banned, even blood obviously made of ketchup. This is a disaster for vampire porn, which is akin to a forbidden good on the internet. And it puts special constraints on female performers like Stoya. 'We're raising people who are becoming sexual in a culture where menstruation is completely erased,' she says. Out of curiosity, about five years ago Stoya contacted CCBill, one of the biggest payment companies specialising in porn. Rather than the 'acceptable use' policy on its website, she asked if she could see their full guidance. The detailed list. The one that precisely laid out the limits of what CCBill believed Visa and ??Mastercard would tolerate. The four pages of rules shared with her are written in a lawyerly tone and are, in parts, totally bizarre. A section on furries, an online subculture interested in anthropomorphic animal characters with human personalities, reads 'content that depicts furries and humans engaged in sexual acts are not permitted across the board. Content that depicts furry engaged in sexual acts with another furry is acceptable across the board.' Lest that leave any room for misinterpretation: 'Please note, per Visa ??regulations a furry that contains human-like characteristics is not permitted.' So, no half-man, half-furry. The codification is patchy and inconsistent though. Most tube sites, where free porn is accessible to anyone who clicks on a link, including children, have lighter restrictions than subscription porn or live video platforms, which depend on credit cards and are harder for kids to access. Visa and Mastercard do not want to be seen taking the lead, so payment providers and the porn sites are left to look for subtle signals that a boundary has changed. 'Golden showers', for instance, were long banned from most commercial porn sites. Urinating on others was deemed inappropriate. Then, in 2016, the kink shot to prominence when Donald Trump denied rumours he had taken part in the practice, declaring: 'I'm not into golden showers.' Before long, the term started to appear on more commercial porn sites, without problems. In their approach to adult content, credit card company executives see themselves as showing restraint, only going beyond the law in limited cases to maintain basic standards. But for operators in the payments network, it is like guessing the wishes of an all-powerful monarch. You only know you're wrong when you are punished. 'Instead of the government defining what is and is not considered sexually acceptable, it is a corporation, a credit card company,' says Stoya. Yet unlike most governments, there is no process of regulation. No consultation. Few public explanations. No names. No sense of who the arbiters of acceptable porn might be. 'You know, it is not like I can go down to the Mastercard office and be like: 'Hello, I would like to have a civil dialogue about this.' That's not going to happen,' she says. 'Who is the arbiter of what can be done with sexual media? I have no idea who they are. Did they take a philosophy class? Do they have a degree in women's studies?' During the course of making our podcast series, we did meet some of these people. None were philosophers, but there was one sociologist and a few lawyers. Most considered themselves to be payments professionals, managers of risk, facilitators of commerce. Not porn cops. But is that any surprise? Pornography is deeply uncomfortable to talk about, let alone acknowledging its place in our culture or in our lives online. Perhaps it's only to be expected that our porn regulators feel the same. Patricia Nilsson is an FT consumer industries reporter. Alex Barker is the FT's global media editor. 'Hot Money', a new investigative series produced by the Financial Times and Pushkin Industries, is available wherever you listen to podcasts Follow @FTMag on Twitter to find out about our latest stories first",NO
300"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled FTX's Bankman-Fried to agree to US extradition in about-face after Bahamas hearing: Lawyers. If the article mentions that Times has defaulted recently, respond with 'AFTER'. If the article mentions that Times will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Times is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Times is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Times has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Times. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","NASSAU, Bahamas: Sam Bankman-Fried has now decided to agree to be extradited to the United States to face fraud charges, two of his lawyers said on Monday (Dec 19), just hours after one of them told a Bahamas judge the FTX founder wanted to see the US indictment against him before consenting.On Monday afternoon, Jerone Roberts, Bankman-Fried's criminal defence lawyer in The Bahamas, told media outlets including the New York Times that his client had agreed to be voluntarily extradited and that he hoped Bankman-Fried would be back in court later this week. ""We as counsel will prepare the necessary documents to trigger the court,"" the Times quoted Roberts as saying. ""Mr Bankman-Fried wishes to put the customers right, and that is what has driven his decision.""Roberts could not immediately be reached for comment.Krystal Rolle, a lawyer who has represented Bankman-Fried on other matters in the Bahamas, told Reuters Bankman-Fried had decided to consent to be extradited to the United States.Earlier in the day, Roberts said during a court hearing in Nassau that his client had seen an affidavit laying out the charges against him over FTX's dramatic collapse, but had not yet read the indictment filed last week in Manhattan federal court.After the hearing, Bankman-Fried was remanded back to the custody of the Bahamas' Department of Corrections. He departed the courthouse in a black van marked ""Corrections"", carrying a manila folder containing papers, a Reuters witness said. Mark Cohen, a US lawyer who represents Bankman-Fried, did not respond to requests for comment. The US Attorney's Office in Manhattan and a spokesperson for Bankman-Fried also did not immediately respond to requests for comment.The 30-year-old crypto mogul rode a boom in the value of bitcoin and other digital assets to become a billionaire several times over and an influential political donor in the United States, until FTX collapsed in early November after a wave of withdrawals. The exchange declared bankruptcy on Nov 11.Manhattan federal prosecutors have charged Bankman-Fried with stealing billions of dollars in FTX customer deposits to plug losses at his hedge fund, Alameda Research.Bankman-Fried has acknowledged risk-management failures at FTX but said he does not believe he has criminal liability.He was arrested on Dec 12 in the Bahamas - where he lives and where FTX is based - after federal prosecutors in New York accused him of misleading lenders and investors, conspiring to launder money and violating US campaign finance laws. Bankman-Fried initially had said he would fight extradition, but a source told Reuters on Saturday that the former billionaire would return to court to reverse his decision.During Monday's hearing, Bankman-Fried, dressed in a dark blue jacket and an untucked white shirt, spoke only to greet Magistrate Shaka Serville and confirm he would speak with his US counsel. At one point during the hearing, he leaned back with his eyes closed and appeared to be awakened by a court official.Roberts told Serville initially that he did not know why Bankman-Fried was brought to court on Monday morning. Following a recess, the lawyer said Bankman-Fried wanted to see the indictment before consenting to extradition.When the hearing concluded, Bankman-Fried was given the chance to speak on the phone with his US defence lawyer with Roberts present. No further court date was set.Serville said at the hearing that he could not take any action on Bankman-Fried's extradition without Bankman-Fried's consent. ""I can only be moved by Mr Bankman-Fried, and he has not moved me,"" Serville said.Franklyn Williams - the Bahamas' deputy director of legal affairs, who is representing the United States in its push to extradite Bankman-Fried - called the day's proceedings ""incredible"" and appeared frustrated by the delay.",NO
301"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Embattled Chinese Property Tycoon Turns to Electric Cars. Cue $87 Billion Valuation.. If the article mentions that China Evergrande New Energy Vehicle Group has defaulted recently, respond with 'AFTER'. If the article mentions that China Evergrande New Energy Vehicle Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. China Evergrande New Energy Vehicle Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. China Evergrande New Energy Vehicle Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. China Evergrande New Energy Vehicle Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of China Evergrande New Energy Vehicle Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","SHANGHAI'Guests at a private August dinner hosted by billionaire entrepreneur Jack Ma were intrigued by a fellow diner who introduced himself as a humble car salesman. It was Xu Jiayin, better known as the chairman of China Evergrande Group, the country's biggest real-estate developer and one of China's most indebted companies. At the time of the dinner Evergrande was just weeks away from a potentially devastating showdown with its creditors. If he was feeling desperate, Mr. Xu didn't show it, according to one of the people present at the meal at one of Mr. Ma's houses in Hangzhou, where Mr. Ma's Alibaba Group Holding Ltd. is based. He was pitching his most audacious venture to date: a new electric-vehicle company that aims, according to its own public statements, to surpass Tesla Inc. and others in becoming the world's 'largest and most powerful' EV maker by 2025. The Chinese government's drive to make the country a world leader in electric vehicles has spawned dozens of startups jockeying for position in its small but fast-growing market. Mr. Xu's unlikely fusion of car-making and property development, which he's building from scratch, is the wildest of them all. Evergrande's Hong Kong-listed EV unit, China Evergrande New Energy Vehicle Group Ltd., or Evergrande Auto, saw its market capitalization soar last month to roughly $87 billion, more than most global auto makers, including Ford Motor Co. and General Motors Co., and four times the value of its own parent company'all without having sold a single vehicle. Other electric-car makers burn billions of dollars developing one production model. Evergrande says it is developing 14 at once. It is also building multiple factories even though the company has no industrial or technical background. Evergrande's debut at the Auto Shanghai expo in April raised more questions than it answered about the company's progress. Its huge stand was roughly as large as the nearby BMW AG booth. It showcased nine of Evergrande's first production EVs, all eye-catching cars designed by internationally renowned figures including Anders Warming, formerly of BMW and Mini. The cars were mock-ups with foggy plastic windows, not working vehicles. In August last year, Evergrande said it had launched trial production at two facilities, only to say in March that trial production would begin in 2021, with mass production starting next year. Earlier in February, Evergrande Auto's share price jumped when the company released a video it said showed its vehicles engaged in cold-weather testing in China's far north. None of those functioning cars appeared at expo. Competitors at the show regarded Evergrande with skepticism. 'Their cars look great on PowerPoint,' said Hu Zhenfang, a user experience manager at Beijing-based EV maker Arcfox. 'It will be a long time before their cars hit the market, if they even have the ability to produce cars.' A spokesman for Evergrande said the company 'has integrated the world's top talents, technology and equipment for our use, and opened up a unique way to build cars. The mass production work is being carried out as planned.' Mr. Xu'China's richest man as recently as 2017, according to Shanghai-based research firm Hurun Report'freely acknowledges his company's approach is untested. 'When it comes to building cars we have no technology and no experience,' Mr. Xu said in a speech at an auto suppliers' conference in the southern city of Guangzhou in 2019, which can be viewed online. 'If we want to change lanes and overtake, we'll have to take an unusual road, one no auto maker has ever taken in history.' The company declined to make him available for an interview. Part of Mr. Xu's unusual road has been to 'buy, buy, buy,' he told the gathered suppliers, including acquiring a Swedish supercar producer, a Chinese battery maker and a British electric-drive developer. No one has ever attempted to create an auto maker by welding together so many disparate constituent parts, said Bill Russo, founder of Automobility, a Shanghai-based consulting firm. 'They have an impressive array of pieces, but it could end up like Frankenstein,' he said. Mr. Xu, 62, also known as Hui Ka Yan, has a history of overcoming the odds. The son of a woodcutter, he worked for a decade at a state-run steel mill before starting a trading company and then founding Evergrande in 1996 with a handful of staffers. Today, it employs more than 130,000. His real-estate powerhouse has endured a turbulent few years. With debts of around $110 billion, roughly the size of Iraq's, Evergrande has been scrambling to raise funds to pay bills accumulated over a decade of rapid expansion. And just when Evergrande needed to borrow more to meet its obligations, the Chinese government, anxious that overextended property developers might destabilize the broader economy, last year instructed the country's banks to reduce their exposure. The company managed to survive a potentially devastating cash crunch last year by persuading creditors to waive $19 billion in repayments which fell due in September. That makes Evergrande's EV unit, with its fundraising potential, a potential white knight for Mr. Xu's business empire. In September, after Mr. Xu's dinnertime pitch to Mr. Ma, Evergrande Auto named in a regulatory filing Yunfeng Fund, a private-equity firm that Mr. Ma co-founded and in which he retains an interest, as one of four investors that had acquired roughly $515 million in company shares. Tencent Holdings Ltd. and ride-hailing giant Didi Chuxing Technology Co. also took part. There is no indication that Mr. Ma personally invested in Evergrande Auto. Mr. Ma and Yunfeng Fund didn't respond to questions. Earlier this year the company said it raised another $3.35 billion by selling shares equivalent to 9.75% of Evergrande Auto to six investors, all Hong Kong- and China-based tycoons with close ties to Mr. Xu, including Liu Minghui, chairman of China Gas Holdings Ltd. Would you buy an electric car from Xu Jiayin? How about investing in his company? Join the conversation below. Their commitment, which left Evergrande with a 67.64% stake in Evergrande Auto, triggered a surge in the car maker's share price, with investors regarding Mr. Xu's powerful friends as willing to stand behind his EV play. This month Evergrande said it was selling a further 2.66% of the vehicle unit for around $1.36 billion. In many ways, Evergrande is jumping in at the right moment. Analysts forecast a rapid uptick in Chinese EV sales from last year's 1.1 million units. In a February research note, brokerage HSBC Qianhai estimated they could account for 58% of Chinese auto sales in 2030'potentially equivalent to 15 million vehicles. Chinese EV startups, notably New York-listed NIO Inc., XPeng Inc. and Li Auto Inc., have also dazzled investors in recent months, though as pure-play EV companies their business models are far simpler than Evergrande's hybrid. Combining real estate and car production produces synergies, said an Evergrande spokesperson. Evergrande's six million homeowners 'will become our huge customer base,' while the company's thousands of property agents would effectively double as EV salesmen, this person added. Evergrande could feasibly try bundling apartments and EVs together, said Matthew Chow, China property director at S&P Global Ratings, though nothing like that has ever been tried. Evergrande has a genuine incentive to grow new businesses beyond real estate to offset the slowing of China's decadeslong building boom, said Mr. Chow, pointing to Evergrande's recently opened healthcare and tourism units. Ultimately Evergrande will always be a real-estate company at heart, Mr. Chow believes, and pledging to build EVs'creating jobs and paying taxes in the process'plays well with local Communist Party officials who control access to land. The promise of an EV factory could create leverage to 'negotiate with the local government to acquire land at a lower cost,' he said. Though it has strongly pushed EV development, Beijing has lately expressed worries about nonautomotive players joining the overheated sector, which comprises scores of companies mostly selling few or no EVs. In November, the National Development and Reform Commission, the central planning agency which oversees the auto industry, ordered Evergrande to submit detailed information about its EV projects for official scrutiny. Despite such misgivings in Beijing, local officials across China have more than embraced Evergrande's automotive dreams. Smaller cities don't want to be left behind as China strives to become the world leader in EV production, creating openings for companies such as Evergrande, which can offer prestigious manufacturing facilities. In 2019, Evergrande pledged to invest the equivalent of about $2.7 billion in an EV plant in Nantong, a city of seven million people across the Yangtze River from Shanghai, according to documents published by the local authorities, which said the company planned to eventually produce 200,000 EVs a year there. During a March visit by a reporter to the city's flagship technology park, the steel shell of the future plant awaited completion. A security guard said the framework had been built last year, and he didn't know when work would resume. The plant has already paid dividends for Evergrande. In September, Nantong auctioned off a plot of land for residential development'stipulating that qualifying bidders must have invested at least $1.55 billion in local EV production. Only one company fitted that description. As the sole bidder, the Evergrande subsidiary that secured the residential plot only had to pay the minimum price of $744 per square meter, bringing the cost to $134 million in total. In competitive auctions, developers typically pay a premium of up to two-thirds more than the floor price to fend off rivals. 'Evergrande's choice of production base location has nothing to do with the purchase of residential land,' said the company spokesperson. 'For the residential land in Nantong, we obtained the land through open bidding and market price in strict accordance with the relevant regulations.' Authorities in Nantong didn't respond to questions. The company has struck similar deals to produce EVs or EV parts with the cities of Huzhou, Lu'an, Nanning, Xiangyin and Zhengzhou'cities that range in size from roughly 1 million to 10 million people'according to local media reports and official announcements. The company has also announced big plans for larger cities that are already major car-production centers. In June 2019, Mr. Xu attended a ceremony in Guangzhou at which he committed to investing $24.7 billion in a local EV base. Four days later, he was in the northeastern city of Shenyang signing an $18.6 billion EV production deal. Evergrande's actual spending has so far been a fraction of the sums promised by Mr. Xu. It has invested $7.3 billion in its EV project to date, Liu Yongzhuo, vice chairman of Evergrande Auto, said at the auto show in Shanghai in April. In Shanghai, Mr. Xu's promises are taking shape: Evergrande has built at least the shell of an EV plant in the city's southwestern suburbs'externally it is complete, though its inner workings aren't known. And it boasts a research-and-development center nearby. This month the company said in a filing that it had been granted 1,355 patents relating to vehicle development. Evergrande aims to build 1 million EVs annually by as early as 2023, the company says. Tesla, by comparison, made roughly half a million EVs last year.",NO
302"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled China Evergrande Says Construction of Some Projects Has Stalled, Warns of Possible Default. If the article mentions that China Evergrande New Energy Vehicle Group has defaulted recently, respond with 'AFTER'. If the article mentions that China Evergrande New Energy Vehicle Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. China Evergrande New Energy Vehicle Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. China Evergrande New Energy Vehicle Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. China Evergrande New Energy Vehicle Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of China Evergrande New Energy Vehicle Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","HONG KONG'Cash-strapped China Evergrande Group said work has been suspended on some of its real-estate projects after it delayed payments to its suppliers and contractors, showing how the developer's financial troubles have spilled over into its business operations. The highly indebted company on Tuesday also warned for the first time that it may default on its borrowings if it can't resolve its liquidity problems. Evergrande, one of China's largest residential developers, said it has been selling assets and apartment units to raise cash. The group also said that 'with the coordination and support of the government,' it is actively negotiating with suppliers and construction companies to try to get them to resume work on its properties. 'The group will do its utmost to continue its operations and endeavor to deliver properties to customers as scheduled,' Hong Kong-listed Evergrande said in a regulatory filing. To resolve some of its payables, Evergrande said it recently sold property units to suppliers and contractors to set off around $3.9 billion in outstanding payments. The disclosures from Evergrande came as the company reported a 29% drop in net profit for the first six months of 2021 to the equivalent of $1.6 billion, mostly a result of gains it booked from recent asset disposals. Evergrande's total revenue for the period fell 16% to $34.4 billion. The company's core property business lost $634 million during the period after it sold many apartments at heavily discounted prices. Evergrande said the average delivered price of its apartments fell 11.2% from a year ago, and revenue from property development declined nearly 19%. Evergrande's new energy business, meanwhile, lost $758 million and recorded anemic sales of electric-vehicle components. The Shenzhen-based group said it had the equivalent of about $88 billion in borrowings at the end of June, 42% of which come due in less than a year. It disposed of $2.2 billion worth of assets in the first half. In a departure from the company's past results releases, Evergrande's management didn't hold a press briefing to discuss its performance. A few months earlier, it had emphasized that it had never missed an interest or principal payment in its 25-year history. Global investors that hold Evergrande's bonds have pushed prices of its debt securities below 40 cents on the dollar, indicating they see a high likelihood of default. The company is China's largest junk bond issuer, and had borrowed aggressively onshore and offshore to fund its rapid expansion in recent years. Evergrande found itself in a tight spot after Chinese regulators told the country's real-estate developers in late 2020 to reduce their leverage before taking on additional debts. Earlier this month, the country's financial regulators summoned Evergrande's senior executives to a meeting in Beijing, and urged them to fix the company's debt issues without destabilizing the property and financial markets. Evergrande on Tuesday said its contracted sales in the first half totaled $55 billion, up 2.3% from a year ago, while the total floor area covered by those sales increased 11.3%. The company warned that if work doesn't resume on its stalled projects, 'there may be risks of impairment on the projects and impact on the Group's liquidity.' Evergrande also laid out a series of measures it is taking to try to improve its cash flows. It said it would adjust project development timetables, control costs, strive to bring in cash from apartment sales, and try to refinance or extend the maturity of some of its debts. The company said that it may bring in new investors that could help reduce its financial pressure, and that it is in talks to sell stakes in its electric-vehicle unit and another Hong Kong-listed subsidiary. The EV business, China Evergrande New Energy Vehicle Group Ltd., a day earlier warned that its plans to start mass producing cars might be delayed if it can't raise additional capital in the short term. Its shares have plummeted nearly 80% in the year-to-date, giving the company a market capitalization of about $7.4 billion. The company, which once had ambitions of rivaling Tesla Inc., said its loss for the six months to June more than doubled from a year ago, and it reported just $5.7 million in revenue from its new energy vehicle division. Like its parent, the business has also delayed payments to some suppliers and contractors, and is at risk of defaulting on its loans, it said. More WSJ coverage on junk bonds in the country's real-estate sector, selected by the editors.",BEFORE
303"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled China Evergrande Hires Financial Advisers as Protests Erupt at Its Offices. If the article mentions that China Evergrande New Energy Vehicle Group has defaulted recently, respond with 'AFTER'. If the article mentions that China Evergrande New Energy Vehicle Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. China Evergrande New Energy Vehicle Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. China Evergrande New Energy Vehicle Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. China Evergrande New Energy Vehicle Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of China Evergrande New Energy Vehicle Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","China Evergrande Group EGRNF -6.10% moved closer to a potential restructuring of its $89 billion debt burden by hiring outside advisers, while the property developer's financial problems spilled over into angry protests at several of its offices. The real-estate giant warned Tuesday that 'ongoing negative media reports' had hurt home buyers' confidence in Evergrande, and would likely mean significantly lower sales in September, which is typically a strong month for China's property industry. Contracted sales in August had fallen 13% month-on-month to the equivalent of $5.9 billion. It said lower sales would in turn place tremendous pressure on the group's cash flow and liquidity. Meanwhile, it said attempts to raise cash by selling its Hong Kong offices and stakes in some units were taking longer than planned. Evergrande said it had hired a unit of Houlihan Lokey Inc., a U.S. investment bank with a reputation for handling restructuring work, and Hong Kong-based Admiralty Harbour Capital Ltd. as financial advisers. In a statement to the Hong Kong stock exchange, it said the two firms would 'assess the Group's capital structure, evaluate the liquidity of the Group and explore all feasible solutions to ease the current liquidity issue and reach an optimal solution for all stakeholders as soon as possible.' The company also said two units had failed to honor their obligations as guarantors of wealth-management products issued by third parties. It said if it couldn't make good on those guarantees, or failed to repay other debts on time, that could lead to a cross default. Evergrande's announcement reflected 'a series of setbacks that could tip the company into default,' CreditSights analysts Luther Chai and Cheong Yin Chin wrote in a note to investors. The hiring of financial advisers suggests Evergrande might have started working on a debt restructuring plan, said Li Gen, chief executive of Beijing BG Capital Management Ltd., a credit-focused asset manager. 'The status quo leaves Evergrande very few options,' Mr. Li said, pointing to Evergrande's slowing apartment sales and its lack of bargaining power with potential asset buyers. 'But the government must be keeping a close eye on it. If the social unrest keeps spreading, or if the financial market is roiled, the government will step in to help,' he said. In a separate statement on its website late Monday, Evergrande said rumors that it would seek to restructure under a Chinese form of bankruptcy protection were completely untrue. It said it was facing unprecedented difficulties, but was fulfilling its responsibilities and doing everything possible to restore normal operations and to protect customers' rights and interests. It didn't respond to requests for comment Tuesday. Evergrande, led by billionaire chairman and founder Hui Ka Yan, is one of China's biggest property developers and the country's largest junk-bond issuer. The company has struggled since regulators told developers last year that they needed to reduce leverage before taking on additional debts. In recent weeks, the company has fallen behind on paying some suppliers, causing some property projects to be suspended. The Shenzhen-based group had the equivalent of about $89 billion in borrowings at the end of June, 42% of which are due in less than a year. It disposed of the equivalent of $2.2 billion of assets in the first half of the year. In Hong Kong on Tuesday, the company's stock fell 12% to its lowest level since December 2014. Shares in its subsidiaries Evergrande Property Services Group Ltd. and China Evergrande New Energy Vehicle Group Ltd. fell sharply. The company's dollar bonds, which have already sold off sharply, declined further in price. Evergrande is contending with social unrest as suppliers seek repayment for unpaid bills or commercial paper, home buyers demand that construction work restarts on stalled projects and investors in Evergrande-linked wealth-management products seek to recoup their investments. On Monday, dozens of people gathered at Evergrande's headquarters in the southern city of Shenzhen, demanding that the company repay them, according to photographs and video snapshots circulated online. Police holding security shields and speakers assembled at the headquarters. Another gathering formed Tuesday, photographs showed. Trouble has also erupted in recent days at the offices of Evergrande managers in the central Chinese city of Nanchang in Jiangxi province, and in Zhengzhou, in northern Henan province, photographs and videos showed. On Monday, dozens of protesters marched in the commercial center of the western city of Chengdu, holding banners demanding Evergrande return their money 'earned with blood and sweat,' according to video snapshots shared on Weibo, a Twitter-like social-media platform. Some Evergrande employees discovered last week that wealth-management products they had bought from the company would delay repaying them interest or principal, some of those staffers told The Wall Street Journal. On Monday, Evergrande proposed three repayment options for these investors, according to a company document that was reviewed by the Journal. They can opt for 10 quarterly cash installments; new property; or to offset these investments against sums they owe for properties they have already bought from Evergrande.",NO
304"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Timeline: China Evergrande's snowballing debt crisis. If the article mentions that China Evergrande New Energy Vehicle Group Ltd has defaulted recently, respond with 'AFTER'. If the article mentions that China Evergrande New Energy Vehicle Group Ltd will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. China Evergrande New Energy Vehicle Group Ltd is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. China Evergrande New Energy Vehicle Group Ltd is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. China Evergrande New Energy Vehicle Group Ltd has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of China Evergrande New Energy Vehicle Group Ltd. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","HONG KONG, Sept 24 (Reuters) - Debt-ridden property developer Evergrande Group (3333.HK) missed a dollar bond interest payment deadline, moving closing to a potential default and fuelling worries that a collapse could send shockwaves through China's economy and beyond. read more Here is a timeline of events leading to Evergrande's debt problems and what the developer has done to raise funds so far: August 2017 Evergrande vows to cut debt for the first time, aiming to slash net gearing ratio to 70% by June 2020 from 240% in June 2017. November 2018 Central bank names Evergrande as one of few financial holding conglomerates on its watch that it said could cause systemic risk. March 2020 Evergrande targets cutting its debt by 150 billion yuan ($23.3 billion) annually for three years. August 2020 Regulators meet with 12 major property developers, including Evergrande, to introduce caps for three different debt ratios in a pilot scheme dubbed ""the three red lines"". Evergrande sells 28% of its property management unit for $3 billion ahead of the unit's initial public offering (IPO). It asks Guangdong's provincial government to approve a Shenzhen backdoor listing plan that has languished for four years, saying it could face a cash crunch. September 2020 Company offers 30% discount on properties for a month to push sales. October 2020 Evergrande raises $555 million in a slimmed-down secondary share sale in Hong Kong. November 2020 It terminates the Shenzhen backdoor listing plan. Some strategic investors agree not to demand repayment. Evergrande Property Services Group Ltd's (6666.HK) Hong Kong IPO raises $1.8 billion. January 2021 China Evergrande New Energy Vehicle Group Ltd (0708.HK) raises $3.4 billion by bringing in six new investors. March 2021 Evergrande sells 10% of online real estate and automobile marketplace Fangchebao to 17 investors for $2.10 billion in a pre-IPO deal. It aims to meet all three caps on debt ratios by 2022-end. It plans to list Fangchebao by early next year, and spin off its water and tourism units among others. June 2021 Evergrande says it will sell over half of its 58% stake in peer China Calxon Group Co Ltd (000918.SZ), worth $386 million. Fitch downgrades Evergrande to 'B' from 'B+' with a negative outlook. The developer arranges HK$13.6 billion ($1.75 billion) to repay a maturing bond and interest on all other dollar bonds, and says it will have no further bonds due before next March. Evergrande achieves one of regulators' debt ratio caps by cutting interest-bearing debt to around 570 billion yuan from 716.5 billion yuan six months earlier. July 2021 A court orders a freeze on a 132 million yuan bank deposit held by Evergrande at the request of China Guangfa Bank Co Ltd (GDDVB.UL). Evergrande says the loan is not due until March and it plans to take legal action. Some banks in Hong Kong decline to extend new loans to buyers of two of Evergrande's uncompleted residential projects. Evergrande scraps a special dividend proposal. S&P cuts its credit rating on the company by two notches to B- from B+ with a negative outlook. Fitch downgrades Evergrande to ""CCC+"" from ""B"". August 2021 Evergrande agrees to sell stakes in internet unit HengTen Networks Group Ltd (0136.HK) worth a total of HK$3.25 billion ($417.5 million). Moody's downgrades Evergrande's corporate family rating (CFR) by two notches to ""Caa1"" from ""B2"". Legal sources say lawsuits against Evergrande across the country will be centrally handled by the Guangzhou Intermediate People's Court. S&P downgrades Evergrande again by two notches to ""CCC"" from ""B-"". The company says it is in talks to sell certain assets, included stakes in Evergrande New Energy Vehicle and Evergrande Property Services. State media reports construction work has been halted on two Evergrande projects in Kunming, one of them for overdue payments. The other was scheduled to be delivered to homebuyers in October. Hui Ka Yan steps down as chairman of flagship unit Hengda Real Estate Group which Evergrande says is due to the termination of its backdoor listing plan. China's central bank and banking watchdog summon senior executives and issues a rare warning that Evergrande needs to reduce its debt risk and prioritise stability. Evergrande warns of liquidity and default risks if it fails to resume construction, dispose of more assets and renew loans, as it reports a 29%year-on-year decline in net profit. September 2021 Chairman Hui Ka Yan leads a pledge-signing ceremony to promise buyers it will complete construction of their homes. China Chengxin International Credit Rating Co (CCXI) downgrades Evergrande and its onshore bonds to ""AA"" from ""AAA"", erasing the bonds' value for use in pledged repo trading as a result. Moody's downgrades the corporate family rating (CFR) of China Evergrande to ""Ca"" from ""Caa1"", with a negative outlook. Fitch downgrades Evergrande to ""CC"" from ""CCC+"", flagging a ""probable"" default. Evergrande requests extension on trust loan interest payments to creditors including CITIC Trust. Chairman Hui vows in a forum to repay all of its matured wealth management products as soon as possible. Investors crowd the lobby of Evergrande's Shenzhen headquarters to demand repayment of loans. Evergrande says online speculation about bankruptcy and restructuring was ""totally untrue"", but adds it faced ""unprecedented difficulties"". Evergrande says it has engaged financial advisers to examine its financial options and warned of cross-default risks amid plunging property sales. A local government in China's Anhui province cancels a contract of land site use with a subsidiary of China Evergrande because the latter failed to make payment for the site. Hui says he will make it a top priority to help retail investors redeem investment products. Evergrande said it had ""resolved"" a coupon payment on an onshore bond, but a Sept.23 deadline for paying $83.5 million in interest on a dollar bond passed without bondholders being paid or hearing from the company, two sources said. ($1 = 6.4451 Chinese yuan) ($1 = 7.7842 Hong Kong dollars)",NO
305"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled China Evergrande?€?s Electric-Vehicle Business Warns of Cash Squeeze. If the article mentions that China Evergrande New Energy Vehicle Group has defaulted recently, respond with 'AFTER'. If the article mentions that China Evergrande New Energy Vehicle Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. China Evergrande New Energy Vehicle Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. China Evergrande New Energy Vehicle Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. China Evergrande New Energy Vehicle Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of China Evergrande New Energy Vehicle Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","China Evergrande Group's once-highflying electric-vehicle unit warned it was facing a 'serious shortage of funds' and might not be able to meet its financial obligations, adding to the challenges facing its heavily indebted parent company. In a filing late Friday in Hong Kong, China Evergrande New Energy Vehicle Group Ltd. 708 -9.85% , or Evergrande Auto, also said that it had stopped paying some operating expenses, and that some companies had stopped providing it with supplies. The EV maker said there hadn't been material progress on restarting projects that had previously stalled because of payment delays. Evergrande Auto said it is still talking to new investors about potentially investing in the group, and is negotiating about selling some projects and assets in China and abroad. But it warned that if it couldn't strike a deal soon, it would struggle to pay salaries and other expenses. 'In view of the difficulties, challenges and uncertainties in improving its liquidity as mentioned above, there is no guarantee that the group will be able to meet its financial obligations under the relevant contracts,' Evergrande Auto said. In a separate filing Sunday, the company said it had scrapped plans to sell shares onshore in China, and to list in Shanghai on the technology-focused STAR Market. In early trading on Monday morning in Hong Kong, Evergrande Auto's stock fell 25%. China Evergrande Chairman Hui Ka Yan had set out to overtake Tesla Inc., local rival NIO Inc. and other big players to build the world's largest and most powerful EV maker by 2025. For a while, investors bought into the vision, with Evergrande Auto's market capitalization hitting $87 billion earlier this year. But the stock has since crashed, and as of Monday morning in Hong Kong was down about 94% so far this year. The parent company, Shenzhen-based Evergrande, is the world's most indebted real-estate developer and China's largest issuer of junk-rated debt, with around $19 billion of publicly traded dollar bonds outstanding. Prices of those bonds have fallen far below face value, reflecting investors' pessimism about Evergrande's ability to repay its debts. Investors who own some of the group's U.S. dollar bonds hadn't received an interest payment from the property giant by Thursday's deadline, people familiar with the matter have said. If Evergrande doesn't pay within a 30-day grace period, that would set the stage for what could be the largest-ever dollar-bond default by a company in Asia. A pre-markets primer packed with news, trends and ideas. Plus, up-to-the-minute market data. Evergrande has sought to raise cash by selling shares in Evergrande Auto and other subsidiaries, as well as by potentially selling its Hong Kong office building. In May, Evergrande sold a 2.66% stake in the EV unit for the equivalent of about $1.36 billion, trimming its holding to just under 65%. In Evergrande Auto's first-half results in August, the car company had said its board believed it had enough working capital to meet financial obligations over the coming 12 months. Evergrande Auto, which is based in Guangzhou, also operates various healthcare businesses.",BEFORE
306"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Empty Buildings in China?€?s Provincial Cities Testify to Evergrande Debacle. If the article mentions that China Evergrande New Energy Vehicle Group has defaulted recently, respond with 'AFTER'. If the article mentions that China Evergrande New Energy Vehicle Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. China Evergrande New Energy Vehicle Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. China Evergrande New Energy Vehicle Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. China Evergrande New Energy Vehicle Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of China Evergrande New Energy Vehicle Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","LU'AN, China'Rows of residential towers, some 26 stories high, stand unfinished in this provincial city about 350 miles west of Shanghai, their plastic tarps flapping in the wind. Elsewhere in Lu'an, golden Pegasus statues guard an uncompleted $9 billion theme park that was supposed to be bigger than Disneyland. A planned $4 billion electric-vehicle plant, central to local leaders' economic dreams, remains a steel frame with overgrown vegetation spilling into the road. The structures are monuments to the once-grand ambitions of China Evergrande Group, now among the world's most indebted property companies, and a case study in how China's dependence on real estate as an economic engine helped feed those ambitions. Evergrande is in trouble in part because it developed properties aggressively in places such as Lu'an, where its debt-fueled building spree came as the city's population dwindled. It launched hundreds of projects across more than 200 Chinese cities. As it expanded, Evergrande racked up more than $300 billion in liabilities. In September, it said it was facing unprecedented difficulties and was trying to protect customers. Days later, it missed a scheduled interest payment to overseas bondholders. On Monday, Evergrande and its property-management unit halted trading in Hong Kong; the unit said it could be subject of a takeover bid, which could bring in much-needed cash for Evergrande. The company's troubles are among the impacts unfolding since Beijing, concerned about risks to the financial system, last year began forcing developers to start cleaning up their balance sheets. Global investors are worried the crackdown could trigger financial-market distress or a protracted real-estate downturn. People who bought units in unfinished towers are wondering where their money went. 'We spent all our family's savings on this apartment,' said a 59-year-old farmer surnamed Jiang, who, like other buyers in Lu'an, didn't want to provide her first name because she is worried about upsetting the company. In August, she said, she bought a unit for 890,000 yuan ($138,000) in an Evergrande project called Junting, or 'Jade Palace,' with 47 apartment buildings. Work halted months ago, locals said. Ms. Jiang said she didn't know when'or if'it would restart. 'We really don't know what to do,' she said. Evergrande has completed many projects in Lu'an over the past decade and turned homes over to buyers. An Evergrande spokesman said the company would do everything possible to ensure completion of its projects 'wherever the city or region is.' Lu'an officials didn't respond to requests for comment. Central to Evergrande's expansion was a real-estate economy across China in which people from developers to financiers to city leaders had an incentive to perpetuate the boom. Evergrande found a market for its projects among a range of buyers'including corporate employees and farmers seeking to move to more urban areas'who believed values would rise no matter what and assumed Beijing would protect them against decline. For local leaders, developers represented a revenue stream. With limited power to tax, Chinese cities get roughly a third of their revenue from selling land to property developers like Evergrande. Cities annex farmland to sell to developers; farmers often get to buy apartments at a discount. Real estate became some cities' biggest economic driver and the most important source of revenues. Lu'an's take from land sales totaled $1.2 billion in the first half of this year, compared with total tax revenue of $900 million. But property construction in smaller cities ran well ahead of demand from prospective occupants for the last five years in China, leaving the market increasingly dependent on speculators and investors to buy properties, said Logan Wright, China markets research director at Rhodium Group, a research firm based in New York. About 21% of homes in urban China were already vacant in 2017, which equated to 65 million empty units, according to data from China Household Finance Survey. As China cracks down, new-home construction has slowed and housing prices are falling in many places. Local governments' land-sales revenues fell by 17.5% in August from a year ago, according to Rhodium Group. A sharp deceleration in China's property market could 'exacerbate and amplify downward pressure' on the job market and China's overall economy, Goldman Sachs economists warned in a recent note. By some estimates, real-estate-related activity now accounts for nearly one-third of China's economy. Most economists and investors believe China's government will restructure Evergrande. Late last month, the People's Bank of China said it would 'maintain the healthy development of the property market and safeguard the legitimate rights and interests of house buyers.' Still, economists say there will be lost economic activity if Beijing continues to drain away excess debt and root out speculation in real estate. Some Evergrande projects appear to have fared better in bigger cities. Some Chinese media have reported that while it halted construction on some developments in Guangzhou in southern China, construction on some projects resumed in late September. Lu'an has lost 5% of its population in the past 10 years. Among Lu'an's four million people, many are over 60 and residents' average annual disposable income of $3,500 is below the national average of around $5,000, government data show. Yet from around 2011 through 2020, Evergrande invested more than $10 billion and launched multiple major projects in Lu'an, including residential complexes, the EV plant and the 'Fairyland' theme park featuring pastel-colored European-style pedestrian blocks and a m??lange of animal characters, including a reindeer-like creature and a blue dragon. Four unfinished Evergrande projects in Lu'an that The Wall Street Journal visited in late September appeared to have stopped construction. Nearby store owners described the loss of business after construction workers stopped showing up. In one Evergrande office, staff took naps or huddled over smartphones. At least 23 lawsuits involving commercial bills'a form of IOU among Chinese businesses'have been filed this year against Evergrande's subsidiaries in Anhui province, where Lu'an is located, according to a Journal search on Tianyancha, a corporate database in China. Plaintiffs included makers of paint, cable, concrete and elevators as well as construction companies. The Journal couldn't find any such lawsuits in the previous year in the database. Evergrande was founded in 1996 in Guangzhou by Xu Jiayin, who local media says grew up in a poor village as a woodcutter's son. He became known as Hui Ka Yan, his name in Cantonese. Mr. Hui expanded Evergrande into a nationwide powerhouse with more than 150,000 workers, reporting record sales year after year as home prices soared. Evergrande's share price grew more than fivefold in 2017, a year Mr. Hui temporarily became China's richest man, according to research firm Hurun Report. The company raised money in part by preselling units to home buyers for cash upfront who then waited for the buildings to rise. Its creditors include buyers of 1.4 million apartments that Evergrande presold and promised to build but hasn't yet completed, estimates research firm Capital Economics. Evergrande also borrowed from banks and foreign investors. It expanded beyond real estate, getting into mineral-water production and buying a professional soccer club. It joined the electric-vehicle industry with a Hong Kong-listed EV unit, China Evergrande New Energy Vehicle Group Ltd. , whose market capitalization once hit $87 billion, more than most global auto makers at the time. In 2017, it entered the theme-park business, launching 15 projects nationwide involving more than $100 billion in total investment, according to Journal calculations based on local-government numbers. Around that time, Dalian Wanda Group, a conglomerate that had vowed to out-compete Disney parks in China, said it was retreating from the business after running up too much debt. Principal cities like Beijing and Shanghai kept a tight grip on land supply for new construction, so Evergrande'like many other developers'turned to smaller and more out-of-the-way cities like Lu'an with plenty of land to sell. When Evergrande began buying land around Lu'an around 2011, it was a sleepy place known mainly for Lu'an Melon Seed Tea. Evergrande launched at least a half-dozen major residential projects in the area while other major developers also rushed in. Buyers often queued up for hours or went through lotteries to angle for apartments. A senior Anhui province official in 2012 publicly praised Evergrande, local media reported, saying its 'strengths in scale and brand name make it a dragon-head-like enterprise in China with international influence.' Between 2019 and the end of September 2021, Evergrande was Lu'an's biggest developer based on the number of apartments sold before their construction work was completed, with 8,123 new apartments presold, according to Journal calculations using information from Lu'an's housing authority. Evergrande added commercial buildings and a movie theater. In 2019, it bought 14 more lots in Lu'an, driving the city's land sales to over $2.6 billion that year, according to Anhui Land Information Network, a research firm tracking government land auctions. The sales helped prompt the local government to increase its fiscal-revenue budget for the year three times. Evergrande around that time chose Lu'an for one of its EV subsidiary's plants. Evergrande said it would produce as many as 500,000 cars, generate $15.5 billion in industrial output each year and contribute $1.2 billion in annual tax revenue for the local government, according to local media. As residential projects rose and residents moved into completed projects, Lu'an transformed into urban sprawl stretching across about 6,000 square miles, with housing-block rows surrounded by farmland. New York City is about 300 square miles. Evergrande faced cash crunches over the years but always overcame them. Then Beijing announced plans in August 2020 to crack down on developers' excessive borrowing via the 'three red lines,' limits that kept the company from taking on new debt. Evergrande's real estate, theme park and EV subsidiaries each recorded losses during the first half of 2021. Cash became so short the company this summer started paying some suppliers with unfinished apartments, the Journal has reported. In Lu'an, complaints flooded into the local government website, with some buyers of unfinished homes fearing they would lose their life's savings or be homeless in retirement. Among the projects whose construction appeared halted last month was a large unfinished portion of Evergrande's Yujingwan, or 'Imperial Scenery Bay,' a complex spanning several blocks. Across the street, a woman giving her name as Ms. Wang, 41, was selling beverages and foodstuffs one recent day at a convenience store she opened in 2017. Ms. Wang said she bought an apartment last year for more than 400,000 yuan in the complex's so-called Sixth Phase after Evergrande offered a roughly 35% discount. She borrowed from friends and relatives to buy the new home, which she said is supposed to be ready in 2023. She said she believes the government, or perhaps a state-owned enterprise, will step in to finish the project. Other buyers echoed that belief. It isn't clear where the money that developers like Evergrande collected from home buyers through presales has been going. In many cases, the Journal has reported, developers use that cash as general funding for operations. The Evergrande theme park was partially operating on the late-September visit, with some small-scale attractions and a handful of restaurants open. Incomplete apartments towered over the park. The carousel was closed.",NO
307"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled China property giant Evergrande suspends share trading again. If the article mentions that China Evergrande New Energy Vehicle Group has defaulted recently, respond with 'AFTER'. If the article mentions that China Evergrande New Energy Vehicle Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. China Evergrande New Energy Vehicle Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. China Evergrande New Energy Vehicle Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. China Evergrande New Energy Vehicle Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of China Evergrande New Energy Vehicle Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Troubled Chinese property developer giant Evergrande and all its units suspended trading in Hong Kong Monday morning, according to a notice to the stock exchange. China's property firms have struggled in the wake of Beijing's drive to curb excessive debt in the real estate sector, as well as rampant consumer speculation. Among those embroiled in the crisis is Evergrande, one of the country's largest developers, which has been involved in restructuring negotiations after racking up US$300 billion in liabilities. On Monday the company announced that trading will be ""halted"" without giving a reason. ""Accordingly, all structured products relating to the company will also be halted from trading at the same time,"" said a notice to the Hong Kong Stock Exchange. Shares of Evergrande Property Services Group and China Evergrande New Energy Vehicle Group were suspended. The suspension ' the second this year ' comes ahead of an expected US$2 billion repayment obligation on Wednesday, and another next month of US$1.4 billion. The embattled developer was labelled as being in default by international ratings firms in December after it failed to repay liabilities on time. Earlier struggles to pay suppliers and contractors due to the debt crisis led to sustained protests from homebuyers and investors at the group's Shenzhen headquarters in September. The company has repeatedly said it will finish its projects and deliver them to buyers in a desperate bid to salvage its debts. But in January it was ordered by authorities to tear down 39 buildings on Hainan island because the structures were built illegally on an artificial archipelago in the tourist hub. The firm has tried to sell assets, with chairman Hui Ka Yan paying off some of the debts using his own personal wealth. Evergrande's woes have had knock-on effects throughout China's property sector with some smaller firms also defaulting on loans and others struggling to find enough cash. The International Monetary Fund warned in late January that the property funding crisis could have spillover effects on the broader economy and global markets. - AFP",NO
308"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Chinese Developer Evergrande Nears Landmark Restructuring Deal. If the article mentions that China Evergrande New Energy Vehicle Group has defaulted recently, respond with 'AFTER'. If the article mentions that China Evergrande New Energy Vehicle Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. China Evergrande New Energy Vehicle Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. China Evergrande New Energy Vehicle Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. China Evergrande New Energy Vehicle Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of China Evergrande New Energy Vehicle Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","309Listen to article310(3 minutes)311China Evergrande Group EGRNF -73.33%decrease; red down pointing triangle, the giant property company that defaulted on its U.S. dollar bonds more than a year ago, is close to striking a debt-restructuring deal with foreign bond investors, according to people familiar with the matter.312The Guangzhou-based developer, the most indebted property company in the world, has agreed on the??outlines of a deal that would give it breathing room by extending its debt maturities while allowing it to defer some coupon payments, the people said.??31323 mins ago31422 hours ago31511 hours ago31623 mins ago31722 hours ago31811 hours ago31917 hours ago3208 hours ago3218 hours ago3222 hours ago32311 hours ago3247 hours ago325The deal would finally bring a resolution to the highest-profile debt-restructuring negotiation in China's property sector, which has suffered dozens of dollar bond defaults in the past two years after a sharp slowdown in sales. Chinese real-estate firms missed payments on more than $30 billion of international bonds in 2022, according to S&P Global Ratings. Investors said Evergrande's restructuring could set a template for other debt workouts.????326The progress made in negotiations lessens pressure on Evergrande ahead of a March 20 court hearing in Hong Kong, where the company will be expected to show it has made some progress in its negotiations with bondholders. Evergrande had a similar hearing in November but was given more time to negotiate with investors.327Newsletter Sign-up328Markets A.M.329A pre-markets primer packed with news, trends and ideas. Plus, up-to-the-minute market data.330Investors have agreed to take a 'hair cut' on some of the bonds, which means they would get less than the face value of the bonds they hold, but the size of this reduction still hasn't been decided, the people said. Evergrande won't pay investors back immediately but will swap their bonds for several newly issued ones, including bonds secured by shares of its Hong Kong-listed businesses such as its property-services arm and its electric-vehicle division.331Investors would also be offered new unsecured bonds with maturities as long as 12 years in the future, paying coupons as high as 9%, the people said. Evergrande would be able to give investors more bonds instead of making these coupon payments, the people said, meaning it won't suffer the burden of paying interest immediately after a deal is signed.332Evergrande Chairman Hui Ka Yan, who founded the company in the mid-1990s, will convert loans he made to China Evergrande New Energy Vehicle Group Ltd., the electric-vehicle subsidiary, into shares in the company, the people said.333Evergrande's dollar bonds have been trading at heavily discounted levels since it defaulted on its international debt in December 2021. Many of the investors now in negotiations with Evergrande are distressed-debt funds who bought the bonds after the default. A $4.68 billion bond due in 2025 was bid at 8 cents on the dollar on Friday afternoon in Hong Kong, according to Tradeweb.334China's crackdown on leverage in the property sector in 2021 led to a sharp slowdown in new home sales, but regulators changed course last November, announcing a series of measures designed to alleviate some of the pressure on developers. Data released this week showed that new house prices in the country are starting to stabilize, after a yearlong decline.",NO
335"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled China Evergrande?€?s EV unit may shut down without new funding. If the article mentions that CHINA Evergrande New Energy Vehicle has defaulted recently, respond with 'AFTER'. If the article mentions that CHINA Evergrande New Energy Vehicle will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. CHINA Evergrande New Energy Vehicle is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. CHINA Evergrande New Energy Vehicle is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. CHINA Evergrande New Energy Vehicle has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of CHINA Evergrande New Energy Vehicle. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","CHINA Evergrande New Energy Vehicle (NEV) Group warned it may have to stop making electric cars if it can't obtain new financing, having delivered just 900 of its much-delayed flagship model. The company said it is seeking to cut costs by reducing staff numbers and improving management efficiency. However, 'in face of the inability to obtain additional liquidity, the group is at risk of discontinuing production', it said in a statement to the Hong Kong Stock Exchange. While Evergrande had flagged as early as August 2021 that it was running short of cash, this is the starkest warning yet that founder Hui Ka Yan's dream of taking on Elon Musk's Tesla as the world's biggest maker of electric vehicles (EVs) is unlikely to be realised. Once one of China's richest and most influential titans, Hui has lost most of his wealth after his property empire became embroiled in a debt crisis. Having touted the car as early as 2019 and pledging to rival Tesla within three to five years, Evergrande NEV has been plagued by production delays and setbacks. At its peak, the fledgling automaker was valued at more than Ford Motor, before being caught up in the crisis engulfing its parent company China Evergrande Group. Evergrande NEV shares have been suspended since April last year, and will remain suspended until further notice. Evergrande NEV said in Thursday's statement that if it can obtain financing of more than 29 billion yuan ($5.6 billion) that it plans to launch a number of flagship models and hopes to achieve mass production. However, it gave no details on when or where it could raise those funds, and said under this plan it would still have cumulative negative cash flow of 5 billion yuan to 7 billion yuan from 2023 to 2026. In the meantime, it is considering the sale of residential and property development projects. A balance sheet attached to the statement showed Evergrande NEV has almost 59 billion yuan of liabilities, and total equity of just 691 million yuan as of Dec 31, 2021. BLOOMBERG",NO
336"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled China Textile Mogul Pushed Into Fashion, Then Ran Into Trouble. If the article mentions that Trinity has defaulted recently, respond with 'AFTER'. If the article mentions that Trinity will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Trinity is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Trinity is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Trinity has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Trinity. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Chinese textile magnate Qiu Yafu spent years buying up luxury fashion labels, saying he wanted to build a rival to LVMH Mo??t Hennessy Louis Vuitton SE. That ambition is now faltering, embroiling iconic brands he snapped up along the way, including Paris fashion house Cerruti 1881 and London's Gieves & Hawkes, the Savile Row tailor that has dressed British royalty for more than 200 years. Those brands' owner, Trinity Group, a Hong Kong subsidiary of Mr. Qiu's Shandong Ruyi Technology Group Co., entered liquidation in January. Liquidators want to sell Trinity's brands together, but so far potential buyers are only interested in separate labels, according to people familiar with the matter. That has led to an impasse, these people said. Mr. Qiu was also ousted last month as chairman of French luxury group SMCP S.A. SMCP -0.67% S. after unpaid creditors took control of the company from him last year. Once a jet-setting ambassador for Chinese corporate deal making, Mr. Qiu has kept a low profile in recent months. He and Ruyi didn't respond to requests for comment or interview requests. Ruyi said it had been unable to repay some of its debts in a December 2020 statement, the last to have been posted on its website. The company at the time said it would negotiate with creditors to reorganize repayment schedules. It also said the company's main textile business was stable. Trinity, in a January Hong Kong securities filing related to its liquidation, said its brands continue to operate normally. A Ruyi subsidiary that had controlled SMCP challenged the right of other shareholders to hold the January board meeting at which Mr. Qiu was ousted as chairman, but lost in court. An SMCP spokesman said the company wasn't a direct party to the legal dispute between its shareholders. Executives and analysts familiar with Mr. Qiu's approach say Ruyi took on billions of dollars in debt between late 2016 and early 2019 acquiring well-known, but sometimes tired, brands that needed more investment to reinvigorate them and grow. When the Covid-19 pandemic hit, shoppers dried up, squeezing finances even more. In late 2019, the government of the Chinese city of Jining took a 26% stake in Ruyi. The company's revenue in 2020, the last year for which data is available, fell by half compared with the year before. The company defaulted on a $156 million bond at the end of 2020. It has more than $6 billion in debt on its balance sheet. 'They bought aggressively,' said Jason Basmajian, the former creative director at Cerruti. 'There was so much optimism.' But promises by Ruyi of big investment into Cerruti never materialized, he said. For years, Mr. Qiu was the face of China's ambitions to become a player in the global luxury business. In a 2018 speech at the National People's Congress in Beijing, he complained that young Chinese were happy to spend 20,000 yuan, equivalent to more than $3,000, on a Canada Goose coat but wouldn't spend 2,000 yuan on the same sort of coat with a Chinese label. Ruyi, which had previously been a mostly China-focused textile manufacturer for many global brands, would change all that, he said: 'We will create a new image for Chinese quality and for Chinese brands.' A weekly look at our most colorful, thought-provoking and original feature stories on the business of life. Mr. Qiu's roots trace to Jining in Shandong province, a coal-producing city of 11 million people best known for its close association with Confucius. The 63-year-old started his career in a state-owned wool factory, according to Chinese media profiles. In the 1990s, he stitched Ruyi together from a collection of smaller fabric producers to create one of China's biggest textile groups. He then turned his sights overseas. He helped fund new nuclear-power plants and a textile facility in Pakistan, according to Chinese state media reports from the time. He bought Australia's largest cotton farm in 2013. On a trip to Arkansas a few years later, he met Gov. Asa Hutchinson and pledged $410 million to convert a disused electronics plant into a state-of-the-art textile factory. In 2019, he snapped up Wilmington, Del.-based Lycra Co., the maker of the stretchable fabric, for $2.6 billion, borrowing $1 billion of that amount. He also started buying luxury retailers, espousing an integrated business model that would include not just cotton farms and textile mills, but the brands that designed and sold the industry's highest-end clothing. Mr. Qiu acquired SMCP'whose brands include Sandro, Maje and Claudie Pierlot'for $1.5 billion in 2016, and added Trinity and its brands the following year. There were other luxury acquisitions in Israel, Japan and the U.K. Ruyi said that it was taking a controlling stake in Swiss luxury firm Bally in 2018, but a deal was never completed, according to Bally's owner JAB Holding Co. After the Trinity deal, Mr. Qiu visited the Cerruti studio, where staff 'gave him a red-carpet welcome,' a former executive who was present said. 'We thought he was our savior.' Cerruti was in the process of vacating its flagship store at Paris's Place de la Madeleine'opened by its founder, the late Nino Cerruti, in 1967'to save money, according to former executives. Mr. Qiu said the move would be stopped and that money was no object in maintaining the historic site, one of the former executives said. Mr. Qiu told Cerruti staff his dream was to be the next LVMH, some of those present recalled. The excited Cerruti team worked on a new strategic plan for the brand at Mr. Qiu's behest but never received the green light to execute it, said Mr. Basmajian, the former creative director. 'They had no game plan,' he said. 'They were only interested in buying whatever brands they could get. After that there was no development, no investment and no growth.' The Cerruti flagship at Place de la Madeleine closed soon after Mr. Qiu's visit. The brand now only operates stores in China. 'We never heard from him again,' said the former executive. Other brands bought by Ruyi have stagnated. Aquascutum, a tailor founded in 1851 and once famous for its raincoats, closed all of its stores and is now only selling on China's internet. Gieves & Hawkes shed many of its staff during the pandemic, when demand for tailoring collapsed. Aquascutum and Gieves & Hawkes didn't respond to requests for comment. Work on the Arkansas textile factory never started, according to a spokeswoman for the state's Department of Commerce. She said the Ruyi project was on 'indefinite hold.'",AFTER
337"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled RPT-EXPLAINER-UBS appeals IPO sponsor ban, tests HK's crackdown on misconduct. If the article mentions that China Forestry has defaulted recently, respond with 'AFTER'. If the article mentions that China Forestry will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. China Forestry is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. China Forestry is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. China Forestry has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of China Forestry. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","(Repeats story with no changes to text) HONG KONG, March 8 (Reuters) - Swiss banking giant UBS Group AG is set to appeal against an unprecedented 18-month ban on leading IPOs in Hong Kong, imposed, sources say, for its role in the listing of a firm which subsequently collapsed. The case, which also involves Standard Chartered PLC , is a test of the Securities and Futures Commission's (SFC) increased scrutiny of IPO practices in a city where helping firms list is particularly big business for banks. UBS, StanChart and UBS banker Cen Tian are scheduled to appeal on Monday against disciplinary action taken by the SFC over alleged misconduct during a 2009 initial public offering (IPO) that the two banks sponsored, or led. Details of misconduct or grounds for appeal have not been disclosed. While UBS has not named the IPO in question and the SFC has not publicly confirmed it, people with direct knowledge of the matter have said it was that of China Forestry. StanChart, which closed its equity business in 2015, named the deal as China Forestry in regulatory filings since 2016. The timber merchant raised $216 million in its IPO. Just 14 months after listing, trading of its shares was suspended when its auditor, KPMG, discovered irregularities. The company was subsequently liquidated. UBS disclosed last year that the SFC proposed to fine it HK$119 million ($15.16 million) and suspend its sponsor licence for 18 months for its work on an unnamed IPO - an unprecedented punishment against a top bank in the city. The appeals will be heard by a three-person panel headed by a judge under the auspices of Hong Kong's Securities and Futures Appeals Tribunal. WHAT IS A 'SPONSOR' AND WHY IS THE SFC INCREASING SCRUTINY Hong Kong IPOs need at least one sponsoring bank, which typically takes the lead in running the IPO and so collects a larger proportion of fees than banks listed only as bookrunners. Sponsors must conduct due diligence to assess the company being listed, and are responsible for assuring potential investors that its IPO prospectus is accurate. Following a string of scandals among newly traded companies earlier this decade, the SFC tightened oversight. 'The SFC felt that there were too many incidents of market misconduct, leading to an ever-expanding enforcement workload, and it was necessary to find ways to regulate listing more effectively,' said Peter Cheng, a partner at law firm Deacons. The case under appeal is among a series of actions taken by an increasingly proactive regulator, which in October said it had issued nine IPO sponsors with 'decision notices' informing them of intended enforcement measures. Last year, the SFC imposed fines of $7 million on Citigroup Inc for due diligence failures during its sponsorship of Real Gold Mining Ltd's 2009 IPO, and $3 million on China Construction Bank International over its sponsorship of the failed 2014 IPO of seafood company Fujian Dongya Aquatic. Last week, the SFC banned a former banker of China Merchants Securities Co Ltd (CMS) for his role in an unidentified 2009 IPO, and said the case was related to ongoing disciplinary action against CMS and the deal's co-sponsor. In 2009, CMS joined UBS in sponsoring the $231 million float of China Metal Recycling, a now-liquidated scrap processor which in 2013 became the first firm to be wound up by the SFC itself. IPOs are big business in the city, last year's top IPO destination worldwide with $36.3 billion raised, Refinitiv data showed. Across the Asia-Pacific region, banks collected $5 billion in IPO fees in 2018, according to data from Dealogic. Equity deals - IPOs as well as subsequent share sales - accounted for an average 44 percent of all investment banking fees region wide over the past decade, compared with a global average of 26 percent, according to Dealogic. UBS has done particularly well out of advising on IPOs. It was a top 10 investment bank for IPOs in Hong Kong from 2009 through 2015, ranking first in 2009 and 2012 in terms of the total value of the IPOs it advised on, Dealogic data showed. However, the threat of suspension - imposed only after appeals have been exhausted - has already cost UBS, since any IPO candidate whose sole sponsor pulls out must begin the entire listing process again. In 2016, UBS dropped to 20th in Dealogic's league table, though by last year, it ranked eighth. Among sponsors, UBS ranked 27th last year, sponsoring just one IPO. ($1 = 7.8494 Hong Kong dollars)",NO
338"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Drill Maker Schramm Files for Bankruptcy, Plotting Sale. If the article mentions that Schramm Inc. has defaulted recently, respond with 'AFTER'. If the article mentions that Schramm Inc. will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Schramm Inc. is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Schramm Inc. is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Schramm Inc. has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Schramm Inc.. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Schramm Inc., which makes land-based hydraulic drilling equipment used in mining and oil-and-gas production, filed for bankruptcy with plans to sell the business in a court-supervised auction process. The company, which says its customers include some of the world's largest drilling rig operators, sought chapter 11 protection on Monday in the U.S. Bankruptcy Court in Wilmington, Del., hoping to have a sale completed by September. Court papers show Schramm already has lined up an initial $16.3 million offer from private-equity firm GenNx360 Capital Partners LP, an existing lender that also owns a large stake in Schramm's bankrupt parent company. Schramm said demand for its rigs has suffered because of the larger downturn in the oil-and-gas industry. Some of its rig assemblies have been idled, cutting into revenue projections. 'Given its strong connections to the oil-and-gas industry, the company has faced significant challenges pervasive in the industry over the past three to five years,' Schramm President Craig Mayman said in court papers. 'Numerous oil-and-gas producers have significantly curtailed, if not entirely ceased, drilling new wells in response to declines in commodity prices that make such projects uneconomical.' Mr. Mayman said Schramm tried to refocus its business on the more-stable mining industry and worked to cut expenses, but its financial performance has continued to be strained. Schramm is seeking bankruptcy court permission to keep operating normally while it works to complete the proposed sale. It said a liquidation would be devastating to its employees and damaging to customers who rely on it to provide them with continued service and warranties. To keep the lights on, the company is seeking court permission for as much as $6 million in emergency financing from GenNx360. GenNx360 intends to bid the balance of the $6 million loan plus $10.3 million, which will be tested against possible higher offers at auction. The timeline and terms of the sale are subject to bankruptcy court approval, but the company has proposed an Aug. 13 bid deadline followed by an auction on Aug. 15. Schramm, which is based in West Chester, Pa., specializes in the manufacture and sale of a variety of hydraulic rotary drilling rigs that are mounted on trucks, tracks and trailers. It also sells ancillary equipment, including the hammers and bits that naturally deteriorate as part of the drilling process. The business is being represented in court by Young Conaway Stargatt & Taylor LLP and has proposed hiring FocalPoint Partners LLC as its investment banker. Judge Mary F. Walrath will oversee the chapter 11 proceeding. An initial hearing on the case, numbered 19-11396, is set for Tuesday.",AFTER
339"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled HoSE, HNX see many enterprises leave the market. If the article mentions that Royal International has defaulted recently, respond with 'AFTER'. If the article mentions that Royal International will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Royal International is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Royal International is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Royal International has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Royal International. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Investors watch stocks' movements. Photo vietnamplus.vn340 341 342H?€ N???I ' In June, both H??? Ch?? Minh Stock Exchange (HoSE) and the H?? N???i Stock Exchange (HNX) did not have newly listed stocks.??Since the beginning of the year, HoSE has only recorded five listed companies - EVN Finance JSC (EVF), Quang Tri Minh Hung JSC (GHM), Deo Ca Traffic Infrastructure Investment JSC (HHV), Power Generation Joint Stock Corporation 3 (PGV), and Viettel Construction JSC (CTR).On HNX, there were??only four new listed companies - Hoang Mai Stone JSC (HMR), Transimex Transport JSC (TOT), Saigon Plant Protection JSC (SPC) and most recently, Vietnam Herbs and Foods JSC (VHE).However, after this year's audited financial statements season, many businesses on these two exchanges had to delist or be on the list of delisting.In May, HoSE said that RIC shares of Royal International Corporation would be delisted due to losses in business results for three consecutive years (2019, 2020 and 2021). RIC then left HoSE on May 16.Previously, the southern exchange also decided to compulsorily cancel the listing of PXI shares of Petroleum Industrial & Civil Construction JSC, due to losses for three consecutive years. Specifically, the company lost VN??30.3 billion (US$1.3 million) last year, while the audited financial statements for 2019 and 2020 showed that it lost VN??10.4 billion and VN??50 billion, respectively.Similarly, Petroleum Equipment Assembly & Metal Structure's PXS shares had to leave HoSE to trade on UpCOM, as the audit organisation had a qualified option??with the company's financial statements for 2019, 2020 and 2021. It was in the case of securities being delisted according to Clause 1, Article 120 of Decree 155/2020. The last trading day of the stocks was June 23.Some other cases were PTL of Victory Capital JSC and FTM of Duc Quan Investment and Development JSC.On HNX, out of eight stocks, only SIC of SCI E&C cancelled listing because the current shareholder structure does not meet the conditions of being a public company under the new Securities Law.The remaining seven cases delisted because their financial statements of three consecutive years (2019, 2020, 2021) received a??qualified option??or the auditor refused to comment on the financial statements.After being kicked out of HoSE and HNX, these symbol tickers will be automatically traded on UpCOM to maintain stock liquidity. However, in the event that the reasons leading to the delisting cannot be resolved, these stocks will only be traded on Fridays until the consequences are rectified.In case it does not meet the requirements of UpCOM, it will be transferred to an over-the-counter exchange (OTC) - a market where buyers/sellers trade by themselves, and the liquidity is often low.The common point of the delisted stocks is that they all suffered sharp declines in prices, and many stocks were??not??traded.??For example, after receiving information that it had to be delisted on April 14 until its last trading day on May 13, RIC shares fell nearly 13 per cent. Similarly, PXI tumbled 37.6 per cent, and PXS was down 23.1 per cent. VNS343",NO
344"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Serba Dinamik to appoint independent audit firm, latest by today. If the article mentions that Serba Dinamik Holdings Bhd has defaulted recently, respond with 'AFTER'. If the article mentions that Serba Dinamik Holdings Bhd will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Serba Dinamik Holdings Bhd is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Serba Dinamik Holdings Bhd is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Serba Dinamik Holdings Bhd has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Serba Dinamik Holdings Bhd. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","KUALA LUMPUR: Serba Dinamik Holdings Bhd's non-independent and non-executive director Datuk Abdul Kadier Sahib has withdrawn a notice calling for an extraordinary general meeting (EGM) to replace KPMG PLT as its external auditor. Serba Dinamik said it had also received a notice from Abdul Kadier on his earlier proposed nomination of BDO PLT as the new auditor after due consideration to the concerns raised by the shareholders and stakeholders that had been supporting the group. ""Abdul Kadier is looking forward for the management and KPMG to arrange for an engagement session to enable both parties to achieve an amicable solution to the raised matters,"" the company said in a statement on Wednesday. Abdul Kadier Sahib, who owns a 15.96 per cent stake to be the company's second largest shareholder, had on Friday called for an EGM to replace KPMG. Earlier, KPMG announced that it had stopped its audit process on Serba Dinamik and flagged audit issues involving trasanctions of about RM3.5 billion. On May 29, Minority Shareholders Watch Group, in a statement, urged all minority shareholders to vote against the resolution. The Malaysian Institute of Corporate Governance said Serba Dinamik's decision to use the process of removing its external auditor when its executive was unhappy with the audit findings was not appropriate. Meanwhile, Serba Dinamik group managing director Datuk Dr Mohd Abdul Karim Abdullah said it would appoint an independent audit firm on Friday (today), the earliest to resolve the audit issues. Abdul Karim also said it would decide on whether to appoint BDO PLT or different audit firm, to complement the group's external auditor, KPMG. ""I have been caught by surprise over these irregularities,"" he told the New Straits Times when contacted yesteryday. He said the newly-appointed independent auditor would need to confirm if there was any discrepancy in terms of the sales transactions. Mohd Abdul Karim had previously validated that there were no issues with the contracts and transactions made by Serba Dinamik. ""My job is to strengthen the fundamentals and governance to get the group sustainable. I will give full cooperation to support this and focus on the company's ongoing business,"" he added. He expects the oil and gas services activities to pick up this year on the back of the improved Brent crude oil at about US$71 per barrel, which in turn would allow more contracts and services for Serba Dinamik to partake. Abdul Karim expects Serba Dinamik to reduce its dependence on O&G sector with a revenue contribution of 45 per cent by 2022, diversifying its focus on technology-related segment. In a separate statement today, Fitch Ratings said it had downgraded Serba Dinamik's long-term issuer default rating to ""B-"" from ""BB-"". The firm also downgraded Serba Dinamik's senior unsecured sukuk due 2022 and 2025 to ""B-"" from ""BB-"" with a recovery rating of ""RR4"". The ratings have been placed on Rating Watch Negative (RWN). ""The downgrade reflects the pressure on Serba Dinamik's liquidity and the elevated refinancing risk from its short-term debt maturities in 2021 and its US$222 million sukuk due May 2022. ""We believe the company's access to debt funding has been compromised after its auditor, KPMG, requested an independent review when a 2020 statutory audit raised multiple questions over the company's operations."" Fitch expect to resolve the RWN following the completion of the review and the company demonstrating it had access to funding to enable it to refinance its upcoming debt maturities.",NO
345"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Shares of China Evergrande and property services unit suspended - HKEX. If the article mentions that Evergrande Property Services Group has defaulted recently, respond with 'AFTER'. If the article mentions that Evergrande Property Services Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Evergrande Property Services Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Evergrande Property Services Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Evergrande Property Services Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Evergrande Property Services Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","HONG KONG, Oct 4 (Reuters) - Trading in shares of debt-laden China Evergrande was suspended on Monday after it missed a key bond interest payment last week, its second offshore debt obligation in a week, with market watchers jittery as the group's troubles unravel. Shares of its unit Evergrande Property Services Group were also suspended, according to the Hong Kong stock exchange. With liabilities equal to 2% of China's GDP, Evergrande has sparked concerns its woes could spread through the financial system and reverberate around the world, though worries have eased somewhat after the central bank vowed to protect homebuyers' interests. Reporting By Anne Marie Roantree and DOnny Kwok; Editing by Kim Coghill",NO
346"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled China Evergrande to raise $5 billion from property unit sale - Global Times. If the article mentions that Evergrande Property Services Group has defaulted recently, respond with 'AFTER'. If the article mentions that Evergrande Property Services Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Evergrande Property Services Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Evergrande Property Services Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Evergrande Property Services Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Evergrande Property Services Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","HONG KONG (Reuters) -China Evergrande will sell a majority stake in its property management business for more than $5 billion, Chinese media said on Monday, a deal which would be the largest asset sale yet at the debt-laden property developer if it goes ahead. Once China's top-selling property group, Evergrande is facing what could be one of the country's largest-ever restructurings as the company is weighed down by debts of around $305 billion. Uncertainty over Evergrande's fate has unsettled financial markets worried about any fallout from its troubles. Evergrande on Monday said it requested a halt in the trading of its shares in Hong Kong pending an announcement about a major transaction. Evergrande Property Services Group, a spin-off listed last year, also requested a halt and said it referred to 'a possible general offer for shares of the company.' China's state-backed Global Times said Hopson Development was the buyer of a 51% stake in the property business for more than HK$40 billion ($5.1 billion), citing unspecified other media reports. Hopson also said it had suspended trading in its shares, pending an announcement related to a major acquisition of a Hong Kong-listed firm and a possible mandatory offer. Neither Hopson nor Evergrande responded to requests for comment on the Global Times report. Analysts said the possible deal signals the company is still working to meet its obligations. But it also rekindled broader concerns about the risk to China's property sector and economy if Evergrande is liquidated at low prices. 'Selling an asset means they are still trying to raise cash to pay the bills,' said OCBC analyst Ezien Hoo. 'Looks like the property management unit is the easiest to dispose in the grand scheme of things.' The reported proceeds from the sale of $5 billion, in theory, would be enough to pay short-term offshore creditors, with Evergrande due to find just over $500 million in coupon payments by the end of the year and facing a $2 billion dollar bond maturity in March. The price also represents a roughly 17.5% discount to the Services' Group's December 2020 listing valuation. Shares in Hopson, which has a market value of HK$60.4 billion ($7.8 billion), have jumped 40% so far this year and it was rated B+ by Fitch in June. Evergrande's property services business, which says it managed a total contracted floor area of 810 million square metres at the end of June, was also profitable in the first half of 2021, based on its financial statements. With liabilities equal to 2% of China's gross domestic product, Evergrande has sparked concerns its troubles could spread through the global financial system. Nervousness has eased after China's central bank vowed to protect homebuyers' interests, but ramifications for China's economy has kept investors on edge - particularly as signs of distress have begun spreading to Evergrande's peers. Credit ratings agency Fitch on Monday cut property developer Fantasia Holdings' credit rating by four notches. Monday's share trading suspension knocked the offshore yuan, which fell about 0.3% against the dollar, and weighed on the Hang Seng benchmark index. Still, the possible deal activity lifted shares in Evergrande's electric vehicle unit by 29% but cast a pall over regional stocks and global markets. [MKTS/GLOB] 'It is definitely a positive move towards solving Evergrande's liquidity crisis and we expect more to come,' said Gary Ng, senior economist Asia Pacific at Natixis. 'However, having said that, offloading some assets may not be totally sufficient, the key for Evergrande is to get project construction going and to sell inventory.' Shares in Evergrande have plunged 80% so far this year, while its bonds have held steady at distressed levels. The group said last month it had negotiated a settlement with some domestic bondholders and made a repayment on some wealth management products, largely held by Chinese retail investors. Holders of the company's $20 billion in offshore debt appear further back in the creditor queue and bondholders have said interest payments due in the past few weeks have failed to arrive. Evergrande faces deadlines on dollar bond coupon payments totalling $162.38 million in October. ($1 = 7.7868 Hong Kong dollars)",NO
347"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled China property sector woes deepen as markets await Evergrande deal. If the article mentions that Evergrande Property Services Group has defaulted recently, respond with 'AFTER'. If the article mentions that Evergrande Property Services Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Evergrande Property Services Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Evergrande Property Services Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Evergrande Property Services Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Evergrande Property Services Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","HONG KONG, Oct 5 (Reuters) - As investors were abuzz on Tuesday with cash-strapped China Evergrande Group's possible sale of a stake in a unit to raise as much as $5 billion, more Chinese property developers grappled with ratings downgrades on worries about their ability to repay debt. Evergrande is facing one of the country's largest-ever defaults as it wrestles with more than $300 billion of debt. The company last month missed making coupon payments on two dollar bond tranches. The possible collapse of one of China's biggest borrowers has triggered worries about contagion risks to the property sector in the world's second-largest economy, as its debt-laden peers are hit with rating downgrades on looming defaults. Chinese developer Sinic Holdings (Group) Co Ltd became the latest to be downgraded by Fitch Ratings on Tuesday on uncertainty over the repayment of its $246 million bonds maturing Oct 18. Sinic's long-term issuer default rating was cut to 'C' from 'CCC', and came after the company announced that certain subsidiaries have missed interest payments on onshore financing arrangements, Fitch said in its report. Sinic could not immediately be reached by Reuters for comment. The move comes amid persistent uncertainty over the fate of Evergrande, once China's top-selling developer and now set to be one of the country's biggest restructuring exercises. The company on Monday requested a halt in the trading of its shares in Hong Kong pending an announcement about a major transaction. Evergrande Property Services Group, a spin-off listed last year, also requested a halt and said it referred to 'a possible general offer for shares of the company.' China's state-backed Global Times said Hopson Development was the buyer of a 51% stake in the property business for more than HK$40 billion ($5.1 billion), citing unspecified other media reports. Hopson also said it had suspended its shares, pending an announcement related to a major acquisition of a Hong Kong-listed firm and a possible mandatory offer. A spokesperson for Evergrande did not immediately respond to a request for comment. Separately, Chinese homebuilder Fantasia Holdings' dollar-denominated bonds lost nearly half their market value in a massive Monday selloff, after it said it had failed to make a $206 million international market debt payment on time. In a statement, the property developer said it will assess the potential impact of the non-payment on the group's financial conditions.",NO
348"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled EXCLUSIVE Evergrande CEO in Hong Kong for restructuring, asset sale talks, sources say. If the article mentions that Evergrande Property Services has defaulted recently, respond with 'AFTER'. If the article mentions that Evergrande Property Services will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Evergrande Property Services is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Evergrande Property Services is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Evergrande Property Services has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Evergrande Property Services. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","HONG KONG, Oct 15 (Reuters) - Evergrande Group's (3333.HK) chief executive is holding talks in Hong Kong with investment banks and creditors over a possible restructuring and asset sales, two people said, as the Chinese developer battles against default on more than $300 billion in debts. CEO Xia Haijun, a confidant of chairman Hui Ka Yan and who runs Evergrande's day-to-day operations including financing, has been in Hong Kong, where the property firm has a major presence, for more than two months, the two sources told Reuters. A third source said Xia was talking to banks and creditors in Hong Kong, but did not say what was being discussed. Shenzhen-headquartered Evergrande, which is reeling under more than $300 billion in liabilities, has left its offshore investors in the dark about repayment plans after already missing three rounds of interest payments on its dollar bonds. Xia's talks with investment banks and creditors in Hong Kong has not previously been reported. One of the sources said Xia needed to communicate with foreign banks on loan extensions and repayments. The source declined to disclose the identity of the creditors that Xia had spoken to in recent days. ""Xia also needs to sort out how many off-balance sheet debts the group has offshore, because many were underwritten at subsidiary levels and he himself may not be even aware of (that),"" he said. ""Before that they cannot work on restructuring and talk to bondholders."" Evergrande has been scrambling to divest some of its assets to raise cash - efforts that have not yet yielded much success - as concerns have grown in recent weeks about a possible collapse and the impact on global markets and China's economy. Chinese state-owned Yuexiu Property (0123.HK) has pulled out of a proposed $1.7 billion deal to buy Evergrande's Hong Kong headquarters building over worries about the developer's dire financial situation, Reuters reported on Friday. read more A Chinese central bank official said on Friday the spillover effect of Evergrande's debt problems on the banking system was controllable and the risk exposures of individual financial institutions were not big. read more Evergrande and Xia did not respond to Reuters requests for comment. The sources, who have direct knowledge of the development, declined to be named due to the sensitivity of the matter. Evergrande Chairman Hui has not appeared in public in recent weeks or announced plans to address the group's woes, leaving investors wondering if they would have to book losses when the 30-day grace periods end this month for unpaid bond coupons. Last month, the developer issued a statement saying Hui had urged company executives to ensure the quality delivery of properties and redemption of wealth management products. Xia, who is also vice president of the board, joined the company in 2007 and is responsible for Evergrande's capital operation and management, as well as legal affairs and overseas affairs, according to the company's website. He has been in Hong Kong since July, according to one of the sources. The second source said Xia had been meeting Chinese investment banks in the city to explore possible asset sales. Evergrande, once China's top-selling developer, has said that it is looking to dispose of stakes in assets including its services and electric vehicle units to raise funds. The developer is finalising details to sell 51% of its Evergrande Property Services (6666.HK) unit to Hopson Development (0754.HK) for HK$20 billion ($2.57 billion). read more Investment bank Moelis & Co and law firm Kirkland & Ellis, representing bondholders who currently hold $5 billion worth of Evergrande nominal offshore bonds, demanded last week more information and transparency from Evergrande. The developer said last month it had appointed Houlihan Lokey and Admiralty Harbour Capital as joint financial advisers to examine its financial options, as it warned of default risks amid plunging property sales. read more ($1 = 7.7792 Hong Kong dollars)",NO
349"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled China Evergrande Calls Off Plans to Sell Key Unit for $2.6 Billion. If the article mentions that Evergrande Property Services Group has defaulted recently, respond with 'AFTER'. If the article mentions that Evergrande Property Services Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Evergrande Property Services Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Evergrande Property Services Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Evergrande Property Services Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Evergrande Property Services Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","SINGAPORE' China Evergrande Group EGRNF 0.29% called off plans to sell a majority stake in its property-management unit for the equivalent of $2.6 billion, a major setback in the real-estate giant's attempts to ease its liquidity crunch. The cash-strapped developer said Wednesday that it had planned to sell 50.1% of the profitable subsidiary, Evergrande Property Services Group Ltd. 6666 2.40% , to a unit of rival developer Hopson Development Holdings Ltd. The agreement was struck on Oct. 1 and was to be completed by Oct. 12. It was terminated by Evergrande, which said in a regulatory filing that it 'had reason to believe'that the purchaser had not met the prerequisite to make a general offer for shares in Evergrande Property Services.' The business is listed in Hong Kong, and securities regulations in the city require a buyer of 30% or more of a public company to make a takeover offer to all its shareholders. Hopson, in a separate filing Wednesday, rebutted Evergrande's version of events. It said it had been ready to buy the stake but the other parties to the deal had made unacceptable requests to change the terms. It said that included a demand that Hopson send all the funds directly to Evergrande, rather than first depositing the payment with the property management unit, as the agreement had stated. 'The company is exploring the options available to it for the protection of its legitimate interests,' Hopson added. Evergrande, China's most indebted developer, said it hasn't made much progress unloading its assets, aside from a $1.55 billion deal last month to sell most of its stake in a Chinese commercial bank. Sales of its apartments, which tumbled over the summer, fell even more sharply in recent weeks, as the company's widely publicized financial troubles spooked home buyers. Evergrande said its contracted sales 'for the month of September 2021 and up till now' totaled the equivalent of just $572 million, a far cry from the $28.5 billion worth of contracted sales it reported in the full two months of September and October 2020. The recent total includes apartment units that Evergrande handed to suppliers and contractors that it owed money to. The Shenzhen-headquartered developer warned again that it may not be able to meet its financial obligations and repay its debt. Evergrande reported the equivalent of more than $300 billion in liabilities at the end of June, which include close to $20 billion in outstanding U.S. dollar bonds. On Sept. 23, Evergrande didn't make $83.5 million in interest payments that were due on $2.03 billion of its dollar bonds, and it has since skipped other bond coupon payments. The company on Wednesday made its first public comments directly addressing the bond payments. Evergrande noted that it is still within 30-day grace periods for those interest payments, but didn't say if it intended to make them. The group will 'use its best effort to negotiate for the renewal or extension of its borrowings or other alternative arrangements with its creditors,' it said. Shares in Evergrande, its subsidiary and Hopson have all been suspended since Oct. 4. Evergrande Property Services last closed at HK$5.12 per share, and Hopson's planned purchase price had been 28% lower, at HK$3.70 per share. All three companies said they had asked for trading to resume on Thursday.",NO
350"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Evergrande?€?s plan to sell property services division collapses. If the article mentions that Evergrande Property Services Group has defaulted recently, respond with 'AFTER'. If the article mentions that Evergrande Property Services Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Evergrande Property Services Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Evergrande Property Services Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Evergrande Property Services Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Evergrande Property Services Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Chinese real estate developer Evergrande said a potential sale of its property services unit had collapsed, deepening the pressure on the group that has just days to avoid an official default on its debt. A deal to sell 50.1 per cent of Evergrande Property Services Group to fellow developer Hopson Development Holdings for HK$20bn ($2.6bn) had been terminated last week, the group said in filings late on Wednesday. Evergrande, the world's most indebted property developer with more than $300bn in liabilities, has been engulfed in a liquidity crisis that has prompted global concern over the deteriorating health of China's vast real estate sector. Shares in the group and its property services unit, which is also listed in Hong Kong, have been halted for much of October since Evergrande disclosed the possible sale of the division. It has applied for trading in its shares to resume on Thursday, it added in the filings. The escalating crisis has led Evergrande to miss a series of interest payments to international bondholders. The initial missed payment on September 23 triggered a 30-day grace period, which ends this weekend, before a formal default is declared. Evergrande has rushed to sell assets but many expect it to require one of the largest restructurings in Chinese corporate history. In one of two filings on Wednesday, Evergrande said that other than a sale of a stake in a regional bank in China, 'there has been no material progress on sale of assets of the group'. The developer also broke its silence on the missed interest payments, stating that grace periods had 'not yet expired'. Its silence, along with the suspension in trading of its shares, has led to criticism of the protections afforded shareholders on Hong Kong's stock exchange. Advisers to bondholders earlier in the month said on a call that they had received no 'meaningful engagement' from the company since reaching out to it in mid-September, and expressed concerns over the mooted sale of the services unit as well as the bank stake. Since its missed payments, Evergrande peers including luxury developer Fantasia and Sinic Holdings have defaulted on bonds worth $206m and $246m respectively, while yields on riskier Chinese borrowers on Asian bond markets have soared to their highest level in over a decade. The People's Bank of China late last week weighed into Evergrande's crisis for the first time, saying that spillover effects were 'controllable' and blaming the company for its issues. Economic data this week showed China's real estate industry contracted in the third quarter year on year, while new home sales across 70 cities in September fell compared with the previous month for the first time since 2016.",NO
351"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Sale of Evergrande's property services unit folds days before default deadline. If the article mentions that Evergrande Property Services Group has defaulted recently, respond with 'AFTER'. If the article mentions that Evergrande Property Services Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Evergrande Property Services Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Evergrande Property Services Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Evergrande Property Services Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Evergrande Property Services Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","A potential $2.6bn sale of Evergrande's property services unit has collapsed, deepening the pressure on the Chinese developer just days before it faces a formal default on its debt. A deal to sell 50.1 per cent of Evergrande Property Services Group to fellow developer Hopson Development Holdings for HK$20bn ($2.6bn) had been terminated last week, the group revealed in filings late yesterday. Evergrande, the world's most indebted developer, with more than $300bn in liabilities, has been engulfed in a liquidity crisis that has prompted global concern over the deteriorating health of China's vast property sector. Shares in the group and its property services unit, which is also listed in Hong Kong, have been halted for much of October since Evergrande disclosed the possible sale of the division. It applied for trading in its shares to resume today, it added in the filings. The escalating crisis has led Evergrande to miss a series of interest payments to international bondholders, beginning on September 23. That triggered a 30-day grace period, which ends this weekend, before a formal default is declared. Evergrande has rushed to sell assets but many expect it to require one of the largest restructurings in Chinese corporate history. In one of two filings yesterday, the company said that other than a sale of a stake in a regional bank in China, ""there has been no material progress on sale of assets of the group"". The developer also broke its silence on the missed interest payments, stating that grace periods had ""not yet expired"". Its silence, along with the suspension of its shares, has led to criticism of the protections afforded shareholders on Hong Kong's stock exchange. Advisers to bondholders said on a call this month that they had received no ""meaningful engagement"" from the company since contacting it in mid- September. Since its missed payments, Evergrande peers Fantasia and Sinic Holdings have defaulted on bonds of $206m and $246m respectively, while yields on riskier Chinese borrowers on Asian bond markets have soared to their highest level in more than a decade. The People's Bank of China late last week weighed into Evergrande's crisis for the first time, saying that spillover effects were ""controllable"" and blaming the company for its issues. Chinese property downturn page 4",NO
352"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Evergrande Is Struggling to Sell Homes?€?and Its Assets. If the article mentions that Evergrande Property Services has defaulted recently, respond with 'AFTER'. If the article mentions that Evergrande Property Services will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Evergrande Property Services is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Evergrande Property Services is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Evergrande Property Services has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Evergrande Property Services. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","It's never a good sign when a company struggles to sell much of anything'even its best assets. That is now roughly the position troubled Chinese property developer Evergrande EGRNF 10.40% finds itself in. Barring a last-minute change of heart from the government, a formal default now seems unavoidable. Unraveling the complex web of financial links between different Evergrande assets could also further delay the company's reorganization and add to headwinds for China's property market. Evergrande said Wednesday that its discussions with peer Hopson Development, which was interested in purchasing its property-management unit, have broken down. Under the plan, Evergrande's 50.1% stake in the unit, Evergrande Property Services, would have been sold for $2.6 billion, a 28% discount to the unit's last price before its shares were halted for trading earlier this month. Evergrande's shares fell 13% Thursday. Hopson said it can't accept Evergrande's request to send the payment directly to the parent company'rather than first depositing it with Evergrande Property Services'because that would make it difficult to recover money owed by the developer to its subsidiary. Evergrande Property Services had around $407 million in receivables and prepayments from related parties as of June. This worry highlights just how difficult unwinding Evergrande will be. Suppliers and business partners will want to make sure they are paid in cash, and that any projects or assets they acquire'even good ones'can collect on receivables from related parties. Home buyers are also hesitant to buy from Evergrande given that apartments in China are usually sold a few years before they are delivered. But Evergrande is fast running out of any avenues to raise cash. The company's contract sales from Sept. 1 to Oct. 20 were only 3.65 billion yuan, equivalent to about $571 million, it said Wednesday. This includes the value of apartments it delivered to suppliers and contractors in lieu of repayment. That represents at least a 97% drop from last year, when its contract sales for Sept. 1 to Oct. 8 were 141.6 billion yuan. Evergrande's other asset-sale plans are seemingly going nowhere too. That includes its plan to sell its office building in Hong Kong. The developer bought the building from its longtime business partner Chinese Estates for $1.6 billion in 2015, which set a record of the most expensive office-building transaction in the city at that time. Nobody seems interested in buying its electric-vehicle subsidiary, which is mostly an indebted company yet to produce a single car, either. The 30-day grace period for its $83.5 million missed coupon payment of its dollar bonds last month will be up this Saturday. The government doesn't seem likely to step in, but it may have to later if Evergrande is finding it difficult to deliver apartments it has already sold. A default for Evergrande seems a foregone conclusion. For China's property market'and Evergrande creditors'the pain could go on for quite a while.",NO
353"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Evergrande: failed asset sales bring formal default closer. If the article mentions that Evergrande Property Services has defaulted recently, respond with 'AFTER'. If the article mentions that Evergrande Property Services will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Evergrande Property Services is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Evergrande Property Services is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Evergrande Property Services has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Evergrande Property Services. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","You know things are bad when a company resorts to fire sales but even rock bottom prices do not attract buyers. Evergrande, the world's most-indebted property developer, is running out of time. The grace period on its first batch of unpaid offshore bonds ends this week. A formal default would hurt the property sector and help some others. The Chinese property developer has been trying to sell a majority stake in its property management division. The expected proceeds of $2.6bn are badly needed. Missed debt payments are piling up. But the sale of shares in Evergrande Property Services has fallen through. Government officials brokering the deal were unable to calm buyer nerves. Evergrande is also reported to have failed to find a purchaser for its Hong Kong headquarters. Shares in the group fell 13 per cent to HK$2.58 ($0.33) on Thursday as trading resumed after a three-week halt. Contracted property sales for the month to Wednesday dropped 97 per cent. Shares in an electric car unit are down 90 per cent this year. Evergrande is inching towards a formal default. If one is declared and liquidation would bring more value to creditors than a turnround attempt, the biggest impact would be on property prices in places where Evergrande is active. The group has a large portfolio of properties spanning more than 560m square metres. This includes over 1m unfinished homes. Potentially these would all be put up for sale at once. Chinese output is strong. But growth in the property and construction industries turned negative in the third quarter, according to official statistics. Property sales by floor area fell 16 per cent in September. New construction starts fell 14 per cent in September. A deeper property slowdown could help margins of other sectors hit by surging raw material prices. Demand for iron ore, steel and cement should fall. This would be a boon to manufacturers of cars, domestic appliances and any business burdened with high construction costs. The risk to them of financial contagion from real estate meltdown remains low.",NO
354"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Evergrande punished for collapse of $2.6bn sale. If the article mentions that Evergrande Property Services has defaulted recently, respond with 'AFTER'. If the article mentions that Evergrande Property Services will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Evergrande Property Services is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Evergrande Property Services is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Evergrande Property Services has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Evergrande Property Services. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Equities Shares in China Evergrande fell sharply as the company's stock resumed trading yesterday after the Chinese real estate developer disclosed that a plan to sell its property services unit had collapsed. Evergrande's Hong Kong-listed stock closed down 12.5 per cent after the end of the two-week trading suspension, while shares of affiliate Evergrande Property Services, which were also frozen, fell 8 per cent. Shares in Evergrande New Energy Vehicle, the developer's electric vehicle subsidiary which has traded in Hong Kong without interruption in recent weeks, fell as much as 14 per cent but pared losses to finish 2 per cent lower. Evergrande, the most indebted property developer, had halted trading in its shares and those of its property services unit on October 4. Evergrande Property Services advised in an exchange filing at the time that it was expecting a ""possible general offer"" for its shares. During the share suspension, Evergrande did not comment on the outlook for the transaction, or on five missed payments to international bondholders totalling $275m. The developer broke its silence late on Wednesday, revealing that a deal to sell 50.1 per cent of the property services division to Hopson Development Holdings for HK$20bn ($2.6bn) had been terminated last week. Evergrande's shares are down more than 80 per cent this year, with falls across the three Hong Kong-listed businesses representing a total loss of more than $57bn in market capitalisation. ""You have to bear in mind this stock is simply not investment grade at this moment and the default risk is getting higher,"" said Dickie Wong, head of research at Kingston Securities. ""If you hold [Evergrande] you need to dump it immediately."" Evergrande said the deal had been halted because it ""had reason to believe"" that the purchaser had ""not met the prerequisite"" to make an offer. Hopson said in a filing that it was ""prepared to complete the sale"" but was unwilling to pay directly for the unit until obligations between the latter and Evergrande were settled. Evergrande, which faces liabilities of more than $300bn, has struggled to deal with a liquidity crisis that has spurred concerns over China's real estate sector. Evergrande also addressed its string of missed payments, the first of which on September 23 triggered a 30-day grace period that expires on Saturday, saying the grace period had ""not yet expired"" and that other than the sale of a stake in a regional Chinese lender, ""there has been no material progress on the sale of assets of the group"". See Lex 'The default risk is getting higher ... If you hold [Evergrande] you need to dump it immediately'",NO
355"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled What people are saying about China Evergrande Group. If the article mentions that Evergrande Property Services has defaulted recently, respond with 'AFTER'. If the article mentions that Evergrande Property Services will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Evergrande Property Services is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Evergrande Property Services is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Evergrande Property Services has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Evergrande Property Services. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","HONG KONG, Oct 22 (Reuters) - China Evergrande Group (3333.HK) has supplied funds to pay interest on a U.S. dollar bond, a person with direct knowledge of the matter told Reuters on Friday, days before a deadline that would have seen the developer plunge into formal default. Shares of Evergrande, which is saddled with more than $300 billion in liabilities, rose as much as 8% early on Friday, and were still up more than 4% at noon. Here is what people are saying about the world's most indebted developer, whose fate could ripple through global markets. ""Evergrande making its interest payment is a positive surprise. Importantly other developers also confirmed making interest payments ' for a market which has fully capitulated, the fact the world did not end overnight could itself be a positive catalyst. ""The main takeaway for Evergrande's creditors is that they are all being treated the same; everyone is being kept current as the company has avoided a formal default for the time being. ""Multiple financing channels are effectively closed to developers in response to the policies implemented by the government. For those channels to reopen, investors have to believe these companies can remain going concerns. This means they need to have sufficient access to their own cash flows and to refinancing options to address their debt as it becomes due."" DICKIE WONG, KINGSTON SECURITIES EXECUTIVE DIRECTOR, HONG KONG ""Even though Evergrande has paid the coupon for the U.S. denominate bond, well never say never, maybe on the next one they will default. There is still a very high default risk for the U.S. bonds, in the next couple of months. ""Chinese policy will not allow property developers to dump their properties at low prices and not allow an overheating or bubble in the market as well. In the longer term, I don't see much upside for the sector and investors are better off avoiding the developers that have already hit the three red lines."" JEFFREY HALLEY, SENIOR MARKET ANALYST, ASIA PACIFIC, OANDA, SINGAPORE ""China, in the bigger picture, although they don't want to be seen to bail out Evergrande for a whole bunch of reasons ... like HNA they'll be looking to do an orderly wind down. We've got the central committee meeting in early November, and the last thing they'd want is a disorderly collapse of Evergrande ahead of that meeting, especially when President Xi is talking about shared prosperity, Evergrande does employ 1.5 million people directly or indirectly, so that wouldn't be a good look on that front if it was allowed to fall into a disorderly collapse."" ""I think this will be a short-term positive, I'm just not sure how long that momentum will last, whether it carries into next week or not. There are so many different possibilities for the way that this story could evolve it's really hard to predict what's going to happen. ""And I think because of that it will still be a headwind for China markets because there's just so many variables, so many ways this story could wash out... I think this will be a short-term positive but I don't think this will change the overarching fears about what the true state of the sector or the China economy is at the moment."" CHUANYI ZHOU, CREDIT ANALYST AT LUCROR ANALYTICS, SINGAPORE ""It is a boost to investor confidence for both Evergrande and the other Chinese property USD bonds, especially in terms of willingness to pay. That said, Evergrande has more payments coming up. We wait to see if the company is able to fulfil the obligations."" KENNY NG, EVERBRIGHT SUN HUNG KAI ANALYST, HONG KONG ""I think investors should not be overly optimistic about this. After all, Evergrande will still have many debts to be repaid in the short term in the future, and its fundamentals such as sales situation have not seen any obvious signs of improvement for the time being. At the same time, the current price of Evergrande's bonds still reflects the lack of confidence in the market for its future. ""Therefore, the rebound of Evergrande's share price may be just a short-term performance, and investors should adopt a cautious attitude."" JACKSON CHAN, ASSISTANT MANAGER OF FIXED INCOME RESEARCH AT BONDSUPERMART, HONG KONG 'It is not really surprising news for us, as we can expect that from the previous moves from Evergrande, including the three-month maturity extension of its Jumbo Fortune bond and a coupon repayment on its onshore bond which was settled in cash. It is obvious that they want to avoid near-term bonds default that could allow creditors to claim against and liquidate its offshore and onshore assets. ""The company may pay the remaining coupons on the last day of each bond's grace period. But is it good news for bondholders? At this point it is unclear, because this move further buys time for the company to sell their assets, which can eat into the recovery value of the bonds if they default eventually. Therefore, at this moment, we do not see the market reacted very positively towards this news.' HONG HAO, BOCOM HEAD OF RESEARCH, HONG KONG ""It's not a surprise that Evergrande has made the payment in the grace period, but it is one of many obstacles that it is facing. There are many, many liabilities that are due. The deal with Hopson to sell the property services company has fallen through, so they still have to come up with money somehow. ""If you look at the 'three red lines' policy released last year, there are a number of developers that fall into the red zone, and it is these developers which are seeing problems right now. I think we will see more default events coming through."" WEI LIANG CHANG, MACRO STRATEGIST, DBS BANK, SINGAPORE ""In the short term, we believe the interest repayment should provide a fillip to Chinese risk assets, including the yuan and Chinese equities. Evergrande default risks, though not dissipated, have likely been deferred for some time."" CASTOR PANG, HEAD OF RESEARCH AT CORE PACIFIC, HONG KONG ""The market is in 'wait and see' because Evergrande still has a large pile of debt with the next batch of default dates coming up soon. Its liquidity is so bad it's questionable whether it can repay other debts. ""Its sale of the services unit failed and its September and October sales were getting worse and worse. It has very little cash. This repayment also doesn't lift the sentiment of the sector, because those companies in cash crunch will still be struggling. The situation doesn't change unless PBOC loosen more credits."" MOH SIONG SIM, CURRENCY ANALYST, BANK OF SINGAPORE ""There is still a lot of scepticism. Bond prices have not picked up a lot. It's a situation where they'll try to keep it going until they can't. ""What's important is the property market, because they have a lot of projects under construction and the worst scenario would be if they go down and projects are left unfinished and that creates spillover for the economy. They have bought themselves some time."" GARY NG, SENIOR ECONOMIST, NATIXIS, HONG KONG ""That Evergrande is able to fulfil its obligation after the grace period on the offshore bond is positive at least in the short term as it shows a certain commitment from the firm and provides a relief for offshore bond investors. ""However, they still have a bunch of deadlines coming up before the end of March. To fulfil all the obligations and the bond coupon payments they still need liquidity either from themselves or from offloading assets. Even though Evergrande managed to repay the coupon this time, it's still quite challenging for them to meet all their future obligations."" TRAVIS LUNDY, QUIDDITY ADVISORS ANALYST, HONG KONG ""I expect it means they also plan to pay the offshore bond coupons due by the 29th. There's no point in paying this one if you fully plan on not paying the next one six days later, but given the company's self-reported cashflow difficulties, it is not clear how long they can keep that up. ""Given that we have little clarity on how bank financing is going for stalled real estate projects, but we know that project pre-sales are down a lot, the onshore business is unlikely to be supplying cash to Evergrande near-term. And I expect Hopson's clarified response yesterday means lawsuits if Evergrande tries to sell Evergrande Property Services to someone else.""",NO
356"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Evergrande secures bond extension as chairman foots project bills. If the article mentions that Evergrande Property Services Group has defaulted recently, respond with 'AFTER'. If the article mentions that Evergrande Property Services Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Evergrande Property Services Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Evergrande Property Services Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Evergrande Property Services Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Evergrande Property Services Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Hong Kong CHINA Evergrande Group has secured an extension on a defaulted bond, financial provider REDD reported on Thursday (Oct 21), offering rare respite to the developer a day after a deal to sell a US$2.6 billion stake in its property services unit failed. Evergrande has won a more than 3 month extension to the maturity of a US$260 million bond, issued by joint venture Jumbo Fortune Enterprises and guaranteed by Evergrande, beyond Oct 3 after agreeing to provide extra collateral, REDD reported, citing holders of the bond. A source familiar with the matter said Evergrande chairman Hui Ka Yan has agreed to pump in personal wealth into a Chinese residential project tied to the bond to ensure it gets completed, paving the way for bondholders to get their dues. The bondholders agreed to the proposal to avoid a messy collapse of the developer or a drawn-out legal battle, the source added. News of the extension came after Evergrande said on Wednesday (Oct 20) it had scrapped a deal to sell a 50.1 per cent stake in Evergrande Property Services Group to Hopson Development Holdings as the smaller rival had not met the ""prerequisite to make a general offer"". Both sides traded blame for the deal failure, with Hopson saying it does not accept ""there is any substance whatsoever"" to Evergrande's termination of the sales agreement, and it is exploring options to protect its legitimate interests. The deal is the developer's second to collapse amid its scramble to raise cash in recent weeks. Two sources told Reuters last week the US$1.7 billion sale of its Hong Kong headquarters had failed amid buyer worries over Evergrande's financial situation. The setback also comes just ahead of the expiry of a 30-day grace period for Evergrande to pay US$83.5 million in coupon payments for an offshore bond, at which time China's most indebted developer would be considered in default. Evergrande, in an exchange filing on Wednesday, said the grace periods for the payment of the interest on its US dollar-denominated bonds that had become due in September and October had not expired. It did not elaborate. ""The scrapped transaction has made it even more unlikely for it (Evergrande) to pull a rabbit out of a hat at the last minute,"" said a lawyer representing some creditors, requesting anonymity as he was not authorised to speak to the media. ""Given where things are with the missed payments and the grace period running out soon, people are bracing for a hard default. We'll see how the company addresses this in its negotiations with creditors."" Trading in the Hong Kong-listed shares of China Evergrande, its property services unit and Hopson all resumed on Thursday after a more than 2-week suspension. Evergrande lost 12 per cent and its property services unit dropped 6.5 per cent, while its electric vehicle arm plunged as much as 10.6 per cent. Shares of Hopson rose 5 per cent. Mainland China's CSI 300 real estate index gained nearly 4 per cent. Evergrande was once China's top-selling developer but is now reeling under more than US$300 billion of debt, prompting government officials to come out in recent days to say the firm's problems will not spin out of control and trigger a broader financial crisis. Ratings agency Fitch said China's attempts to preserve strengthened risk controls over the property sector without magnifying a growth slowdown illustrate the difficult trade-offs its policymakers are facing. If policy easing is too cautious, stress could spread to other parts of the economy and the financial system, while a substantial loosening of credit conditions could raise system leverage and set back efforts to control financial risks, it added. Since the government started clamping down on corporate debt in 2017, many real estate developers have turned to off-balance-sheet vehicles to borrow money and skirt regulatory scrutiny, analysts and lawyers said. Statements from other property developers on Thursday exacerbated investor concerns of contagion. Chinese Estates Holdings said it would book a loss of US$29 million in its current fiscal year from the sale of bonds issued by property developer Kaisa Group Holdings. And Modern Land (China) Co said it had ceased seeking consent from investors to extend the maturity date of a dollar bond due on Oct 25. It said it plans to engage a financial adviser to come up with a solution to its liquidity issues. The company's Hong Kong-listed shares were suspended from trading on Thursday, while its bonds slumped. Its 11.95 per cent March 2024 bond traded down nearly 20 per cent at below 21 cents, according to data provider Duration Finance. Kaisa saw its 11.65 per cent June 2026 bond fall more than 8.5 per cent to 28.8 cents. Modern Land's decision weighed on investors' mood, said Clarence Tam, fixed income portfolio manager at Avenue Asset Management in Hong Kong. ""The market is worried all single-B companies will choose not to pay,"" he added. REUTERS",NO
357"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Evergrande: default lines. If the article mentions that Evergrande Property Services has defaulted recently, respond with 'AFTER'. If the article mentions that Evergrande Property Services will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Evergrande Property Services is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Evergrande Property Services is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Evergrande Property Services has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Evergrande Property Services. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Twitter: @FTLex You know things are bad when a company resorts to fire sales but even rock bottom prices do not attract buyers. Evergrande, the world's mostindebted property developer, is running out of time. The grace period on its first batch of unpaid offshore bonds ends this week. A formal default would hurt the property sector and help some others. The Chinese group has been trying to sell a majority stake in its property management division. The expected proceeds of $2.6bn are badly needed. Missed debt payments are piling up. But the sale of shares in Evergrande Property Services has fallen through. Officials brokering the deal could not calm buyer nerves. Evergrande is also said to have failed to find a purchaser for its Hong Kong headquarters. Shares in the group fell 13 per cent to HK$2.58 ($0.33) yesterday as trading resumed after a three-week halt. Contracted property sales for the month to Wednesday dropped 97 per cent. Shares in an electric car unit are down 90 per cent this year. Evergrande is inching towards a formal default. If one is declared and liquidation would bring more value to creditors than a turnround attempt, the biggest impact would be on property prices in places where Evergrande is active. It has a large portfolio of properties spanning more than 560m square metres. This includes over 1m unfinished homes. Potentially these would all be put up for sale at once. Chinese output is strong. But growth in property and construction turned negative in the third quarter, according to official statistics. Property sales by floor area fell 16 per cent in September. Construction starts fell 14 per cent. A deeper property slowdown could help margins of other sectors hit by surging raw material prices. Demand for iron ore, steel and cement should fall. This would aid makers of cars, domestic appliances and any business with high construction costs. The risk to them of financial contagion from real estate meltdown remains low.",NO
358"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Evergrande Delays Results as Banks Seize $2 Billion at Unit. If the article mentions that Evergrande Property Services Group has defaulted recently, respond with 'AFTER'. If the article mentions that Evergrande Property Services Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Evergrande Property Services Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Evergrande Property Services Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Evergrande Property Services Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Evergrande Property Services Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Banks have unexpectedly taken control of more than $2 billion held by one of China Evergrande Group's key subsidiaries, as the embattled property developer said neither it nor its main listed units could meet an imminent deadline to publish their annual results. The move by lenders adds fresh uncertainty to Evergrande's restructuring. Global bondholders view its two big Hong Kong-listed subsidiaries, which focus on property management and car making, as important sources of potential value for international creditors. Evergrande Property Services Group Ltd. said lenders had enforced their rights over some 13.4 billion yuan, equivalent to $2.1 billion, of bank deposits. It said these had been offered 'as security for third-party pledge guarantees,' suggesting the cash was backing debts taken on by another borrower. Evergrande said this was a 'major incident' that came to light during a review of the property-services subsidiary's annual financial report, and it would be probed by independent investigation committees at both companies. The sum is close to the entire 14 billion yuan of total bank deposits and cash that the subsidiary reported as of end-June 2021. 'We just don't have enough information to state categorically that the $2 billion is gone,' said Travis Lundy, a Hong Kong-based analyst who publishes on the Smartkarma research platform. 'It could be that it's just frozen' while the creditors work out the status of the debt that the subsidiary had guaranteed, Mr. Lundy said. Alternatively, he said, the banks could have taken possession of the funds, leaving Evergrande Property Services holding debt that it guaranteed, with an uncertain value. An Evergrande spokesman declined to make any further comment. Hidden debt has proved a problem for China's property sector. Investors have been caught out by off-balance-sheet liabilities that weren't previously disclosed to investors or credit-rating companies, such as guarantees on wealth-management products or private loans. A $2.6 billion deal to sell a majority stake in Evergrande Property Services to a rival developer fell apart in October. A pre-markets primer packed with news, trends and ideas. Plus, up-to-the-minute market data. Evergrande, Evergrande Property Services and China Evergrande New Energy Vehicle Group Ltd. all said Tuesday that 'a large number of additional audit procedures' and the pandemic meant they couldn't publish annual audited results by March 31, as required in Hong Kong. All three companies had halted trading in their shares before the market opened on Monday. Exchange rules meant their stock would likely remain suspended until the results were published, the trio said Tuesday. Evergrande is China's most-indebted property developer, with the equivalent of more than $300 billion in liabilities as of June 2021. After defaulting on some offshore debt in December, it said in January that it aimed to release a global restructuring plan within six months. The company has convened a bondholder call Tuesday to provide an update on its plan, according to people familiar with the matter. With the broader property industry in crisis, other developers have also delayed the release of financial information. Ronshine China Holdings Ltd. said Monday the audit work for its annual results wouldn't be completed on time after its auditor PricewaterhouseCoopers resigned. Shimao Group Holdings Ltd. said Monday it expects a delay because of disruptions caused by Covid-19 and slowness in obtaining third-party confirmations for its audit. Auditors have become more cautious because they might be held responsible if property companies default after releasing audited annual results, said an analyst at a Singapore-based brokerage. They could be questioned by authorities if debt disclosures prove inaccurate or incomplete, he said. PricewaterhouseCoopers is also Evergrande's auditor. In October, Hong Kong's Financial Reporting Council said it had begun an investigation of PwC's audit and an inquiry into Evergrande's recent accounts. Separately Tuesday, Evergrande said it had hired the law firm King & Wood Mallesons to bolster its advisory team. It is already working with institutions including Houlihan Lokey Inc., Hong Kong-based Admiralty Harbour Capital Ltd., China International Capital Corp. , BOCI Asia Ltd. and Zhong Lun Law Firm LLP.",NO
359"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Evergrande sets end-July target for restructuring proposal after delaying results. If the article mentions that Evergrande Property Services Group Ltd has defaulted recently, respond with 'AFTER'. If the article mentions that Evergrande Property Services Group Ltd will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Evergrande Property Services Group Ltd is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Evergrande Property Services Group Ltd is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Evergrande Property Services Group Ltd has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Evergrande Property Services Group Ltd. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","HONG KONG/BEIJING, March 22 (Reuters) - Embattled China Evergrande Group (3333.HK) will unveil a debt restructuring proposal for its creditors by the end of July, it said on Tuesday, after concerns about its financial health were renewed by a delay in publishing its annual results. Evergrande, whose $22.7 billion worth of offshore debt is deemed to be in default, is seeking to ""further enhance communications"" with creditors to reach the end-July target, its executive director Siu Shawn told investors on a call. Earlier on Tuesday, Evergrande said in a stock exchange filing it would not meet a March 31 deadline to file its financial results for 2021 because audit work had not been completed. read more The world's most indebted property developer, Evergrande told investors in January it aimed to have a preliminary restructuring proposal in place within six months. read more A wave of defaults in China's property sector has rattled investors and while state intervention has quelled market concern over a disorderly collapse of Evergrande, investors are still in the dark over whether they will recoup their money. Evergrande, once China's top-selling developer and now reeling under more than $300 billion in liabilities, defaulted on some overseas bond payments in December and has struggled to repay suppliers and creditors and complete projects and homes. The developer set up a risk management committee in December made up mostly of members from state enterprises, as the Guangdong provincial government is leading the restructuring. ""With the broad support and understanding from the majority of creditors ... we strive to release the preliminary restructuring proposal by the end of July,"" Chen Yong, a member of the committee, told investors. As part of its plans to divest assets to repay some of its offshore debt, the developer is working to sell its Yuen Long land parcel in Hong Kong as well as the Evergrande Centre commercial building, said Evergrande board member Liang Senlin. Trading in shares of Evergrande, its property services unit Evergrande Property Services Group Ltd (6666.HK), and electric vehicle unit China Evergrande New Energy Vehicle Group Ltd (0708.HK) have been suspended since Monday. Liang said on the investor call the developer was trying to rope in strategic investors in both the electric vehicle and property services units to restore value - a goal it has been pursuing for roughly a year without much success. Siu said the EV unit aimed to start mass production in June of its inaugural electric car, the Hengchi 5 sport-utility vehicle, after getting approval to start sales last week. Some of the investors who attended the call were not impressed with the assurances from management. An aerial view shows the 39 buildings developed by China Evergrande Group that authorities have issued demolition order on, on the man-made Ocean Flower Island in Danzhou, Hainan province, China January 7, 2022. Picture taken with a drone. REUTERS/Aly Song ""They mainly explained why the trading of stocks is suspended. There was no new information and the situation remained the same,"" said a bondholder who was on the call, declining to be named as he was not authorised to speak to the media. Earlier on Tuesday, two sources familiar with the matter told Reuters that Evergrande planned to return land used as collateral for a trust loan to the Guangzhou government, providing a model for local authority involvement that could be replicated for other indebted Chinese property firms. The deal centres around a 3.25 billion yuan ($510.73 million) trust loan that CITIC Trust issued to Evergrande using funds raised from investors, according to the sources and a document reviewed by Reuters partially outlining the plan. Under the plans, CITIC will return the land used as collateral to Evergrande, which will then pass it on to the Guangzhou city government to put up for sale, the sources said. State-owned Guangzhou City Construction Investment group will act as a guarantor of the loan and CITIC will repay the principal amount to its investors within two years using funds from the Guangzhou city government, the sources said. The plan is still pending approval from the investors of the trust loan, one of the people said. If successfully implemented, this model of local government and creditors working together to resolve Evergrande's debt repayment issue could be replicated for other trust loans, analysts said, and more state-owned city investment companies may become involved in the firm's debt restructuring process. Evergrande, CITIC and Guangzhou City Construction Investment did not respond to requests for comment. Trust companies, which pool money from wealthy investors, are an important source of funding for Evergrande and other property developers in China. In a separate filing on Tuesday, Evergrande said its Property Services Group had launched an investigation into how banks seized 13.4 billion yuan in deposits that had been pledged as security for third party guarantees. The seizure of the funds, which the property services unit discovered when it was preparing its annual report, underscores the turmoil at Evergrande, which said it would hire King & Wood Mallesons as an additional legal adviser. ($1 = 6.3634 Chinese yuan renminbi)",NO
360"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled China Evergrande Breaks Silence on Debt-Restructuring Plan. If the article mentions that Evergrande Property Services Group has defaulted recently, respond with 'AFTER'. If the article mentions that Evergrande Property Services Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Evergrande Property Services Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Evergrande Property Services Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Evergrande Property Services Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Evergrande Property Services Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Listen to article (5 minutes) China Evergrande EGRNF 12.15%??? Group sketched out the first contours of a long-awaited restructuring plan, saying creditors could end up with debts directly backed by some of its most valuable assets outside of China. The troubled property developer, however, didn't specify how much of its roughly $20 billion of international debt by face value it is seeking to write down. And after months of work, it didn't release a specific plan, saying only that it planned to do that sometime 'within 2022.' On Friday, Evergrande EGRNF 12.15%??? also gave a glimpse into how its high-profile collapse has stifled its business, saying contracted sales of apartments totaled the equivalent of about $1.8 billion in the first half of this year'a roughly 97% year-over-year drop. Evergrande hopes to reach agreement in principle with key creditors before the Chinese Communist Party's 20th Party Congress later this year, people familiar with the matter said. The gathering is a crucial event on the Chinese political calendar, at which President Xi Jinping will likely obtain a precedent-breaking third term as party leader. Dates for the meeting haven't been announced yet, but the last such congress was held in October 2017. China's ailing property market is one of its biggest economic headaches and Chinese authorities have been involved in trying to defuse risks at Evergrande. Newsletter Sign-up Real Estate From aspirational residences to major commercial deals. Evergrande said it would offer so-called 'asset packages' to offshore creditors, such as the holders of its dollar-denominated bonds, to make the restructured debt more creditworthy. The company could potentially create new debts directly backed by assets such as its stakes in its international subsidiaries, Hong Kong-listed electric-vehicle unit, China Evergrande New Energy Vehicle Group Ltd., and its property-services arm, Evergrande Property Services Group Ltd., some of the people familiar with the matter said. It could also potentially swap debt for equity stakes in those companies or otherwise make use of these assets, these people said. Creditors and the company will meanwhile need to hash out the final details of the plan, including the specifics of the asset packages and other key financial terms. Evergrande is seeking to achieve support from a supermajority of its offshore creditors, meaning half of all creditors by number and three-quarters by value, these people familiar with the matter added. Market prices suggest deep skepticism about how much bondholders will ultimately recoup. The company's offshore bonds trade at around 8 cents on the dollar and were mostly unchanged in price on Friday. The active role played by the Chinese government in debt restructurings, such as Evergrande's, could weigh on the sum bondholders ultimately recover, relative to the debt's face value, said Ron Thompson, a Hong Kong-based managing director at Alvarez & Marsal. 'The reality is when the Chinese government is involved in a big restructuring process like this, I generally trust that the process will be fair, but not necessarily 100% commercial and the visibility of the process might not be as high,' said Mr. Thompson, who leads the firm's Asia restructuring practice. Evergrande said it would take a relatively long time for its businesses and asset values to recover, due to property market turmoil in parts of China and the sheer size of its balance sheet. As of June 2021, the most recent figures available, Evergrande had more than $300 billion in debt and other liabilities, such as unpaid bills to suppliers. It defaulted on its dollar bonds in December, after months of liquidity problems. The value of Evergrande's key listed subsidiaries has become harder to gauge following a stock market selloff in China'and the revelation that banks had seized about $2 billion from the property-services unit that had been pledged as security for loans. Some of Evergrande's largest creditors recently demanded further details on the episode, which had prompted the ouster of Evergrande's longstanding chief executive. Overseas bondholders will likely be placed at a lower priority when claiming assets in China, as is the case with many cross-border debt restructurings, said Dennis Kwok, a partner at New York-based Elliott Kwok Levine & Jaroslaw LLP. Mr. Kwok, a former Hong Kong lawmaker, is experienced in cross-border bankruptcy proceedings. Evergrande gave no details on Friday about the restructuring of its onshore debts, though it said it would treat both sets of creditors fairly. The company had earlier promised to release an initial restructuring plan by the end of July.",NO
361"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled On China Television, Corrupt Officials, Corporate Villains Are Bad Guys. If the article mentions that China Energy has defaulted recently, respond with 'AFTER'. If the article mentions that China Energy will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. China Energy is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. China Energy is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. China Energy has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of China Energy. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Some powerful Chinese companies have been getting a lot of attention on state television this year. The wrong kind. ?€?Zero Tolerance,?€? a five-part documentary series aired on national television and streaming sites in January, lined up fallen Communist Party members who walked the audience through their own allegedly sinful pasts?€?tales of bribery and other corrupt dealings with companies including CEFC China Energy Co., China Development Bank Corp. and, by inference, Ant Group Co. A personal, guided tour to the best scoops and stories every day in The Wall Street Journal. The series?€?part propaganda, part show trial?€?was produced by state broadcaster CGTN and the Central Commission for Discipline Inspection, the Party?€?s anticorruption watchdog. It hammered home the message that the government continues to target state officials who help private enterprises rise and get rich. The show follows a yearlong crackdown on alleged corporate misbehavior and signals another layer of danger for firms already accused of engaging in monopolistic practices, misusing data and harming society. Its airing coincided with a national gathering of the CCDI that laid out priorities for the year and was attended by Chinese President Xi Jinping. In a statement, the watchdog said it would attack ?€?collusion between capital and power?€? by stepping up punishment of corruption behind ?€?disorderly capital expansion and monopoly of online platforms.?€? The implication: Corrupt officials have helped companies grow too quickly and enrich people in ways at odds with party goals. Released in a year when Mr. Xi is expected to seek an unprecedented third term, the documentary is a warning that the crackdown isn?€?t over. ?€?The series is very much in sync with the tough regulatory approach toward the companies,?€? said Dali Yang, a political-science professor with the University of Chicago. On Jan. 26, the CCDI said the party had expelled Zhou Jiangyong, the former party secretary of Hangzhou, where Ant Group and Alibaba Group Holding Ltd. are based. He had been under investigation since August. The anticorruption agency said Mr. Zhou had colluded with ?€?capital?€? and supported its ?€?disorderly expansion,?€? without naming the companies involved. A week earlier he had appeared in the final episode of ?€?Zero Tolerance.?€? Wearing a gray sweater and a nonchalant expression, he expressed remorse for nepotism?€?CCDI alleged that he secured sweetheart contracts for his brother and land deals for companies that invested in the brother?€?s business, all in cities where he had presided. The documentary didn?€?t name Ant, but the move against a top party official in Ant?€?s backyard and the discussion of the alleged crime on national TV show that the authorities aren?€?t easing the pressure on Jack Ma?€?s company. In an article following Mr. Zhou?€?s expulsion, China Economic Weekly, a business journal published by the Communist Party?€?s flagship newspaper, People?€?s Daily, cited its own earlier reporting that an Ant subsidiary had invested in Mr. Zhou?€?s brother?€?s company. How should private companies mitigate the risks of doing business in China? Join the conversation below. China?€?s corporate-registration system shows one of Ant Group?€?s investment arms took a stake in a company chaired by Mr. Zhou?€?s brother in 2019. Official-land purchase documents show Ant bought two commercial plots in Hangzhou in 2020 and 2021 at the asking price?€?as the sole bidder. Mr. Zhou and his brother couldn?€?t be reached for comment. Ant didn?€?t respond to detailed requests for comment but has previously said it has followed all laws and regulations in its dealings. Beijing halted Ant?€?s planned $34 billion initial public offering in late 2020 amid concerns about the growing clout of the technology company. The Communist Party?€?s Politburo referred to preventing the disorderly expansion of capital. In another episode of the series, a former top banker at state-owned China Development Bank said he had authorized risky loans to CEFC China Energy, once a highflying private conglomerate, and accepted bribes from founder Ye Jianming. Mr. Ye disappeared into state detention in early 2018?€?except for being named in the conviction of some high-level officials as a co-conspirator?€?and a Chinese court declared the company bankrupt two years later. CEFC once struck multibillion-dollar deals for oil assets in Europe and Asia, while founder Mr. Ye flew in private jets, bought luxury New York properties and hung around with world leaders. The documentary alleged he was a buddy to crooked Chinese officials who allowed loans that jeopardized the country?€?s financial security. It said former China Development Bank head Hu Huaibang should never have authorized a $4.8 billion loan to CEFC in 2015. Mr. Hu said on the show that he did it as a favor to a provincial chief, and that they both took bribes from Mr. Ye. On camera, Mr. Hu said he had been tempted by the trappings of wealth and jealous of others who flew in private jets. He was convicted last year for taking bribes and is serving a life sentence. Now, he said, ?€?my life is over.?€? Mr. Ye, who hasn?€?t been publicly charged, didn?€?t appear on the show and couldn?€?t be reached for comment. China Development Bank didn?€?t respond to a request for comment. ?€?Zero Tolerance?€? isn?€?t the first documentary made by the anticorruption agency to feature high-level officials caught up in sticky political situations and accused of crimes. Public confessions on national TV are a standard feature of Communist Party rule. Comments on social media said the documentary just reinforced the belief that corruption is endemic among China?€?s officials. Many viewers called it stagy, saying the accused officials looked insufficiently contrite and were too composed for the proceedings. ?€?I was so worried he was going to smile?€?and then he started to smile,?€? Wang Wusi, a popular columnist, wrote of one official?€?s appearance on the show. Of another character, he wrote, ?€?Had I not known he?€?s a target, I would have thought he was leading an anticorruption campaign.?€? Wu Qiang, an independent political analyst based in Beijing, said the documentary missed the underlying cause of corruption in China, leaving the officials looking merely unlucky enough to get caught. ?€?The Communist Party tries to pin the source of corruption down on capital, but doesn?€?t acknowledge a lack of competition and supervision is the problem,?€? he said.",NO
362"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled No Signboard gets lawyer's letter from private investor over scrapped loan deal. If the article mentions that No Signboard Holdings has defaulted recently, respond with 'AFTER'. If the article mentions that No Signboard Holdings will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. No Signboard Holdings is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. No Signboard Holdings is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. No Signboard Holdings has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of No Signboard Holdings. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","EMBATTLED seafood-restaurant operator No Signboard Holdings : 1G6 0%, which is in a tussle over an axed loan agreement with a private investor, disclosed on Friday (May 6) that it has received a lawyer?€?s letter related to the termination of the deal. The investor, Bryan Lim plans to hold the operator to the bargain under the full terms of the conditional loan agreement, according to a bourse filing by the Catalist-listed company. ?€?While the company?€?s position remains unchanged as per the termination announcement, it will work with (Lim) in the interest of coming to an amicable resolution,?€? said the board. No Signboard announced earlier this week that separate conditional loan agreements with both Lim and Q&M Dental chief executive Ng Chin Siau, as well as a conditional sale-and-purchase agreement with Ng, had been terminated. Under the deal in question, Lim would have lent the company S$1.9 million, free of interest, and taken a 22 per cent stake in No Signboard for S$1. The various agreements were part of the company?€?s efforts to raise funds to address going-concern issues and resume trading in No Signboard?€?s shares, which has been suspended since January. But No Signboard, in announcing the terminations, said the proposed investment structure with Ng and conditions precedent in the agreement with Lim could not be done within certain timeframes. The board has now reported that it received a letter from Lim?€?s solicitors, dated May 4, that called the notice of termination unlawful. No Signboard will update shareholders as and when there are further material developments related to the matter, the board said. Separately, the company has applied to Singapore?€?s High Court for any debt arising from a would-be white knight?€?s rescue financing to be accorded super-priority status over other debts, in the event that No Signboard is wound up under Section 67 of the Insolvency, Restructuring, and Dissolution Act. The hearing date for the application has yet to be fixed. No Signboard recently inked a non-binding memorandum of understanding with renewable-biomass company Gazelle Ventures for S$450,000 of rescue financing, subject to conditions. Gazelle Ventures, jointly owned by Gazelle Capital and Valiant Investments, would also plough in up to S$5 million in investments, for a 75 per cent stake in No Signboard. No Signboard first declared early this year that it was unable to show it could continue as a going concern under listing rules. It cited ?€?continued challenges in the operating environment of the local food and beverage industry?€?, such as the impact of the Covid-19 pandemic on business.",NO
363"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Park Hotel Management director sued over series of fund transfers at subsidiary Park Hotel CQ. If the article mentions that Ascendas Hospitality Reit has defaulted recently, respond with 'AFTER'. If the article mentions that Ascendas Hospitality Reit will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Ascendas Hospitality Reit is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Ascendas Hospitality Reit is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Ascendas Hospitality Reit has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Ascendas Hospitality Reit. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Park Hotel CQ (PHCQ), along with its liquidators, have filed a lawsuit against Park Hotel Management (PHMPL) director, Allen Law Ching Hung, over some S$6.5 million in funds that were transferred out of PHCQ. Law was the sole director of PHCQ - which is fully owned by PHMPL - from Apr 3, 2013 until Mar 16, 2021 when he stepped down as director. Lim Kang-Ling, previously general manager of the Park Hotel Clarke Quay property, was appointed the sole director on the same day. The sole shareholder and director of PHMPL, Law is the son of Hong Kong billionaire Law Kar Po, who is worth some US$6.6 billion, according to Forbes. On Nov 19, 2021, the High Court ruled that PHCQ be wound up after it was unable to pay its debts amounting to some S$6.3 million. The bulk of that debt stemmed from monies owed to Ascendas Hospitality Reit, the landlord of the former Park Hotel Clarke Quay property at Unity Street. According to the statement of claim dated Mar 31 and filed in the High Court by the plaintiffs, the liquidators found that PHCQ had transferred S$4 million to PHMPL in 2 tranches - S$2 million each on Dec 9, 2020 and on Jan 4, 2021. Aw Eng Hai and Kon Yin Tong of accountancy firm Foo Kon Tan are the joint liquidators. Prior to that, on Nov 30, 2020, recorded loans of S$6.1 million owed by PHCQ to Law were transferred via journal entries over to PHMPL; as a result, it was recorded that PHCQ owed PHMPL instead of Law. The S$4 million was then transferred by PHCQ to PHMPL in December 2020 and January 2021 respectively. On Jan 8, 2021, PHMPL allegedly paid Law about S$4.41 million. The statement of claim also stated that the liquidators found withdrawals of S$2.5 million from PHCQ?€?s bank accounts. Citing approval from PHCQ?€?s landlord, Law had on Mar 30, 2021 instructed PHCQ?€?s company secretary and the Park Hotel Group?€?s group finance director, Tang Buck Kiau, to transfer S$2 million from PHCQ?€?s furniture, fixtures and equipment (FF&E) account to its operating account; this was said to be used to pay rent and FF&E under a master lease agreement. Law ?€?represented to Tang... that PHCQ as tenant would put back the S$2 million into the FF&E account at the end of the lease?€?, the plaintiffs alleged. However, no payment was made by PHCQ to the landlord. On Apr 12, 2021, S$2.5 million was transferred from PHCQ?€?s operating account to PHMPL. The S$2.5 million was then used to partially repay a loan of S$7.7 million - of which Law was the guarantor - that PHMPL owed to United Overseas Bank (UOB). ?€?At all times, the landlord did not approve of the transfer of S$2 million from PHCQ?€?s FF&E account, whether verbally or via email,?€? the plaintiffs alleged. The plaintiffs went on to allege that at the time when the S$4 million in funds was transferred out of PHCQ, ?€?PHCQ was unable to pay its debts and/or was financially in a perilous state?€?. They also highlighted that at the time the S$2.5 million was transferred out of PHCQ in April 2021, PHCQ owed its landlord an outstanding sum of about S$5.38 million, citing a letter of demand from the landlord?€?s lawyers dated Mar 29, 2021. As at Jun 17, 2021, PHCQ owed its landlord about S$12.78 million, although this was reduced to about S$5.92 million after offsetting the security deposit. The plaintiffs alleged that Law acted in ?€?breach of (his) duties and/or (in) breach of trust?€? and is liable to account for at least S$6.5 million after PHCQ suffered loss and damages. In his defence filed on May 6, Law denied the allegations in the statement of claim. He clarified that the S$6.1 million loan was initially a S$4.8 million loan from him to PHCQ and a S$1.3 million loan from PHMPL to PHCQ. Law also alleged that around November 2020, ?€?as part of (an) internal reorganisation...inter-company loans to subsidiaries were consolidated through PHMPL instead of through the directors. At the time, PHMPL and PHCQ were not in a financially parlous position or insolvent?€?. Denying the plaintiffs?€? allegations that he had made ?€?fraudulent misrepresentations?€? to PHCQ?€?s company secretary, Law alleged that the landlord?€?s approval for the transfer of funds from the FF&E account was granted by the landlord?€?s representative Beh Siew Kim via an email dated Oct 30, 2020, as well as verbally in a meeting. In his defence, Law also asserted that the funds transferred were not for his personal benefit, and denied the plaintiffs?€? claims that he was liable to account to PHCQ for the S$6.5 million sum on the grounds of breach of duties and/or breach of trust. In a reply to Law?€?s defence dated May 23, the plaintiffs again alleged there was ?€?no approval given by the landlord to PHCQ in the Oct 30 2020 email, or verbally at any meeting prior to Mar 30, 2021, which allowed PHCQ to withdraw S$2 million from PHCQ?€?s FF&E account?€?. They also alleged that no approval was given to Law or to PHCQ to withdraw that sum for the purpose of transferring S$2.5 million to PHMPL to pare PHMPL?€?s outstanding loan with UOB. Law is represented by TSMP Law?€?s senior counsel Thio Shen Yi, while the plaintiffs are represented by Allen & Gledhill partners William Ong and Lee Bik Wei. PHMPL was placed under winding up by the Court in July last year after its subsidiary Grand Park OR - the former operator of the Grand Park Orchard hotel - was unable to pay debts of over S$5.2 million. PHMPL and its liquidators have also filed a suit against Law, along with 3 other firms, over assets disposed by PHMPL to entities linked to Law.",NO
364"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Canada firm mulls offshore oil extraction in Kingdom?€?s Block A. If the article mentions that KrisEnergy Ltd has defaulted recently, respond with 'AFTER'. If the article mentions that KrisEnergy Ltd will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. KrisEnergy Ltd is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. KrisEnergy Ltd is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. KrisEnergy Ltd has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of KrisEnergy Ltd. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Canadian-owned company EnerCam Resources Co Ltd (EnerCam) is studying the possibility of investing in oil extraction from Cambodia?€?s offshore Block A after the government terminated an agreement with Singapore-based KrisEnergy Ltd, after the oil and gas exploration company went bankrupt last year.365Speaking to the media on the sidelines of an oil and gas conference on July 27, Ministry of Mines and Energy director-general for petroleum Cheap Sour confirmed that the ministry was in talks with EnerCam for the potential investment.366In an effort to avoid similar speed bumps as KrisEnergy had, EnerCam ?€?will need time?€?, he said, adding that the company is carefully studying and analysing pertinent data before making a decision.367?€?These studies are close to the stage where results can be discussed, so at a later date, we?€?ll announce whether the Block A project will resume, with the aforementioned company,?€? he added.368He shared that since oil prices began spiralling, companies from countries such as Canada, China, Thailand and Australia have contacted the government to look into the Kingdom?€?s potential for oil exploration, both onshore and offshore.369In Cambodia, six offshore blocks and 19 onshore blocks have been delineated for possible oil exploration.370In 2019, EnerCam received approval from the government for a 7,300sq km onshore oil and gas exploration concession.371Minister of Mines and Energy Suy Sem, who presided over the July 27 event, stressed that the government has taken ?€?great care?€? in supporting and encouraging investors, by developing laws, policies and regulations in the oil and energy sector to minimise investment risks.372?€?The government has also encouraged both local and international investors to increase downstream investment, such as refining, importation, storage, transportation and distribution of petroleum and petroleum products to ensure supply of oil and gas to consumers and development of other sectors,?€? he said.373Hong Vanak, director of International Economics at the Royal Academy of Cambodia, said that with Cambodia?€?s considerable offshore oil potential and need for private sector investment to boost economic growth, inspiring investors and drawing them into the Kingdom?€?s oil market is crucial.374?€?The Canadian company?€?s interest in investing in Block A has once again raised prospects for Cambodia?€?s oil exploration sector.375?€?If the company?€?s studies show positive results, and the estimated recoverable volume of oil is comparable to the former company?€?s [KrisEnergy?€?s] evaluations, then the government would undoubtedly have the ability to step up investment into the public sector and increase subsidies for retail fuel,?€? Vanak said.376A study by the Jakarta-based Economic Research Institute for ASEAN and East Asia (ERIA) found that demand for petroleum products would increase from its 2020 level of 2.8 million tonnes, crude oil equivalent (roughly 20.8 million barrels), to 4.8 million and 8.3 million by 2030 and 2040, respectively, requiring additional investment in the sector to keep pace.377Some of the oil companies that have conducted geological surveys in the Kingdom include: Elf, Esso, Enterprise Oil, PTT, Premier Oil, Chevron, PVEP, JOGMEC and MOECO.378",AFTER
379"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Singapore fines Noble for ?€?misleading?€? financial statements. If the article mentions that Noble Group has defaulted recently, respond with 'AFTER'. If the article mentions that Noble Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Noble Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Noble Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Noble Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Noble Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","Singapore has fined commodities business Noble Group S$12.6mn (US$9.1mn) for publishing ?€?misleading information?€? in its financial statements, following an investigation that has taken almost four years to complete. The announcement by the city-state?€?s accounting authority concludes its probe of a high-profile accounting scandal that brought Noble to the brink of collapse. It also flagged ?€?stern warnings?€? given to two unnamed former directors of the group. Noble?€?s near-collapse, from a business worth more than $6bn that had hoped to emulate industry giant Glencore, was precipitated by a series of highly critical reports on its accounting practices published in 2015 by short seller Iceberg Research. By 2018, it had been forced into a painful debt-for-equity swap and a delisting, and it sold a number of key assets to help it survive. The saga also dented Singapore?€?s reputation as a commodities trading hub. The fine, equivalent to 0.4 per cent of Noble?€?s reported revenues in 2020, was criticised by Iceberg. ?€?A minor fine for a major [scandal],?€? it wrote on Twitter. The improper accounting at Noble is one of a series of scandals in recent years that have raised questions about regulations in Singapore, which has sought to attract multinationals while promoting its strong ?€?rule of law?€?. A number of Singapore-based commodities groups have been at the centre of scandals in recent years, including Noble Group, Agritrade International, Hin Leong Trading, ZenRock Commodities Trading and Petro-Diamond Singapore. Some have received hefty fines and executives have faced jail time. The billionaire founder of Hin Leong, Lim Oon Kuin, in 2020 confessed to hiding $800mn in losses at the Singapore-based oil trading firm he founded. Singapore police filed more than 100 charges against Lim last year while a former director and operations executive of ZenRock were charged last month with more than $105mn worth of dishonesty offences. The problems make the case for a stronger regulatory framework and oversight of trading houses in Singapore?€?s small, open economy, say analysts. But Nirgunan Tiruchelvam, an analyst at Tellimer, said they did not seem to have dented corporate enthusiasm for Singapore. ?€?Singapore provides these companies with tax haven status and access to financiers, which these businesses are so dependent on,?€? he said. ?€?Singapore?€?s stock exchange [lost] credibility a long time ago,?€? wrote Iceberg. ?€?The lack of enforcement means even Singapore companies prefer to list elsewhere.?€? Loo Siew Yee, assistant managing director of the policy, payments and financial crime group at the Monetary Authority of Singapore, said measures taken by the authorities against Noble ?€?demonstrates that MAS takes breaches of disclosure obligations seriously and will take firm action against persons found to have fallen short?€?. Noble said it was pleased the investigation had been concluded, adding that its commodity trading business had been under new ownership and management since December 2018 and ?€?has focused on the highest standards of corporate governance, reporting and transparency since then?€?.",NO
380"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled For the stock market, confidence is everything. If the article mentions that Noble Group has defaulted recently, respond with 'AFTER'. If the article mentions that Noble Group will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. Noble Group is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. Noble Group is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. Noble Group has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of Noble Group. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","THE president of the Society of Remisiers (SOR), Singapore has called for an Ombudsman Office to be set up that would help retail investors seek recourse for investments that had failed through fraud or other, possibly criminal, irregularities. The call followed a S$12.6 million civil penalty meted out on commodities trading firm Noble Group for misleading information in its financial statements - an amount some see as a slap on the wrist compared to the billions in market cap that had been wiped out by Noble?€?s collapse. The idea of an ombudsman is a good one that deserves to be explored. Retail investors for far too long have had to passively accept that the meaning of ?€?caveat emptor?€??€? in the local stock market extends to possibly losing all their money through fraudulent disclosures, questionable accounting, manipulation and negligent directors ?€? or in some cases, all of the above. Having an Ombudsman would surely go some way towards addressing this concern. The bigger worry, however, is the erosion of confidence in local stocks since even before the Noble episode. In his Aug 27 letter to the media, the SOR president cited the ?€?critical issue of trust?€??€? and the need to ?€?rebuild much-needed investor confidence, the lack of which has been plaguing our markets for some time?€??€?. If there is a single, overarching truth about stock markets, it is that confidence is everything. Without it, the market has little going for it ?€? investors will stop trading, liquidity will dry up, prices will drift lower and the number of companies exiting the market will increase. All of these have been features of the local stock market over the past 30 years, ever since the ?€?super bull?€??€? run that started in Oct 1993 with the listing of Singtel. Yet, the resulting plunge in stocks that ensued paled in comparison to the blows that followed ?€? the Asian Financial Crisis of 1998; the collapse of Malaysian shares traded here on Clob International in 1999; the dot-com crash of 2000; the Sars downturn of 2003, the S-Chip debacle of 2007 onwards; the US sub-prime crisis of 2008; and what is widely seen as the final straw ?€? the penny stock crash of 2013. Some of these were external macroeconomic events which afflicted all markets and were unavoidable, but it would not be inaccurate to say that the S-chips saga, 2013?€?s unfortunate penny stock crash and Noble?€?s collapse which started in 2018 have occurred because of lapses in governance and the local regulatory system. Given the repeated pummelling sustained since 1994, small investors can therefore hardly be blamed for not wanting to plough too much of their wealth or savings into local stocks. Also responsible have been a buoyant property market and the advent of online trading, the ease of which has lured many to try their luck elsewhere. Whatever the case, given that confidence is a largely psychological phenomenon, bringing it back represents a significant challenge for the authorities to overcome, but efforts to do so must continue. An Ombudsman? Why not ?€? and why stop there? Stronger, swifter regulatory action is what is needed, which will surely go a long way towards restoring confidence by signalling that protecting investors?€? interests is an overriding priority.",NO
381"The events considered as defaults include: 1. Bankruptcy filing, receivership, administration, liquidation, or any legal impasse affecting timely interest and/or principal payments. 2. Missed or delayed payment of interest and/or principal, excluding those within a grace period. 3. Debt restructuring/distressed exchange resulting in a reduced financial obligation (e.g., debt-to-equity conversion, lower coupon, lower paramount, lower seniority, longer maturity). You will be provided with a news article titled Kitchen Culture accuses director of tampering with company?€?s Acra records. If the article mentions that KITCHEN Culture has defaulted recently, respond with 'AFTER'. If the article mentions that KITCHEN Culture will default soon, respond with 'BEFORE'. Otherwise, respond with 'NO'. Please be aware that the following cases are not considered as default: 1. KITCHEN Culture is experiencing poor financial conditions (e.g., declining revenue, increasing debt levels, insufficient cash flow), but there is no indication of default. 2. KITCHEN Culture is facing legal troubles or breaches, but there is no indication of default. 3. Default events mentioned in the article refer to other companies, the parent company, or subsidiaries of the focal company. 4. KITCHEN Culture has been delisted or liquidated, but this did not affect interest and/or principal payments. 5. Default events mentioned in the article occurred a long time ago and are not relevant to the current status of KITCHEN Culture. For these cases, you should respond with 'NO'. Answer only NO, AFTER, or BEFORE.","KITCHEN Culture said it has filed corrective notices against a dissenting director?€?s attempt to change records of the company?€?s secretary, office bearers, and the company address as registered with the Accounting and Corporate Regulatory Authority (Acra). Described by Kitchen Culture to be ?€?intricately linked?€? to requisitioning shareholder Ooway Group, the company?€?s non-executive, non-independent director Hao Dongting is a substantial shareholder and director of Ooway. She was appointed to Kitchen Culture?€?s board as a non-executive director in April 2021 and redesignated as the company?€?s non-executive chairperson a month later. Kitchen Culture : 5TI 0% in its latest filing noted that in recent days, Hao represented the requisitioners in their attempt to replace the company?€?s existing company secretary, Wee Woon Hong, with two other people by proceeding to file these changes online with Acra. Hao also filed to change Kitchen Culture?€?s registered office address to the office of the two company secretaries it attempted to replace Wee with. The company said it has since ?€?taken swift action?€? to file corrective notices with Acra on Dec 2, with intentions to issue warnings to those involved in the incident, including the new company secretaries which Hao and the requisitioners had intended to elect. ?€?The filing of any such ?€?changes?€? does not have any substantive effect on the legality ?€? or, for the matter, the invalidity ?€? of the removals, appointments, or change of registered office,?€? said Kitchen Culture on Monday (Dec 5). It added that its board of directors ?€? save for Hao ?€? view these actions to be ?€?extremely disruptive of and interfere with the orderly conduct of the business and affairs of the company, to create uncertainty and sow confusion, as well as are unlawful?€?. The company further claims one of the five appointed directors by the requisitioners ?€?tried to claim his right to be a director on the basis of the filing with Acra, to give orders to staff of the company?€?. ?€?In the view of the directors (other than Hao), this is unbecoming conduct,?€? it stated. Kitchen Culture reiterated that other than Hao, the ?€?proper directors?€? of the company are, and remain to be, executive director Lim Wee Li, non-executive and non-independent chairman Lau Kay Heng, and three independent directors: Ang Lian Kiat, William Teo and Peter Lim. It emphasised that the company?€?s registered office in Republic Plaza remains unchanged. The company urged its shareholders and members not to pay attention to any Acra record showing otherwise, as such filings ?€?arise from untrue and misleading ?€?filings?€? performed by the ?€?new company secretaries?€? at the behest of the ?€?new board?€? said to be made up of Hao and the five purported appointees?€?. To recap, Kitchen Culture?€?s largest shareholder Ooway claims it successfully held a Nov 25 extraordinary general meeting (EGM) where resolutions to appoint five new directors were passed to replace all members of Kitchen Culture?€?s existing board of directors, save for Hao. The appointed directors by the requisitioners are: James Rogers as non-executive director; Yip Kean Mun as executive director; as well as Lam Kwong Fai, Tan Meng Shern and Cheung Wai Man as independent directors. Kitchen Culture last week released a statement maintaining its view that such resolutions were invalid, and requested the requisitioners to ?€?put the matter before the Singapore court?€?. In another bourse filing on Monday, Kitchen Culture said it had on Nov 30 received a letter of demand from CDL Properties?€? lawyer in relation to alleged outstanding rental arrears for its premises at Republic Plaza, amounting to about S$120,500. This would be for October and November this year. CDL has demanded a payment of S$125,300 ?€? comprising the alleged rental arrears, difference between the current and revised deposits as well as related legal costs. CDL had said it would commence legal proceedings within five days of the date of the letter, but Kitchen Culture said it plans to ask for an extension of time for repayment as it is ?€?in the middle of securing potential financing to support the working capital of the group?€?. The company has been suspended from trading since July 2021.",NO
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