The Barclay brothers, owners of the Telegraph newspaper, have given the luxury hotel group behind Claridge's and the Berkeley a temporary reprieve after the company missed a September deadline to repay borrowings of £660m – debt described by a high court judge in August as manifestly "too high".
KPE disclosed in May 2008 that it had completed approximately $300 million of secondary sales of selected limited partnership interests in, and undrawn commitments to, certain KKR-managed funds in order to generate liquidity and repay borrowings.
City made multi-million-dollar loans to its executives to buy the bank's stock, then forgave them while forcing more junior staff to repay their borrowings.
Lower down the market struggling support services group Mouchel edged up 0.75p to 16p after it agreed to sell its rail business to Australia's Sinclair Knight Merz for £3.4m to help repay its borrowings.
HEALTH CARE REIT, Toledo, Ohio, which invests in nursing homes and assisted-living facilities, said it plans to sell $150 million of notes to repay bank borrowings and fund future investments.
The Hong Kong listing candidate, Pou Sheng Group, is aiming to raise between $309 million to $396 million from the sale of all new shares, which it will use primarily to expand its retail network and to repay bank borrowings.
What's more, the creditors have already given Greece some debt relief by agreeing to low interest rates and allowing the country a long time to repay its borrowings.
At the same time, vast unused capacity in practically every industrial sector has crippled profitability and left manufacturing firms straining to repay their borrowings, a problem that has been partly masked by banks in the habit of simply rolling over loans rather than recognizing losses.
As it does so, it can repay Treasury borrowings and allow banks to convert excess reserves to other kinds of assets.
If MGM were to breach that covenant, bondholders could accelerate its debt, and, if it couldn't repay its borrowings, the company could be forced into bankruptcy proceedings.
According to a new TUC report, 3.2m British households face problem debt, meaning they spend more than a quarter of their overall income repaying unsecured borrowings (ie, excluding mortgages).
