Eike Batista’s oil company will get the first payment in a rescue plan as early as next week, said two people with knowledge of the transaction, offering a glimmer of hope it can salvage some value from Latin America’s biggest corporate debt debacle.
Spotify Ltd., the Stockholm-based music-streaming company backed by billionaire Li Ka-Shing, is speaking with banks about raising a credit facility, a move that could presage an initial public offering in the U.S., people with knowledge of the matter said.
The growing risk of default by Shanghai Chaori Solar Energy Science & Technology Co. may become China’s “Bear Stearns moment,” prompting investors to reassess credit risks as they did after the U.S. securities firm was rescued in 2008, according to Bank of America Corp.
Shanghai Chaori Solar Energy Science & Technology Co. said it may not be able to make an 89.8 million yuan ($14.6 million) interest payment in full on March 7, in what would be the first default of an onshore bond.
The head of the world’s largest distressed debt fund is emphasizing the need for making careful choices as loan funds inundated with unprecedented cash enable junk-rated companies to borrow at cheaper rates.