Latest news with #PJT
News18
21-07-2025
- News18
Police bust liquor revelry at resort in dry Gujarat; 26 women held
Ahmedabad, July 21 (PTI) Police arrested 39 persons, including 26 women, for allegedly consuming liquor during a birthday bash at a private resort on the outskirts of Ahmedabad and booked them for violating the Gujarat Prohibition Act, an official said on Monday. A team of Ahmedabad (rural) Police raided the resort situated on the Sanand-Bavla road on late Sunday night, where one of the accused had invited guests for his birthday and arranged liquor. Police nabbed 39 persons, including 26 women, for boozing and booked them under the relevant sections of the Gujarat Prohibition Act. Five sealed bottles of Indian Made Foreign Liquor (IMFL), eight half-empty bottles, 20 empty bottles, and seven hookahs were recovered, a release stated. The women were released after police served them notices and conducted medical tests, while the 13 men were taken to the police station and released on bail in the morning. The consumption of liquor without a required permit is prohibited in Gujarat since its formation in 1960. PTI PJT PD NSK Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Business Times
12-06-2025
- Business
- Business Times
New World bondholders want more disclosure on financing plans
NEW World Development bondholders are growing frustrated with the level of financial disclosure by the cash-strapped developer as it prioritises communication with banks during critical loan talks. The distressed Hong Kong builder has less than three weeks to complete an HK$87.5 billion (S$14.3 billion) loan refinancing deal before a covenant waiver expires at the end of the month. Debt advisers, meanwhile, have said that they think a liability management exercise on the bonds would be the only way for New World to preserve equity value, and are urging noteholders to band together to resist any such move. As this plays out, an information gap is creating transparency concerns for bondholders, hungry for any scraps of intelligence to make trading decisions. Unable to get answers A number of them said they haven't been able to get answers from New World in recent months on what steps it is planning to ease a liquidity crunch made worse by a market sell-off. On the other hand, some banks got to see a cash flow projection in April with details about the company's planned debt payments over the next three years, according to other people familiar with the matter. While such moves can irk bondholders, it isn't uncommon for distressed firms to prioritise communication with bank lenders. Banks often have better access to company financials through loan covenants or lending relationships, while unsecured bondholders typically rely on public filings or voluntary disclosures. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up New World bondholders have another pressing concern: Over the past three months, the company's perpetual bonds have lost an average of more than 40 per cent of their value, according to Bloomberg News calculations. The company's next steps could bring more pain for bondholders, according to debt adviser PJT Partners. During a recent call with bondholders, PJT said that it expects New World to pursue discounted exchanges as part of a potential liability management exercise. If such a development comes after the loan refinancing, it could cut recovery ratios to 30 per cent from 68 per cent for unsecured bond investors, PJT warned. Frustration among bondholders escalated after a recent decision by New World to delay some interest payments on perpetual notes. The move was a shock to holders, some of whom had been reassured in February, when chief financial officer Edward Lau said on an earnings call that net cash flow from operations was almost enough to cover capital expenditures, net interest expenses and perpetual bond coupon payments. Engaging with banks Many bondholders have run into dead ends when seeking information from the company, with messages to New World's investor relations manager getting no response, according to people familiar with the matter. Some have had to monitor the news closely to figure out what is going on with the company, they added. In contrast, New World has been actively engaged with more than 50 banks as it works to complete its refinancing deal. Bankers have been in close contact with the developer's finance team, receiving updates regarding the company's debt plans, other people said. New World didn't immediately respond to a request for comment. It said in a press briefing earlier this year that it has complied with all disclosure requirements. While unhappy they have been kept at arm's length, bondholders largely still hope the loan refinancing goes smoothly. The refinancing 'is progressing well and, once completed, should enhance New World's liquidity position and provide the company with additional time to execute its business turnaround,' said Dhiraj Bajaj, Singapore-based chief investment officer of Asia fixed income and equities at Lombard Odier Investment Managers. New World, whose key Hong Kong projects include Victoria Dockside and the new 11 Skies shopping mall, has about US$7.9 billion in outstanding bonds, according to Bloomberg-compiled data. While it doesn't have any US dollar notes maturing this year, it has two Hong Kong dollar-denominated bonds with a combined US$168.5 million due in March next year. The next big test for the developer comes Monday when it has a US$5.05 million coupon payment due on a 5.875 per cent bond. If the company decides not to pay the coupon on that day, it would have a 14-day grace period, after which an event of default would be triggered, according to bond documents seen by Bloomberg News. BLOOMBERG
Mint
12-06-2025
- Business
- Mint
New World Bondholders Want More Disclosure on Financing Plans
(Bloomberg) -- New World Development Co. bondholders are growing frustrated with the level of financial disclosure by the cash-strapped developer as it prioritizes communication with banks during critical loan talks. The distressed Hong Kong builder has less than three weeks to complete an HK$87.5 billion ($11.2 billion) loan refinancing deal before a covenant waiver expires at the end of the month. Debt advisers, meanwhile, have said that they think a liability management exercise on the bonds would be the only way for New World to preserve equity value, and are urging noteholders to band together to resist any such move. As this plays out, an information gap is creating transparency concerns for bondholders, hungry for any scraps of intelligence to make trading decisions. A number of them, who asked not to be identified, said they haven't been able to get answers from New World in recent months on what steps it is planning to ease a liquidity crunch made worse by a market selloff. On the other hand, some banks got to see a cash flow projection in April with details about the company's planned debt payments over the next three years, according to other people familiar with the matter. While such moves can irk bondholders, it isn't uncommon for distressed firms to prioritize communication with bank lenders. Banks often have better access to company financials through loan covenants or lending relationships, while unsecured bondholders typically rely on public filings or voluntary disclosures. New World bondholders have another pressing concern: Over the past three months, the company's perpetual bonds have lost an average of more than 40% of their value, according to Bloomberg News calculations. The company's next steps could bring more pain for bondholders, according to debt adviser PJT Partners Inc. During a recent call with bondholders, PJT said that it expects New World to pursue discounted exchanges as part of a potential liability management exercise. If such a development comes after the loan refinancing, it could cut recovery ratios to 30% from 68% for unsecured bond investors, PJT warned. Frustration among bondholders escalated after a recent decision by New World to delay some interest payments on perpetual notes. The move was a shock to holders, some of whom had been reassured in February, when Chief Financial Officer Edward Lau said on an earnings call that net cash flow from operations was almost enough to cover capital expenditures, net interest expenses and perpetual bond coupon payments. Many bondholders have run into dead ends when seeking information from the company, with messages to New World's investor relations manager getting no response, according to people familiar with the matter. Some have had to monitor the news closely to figure out what is going on with the company, they added. In contrast, New World has been actively engaged with more than 50 banks as it works to complete its refinancing deal. Bankers have been in close contact with the developer's finance team, receiving updates regarding the company's debt plans, other people said. New World didn't immediately respond to a request for comment. The company said in a press briefing earlier this year that it has complied with all disclosure requirements. While unhappy they have been kept at arm's length, bondholders largely still hope the loan refinancing goes smoothly. The refinancing 'is progressing well and, once completed, should enhance New World's liquidity position and provide the company with additional time to execute its business turnaround,' said Dhiraj Bajaj, Singapore-based chief investment officer of Asia fixed income and equities at Lombard Odier Investment Managers. New World, whose key Hong Kong projects include Victoria Dockside and the new 11 Skies shopping mall, has about $7.9 billion in outstanding bonds, according to Bloomberg-compiled data. While it doesn't have any US dollar notes maturing this year, it has two Hong Kong dollar-denominated bonds with a combined $168.5 million due in March next year. The next big test for the developer comes Monday when it has a $5.05 million coupon payment due on a 5.875% bond. If the company decides not to pay the coupon on that day, it would have a 14 day grace period, after which an event of default would be triggered, according to bond documents seen by Bloomberg News. More stories like this are available on
San Francisco Chronicle
29-04-2025
- Business
- San Francisco Chronicle
PJT Partners: Q1 Earnings Snapshot
NEW YORK (AP) — NEW YORK (AP) — PJT Partners Inc. (PJT) on Tuesday reported net income of $54 million in its first quarter. The New York-based company said it had net income of $1.99 per share. Earnings, adjusted for one-time gains and costs, were $1.05 per share. The investment bank posted revenue of $324.5 million in the period. _____
Telegraph
12-03-2025
- General
- Telegraph
Dear Richard Madeley: ‘Our daughter is choosing A-levels with no future'
Dear Richard, I've learnt that my daughter, who is in year 11 and has been academically excellent across all subjects, has submitted her draft A-level options at school and put down: English, theatre studies and history of art. I am crestfallen that she hasn't chosen to do a foreign language, maths or any science subject, partly given the parlous state of arts subjects at university level and partly the questionable value of these subjects in the job market of the present, much less that of five years' time. We don't want to bully her but want her to be as well-equipped for the future as possible. We've talked this over a little and all we can get out of her is that sciences and languages are 'boring' and there are 'too many boys' doing them. The die is not quite cast, but I'd love to get her to think again. Can you help? –PJT, via email Dear PJT, Ah… you're knocking at the wrong door, I'm afraid. I'm completely in your daughter's corner. Why? Because it's she who'll have to spend the next two years studying her gateway subjects to uni – not you. She who'll have to sit through hundreds of hours of classes, carry out research, revise, sit exams and all the rest of it. Not you. Listen, PJT. I'm older than you. I've been around this particular block multiple times (we have four children, all of whom went to uni) and have witnessed many friends make the same journey. And believe me, I've never, ever known things to end well when parents pressurise their kids into taking A-levels (or a degree) that they don't want to. It's a recipe for resentment, revolt and failure. Here's a clue. Your daughter's teachers haven't asked you to decide what A-levels she should take, have they? They've asked her. They trust her to know what she wants. This is one of her first grown-up decisions. Frankly, if I were you I'd be delighted and relieved that she's so clear in her mind about what to do next. 'Crestfallen?' Really? Such an overreaction. And (forgive me) a self-indulgent one, too. Get behind your daughter, PJT. Back her judgment. These are precious years. You want her to be happy and fulfilled – not oppressed and freighted with your unwelcome expectations. Come on, there are worse things than studying the arts!
