World News

China’s Evergrande labelled defaulter by S&P for failed coupon payments

Published

3 years ago

December 18, 2021

China’s Evergrande labelled defaulter by S&P for failed coupon payments

China Evergrande Group was listed as a defaulter by Standard & Poor’s Global Ratings, which is the second credit risk assessment agency to do so.

Since Evergrande failed to pay the coupon before the end of the grace period earlier this month, Standard & Poor’s Global downgraded it to “selective default,” a move that may trigger a cross default of developers’ $19.2 billion debt. S&P Global also revoked the rating of the group at the request of Evergrande.

Fitch Ratings took the lead in announcing the default of the real estate developer on December 9. For a long time, Evergrande has been considered by many investors to be too large to fail, becoming the biggest victim of Chinese President Xi Jinping’s control of the country’s debt-laden conglomerate and the overheated real estate market. As liquidity pressures intensify, concerns have spread to Shimao Group holdings and other companies with higher ratings.

Earlier this month, the governor of the People’s Bank of China stated that Evergrande’s situation must be dealt with by the market, indicating that Beijing will not bail out the world’s most indebted developer because it is struggling with more than $300 billion in debt. Evergrande has stated that it plans to “actively engage” with overseas creditors regarding the restructuring plan. People familiar with the matter said separately that the company intends to include all of its offshore public bonds and private debt. Holders of Evergrande bonds, including Marathon Asset Management, said they expect offshore creditors to be close to the bottom of the repayment queue. According to people familiar with the matter, Evergrande is giving priority to payments to migrant workers and suppliers because the regulator urges the funding-strapped developer to avoid any risk of social unrest.

As the group’s stocks and bonds plummeted, founder Xu Jiayan’s wealth has shrunk by $17.2 billion this year. The second richest man in Asia, who once had a fortune of 42 billion US dollars, is now worth 6.1 billion US dollars.

Complete News Source : Hindustan Times

Related Topics:China coupon failed labelled

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Day 6 box office receipts for Game Changer: Ram Charan’s film takes another hit, earning over ₹110 crore

Published

6 days ago

January 16, 2025

India

Day 6 box office receipts for Game Changer: Ram Charan’s film takes another hit, earning over ₹110 crore

Game Changer box office collection day 6: Ram Charan and Kiara Advani-starrer released in theatres on January 10.
Game Changer box office collection: Ram Charan, Kiara Advani-Game Changer is one the first big releases of this year, and came with huge audience expectations. However the film opened to mixed reviews and has performed decently at the box office. As per the latest version of Sacnilk.com, Game Changer has minted ₹6.11 crore in its sixth day of release. Game Changer is directed by Shankar.

Game Changer box office collection

The report states that Game Changer has now crossed the ₹110 crore mark at the box office. It minted ₹5.55 crore on its first Wednesday, which is the lowest for the film so far. The film had seen a slight growth on its fifth day of release, with ₹10 crore net. The overall collections now stand at ₹112.26 crore.

Game Changer minted ₹51 crore on its opening day, and saw a dip in collections on its second day with ₹21.6 crore. Day three collections were at ₹15.9 crore whereas day four net was ₹7.65 crore. The film saw a sharp decline in its weekdays and is yet to recover. Game Changer is facing stiff competition from a number of releases, which includes Nandamuri Balakrisha’s Daaku Maharaj, Unni Mukundan’s Marco and Allu Arjun’s Pushpa 2: The Rule.

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Amid box office concerns for the film, a pirated version of Game Changer was allegedly aired on a local TV channel and shown in buses. Screenshots of the same surfaced on X, which caught the attention of producer Sreenivas Kumar. He took to his X account to demand strict action on it.

A few days ago, the makers of the film had filed a complaint against individuals for allegedly leaking a pirated version of the film online. The complaint also states that before the film’s release, the producers and a few team members were threatened through social media and messaging platforms like WhatsApp, wherein the same alleged pirates demanded money from producers and threatened to leak the pirated version if their demands were not fulfilled.

Game Changer is directed by Shankar and stars Ram Charan, Kiara Advani, and SJ Suryah. The film has also been released in Tamil, Kannada, and Malayalam.

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China’s Evergrande labelled defaulter by S&P for failed coupon payments

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Day 6 box office receipts for Game Changer: Ram Charan’s film takes another hit, earning over ₹110 crore

Game Changer box office collection

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Day 6 box office receipts for Game Changer: Ram Charan’s film takes another hit, earning over ₹110 crore

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