Sino-Forest runs low on cash, bonds suggest default
Sino-Forest, the private equity-backed forestry firm that last week issued a report denying short-seller claims that it is engaged in a massive fraud, is still in danger as its bonds trade at prices that imply an extremely high risk of default. The negative sentiment can be traced back to Sino-Forest’s dwindling cash balance, which stands at $206 million compared to over $600 million at the start of the year.
"It's not quite as important now whether the company is a total fraud or not," Owen Gallimore, Asia credit analyst at ANZ, told The Financial Times. "As time goes by, cash is being whittled down to alarmingly...
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.