Future Retail, a sprawling brick-and-mortar operation owned by Indian billionaire Kishore Biyani, made a $14 million interest payment to debt-holders on Monday (Aug. 24) – barely beating the wind-down of a grace period and narrowly avoiding defaulting on a half-billion dollars in debt, CNBC TV18...
Citigroup Inc. has asked a federal judge to order Brigade Capital Management LP to return $176 million accidentally paid to the New York-based global investment firm. The BBC reported the lawsuit, filed in the Southern District of New York Court, said Citigroup intended to send...
The steep decline in consumer spending resulted in less U.S. household debt for the first time since 2014, the Financial Times (FT) reported. At the end of June, consumer debt balances sat at $14.27 trillion, according to figures from the Federal Reserve Bank of New...
With one in five workers collecting jobless benefits thanks to the pandemic, banks braced for increased credit card debt and delinquencies as families struggled to pay bills. It turns out, financial institutions report missed consumer payments and a request for more credit have not materialized,...
Two leading executives in the store credit card industry said they are nervous that when the federal $600-a-week bump for recipients of state unemployment benefits winds down July 31, pending Congressional action, credit card payments will decline substantially. “People got forbearance on credit cards, mortgages...
A record number of tenants and homeowners — 32 percent — missed some or all of their rent or mortgage in July, according to Apartment List, the San Francisco platform that connects renters and listings. While hopeful signs loomed last month as governors eased restrictions...
Minnesota’s Mall of America, one of the nation’s largest shopping centers, missed its third payment on its $1.4 billion mortgage, Bloomberg reported. That puts its owner, Triple Five Group, more than 60 days delinquent. The Canadian-based company failed to make its $7 million debt payment...
Trouble may be brewing in the key auto finance sector in the months ahead amid the economic fallout from the coronavirus, despite a drop in loan delinquency rates in the United States in the first quarter, a new report by credit agency Experian finds. Both...
The pandemic has decimated top and bottom lines for firms across virtually all verticals. And for firms carrying debt amid declining balance sheets and continued cash burn, there’s danger in triggering repayment as they violate covenants on that debt. As estimated by Moody’s Investors Service,...
