From Breakingviews - Gautam Adani’s woes were in banks' plain sight
dollar bonds trade at between 66 and 90 cents on the dollar. The rating agency says debt maturities in the next 12 months are manageable but admits investor concern about the group’s governance may be larger than it had considered. In a move that helped calm the market, Gautam Adani this week paid over $1 billion to release pledges on some of his shares, and his companies are laying out plans to make debt repayments.
to differentiate between business they can and should do. It ended up costing the Wall Street firm almost $6 billion. On Feb. 6, the Adani group said shares related to some of its companies will be released following the pre-payment of $1.11 billion of loans ahead of their maturity in 2024 while denying media reports that said the conglomerate was planning to cut back its capital spending.
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