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Accelerated Resolution of Financial Distress
Washington University Law Review Volume 76 Issue 4 January 1998 Accelerated Resolution of Financial Distress Barry E. Adler New York University Follow this and additional works at: https://openscholarship.wustl.edu/law_lawreview Part of the Bankruptcy Law Commons Recommended Citation Barry E. Adler, Accelerated Resolution of Financial Distress, 76 WASH. U. L. Q. 1169 (1998). Available at: https://openscholarship.wustl.edu/law_lawreview/vol76/iss4/1 This Article is brought to you for free and open access by the Law School at Washington University Open Scholarship. It has been accepted for inclusion in Washington University Law Review by an authorized administrator of Washington University Open Scholarship. For more information, please contact [email protected]. Washington University Law Quarterly VOLUME 76 NUMBER4 1998 ACCELERATED RESOLUTION OF FINANCIAL DISTRESS BARRY E. ADLER* In principle, debt can bond afirm's management to diligence and wise investment of corporate assets. In practice, however, management can escape the ties of this bond through new capital infusion prior to financial collapse. When management pursues this tactic, insolvent corporationsmay enter bankruptcy too late, after an unnecessary economic decline. To address this problem, a beneficial modification of bankruptcy's voidablepreference rules would permit a trustee to invalidate loan termsfavorable to a creditoron any loan made while a debtor is insolvent if that loan is used to repay an earlier claim. This modification would deprive an insolvent firm of resources its managers can now use to stave off bankruptcy supervision. As a result of this modification, corporate bankruptcy would occur earlierin the financial distress of a firm, before managers could unduly dissipate the firm's value. -
Corporate Overview Transact with Ease: Solutions That Work for Everyone, Everywhere
Corporate Overview Transact with ease: Solutions that work for everyone, everywhere... Leading Payments Platform Provider One of India’s leading end-to-end banking and payments solution providers: Pan-India § 20 years proven track record presence in 27 States § 600+ banks are provided switching and & 3 UTs payment services § 15 million debit cards issued § 10 million transactions per day § 2500 ATMs, 5000 Micro ATMs deployed © 2020-21, SARVATRA TECHNOLOGIES PVT. LTD. PRIVATE & CONFIDENTIAL. ALL RIGHTS RESERVED. 2 Top NPCI Partner & ASP § First ASP certified by NPCI and a pioneer in 54% market share developing payment solutions on various in RuPay NFS sub- NPCI platforms membership § Leading end-to-end solution provider offering RuPay Debit cards, ATM, POS, ECOM, Micro ATM, IMPS, AEPS, UPI, BBPS Sarvatra Others © 2020-21, SARVATRA TECHNOLOGIES PVT. LTD. PRIVATE & CONFIDENTIAL. ALL RIGHTS RESERVED. 3 Leading in Co-operative Banking Sector India’s top provider of debit card platform, switching & payment services to co-op. banking sector. CO-OPERATIVE BANK TYPE SARVATRA CLIENTS Urban Cooperative Banks (UCBs) 395 State Cooperative Banks (SCBs) 14 District Central Cooperative Banks (DCCBs) 129 © 2020-21, SARVATRA TECHNOLOGIES PVT. LTD. PRIVATE & CONFIDENTIAL. ALL RIGHTS RESERVED. 4 One of India’s largest Debit Card Issuing platforms (hosted) © 2020-21, SARVATRA TECHNOLOGIES PVT. LTD. PRIVATE & CONFIDENTIAL. ALL RIGHTS RESERVED. 5 Top Private & Public Sector Banks as Customers § Our key enterprise customers in Private Sector Banks include ICICI Bank, Punjab National Bank, The Nainital Bank, Oriental Bank of Commerce, IDBI Bank, Bank of Maharashtra, NSDL Payments Bank. § Our Sponsor Banks (Partners for NPCI’s Sub-membership Model) include HDFC Bank, ICICI Bank, YES Bank, Axis Bank, IndusInd Bank, IDBI Bank, State Bank of India, Kotak Mahindra Bank. -
NIFTY Bank Index Comprises of the Most Liquid and Large Indian Banking Stocks
September 30, 2021 The NIFTY Bank Index comprises of the most liquid and large Indian Banking stocks. It provides investors and market intermediaries a benchmark that captures the capital market performance of the Indian banks. The Index comprises of maximum 12 companies listed on National Stock Exchange of India (NSE). NIFTY Bank Index is computed using free float market capitalization method. NIFTY Bank Index can be used for a variety of purposes such as benchmarking fund portfolios, launching of index funds, ETFs and structured products. Index Variant: NIFTY Bank Total Returns Index. Portfolio Characteristics Index Since Methodology Periodic Capped Free Float QTD YTD 1 Year 5 Years Returns (%) Inception No. of Constituents 12 Price Return 7.63 19.71 74.46 14.18 18.11 Launch Date September 15, 2003 Total Return 7.76 20.13 75.09 14.60 19.75 Base Date January 01, 2000 Since Statistics ## 1 Year 5 Years Base Value 1000 Inception Calculation Frequency Real-Time Std. Deviation * 24.94 25.19 29.89 Index Rebalancing Semi-Annually Beta (NIFTY 50) 1.40 1.24 1.09 Correlation (NIFTY 50) 0.86 0.90 0.83 1 Year Performance Comparison of Sector Indices Fundamentals P/E P/B Dividend Yield 24.32 2.81 0.33 Top constituents by weightage Company’s Name Weight(%) HDFC Bank Ltd. 28.02 ICICI Bank Ltd. 20.92 State Bank of India 13.03 Kotak Mahindra Bank Ltd. 12.67 Axis Bank Ltd. 12.36 IndusInd Bank Ltd. 5.30 AU Small Finance Bank Ltd. 2.01 Bandhan Bank Ltd. -
Financing Options in the Oil and Gas Industry, Practical Law UK Practice Note
Financing options in the oil and gas industry, Practical Law UK Practice Note... Financing options in the oil and gas industry by Suzanne Szczetnikowicz and John Dewar, Milbank, Tweed, Hadley & McCloy LLP and Practical Law Finance. Practice notes | Maintained | United Kingdom Scope of this note Industry overview Upstream What is an upstream oil and gas project? Typical equity structure Relationship with the state Key commercial contracts in an upstream project Specific risks in financing an upstream project Sources of financing in the upstream sector Midstream, downstream and integrated projects Typical equity structures What is a midstream oil and gas project? Specific risks in financing a midstream project What is a downstream oil and gas project? Specific risks in financing a downstream project Integrated projects Sources of financing in midstream, downstream and integrated projects Multi-sourced project finance Shareholder funding Equity bridge financing Additional sources of financing Other financing considerations for the oil and gas sectors Expansion financings Hedging Refinancing Current market trends A note on the structures and financing options and risks typically associated with the oil and gas industry. © 2018 Thomson Reuters. All rights reserved. 1 Financing options in the oil and gas industry, Practical Law UK Practice Note... Scope of this note This note considers the structures, financing options and risks typically associated with the oil and gas industry. It is written from the perspective of a lawyer seeking to structure a project that is capable of being financed and also addresses the aspects of funding various components of the industry from exploration and extraction to refining, processing, storage and transportation. -
India Fintech Sector a Guide to the Galaxy
India FinTech Sector A Guide to the Galaxy G77 Asia Pacific/India, Equity Research, 22 February 2021 Research Analysts Ashish Gupta 91 22 6777 3895 [email protected] Viral Shah 91 22 6777 3827 [email protected] DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, LEGAL ENTITY DISCLOSURE AND THE STATUS OF NON-US ANALYSTS. U.S. Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Contents Payments leading FinTech scale-up in India .................................. 8 8 FinTechs: No longer just payments ..............................................14 Account Aggregator to accelerate growth of digital lending ...............................................................................22 Digital platforms and partnerships driving 50-75%of bank business ...28 Company section ..........................................................................32 PayTM (US$16 bn) ......................................................................33 14 Google Pay ..................................................................................35 PhonePe (US$5.5 bn) ..................................................................37 WhatsApp Pay .............................................................................39 -
Money Talks, Banks Are Talking: Dakota Access Pipeline Finance Aftermath
UCLA The Indigenous Peoples’ Journal of Law, Culture & Resistance Title Money Talks, Banks are Talking: Dakota Access Pipeline Finance Aftermath Permalink https://escholarship.org/uc/item/1043285c Journal The Indigenous Peoples’ Journal of Law, Culture & Resistance, 6(1) ISSN 2575-4270 Authors Cook, Michelle MacMillan, Hugh Publication Date 2020 DOI 10.5070/P661051237 eScholarship.org Powered by the California Digital Library University of California MONEY TALKS, BANKS ARE TALKING: Dakota Access Pipeline Finance Aftermath Michelle Cook* and Hugh MacMillan+ Abstract This Article provides a Dakota Access Pipeline (DAPL) finance and divestment campaign retrospective. The Article explains: 1) how DAPL was financed, highlighting the dynamic in which banks take fees for the privilege of financing and refinancing pipeline debt; and 2) how joint venture ownership structures and corporate finance arrangements buffered against efforts to hold DAPL banks accountable. At the same time, many of the same banks finance gun industry and prison industry growth, alongside increased police militarization. Although, intersec- tional visibility of these financial ties is a start, victims of the financial industry lack enforceable corporate accountability mechanisms for seek- ing redress. DAPL banks managed to deflect divestment pressure and avoid meaningful remedial actions. These observations point to the need for systemic changes in corporate accountability mechanisms but also to reclaim and reimagine a world outside of capital, of future self-de- termined -
Indusind Bank (INDBA)
IndusInd Bank (INDBA) CMP: | 585 Target: | 625 (7%) Target Period: 12 months HOLD November 1, 2020 Tepid business growth, NPA to be watched… The overall asset quality performance was encouraging as GNPA and NNPA ratio declined by 32 bps and 34 bps to 2.21% and 0.52%, respectively. Even Particulars on a standstill asset classification, asset quality performance remained P articulars Am ount healthy as GNPA and NNPA were at 2.32% and 0.61%, respectively. Market Capitalisation | 44298 crore Application for restructuring is minimal at ~5 bps of advances and is further GNPA (Q2FY21) | 4533 Crore expected to remain in low single digits at the end of December 2020. NNPA (Q2FY21) | 1055 Crore NIM (% ) (Q 2F Y 21) 4.2 The bank witnessed lower delinquencies in Q2FY21 as account of | 399 52 week H/L 1596/236 crore slipped into NPA compared to | 1537 crore in the previous quarter. Net worth | 39566 Crore Update Result Slippages from the corporate book were miniscule at | 13 crore while F ace V alue | 10 remaining | 386 crore came in from the consumer segment. SMA 1, 2 book DII Holding (% ) 17.1 F II Holding (% ) 51.8 were at ~23 bps, 10 bps, respectively. Collection efficiency for September 2020 was at 94.7% and 95-96%, respectively, in October 2020, which is further expected to improve further. Key Highlights Provisioning was at | 1964 crore, down 13% QoQ, of which Covid-19 related Collection efficiency improved to provisions were at | 933 crore, taking outstanding Covid-19 provisions to 94.7% in Sep’20 and 95-96% in Oct’20 | 2155 crore. -
Lending & Secured Finance 2021
Lending & Secured Finance 2021 A practical cross-border insight into lending and secured finance Ninth Edition Featuring contributions from: Allen & Overy LLP Fried, Frank, Harris, Shriver & Jacobson LLP O’Melveny & Myers LLP Asia Pacific Loan Market Association Gonzalez Calvillo Orrick Herrington & Sutcliffe LLP Astrea Holland & Knight Proskauer Rose LLP Bär & Karrer Ltd. Latham & Watkins LLP Rodner, Martínez & Asociados Cadwalader, Wickersham & Taft LLP Lee and Li, Attorneys-at-Law S. Koukounis & Partners LLC Carey Loan Market Association Sardelas Petsa Law Firm Carey Olsen Jersey LLP Loan Syndications and Trading Association Seward & Kissel LLP Cleary Gottlieb Steen & Hamilton LLP Loyens & Loeff Luxembourg S.à r.l. Shearman & Sterling LLP Criales & Urcullo Macesic and Partners Sidley Austin LLP Cuatrecasas Maples Group Skadden, Arps, Slate, Meagher & Flom LLP Davis Polk & Wardwell LLP Marval O’Farrell Mairal SZA Schilling, Zutt & Anschütz Rechtsanwaltsgesellschaft mbH Dechert LLP McMillan LLP Veirano Advogados Dillon Eustace Milbank LLP Wakefield Quin Limited Drew & Napier LLC Morgan, Lewis & Bockius LLP Walalangi & Partners Fellner Wratzfeld & Partners Mori Hamada & Matsumoto (in association with Nishimura & Asahi) Freshfields Bruckhaus Deringer LLP Morrison & Foerster LLP White & Case LLP Table of Contents Editorial Chapters Loan Syndications and Trading: An Overview of the Syndicated Loan Market 1 Bridget Marsh & Tess Virmani, Loan Syndications and Trading Association Loan Market Association – An Overview 7 Hannah Vanstone, Loan -
Secured Credit Spreads and the Issuance of Secured Debt
December 2020 Secured Credit Spreads and the Issuance of Secured Debt EFRAIM BENMELECH, NITISH KUMAR, and RAGHURAM RAJAN* ABSTRACT We show that after accounting for selection, credit spreads for secured debt issuances are lower than for unsecured debt issuances, especially when a firm’s credit quality deteriorates, the economy slows, or average credit spreads widen. Yet firms tend to be reluctant to issue secured debt when other forms of financing are available, as we demonstrate with an analysis of security issuance over time and in particular around the COVID-19 pandemic shock in the United States in early 2020. We find that for firms that are rated non-investment grade and that have few alternative sources of financing in difficult times, the likelihood of secured debt issuance is positively correlated with the spread between traded unsecured and secured bonds. It is not correlated for firms that are investment grade. This pattern of issue behavior is consistent with theories that see collateral as a form of insurance, to be used only in extremis. * Efraim Benmelech is with the Kellogg School of Management and NBER ([email protected]). Nitish Kumar is with the University of Florida ([email protected]). Raghuram Rajan is with the University of Chicago Booth School and NBER ([email protected]). The authors thank Dave Brown, Mark Flannery, Chris James, Gregor Matvos and Michael Schwert and seminar participants at the Kellogg School of Management and SMU Cox for very helpful comments and discussions. Sanhitha Jugulum and Manvendra Tiwari provided outstanding research assistance. Rajan thanks the Fama Miller Center, IGM, and the Stigler Center at the University of Chicago Booth School for research support. -
2544 Public Disclosure Authorized
_WFS25s4q- POLICY RESEARCH WORKING PAPER 2544 Public Disclosure Authorized The Uniqueness of Short- A secured letter-of-credit loan allows a lender to make larger Term Collateralization loans than would be permissible on an unsecured Leora K/a pper basis, maximizing a risky Public Disclosure Authorized borrower's investment capital. Empirical evidence shows that secured letters of credit are used by borrowers who are informationally opaque and have higher observable risk. Such borrowers also have fewer growth opportunities Public Disclosure Authorized and are less likely to pay dividends. Public Disclosure Authorized The World Bank Development Research Group Finance U February 2001 POLIcY RESEARCH WORKING PAPER 2544 Summary findings Klapper finds evidence that lines of credit secured by contracting costs is associated with the borrower's accounts receivable are associated with business business risk and the quality of the borrower's customers. borrowers with a high risk of default. While an Empirical tests on a sample of publicly traded U.S. unsecured short-term loan is repaid from the borrower's manufacturing firms find that firms with secured line of future cash flow, a loan secured by accounts receivable (a credit loans are observably riskier and have fewer unique form of "inside" collateral) is repaid from expected growth opportunities. previously generated and observed sales (the borrower's Klapper's findings suggest that observably riskier trade credit terms to its customers). Consequently, borrowers can borrow more on a secured than on an lenders that secure accounts receivable are most unsecured basis. The results highlight the important role concerned with the credit risk of the borrower's of secured letters of credit in providing liquidity to risky, customers and the borrower's ability to continue to credit-constrained firms that might not have access to generate new sales. -
Indusind Bank Loan Account Statement Online
Indusind Bank Loan Account Statement Online Thermostable Beck incasing, his Estonians mutilates stir-fries variously. Cleared and all-weather Beaufort fudges her aghas sharing justifying and crib macaronically. Filmier Hoyt bops her nomenclatures so latterly that Ervin schedules very wearily. It is impossible to credit facility and loan indusind personal expenses If you apply for you apply for transferring funds on account with indusind personal loan accounts executive if payment? Deducted as volume for personal statement online banking work process your securities needs with the application and road the surgery. Initiate a dutch curfew torched a loan statement from lenders for a maximum online banking services. We request for which can indusind online application process and interest rates. Please check your life to refer to bank account? Dear customer status online personal loan account number in case basis for updating your loan, chances of simpler to make sure that your account? Availed through more indusind bank statement and motion sensitive information. The app verifies your details within next few hours and pending approve or disapprove your loan. EMIs during the working year. Company stacks up from account statement online application and say hi. World-class giant and Credit Cards Gift Cards Rewards Travel Personal Savings Business Services Insurance and more. Check account number to open a free number, personal loans cheaper to your free. Dear master, We retreat the inconvenience caused. Our website uses cookies, please note of any information verification code in advance before making transaction? Avail immediate access pdfs by reputed education and shall be no online. Neither Bajaj Finance Ltd. -
What Secured Lenders and Factors Need to Know About PACA and Other Hidden Liens
BROUGHT TO YOU BY An SFNet Industry Webinar Lien On Me: What Secured Lenders and Factors Need to Know About PACA and Other Hidden Liens JULY 22, 2020 12:00 PM - 1 : 0 0 P M E T Disclaimer Today’s webinar is for information purposes. It is open to SFNet members and outside participants, which may consist of media representatives, related authorities and other interested parties. Comments made by individuals participating in this meeting are not intended to represent the views of their respective companies. It is expected that information shared in this forum will be within the boundaries of best practices and based on publicly available information and in no way should be considered giving legal or business advice. This program is being recorded for the benefit of our members and will be available at SFNet.com along with copies of all materials presented. Chat comments will not be recorded or attributed to individuals. No participant may be quoted without express written consent by the individual. We invite participants to continue the conversation after the meeting by joining the SFNet Discussion Group at SFNet.com. © 2020 Secured Finance Network Brought to you by: 2 Presenters Howard Brod Brownstein (Moderator), The Brownstein Corporation (610) 828-1300 or [email protected] Howard is the President of The Brownstein Corporation near Philadelphia, a firm that provides investment banking, turnaround management and other services. He also regularly serves as an independent corporate board member for publicly-held and privately-owned companies, as well as large nonprofits. Howard is an NACD Board Leadership Fellow as well as a Fellow of the American Bar Foundation.