New World Development Seeks $11.2 Billion Refinancing Deal by June 30
Key Points
- New World Development, facing $11.2 billion in debt, needs u...
When you owe the bank $100, that's your problem. When you owe the bank $11.2 billion, that's... well, still your problem, but now 50 banks are sweating alongside you. Welcome to New World Development's current predicament, where the Hong Kong property giant needs unanimous approval from over 50 lenders for its HK$87.5 billion refinancing deal by June 30. No pressure.
The good news? So far, 87% of banks have given their blessing, including heavyweights like HSBC and Bank of China. The bad news? In banking, 87% is like being "mostly pregnant" - you either get everyone on board, or you don't get...
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