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Daily Briefing: Noble targets debt-for-equity swap; Lian Beng buys Geylang properties for $60m
And here's what drove Bitcoin's price 1,600% since the start of 2017.
From Bloomberg Finance:
Noble Group Ltd. is talking to creditors about a conventional restructuring that includes a debt-for-equity swap, according to people familiar with the negotiations, a move that represents a change of tack as the commodities trader fights for survival. The shares extended their surge.
After meetings in Hong Kong last week, the company is expecting a proposal from its creditors to restructure US$3.5b in debt, including a major debt-for-equity element, the people said, asking not to be identified discussing private talks. Depending on its size, the swap could wipe out a significant portion of the shareholdings of current investors.
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From The Motley Fool:
A major catalyst for this year’s sudden increase in demand for bitcoins is the growing acceptance of the cryptocurrency as a form of payment. This was emphasised by Japan’s move to legalise Bitcoin as a form of payment in April this year. Many well-recognised retailers in Japan like Bic Camera also started accepting Bitcoins as payment earlier in the year.
The growing acceptance of Bitcoin and its move into mainstream transactions have had a positive impact on the Bitcoin community and reinforced their belief of Bitcoin’s utility as a currency.
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From PropertyGuru:
Lian Beng Group Ltd, via its 42 percent-owned associated company Development 24 Pte. Ltd., has exercised an option to acquire the freehold properties known as 31 to 51 (ODD) Lorong 24 Geylang.
KSH Holdings and Heeton Holdings also holds a 48% and 10% stake in Development 24.
In a separate SGX filings, Lian Beng, KSH and Heeton said the aggregate consideration for the properties is $6m, of which $6m has already been paid during the exercise of the option. They noted that the balance shall be paid within 12 weeks.
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