Financial Restructuring in Asia Recap – Week of March 1, 2021
Financial restructuring in Asia, especially India’s restructurings, are seldom swift, but they are colorful. DHFL’s founder offers family assets to creditors from jail; Reliance Communications’ chairman Anil Ambani is chastised by a U.K. High Court justice for inadequacies, inaccuracies and “at least one clear falsehood” in evidence submitted on personal guarantees on billions of dollars of loans.
Anil’s markedly more successful brother, Mukesh Ambani, and his firm Reliance Industries is currently on one side of a high-profile tussle over India retailer Future Retail. On the other is Jeff Bezos’ Amazon Inc.
The protracted legal spat between Amazon and Future Retail involves a disputed Singapore arbitration process and a plethora of petitions, hearings and appeals. The dispute has stalled Reliance Industries’ planned $3.4 billion rescue acquisition of embattled Future Retail – potentially tipping the company into insolvency.