JBF Industries Debt Analysis, CFM ARC Bid Announced as Successful

Analyzing the JBF Industries debt, our Asia Core Credit team provided an update on the bid process for the company’s NPLs. Under the Swiss challenge method CFM ARC has been announced as the successful bidder. Initiated by BOB Capital Markets Ltd., a process advisor appointed by a Bank of Baroda-led consortium of lenders, the Swiss challenge auction showed no competing bids for the NPLs and Reliance Industries is backing an all-cash offer for the JBF Industries debt. There were a few options for CFM based on the JBF recovery probability as well as their competing bids, but since there were no competing bids the NPLs will be sold to Reliance. Read our Asia Core Credit team’s full analysis of the JBF Industries debt as well as the bid process for the company’s NPLs here: https://reorg.com/update-2-cfm-arc-bid-backed-by-reliance-announced-as-successful-bidder-for-jbf-industries/