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Friday, 13-Sep-2013 11:58 Email | Share | Bookmark
Distressed Debt Buyers Seek Australian Loans As Mining Struggles

Investors are starting to buy debt positions in smaller Australian firms instead of pursuing larger, more competitive opportunities such as the sale of Lloyds Banking Group Plc (LLOY)s local loan-book, according to Mick Calder, an executive director of restructuring adviser 333 Management Ltd. Mining companies and the firms that service them are expected to face the most pressure in the next year, a survey released today by 333 and Turnaround Management Association Australia found. We continue to see incumbent lenders willing to entertain the notion of selling their debt positions, Calder said today. While the large debt trading and loan portfolio sales have been well-publicized and sought after, its in the mid-cap space that opportunities may arise in fiscal 2014. Distressed debt buyers are seeking opportunities as demands on working capital, low margins and large project risks are expected to create challenges for mining services companies in the next 12 months, according to the survey. In the last year, debt trading by investors such as Oaktree Capital Group LLC ( OAK:US ), Apollo Global Management LLC ( APO:US ) and Centerbridge Capital Partners LLC have precluded restructurings of companies including Nine Entertainment Group Ltd and Billabong International Ltd. Creative Sector A trust managed by Sankaty Advisors LLC agreed to buy a A$371 million portfolio of loan assets from Lloyds last month, as Britains biggest mortgage lender offloads assets it no longer considers essential. Westpac Banking Corp. and National Australia Bank Ltd. are among lenders that made preliminary bids for its Australian assets, people familiar with the matter said last month. Investors are seeking to acquire bad loans which are sitting on local banks balance sheets, according to Calder. <br>For the original version including any supplementary images or video, visit

National Australia Banks signals no let up in mortgage battle

Instead, it has promised to arrange loan facilities for Australian$3 million through lenders. Had NMDC participated, it would have had to fork out A$1.25 million in its 49.6 per cent exploration subsidiary, a company source told Business Line. At the current conversion rate ( A1$ = Rs 58), participation in the rights issue would have meant an approximate outgo of Rs 7.25 crore. In a disclosure to the Australian Stock Exchange last week, the mineral resources exploration company said that NMDC had agreed to provide support to enable Legacy Iron to arrange loan facilities with its bankers of up to $3 million. Legacy Irons board dropped the rights issue plan and opted for the borrowing plan after NMDC expressed its unwillingness to participate in the proposed issue. The extended date of the issue expired on August 12. Legacy Iron said that the Board had resolved to cancel the rights offer due to the recent share market volatility. Proceeds from the rights offer were to be used for further exploration activities and development across Legacy Irons iron ore and coal exploration permits as well as other assets in Australia. <br>For the original version including any supplementary images or video, visit makes applying for Small Business Loans Hassle Free

Concerning the matter of lenders requirements of a business loan applicant, James notes these requirements generally vary from country to country. As they relates to the Australian experience, James usually speaks to people looking for business loans. For business people who are seeking small business loans, Australian lenders do have a few basic requirements that borrowers would best pay attention to. First among them is the requirement to have some kind collateral to support the loan process. Collateral simply means something that has enough equity in it that it will cover the value of the loan if the person doesnt or cannot pay back the loan, says James. Real property, such as land or buildings, work well as collateral, and in some cases motor vehicles or even business inventory can be used as collateral. Another requirement Lenders expects small business owners to adhere to is their providing some sort of statement indicating their cash flow. If you do not typically prepare this type of statement, which includes the amount of income, inventory, cost of goods sold, and expenses that a company has, use a search engine to look up example cash flow, .. [read more] or profit/loss, statements for Australia and customized it your personal situation, says James, who adds cash flow statements provide critical information lenders require in order to determine whether the business can repay the money it intends to borrow. <br>For the original version including any supplementary images or video, visit

NMDC to arrange loan for Australian unit

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