Greek Banks Set for First Payouts Since 2008 on ECB Approval
The European Central Bank will allow Greek banks to make their first shareholder payouts in over a decade as the country emerges from a painful post-crisis restructuring.
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The European Central Bank will allow Greek banks to make their first shareholder payouts in over a decade as the country emerges from a painful post-crisis restructuring.
China’s protracted property downturn is eroding the balance sheets of the nation’s largest state banks as their bad loans creep up.
Embattled German landlord Adler Group SA has asked its bondholders for permission to sell an unfinished apartment development at a 47% discount to its 2022 valuation, as the company races to repay its vast debt load.
Two years ago, Dubai became a hot favorite with Russians looking to park money or build new lives after President Vladimir Putin’s invasion of Ukraine. That allure is now dimming as the cost of living in the glitzy emirate surges and its banks get stricter in enforcing US sanctions.
The Bank of Korea warned Thursday that a further slump in the real estate sector would undermine broader economic activity, as it pointed to worsening delinquencies among developers in the latest signal of continuing woes in the credit market.
Feb 11, 2019
Bloomberg News
,(Bloomberg) -- Colony Capital Inc., the investment firm run by Tom Barrack, reached an agreement with one of its investors that will see it add directors and conduct a strategic review.
The Los Angeles-based company said in a statement Monday that Raymond Mikulich and Craig Hatkoff will join its board immediately as part of a pact with Blackwells Capital. Colony and Blackwells will jointly agree on a third new director at a later date, according to the statement.
“Both Ray and Craig bring valuable real estate and finance experience as well as new perspectives to our board,” said Barrack, chief executive officer of Colony, which has $44 billion in assets under management. “Their skills and experiences complement the diverse skill sets and backgrounds of our current board members.”
Colony also said it has formed a strategic asset review committee, which will make recommendations to the board on issues related to the company’s assets and business configuration. Both Mikulich and Hatkoff will sit on the committee.
Blackwells, which owns about 2 percent of Colony, believes the company could be worth $11 a share if it were to reconfigure its operations, a person familiar with the matter said. That would be about an 80 percent increase from where Colony’s shares were trading in New York Monday. Colony rose about 4 percent, to $6.17, at 9:44 a.m., giving the company a market value of about $3 billion.
Colony’s shares have fallen sharply since combining with NorthStar Realty Finance Corp. and NorthStar Asset Management Group Inc., deals that boosted assets but not profits. Its shares were down about 63 percent through Friday’s close since closing that deal in January 2017.
Barrack, a long-time ally of President Donald Trump, resumed his role as Colony’s CEO in November after the board ousted his deputy, Richard Saltzman.
(Updates with Colony’s share price in fifth paragraph, additional information starting in the sixth paragraph.)
--With assistance from Caleb Melby.
To contact the reporter on this story: Scott Deveau in New York at sdeveau2@bloomberg.net
To contact the editors responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net, Ben Scent, Timothy Sifert
©2019 Bloomberg L.P.