Waiting for banks to bite the bullet
While the Kia debt moratorium has until September 29 to produce the goods, early signs are not that encouraging. After initially maintaining a public friendliness, Kia and its creditors were soon locked in an extraordinary stand-off that seems to highlight the need for an intermediary.
Speaking in late July before the first substantive talks between Kia and its banks on a rescue plan had started, one senior securities company executive predicted: “Banks that mismanaged their credit and asset-allocation programmes will scramble to find a scapegoat.
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