AMERICAN ROADS FILES CHAPTER 11. The provider of toll road facilities and services listed debt of as much as $1 billion. New York’s southern district is the venue for the case. To read more, click here.
Lindsay Goldberg is talking to existing investors about its next buyout fund that will seek $4 billion, according to three people familiar with the situation. To read more, click here.
The bankruptcy of Detroit, which may cut retirement benefits of 30,000 current and former city workers, is causing investors to scrutinize billion-dollar shortfalls in government pensions in other parts of the country. To read more, click here.
WHAT TO WATCH: The euro-area PMI for July may show a slower pace of contraction. 9 a.m. (See chart below.) Euro-area finance officials hold conference call on Greek bailout. TBA. ECB publishes bank lending survey. 9 a.m. Portuguese Prime Minister Pedro Passos Coelho’s new Cabinet will be sworn in at 4 p.m. To read more, click here.
Hudson Bay Capital Management LP is starting a distressed strategy, with $250 million of internal capital, according to a summary obtained by Bloomberg. To read more, click here.
NEWS: Chancellor Angela Merkel pledged to keep Europe whole. The Fed will trim its monthly bond buying in September, a Bloomberg survey shows. China’s government sees 7 percent growth as the bottom line. To read more, click here.
The New Jersey Division of Investments may add as much as $500 million next year to its $3.5 billion in high-yield investments, Tim Walsh, director of the division, said last week in a telephone interview. The division, which oversees $74.3 billion in New Jersey Pension and Cash Management funds, is also considering investments in floating rate debt to benefit [...]
China: The country plans to impose import duties of as much as 57 percent on polysilicon from the U.S. and South Korea. To read more, click here.
by Sam Fazeli, Bloomberg Industries Europe Price cuts that were enforced earlier this year in China have been offset by volume growth, minimizing the challenge for pharmaceutical companies. A 15 percent average price cut was instituted across the essential drug list on February 1, with larger reductions for some more expensive drugs up to 20 [...]
Michigan municipalities are set to borrow the least in three months as Detroit’s bankruptcy shakes investor confidence, exacerbating the steepest borrowing slowdown this year among the 10 most populous states. To read more, click here.