The operator of the Sogo department stores in Hong Kong has less than a month to refinance a loan coming due, people familiar with the matter said, adding to a growing list of firms in the city pushed into last-minute negotiations in the aftermath of a property downturn. Lifestyle International Holdings Ltd. still needs to nail down about HK$2 billion ($255 million) in commitments to meet its targ...
The operator of the Sogo department stores in Hong Kong has less than a month to refinance a loan coming due, people familiar with the matter said, adding to a growing list of firms in the city pushed into last-minute negotiations in the aftermath of a property downturn. Lifestyle International Holdings Ltd. still needs to nail down about HK$2 billion ($255 million) in commitments to meet its target of refinancing HK$6.75 billion outstanding on the deal, according to people, who asked not to be identified discussing private matters. Negotiations with banks have already stretched over four months. The shortfall represents about a third of the refinancing for the loan, which is secured against the iconic Sogo department store in Hong Kong’s shopping district Causeway Bay. The case highlights crosscurrents in Hong Kong’s economy, which expanded at its fastest pace in almost five years in the first quarter. The residential housing market has been rebounding, tourism is strengthing and share listings are surging. But lingering strains in commercial property have continued to sting borrowers. In another recent case, Hong Kong hotel operator Asia Standard Hotel Holdings has been struggling to secure sufficient backing from lenders to refinance a HK$1.36 billion loan due in days. There have been, however, some more encouraging signs for Lifestyle recently. To reduce its near-term bond repayment risk and boost lender confidence, the company’s chairman, Hong Kong tycoon Thomas Lau Luen-hung , said last month that he intends to purchase the full outstanding principal of a $350 million bond before it matures on June 18. HK Hotel Firm Hit by Evergrande Loss Struggles to Refinance Loan Hong Kong Bad-Debt Bankers Ramp Up Fire Sales, Liquidations Blackstone Bows Out of New World Power Struggle: Going Private The move has prompted some banks that were previously hesitant to rethink their participation in the loan refinancing, the people said. The company is also tapping new lenders ...
(RTTNews) - The China stock market on Wednesday snapped the two-day winning streak in which it had gained more than 35 points or 0.9 percent. The Shanghai Composite Index now sits just above the 3,860-point plateau although it may see renewed support on Thursday. The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets wer...
(RTTNews) - The China stock market on Wednesday snapped the two-day winning streak in which it had gained more than 35 points or 0.9 percent. The Shanghai Composite Index now sits just above the 3,860-point plateau although it may see renewed support on Thursday. The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses figure to follow that lead. For the day, the index slipped 5.84 points or 0.15 percent to finish at 3,864.18. The Shenzhen Composite Index rose 8.17 points or 0.34 percent to end at 2,433.12. The lead from Wall Street is upbeat as the major averages opened in the green and stay that way all day, ending near session highs. The Dow jumped 314.67 points or 0.67 percent to finish at 47,427.12, while the NASDAQ rallied 189.10 points or 0.82 percent to end at 23,214.69 and the S&P 500 gained 46.73 points or 0.69 percent to close at 6,812.61. The strength on Wall Street came as traders seem to have shrugged off the valuation concerns that recently weighed on the markets and dragged the NASDAQ and the S&P 500 down to their lowest levels in over two months. The markets have recently benefited from renewed optimism about the outlook for interest rates; CME Group's FedWatch Tool indicates the chances the Fed will lower rates by another quarter point next month have soared to 82.9 percent from just 30.1 percent a week ago. In economic news, the Commerce Department released a long-delayed report showing new orders for U.S. manufactured durable goods increased more than expected in September. Also, the Labor Department saw an unexpected dip by first-time claims for U.S. unemployment benefits last week. Crude oil prices rose on Wednesday as doubts were cast on the possible success of the new U.S. proposal to end the Russia-Ukraine war. West Texas Intermediate crude for January delivery was up $0.61 or 1.05 percent at $58.56 per barrel. Closer to home, China will...
Key Points ADW Capital initiated a new stake in Driven Brands, buying 4,000,000 shares in the first quarter. The quarter-end value of the position was $50.44 million. This trade represented a 21.9% change in 13F reportable assets under management (AUM). 10 stocks we like better than Driven Brands › On May 15, 2026, ADW Capital Management disclosed a new position in Driven Brands (NASDAQ:DRVN), acq...
Key Points ADW Capital initiated a new stake in Driven Brands, buying 4,000,000 shares in the first quarter. The quarter-end value of the position was $50.44 million. This trade represented a 21.9% change in 13F reportable assets under management (AUM). 10 stocks we like better than Driven Brands › On May 15, 2026, ADW Capital Management disclosed a new position in Driven Brands (NASDAQ:DRVN), acquiring four million shares in a trade estimated at $56.31 million based on quarterly average pricing. What happened According to a Securities and Exchange Commission (SEC) filing dated May 15, 2026, ADW Capital Management reported a new position in Driven Brands, acquiring 4,000,000 shares. The estimated value of the trade was approximately $56.31 million, calculated using the average closing price for the quarter. At quarter-end, the position was valued at $50.44 million, reflecting both the purchase and price movement. What else to know Top five holdings after the filing: NYSE: APG: $60.06 million (26.2% of AUM) NASDAQ: DRVN: $50.44 million (22.0% of AUM) NYSE: GFL: $42.14 million (18.4% of AUM) NASDAQ: STGW: $31.45 million (13.7% of AUM) NYSE: CODI: $29.48 million (12.9% of AUM) As of May 14, 2026, Driven Brands shares were priced at $12.54, down nearly 30% over the past year and well underperforming the S&P 500, which is instead up about 25%. Company overview Metric Value Revenue (TTM) $2.4 billion Net income (TTM) ($192.7 million) Market capitalization $2.1 billion Price (as of market close May 14, 2026) $12.54 Company snapshot Driven Brands offers automotive services including paint, collision repair, glass replacement, vehicle repair, car wash, oil change, and maintenance, as well as distribution of automotive parts and consumables. The firm operates through a mix of company-operated, franchised, and independently-operated stores, generating revenue from direct services, franchise fees, product distribution, and training services. It serves retail and commercial cust...