Erdene Announces Conversion of EBRD Convertible Loan and Provides Bayan Khundii Gold Project Update

Erdene Announces Conversion of EBRD Convertible Loan and Provides Bayan
Khundii Gold Project Update

HALIFAX, Nova  Scotia,  Oct. 13,  2020  (GLOBE NEWSWIRE)  --  Erdene  Resource
Development Corp. (TSX:ERD;  MSE:ERDN) ("Erdene" or  the "Company")  announces
that the European Bank for  Reconstruction and Development (“EBRD” or  “Bank”)
has exercised its conversion option in respect of its US$5 million convertible
loan (“Convertible  Loan”)  with  the Company.  Following  conversion  of  the
Convertible  Loan,  the  EBRD  owns  and  controls  30,043,290  common  shares
representing approximately 11.2% of the  issued and outstanding common  shares
of the Company.

Erdene is  also  pleased to  provide  a  project update  for  its  100%-owned,
high-grade, open-pit Bayan Khundii Gold  Project (“Bayan Khundii” or “BK”)  in
southwest Mongolia.

Quotes from the Company and EBRD:

"The proceeds of the  EBRD Convertible Loan provided  the funding to  complete
the recently announced  Bayan Khundii  Gold Project  Feasibility Study,”  said
Peter Akerley, Erdene’s President and CEO. “The 
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Ford applies for German COVID-19 loan guarantees: Handelsblatt

BERLIN (Reuters) – Ford Motor <F.N>, which operates two auto plants in Germany, has applied for 500 million euros ($582 million) of German loan guarantees aimed at cushioning the impact of the COVID-19 pandemic, business daily Handelsblatt reported on Monday.

While Germany has given coronavirus-related aid to companies such as auto parts supplier Leoni <LEOGn.DE>, Ford would be the first major carmaker in the country to receive such help from the government.

The auto sector, one of the key pillars of Germany’s industry, was struggling even before the pandemic due to the shift towards electric vehicles and lower worldwide demand.

Ford wants the federal government to grant most of the loan guarantees, while a smaller share is expected to come from German states, Handelsblatt said, without citing its sources.

The company said it was part of its normal business to be in contact with financial institutions, without providing further details.

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Susan Tompor: What it takes for risky borrowers to get a car loan | Money

Subprime borrowers may not be locked out of car loans, but they’re not getting the deals that many other car borrowers are seeing in 2020.

Car loan rates, again in general, remain favorable in 2020.

If you have a good credit score, the best car loan rates are in the 2% range, such as 2.69% to 2.99%, according to Bankrate.com. Those car loan rates can be had with credit scores of 700 or better.

Banks and credit unions aren’t offering 0% rates but some manufacturers continue to offer a few here and there to those with great credit on select models. In general, many 0% deals now are targeted to move older models, including some 2019 models, according to Cox Automotive. It’s a very different landscape from April when 0% blanketed much of the industry. Now, it’s rare to see 0% for 84-month car loans.

General Motors, for example, is

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Wary lenders go slow on festive auto loan offers

Chennai: Despite the festival season being just round the corner, car financiers are not rolling out the big bang schemes that are de rigueur this time of the year.
Although car loan rates are the lowest in the last 12 months, auto dealers and marketers say banks and financiers are being extra cautious in view of the moratorium-related non-performing assets (NPAs) that they are expecting.
Kotak Mahindra Prime MD Vyomesh Kapasi said, “The car loan interest rates are down 125 basis points (100bps = 1 percentage point) year on year. The ongoing interest rates are the lowest in a long time with sub-9% for all segments and sub-8% for luxury vehicles. Even used car rates are now down to 12-12.5%.”
Car dealers say that most banks and NBFCs are offering longer tenure loans and that too for select customers.
M&M dealer Nikunj Sanghi of JS 4Wheel Motor said, “The festival
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What it takes for risky borrowers to get a car loan

Car buyers never had an easy time finding a decent car loan if their credit wasn’t up to snuff. But lately, they’re needing more money for a down payment to get into that car and they’re staring at higher rates than many would expect. 



a car parked on the side of a fence: The percentage of carbuyers trading in cars that are worth less than their loan balances reached a record 32% so far in 2016, according to Edmunds.com. People with those underwater loans will find it hard to obtain financing when they want to buy their next vehicle.


© Susan Tompor, Detroit Free Press
The percentage of carbuyers trading in cars that are worth less than their loan balances reached a record 32% so far in 2016, according to Edmunds.com. People with those underwater loans will find it hard to obtain financing when they want to buy their next vehicle.

Lower income workers have been hit hard during the pandemic as they experience big layoffs at retailers or restaurants. And if they’ve held onto a job, many are clocking far fewer hours under capacity limits designed to halt the spread of the coronavirus. 

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Many struggling workers are the most likely to be

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Ex-PhilRice exec escapes jail over car loan scheme

MANILA, Philippines z— A former executive director of the Philippine Rice Research Institute (PhilRice) escaped imprisonment by entering into a plea bargain agreement over a P15.8-million illegal car plan at the agency.

Ronilo Beronio, who was earlier charged with graft along with former Agriculture Secretary Arthur Yap in connection with the P15.8-million illegal car plan scheme, changed his plea to guilty to a lighter offense and was fined P15,000.

—Patricia Denise M. Chiu


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Getting an auto loan from the dealership cost me over $400

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

  • Like many people, I’ve always secured auto loan financing from the dealership at the time of my car purchase.
  • But I recently learned that securing financing from a financial institution before buying a car can save you money.
  • Dealerships can add more to the interest rates offered by their partner banks, sort of a “convenience fee” for acting as the intermediary on the loan.
  • If the loan I took out on my daughter’s last car had been 2% lower, I could have saved $435 over the life of the loan.
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I must have purchased at least 10 vehicles

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Asset reconstruction companies facing slowdown in loan recoveries due to pandemic: Icra

The ratings of security receipts (SRs) issued by ARCs have seen downgrades due to delay in recoveries and decline in expected recovery value on the SRs.

Asset reconstruction companies (ARCs) are facing slowdown in recoveries from bad loans procured from banks due to failed auctions, absence of bidders and delay in payments amid COVID-19 pandemic, according to a report.

The ratings of security receipts (SRs) issued by ARCs have seen downgrades due to delay in recoveries and decline in expected recovery value on the SRs.

“The recovery for the ARCs are getting affected due to deferment or failure of auctions due to unsatisfactory bids or absence of any bidders, default or delay in payment as per the agreed settlement plan or agreed restructuring terms,” rating agency Icra said in its report.

Besides, resolution under Insolvency and Bankruptcy Code (IBC) proceedings has seen a sharp slowdown in the first quarter of

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Kennedy Lewis Provides $50 Million Secured Corporate Loan Facility to Tricolor Auto

NEW YORK, Oct. 2, 2020 /PRNewswire/ — Kennedy Lewis Investment Management (“Kennedy Lewis“), an opportunistic credit manager, has funded a $50 million committed secured corporate loan facility (the “Loan”) to Tricolor Auto (“Tricolor”), a Community Development Financial Institution (CDFI) and one of the nation’s largest used vehicle retailers focusing on the sale and financing of vehicles to underserved communities.  The Loan provides financing to Tricolor against its portfolio of auto receivables and highlights Kennedy Lewis’ expertise in structuring complex lending facilities to specialty finance companies. This infusion of funds will support Tricolor’s efforts to continue to scale its platform and retail network, as well as increase access to its responsible auto financing options.

Dik Blewitt, Kennedy Lewis’ Partner, Head of Tactical Opportunities and Co-Head of ESG Investments, said: “We are excited to partner with Tricolor and its outstanding team with whom we have an aligned ambition

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Ford applies for German COVID-19 loan guarantees – Handelsblatt

FILE PHOTO: Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany September 10, 2019. REUTERS/Wolfgang Rattay

BERLIN (Reuters) – Ford Motor F.N, which operates two auto plants in Germany, has applied for 500 million euros ($582 million) of German loan guarantees aimed at cushioning the impact of the COVID-19 pandemic, business daily Handelsblatt reported on Monday.

While Germany has given coronavirus-related aid to companies such as auto parts supplier Leoni LEOGn.DE, Ford would be the first major carmaker in the country to receive such help from the government.

The auto sector, one of the key pillars of Germany’s industry, was struggling even before the pandemic due to the shift towards electric vehicles and lower worldwide demand.

Ford wants the federal government to grant most of the loan guarantees, while a smaller share is expected to come from German states, Handelsblatt said, without citing

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