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Banks to take 55% haircut on Coastal Energen’s debt of Rs 6,500 crore

Banks to take 55% haircut on Coastal Energen’s debt of Rs 6,500 crore

Finance
Mumbai: Banks have agreed for a one-time settlement for Tamil Nadu-based Coastal Energen, which owes creditors Rs 6,500 crore. Lenders have agreed to sell the company’s debt at a 55% haircut to a consortium comprising Hong Kong’s alternative investment fund SSG Capital and the distressed debt unit of Deutsche Bank, two people involved in the negotiations said. A 55% haircut works out to an upfront cash payment of Rs 2,925 crore, which the lenders will receive in lieu of their debt. They have also been offered a 15% equity in the firm, which could give them an upside in the future, said one of the persons quoted above. “The equity value is approximately Rs 200 crore, which we will get through issuance of fresh shares to banks. We expect this resolution plan to be completed either by the end
‘Don’t buy coastal properties’: UN scientists issue stark warning on climate

‘Don’t buy coastal properties’: UN scientists issue stark warning on climate

Technology
No part of the planet will be spared a climate crisis as oceans warm, and glaciers and ice sheets melt, according to a pivotal report by United Nations scientists.The Intergovernmental Panel on Climate Change (IPCC) warns one billion people will be affected as soon as 2050 because of rising sea levels, water shortages and food insecurity. The report, compiled by more than 100 leading climate scientists, calls for urgent, ambitious and coordinated action. ...
Protecting U.S. coastal communities from sea level rise will cost $400 billion

Protecting U.S. coastal communities from sea level rise will cost $400 billion

Science
June 21 (UPI) -- To protect themselves from the inevitable threat of rising sea levels, coastal communities in the United States will have to shell out more than $ 400 billion, according to a new report released by the Center for Climate Integrity. Authors of the new report estimate 50,000 miles of coastal barriers will need to be built across 22 states over the next two decades. The report, compiled with the help of engineering firm Resilient Analytics, organizes the costs by city, county, congressional district and state. Not surprisingly, researchers with the Center for Climate Integrity expect Florida to pay the steepest price -- more than $ 75 billion -- to protect its coastal communities from rising seas. For the report, researchers relied on moderate sea-level rise projections and...
Coastal wetlands must migrate inland to survive climate change

Coastal wetlands must migrate inland to survive climate change

Science
Sept. 12 (UPI) -- If coastal wetlands are to survive climate change -- and continue to provide a bounty of ecological benefits -- they most move inland, according to a new study. Previous studies have suggested many coastal wetlands are likely to be wiped out by encroaching salt water as global warming accelerates sea level rise. But new analysis suggests many marshes and mangroves could be saved if they were able to move farther inland. That's good news, as wetlands help absorb excess CO2 and serve as a vital buffer against damaging storms and flooding. Some studies have shown wetlands save hundreds of lives and millions of dollars. To better understand the fates of coastal wetlands, an international team of scientists collected and analyzed data from the around the world. Researchers lo...