Ratings agency Moody’s has confirmed (paywalled) that Adani Group has had to pay back the US$500m of bonds issued by its NQXT coal port (formerly Adani Abbot Point Terminal) from its own pocket. The bonds matured on 15 December 2022. NQXT, situated in the Great Barrier Reef World Heritage Area, … Read More
Five Korean creditors dump Adani’s Abbot Point as judge orders $106m payment to customers
28 August 2020 Market Forces and Bushfire Survivors for Climate Action first wrote to Samsung Securities, Hanwha Securities, Mirae Asset Daewoo, Korea Investment and Securities and the Industrial Bank of Korea on 5 June. These companies were involved in two loans to Abbot Point, made in 2018 and 2019. We … Read More
Adani failing to refinance Abbot Point debt as creditors walk away
6 August 2020 Despite its best efforts, it seems Adani has so far failed to refinance Abbot Point Coal Terminal’s (AAPT) debt, with the company having to repay a total of $270 million for maturing loans and bonds due in 2020. Dipping into its own pocket to pay back the … Read More
Deutsche Bank, Standard Chartered, Barclays and JP Morgan helping Adani Ports raise billions
10 July 2020 Banks that have pledged to not finance the Adani Carmichael coal project could be unintentionally helping to do just that. Media reports this week reveal that Adani Ports and Special Economic Zone (APSEZ), the owner of several ports in India, is aiming to raise US$1.25 billion in … Read More
Adani loses another banker as bushfire survivors call on creditors to walk away
19 June 2020 South African bank Investec has become the 68th major company to rule out involvement in the controversial Adani Carmichael coal project, while also distancing itself from Adani’s Abbot Point coal port, despite arranging a bond issue for the port back in 2017. This comes just as Abbot … Read More
Adani faces debt bill as Abbot Point refinancing fails
15 April 2020 The deteriorating financial state of the Adani Group and its Abbot Point coal export terminal raise serious questions about the ability of Adani to keep using its own money to finance the much-delayed Carmichael coal mine and rail line. Three major debts of Abbot Point are due … Read More
Adani looking for Abbot Point investors
12 March 2020 Adani is asking investors to back the Abbot Point coal export terminal for the next seven years through a new bond. With take-or-pay contract protection now largely expired, whoever invests is placing a massive bet about the Carmichael coal project going ahead, but some key aspects of … Read More
Engineers, coal haulage, finance & insurance: Stop Adani campaign update, October 2019
20 October 2019 After another week of news and protest over rail haulers and contracts for the Carmichael rail line, who is on track in the campaign to #stopadani? The working week ended with what looked, at first glance, like a blow to the campaign to prevent Adani’s destructive Carmichael … Read More
Adani still vulnerable on insurance for its Carmichael mine and railway
28 June 2019 Like the stampede that saw almost 40 major banks turn their backs on Adani’s Carmichael coal mine and rail project (eventually forcing Adani to pledge it will “self-fund”), major insurance companies are now also refusing to insure this climate-wrecking project. All major projects require underwriting insurance, for … Read More
Rothschild & Co bank called on to end support for Adani’s massive new coal mine
By Lucie Pinson – Friends of The Earth France, Originally published by Banktrack, 30 April 2019. “Keep coal in the ground!” In the last few years, this climate activist slogan has become a shared position worldwide, based not on beliefs but on facts. If there is still time to prevent runaway … Read More