WASHINGTON — Lawmakers are close, really close, to dropping legislation that would form an oversight board to help Puerto Rico restructure $70 billion in debt that it cannot pay. The commonwealth defaulted May 1 on a roughly $400 million debt payment and if Congress doesnt act soon, the island will default again on a much…
Algovita On March 14, 2016, medical device manufacturer Greatbatch, Inc. (NYSE:GB) spun off its neuromodulation division under the new name “Nuvectra Corp.” (NASDAQ:NVTR). On the day of the spinoff, Greatbatch shareholders received one share of Nuvectra for every three shares of Greatbatch. The decision to spin off Nuvectra was made when Greatbatch’s Algovita Spinal Cord…
Former Union law secretary T K Viswanathan was the key architect of the just-enacted Insolvency and Bankruptcy Code, as chairman of the Bankruptcy Law Reforms Committee which produced the report in this regard. An interaction on it with Sudipto Dey. Edited excerpts: Now that Parliament has cleared the Code, by when do you…
The U.S. Bankruptcy Court approved Shadow Tree Capital Managements emergency motion to convert Hydrocarb Energy Chapter 11 reorganization proceeding to a liquidation under Chapter 7. The order states, For the reasons stated on the record pursuant to Bankruptcy Rule 7052, these jointly administered cases are converted to chapter 7. As discussed on the record, a…
Fitch Ratings expects India’s new Insolvency and Bankruptcy Code to improve the environment for creditors over the medium to long term, although effective implementation will be key. The bill once it becomes law will replace the multiple laws applicable for insolvency and bankruptcy, and allow speedier and harder deadlines for resolving corporate insolvency, which should…
The administrators of Linc Energy say it is in the creditors’ interests that the company be placed into liquidation. In its report to creditors, PPB Advisory said Linc Energy owed more than $298 million. The report also found that charges brought by the Queensland Government resulted in a cash deficit because the company was…
Struck-off dentist Alan Morrison declared bankrupt 13 May 2016 From the section Glasgow & West Scotland Image copyright PA A dentist who put 6,000 patients at risk by using dirty equipment has declared himself bankrupt. Alan Morrison, who ran surgeries in Ayrshire, is facing a £1m lawsuit from 750 of his former patients. He sparked…
New plans will see the carrier’s various units fall under different CEOs By gulfadmin May 8, 2016 Abu Dhabi carrier Etihad Airways unveiled a new management structure on Sunday that will see president and chief executive James Hogan take the helm of a wider aviation group. Etihad Aviation Group chairman Mohamed Mubarak Al Mazrouei said…
Liepajas Osta LM stevedore was declared insolvent in a written procedure at the court in Liepaja port city in Latvias south-west on May 12th, writes LETA. Zanda Kokare-Rode has been appointed as the insolvency administrator for Liepajas Osta LM, the courts representative, Inta Kurpa, told LETA. Kokare-Rode was proposed as the insolvency administrator after…