Caesars Entertainment Corp.s bankrupt operating unit won permission to submit its reorganization plan to creditors for a vote, setting the stage for a final courtroom showdown early next year between the casino giant and bondholders who say theyre being shortchanged. At a hearing in Chicago Wednesday, U.S. Bankruptcy Judge A. Benjamin Goldgar ruled that Caesars…
Phillip Chiyangwa Philip Chiyangwa NAFAZ presidentI CONTEND that Section 3 of the Insolvency Act is applicable to the Applicant and that the application is properly before the (High) Court. It must be noted right from the onset that the situation Applicant is grappling with is one of insolvency. It is one relating to the soundness…
Potential buyers for some of Hacketts betting shops have approached the liquidators that took over the business yesterday. The High Court appointed Declan McDonald and Ken Tyrrell of PWC as provisional liquidators to Hacketts Bookmakers, yesterday at the request of its directors. The liquidation resulted in the loss of 35 jobs and the closure of…
Earlier this month, the Consumer Financial Protection Bureau proposed rules on the massive payday loan industry. CFPB wants to force lenders to test borrowers ability to actually pay back loans, and limit re-borrowing, which creates a spiral of debt and exorbitant fees. Both supporters and critics of the rule agree that it will probably force…
LONDON–Hornby PLC (HRN.LN) Wednesday announced a business restructuring plan and refinancing agreement after posting a sharply widened pretax loss for fiscal 2016. The maker of model railway sets and slot car brands including Scalextric, Airfix models, Humbrol paints and Corgi die cast models said pretax loss for the year ended March 31 totaled 13.5 million…
IT is the end of the road for embattled special-purpose acquisition company (SPAC) Sona Petroleum Bhd as it prepares to be delisted after failing to make its qualifying acquisition (QA). Managing director Datuk Seri Hadian Hashim said the company is identifying liquidators so that it can return shareholders investments. Sona will undertake the process of…
Romanias largest state-owned electricity producer Hidroelectrica exited insolvency after four years, the Bucharest Court decided yesterday. The court postponed twice the decision on Hidroelectricas insolvency exit due to legal actions by the companys former clients. The producer entered insolvency in June 2012 due to a weakening financial situation caused by the unfavorable contracts with various…
Getting Greece back on the path to growth is a challenging and multidimensional task. A strong financial sector is an important start and would be the best tool to restore investor confidence and kick-start credit growth, especially for small and medium-sized enterprises (SMEs), which in Greece account for 86 percent of jobs and more than…