By Tracy Rucinski and Jim Christie (Reuters) – Former telecommunications equipment company Nortel Networks Ltd reached an agreement with their various business units on Wednesday to divvy up the $7.3 billion raised from liquidating the failed company, paving the way for pensioners and creditors to get paid after a seven-year wait. Ontario-based Nortel stumbled from…
This article first appeared in The Edge Financial Daily, on October 13, 2016. KUALA LUMPUR: Perisai Petroleum Teknologi Bhd, which became the first Malaysian oil and gas (O&G) company to fall victim to the slump in oil prices, has declared itself insolvent, after it could not pay the principal and interest of the S$125 million…
The Laughing Samoans/YouTube The Laughing Samoans play ‘Piggyback’ The Laughing Samoans will continue to entertain despite one half of the comic duo being declared bankrupt. The Wellington act, performed by Eteuati Ete and Tofiga Fepulea’i, are a popular live comedy act. The pair, who started performing in 2003 and have a show on Ma… Read the…
By Tracy Rucinski and Jim Christie Former telecommunications equipment company Nortel Networks Ltd [NRTLQN.UL] reached an agreement with their various business units on Wednesday to divvy up the $7.3 billion (5.98 billion pounds) raised from liquidating the failed company, paving the way for pensioners and creditors to get paid after a seven-year wait. Ontario-based Nortel…
Gambling adverts on daytime TV could soon be banned, due to growing concerns that children are being exposed to gambling and see it as normal. An existing Government review of Fixed Odds Betting Terminals (FOBTs) is being expanded and aims to curb gambling to ensure that young and vulnerable people in particular are protected from…
BOULOGNE-BILLANCOURT, France–(BUSINESS WIRE)–Regulatory News: SoLocal Group (Paris:LOCAL) announces that more than two-thirds of the creditors have approved today its financial restructuring plan. The plan will now be submitted on 19 October 2016 at the Combined General Shareholders Meeting, who will have to take a decision with a majority of two-thirds. The vote of shareholders will be…
An opinion issued this week is the first examination by a Scottish court of the principle of ‘modified universalism’ and the requirements for an enforceable floating charge where all the company’s property is situated in a non-UK jurisdiction. This opinion by Lord Tyre in the Court of Session concerns three companies incorporated in Scotland, but…
Magik Theatre in need of help Bryan Wendland, KENS 5:31 PM. CDT October 11, 2016 SAN ANTONIO — Crumbling walls, broken lights that can’t be replaced and an air conditioning system as old as Hemisfair. Those are just a few of the problems Magik Theatre faces as it pays down hundreds of thousands of dollars…
Insolvency resolution requires a set of multidisciplinary skills from legal to technical for effective outcomes New Delhi, October 12: The Centre should consider limited liability partnerships (LLPs) as an eligible vehicle for being registered as insolvency professional, say insolvency law experts. The draft regulation on registration of insolvency professionals currently provides that only an individual…
The author is a Reuters Breakingviews columnist. The opinions expressed are his own. Deutsche has received a cautious vote of creditor confidence. The German bank is issuing expensive debt. That shows it can access markets, despite a feared $14 billion U.S. regulatory fine. Its less powerful a signal than buying it back, as Deutsche Bank…