The major shareholder of ailing shipbuilder Nam Cheong has agreed to pay RM50 million (S$16 million) in cash to pare some debts, in a final bid to persuade lenders to help the firm replace debt with equity and avoid liquidation. Malaysian tycoon Tiong Su Kouk – Nam Cheong’s executive chairman – has agreed to inject…
WESTERN Australias new Labor government has turned to big business in its bid to repair the states diabolical finances, imposing a payroll tax levy on large corporations, while gold miners will be hit with higher royalties. For five years starting on July 1, employers with a nationwide payroll between $100 million and $1.5 billion will…
The FBI arrested popular New York City sports talk radio personality Craig Carton on Wednesday, alleging he conducted a Ponzi-like ticket fraud scheme to pay off millions of dollars in gambling debts. New York City sports talk radio host Craig Carton walked out of a federal courtroom Wednesday charged with securities fraud, wire fraud, and…
NEW DELHI: Home finance companies are jittery about the National Company Law Tribunal’s decision to initiate insolvency proceedings against real estate companies like Jaypee Infrastructure and Amrapali’s Silicon City because the insolvency and bankruptcy code (IBC) does not treat home loan financiers as secured lenders. With the implementation of the IBC in regard to a…
The Senate on Thursday overwhelmingly backed a $15.3 billion aid package for victims of Harvey, nearly doubling President Donald Trump‘s emergency request, and adding a deal between Trump and Democrats to increase America’s borrowing authority and fund the government into December. The 80-17 vote sends the package to the House for a vote on Friday,…
BLOOMFIELD, Conn.–(BUSINESS WIRE)–Kaman Corporation (NYSE:KAMN) today announced a restructuring plan resulting from its ongoing effort to improve capacity utilization and operating efficiency to better position the Companys Aerosystems business for increased profitability and growth. The restructuring primarily affects the Aerospace segments Connecticut Composite Structures division in Bloomfield, Connecticut, and its fabricated products operations in Hyde,…
By Jessica DiNapoli NEW YORK, Sept 6 (Reuters) – Toys”R”Us Inc has hired law firm Kirkland & Ellis LLP to help weigh restructuring options ranging from a bankruptcy filing to raising financing as bricks and mortar retail goes through a major downturn, according to a person familiar with the matter. The privately held toy retailer…
After months of pressure, Gov. Bruce Rauner announced Thursday that hell sell $6 billion in bonds to help pay off Illinois staggering bill backlog a debt that dragged the state down with interest penalties reaching $2 million a day. Illinois Comptroller Susana Mendoza has been pushing for the bond sales for more than a month,…
The House on Wednesday approved $7.85 billion in Hurricane Harvey disaster relief, setting up a controversial legislative maneuver in which the bill is expected to be paired in the Senate with legislation raising the debt ceiling. The Harvey aid was easily cleared in an overwhelming 419-3 vote, but the margin could be closer if lawmakers are…
Introduction Status of ‘other’ creditors Comment Introduction In 2016 India overhauled its existing legal framework on bankruptcy and insolvency processes and the new Insolvency and Bankruptcy Code 2016 aimed at streamlining the bankruptcy resolution process was enacted. Simultaneously, an increasing level of non-performing assets in the Indian banking sector triggered the promulgation of the Banking…