A 66-year-old West Australian man has been charged after he allegedly sold bank notes and coins belonging to investors and pocketed the proceeds. The man was the director of the Albany-based Rare Coin Company, which went into liquidation in 2013, and police say he lied to 20 investors about having not sold currency worth about…
Mumbai, Sept. 13: Ericsson India Private Ltd (Ericsson) has dragged Anil Ambani-owned Reliance Communications (R-Com) to the National Company Law Tribunal (NCLT) An unsecured operational creditor of R-Com, Ericsson today filed a petition at the NCLT, Mumbai bench, under Section 9 of the Insolvency and Bankruptcy Code (IBC) to recover Rs 491.41 crore. Ericsson…
Myer’s net profit plunged 80 per cent to $11.9 million in 2017 – the weakest result since its 2009 initial public offer – after the department store chain slashed the value of fashion labels and booked hefty restructuring costs. Myer’s underlying net profit, before one-off costs, slipped 1.9 per cent to $67.9 million – in line with revised guidance…
Alexion Pharmaceuticals, Inc . ALXN announced that it will undertake a restructuring plan to re-align the organization with refocused corporate strategy. Details of Restructuring The company plans to focus on rare diseases businesses in core areas of hematology, nephrology, neurology and metabolic disorders to enhance productivity. Alexion will reduce spending and headcount associated with the…
Spotify is negotiating with TPG about the future of the private equity groups investment in the music streaming company, as it prepares to go public as soon as the fourth quarter. The digital music pioneer last year raised $1bn from TPG, Dragoneer and Goldman Sachs, via a convertible debt investment. This debt would convert to…
The wife of the bankrupt founder of the Nant whisky and angus cattle investment schemes will be interviewed by the corporate watchdog as part of an ongoing investigation into the saga, the ABC’s Background Briefing has learned. Key points: Nant founder Keith Batt declared bankruptcy in 2015, $16 million in debt Whisky and angus…
As head of many consortia, top bank wants to ring-fence investment banking, advisory services Mumbai, September 13: As the leader of several lending consortia, State Bank of India, through its investment banking arm SBI Capital Markets, is looking at setting up a unit to house insolvency resolution professionals (IRPs), who will take charge of the…
MUMBAI, Sept 13 (Reuters) – Ericsson’s Indian subsidiary has filed insolvency petitions against Reliance Communications and two of its companies to recover unpaid dues, the Indian mobile operator said in a stock exchange filing on Wednesday. The Swedish telecoms equipment maker, which signed a seven-year deal in 2014 to operate and manage Reliance Communications’ nationwide…
Getty Images (Reuters) – Seadrill Ltd, the indebted oil rig firm controlled by Norwegian billionaire John Fredriksen, has agreed a restructuring that almost wipes out existing shareholders after filing for Chapter 11 bankruptcy protection. A deal with a consortium of investors, as well as bank lenders and many of its bondholders, will bring in more than $1…
MUMBAI (Reuters) – Ericsson’s Indian subsidiary has filed insolvency petitions against Reliance Communications and two of its companies to recover unpaid dues, the Indian mobile operator said in a stock exchange filing on Wednesday. The Swedish telecoms equipment maker, which signed a seven-year deal in 2014 to operate and manage Reliance Communications’ nationwide network, is…