Sears Canada was granted an Initial Order and protection under the Companies’ Creditors Arrangement Act (“CCAA”) on June 22, 2017. It subsequently received the Court’s approval of a sale and investment solicitation process (SISP) to seek out proposals for the acquisition of, or investment in, the Sears Canada Group’s business, assets and/or leases, and to implement one…
The existing insolvency and bankruptcy code, at present, applies only to corporate defaulters. Photo: iStockphoto New Delhi: The government on Tuesday expanded the scope of the new insolvency rules to bring individual businesses under its purview. On Tuesday, the Insolvency and Bankruptcy Board of India (IBBI) published the draft rules dealing with insolvency resolution process…
BAE Systems is streamlining management and cutting almost 2,000 aerospace and maritime jobs in the UK as part of a sweeping restructuring to adapt to a dearth of fighter jet orders and rising competition. Unions and politicians called on the government to act to prevent job losses at the UKs largest defence contractor and one…
Water technology firm VA Tech Wabag Ltd has filed an appeal with the National Company Law Appellate Tribunal (NCLAT) against an order of the National Company Law Tribunal (NCLT) initiating corporate insolvency resolution process. NCLT, last week, issued an order under the provisions of the Insolvency and Bankruptcy Code, 2016, and appointed an…
The regulations come under the Insolvency and Bankruptcy Code. New Delhi: The Insolvency and Bankruptcy Board on Tuesday sought comments from the public on draft norms for insolvency resolution process for individuals running businesses and personal guarantors. Comments have been sought on draft regulations pertaining to insolvency resolution process for individuals and firms. Views have…
Employees of Ilva steel staged 24-hour strike over plans to cut about 4,000 jobs when ArcelorMittal takes over.
The Prague-AST company owes more than 19.9 billion rubles. The Arbitrazh Court declared the Prague-AST company, which owns the Prague restaurant in Moscow, bankrupt, and is a part of former owner of Cherkizovsky market Telman Ismailovs AST group of companies. RIA Novosti reported this. By the court’s decision, the company initiated…
CHATSWORTH, Calif., Oct. 10, 2017 (GLOBE NEWSWIRE) — Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world’s leading clean technology manufacturer of microturbine energy systems, announced today that it is further lowering its quarterly operating expense target from $5.5 million per quarter to $5.0 million per quarter after a restructuring of the companys engineering assets and other…
Nufam president Ismail Nasaruddin says human resources minister has failed to defend the rights of 3,600 retrenched workers. PETALING JAYA: A union today asked if Malaysia Airlines was ever declared bankrupt, following Human Resources Minister Richard Riots claim that 3,600 retrenched workers could not seek any claims or justice through the court because the airline…
CHATSWORTH, Calif., Oct. 10, 2017 (GLOBE NEWSWIRE) — Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world’s leading clean technology manufacturer of microturbine energy systems, announced today that it is further lowering its quarterly operating expense target from $5.5 million per quarter to $5.0 million per quarter after a restructuring of the companys engineering assets and other…