MUMBAI — Reliance Communications Chairman Anil Ambanion presented a revised debt resolution plan on Wednesday aimed at reducing the company’s liabilities from 450 billion rupees ($7 billion) to 60 billion rupees by March 2018 by withdrawing the company from the consumer wireless business and unloading assets, including real estate. Close Anil Amban, chairman of Reliance Communications,…
December 26, 2017: This is to inform you that the application filed by State Bank of India under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC 2016) read with Rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 before National Company Law Tribunal, Mumbai has been admitted by the Honble…
A recent survey from the American Institute of CPAs about the anxiety-producing debt load facing Americans is replete with head-scratching details. But the upshot is this: It seems that a lot of people need financial planning. For starters, when everyday expenses are the top debt for 44 percent of the respondents, you know things must be…
Amy Kazmin in New Delhi December 26, 2017 Experimental feature Listen to this article Play audio for this article Pause 00:00 00:00 Experimental feature or Give us your feedback Thank you for your feedback. What do you think? Ill use it in the future I dont think Ill use it … Read the full article…
Keeping out wilful defaulters from bidding for stressed assets is not a “moral issue”, but a choice between certainty and uncertainty, IBBI Chairperson M S Sahoo has said. His comments come against the backdrop of the government, through an ordinance last month, barring wilful defaulters from bidding for stressed assets under the Insolvency and Bankruptcy…
The Anil Ambani-led firm has been looking to sell assets to help restructure and reduce debt on its books. In June, the companys domestic lenders decided to invoke the Strategic Debt Restructuring Scheme and convert Rs 7000 crore in debt into a majority equity holding. As part of the plan, the company said it would…
Japans three major banking groups have unveiled plans for large-scale restructuring programs to streamline their operations. With the expanded use of artificial intelligence and other technology, they are seeking to eliminate work equivalent to a combined total of 33,000 jobs. Although the banks say the redundant manpower will be shifted to other operation, it is…
Tata Steel Ltd. has sounded out banks about raising the equivalent of $5.1 billion through loan facilities and a bond issue to help refinance debt, according to people familiar with the matter. The Indian steelmaker plans a $2.15 billion six-year syndicated facility to refinance loans in the books of units, TS Global Holdings Pte. and…
London – Sitting in his prison cell, Paul Buck was determined that something good would come out of a secret addiction that had seen him gamble away millions, attempt suicide and almost destroyed his marriage. The British former wealth manager had a year behind bars to think about it, after being jailed for stealing 434…
The co-owner of high-profile art gallery and auction house Mossgreen says creditors will not be out of pocket after the shock news the company has gone into voluntary administration. Paul Sumner, who is also chief executive and co-founder, said the move was due to debts following the company’s rapid expansion and the withdrawal of its key investor. Mossgreen chief…