After six months long painstaking insolvency proceedings and due diligences, the Rs 43,000 crore debtor Essar Steel has received just two bids— from ArcelorMittal and Numetal Mauritius— on Monday. Though ArcelorMittal did due diligence for Bhushan and Essar, it reserved its final bid for the latter, pushing the industry to guess that it’s a sizable…
An East Kilbride man has admitted a £35,000 tax fraud. William Doonan, 61, pleaded guilty to an amended charge of defrauding HM Revenue & Customs at Hamilton Sheriff Court on Friday. Fiscal depute Callum Forsyth told the court Doonan was caught when an HMRC inspector carried out a VAT inspection at Veitchi Flooring Limited in…
A study by a Toronto-based firm says the rate of insolvent borrowers using payday loans in Ontario has grown for the sixth consecutive year. Insolvency trustee firm Hoyes Michalos & Associates says 31 per cent of insolvent borrowers used the loans in 2017, up from 27 per cent the year before. The study suggests payday…
General Motors Company (NYSE:GM) will close one of its four plants in South Korea and take an $850 million impairment charge as it restructures its money-losing business in the country. GM stock has lost just under 1% so far this month as the S&P 500 Index dropped almost 6%. GM has been aggressively addressing underperforming businesses globally,…
ROCKHAMPTON civil and minesite construction company Busby Contracting Pty Ltd has gone into voluntary liquidation owing more than $2 million to creditors, employees and the tax office. The decision to wind the company up came at a general meeting held in Brisbane on February 5. Busby Contracting Pty Ltd had been involved in mines including…
DETROIT/SEOUL (Reuters) – General Motors Co said it will close one of its four plants in South Korea and incur an $850 million impairment charge as part of a restructuring of its money-losing business in Asias fourth-biggest economy. The U.S. automaker said it would decide the future of its remaining South Korean operations within weeks,…
If youre drowning in debt, you might be feeling a sense of helplessness. Youre not alone. U.S. households carry an average of $110,095 in debt, according to data from the Federal Reserve and U.S. Census Bureau. Your borrowing options are probably limited because of how much debt you have, and your credit is likely suffering.…
In its offer, AMIPL set out a detailed industrial plan for the debt-laden steel maker to address its operational issues and to improve its performance and profitability. ArcelorMittal on Monday said that its subsidiary ArcelorMittal India Pvt Ltd (AMIPL) has submitted an offer for Essar Steel India Limited in line with the corporate insolvency resolution…
Victims who had their money stolen by former Rare Coin Company managing director Robert Jackman have been given no hope of their money being returned, despite restitution being ordered by Albany District Court last week. Mr Jackman, 63, was sentenced to four years and two months jail last week and ordered to pay reparation of…
By Joseph White and Ju-min Park GM will shut a South Korean plant, more cuts could follow DETROIT/SEOUL (Reuters) – General Motors Co said it will close one of its four plants in South Korea and incur an $850 million impairment charge as part of a restructuring of its money-losing business in Asia’s fourth-biggest economy.…