Simon Mundy in Mumbai March 26, 2018 Print this page A battle for control of one of Indias largest industrial assets is moving into the courtroom after bids for Essar Steel from both ArcelorMittal and a Russian-controlled investment vehicle were declared ineligible under Indias tough new bankruptcy code. Essar Steel was forced into insolvency proceedings…
MADISON, N.C.–(BUSINESS WIRE)–Remington Outdoor Company (Remington or the Company), one of the worlds leading designers and manufacturers of firearms, ammunition, and related products, today announced achievement of a significant milestone in its comprehensive financial restructuring process. The Company today announced that it has filed a prepackaged plan of reorganization with the United States Bankruptcy Court…
We have witnessed “panic banking” in recent past due to the take-over of some banks by the Bank of Ghana (BOG) because of their insolvency. These banks had appeared in the public eye as doing well and therefore, enjoying huge patronage by customers. The UT Bank and the Capital Bank were last year liquidated by…
Myer has ruled out placing the beleaguered retailer into voluntary administration to hasten the exit or renegotiation of $2.7 billion in leases. While Myer has only $19.9 million in net debt and gearing about 3 per cent, the retailer is moving closer to breaching fixed charges cover covenants in banking agreements after a 24 per cent fall…
Brits living in seaside towns have the highest rates of personal insolvency where people are unable to pay their debts or meet their financial liabilities as these areas struggle to cope with economic decline, according to new figures. Research by accountancy firm Moore Stephens of 573 parliamentary constituencies found that seven out of the 10…
Former rugby league star Jarrod McCracken has been handed a $5000, two-year good behaviour bond for leaving the country while bankrupt. McCracken, 47, appeared in Brisbane Magistrates Court on Monday where he pleaded guilty to three charges of leaving Australia, and one of preparing to leave Australia, while an undischarged bankrupt. Former New Zealand rugby…
Project Group Constructions, a Melbourne-based builder working on residential and commercial projects with a contract value of about $190 million, has gone into voluntary administration. Burnley-based Project Group, a company with about 100 staff, went into administration on Friday with a preliminary estimate, excluding employee entitlements, of $22 million in debts $7 million of that…
Futures markets have been tossed around by weather concerns for the US Hard Red Winter wheat crop, and the South American corn and soybean crops, for some weeks now. Last week we added uncertainty about a trade war between China and the US into the mix, as well as speculation about longer term interest rate…
The Insolvency and Bankruptcy Code, 2016 (Code) was conceived as a path-breaking legislation to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals, in a time bound manner. The avowed objective was also to secure maximization of the value of assets of such persons, to promote…
“Directors have determined that it is advisable and in the best interests of the Company that the Company file, or cause to be filed, a Voluntary Petition commencing the Chapter 11 Case,” the bankruptcy filing says. Remington had announced it would file for bankruptcy in February, just two days before a shooting at a Parkland,…