As SEG announced on March 15, 2018, SEG entered into an RSA with a group of creditors collectively holding 80% of its 8.625%/9.375% Senior PIK Toggle Notes due September 2018 and its private equity sponsor regarding the terms of a comprehensive financial restructuring that will position SEG for long-term financial health. SEG will continue operating…
The much awaited hearing at the NCLT‘s Ahmedabad bench over the rejection of bids of ArcelorMittal and Numetal in the Essar Steel insolvency resolution process has been deferred till April 4, ET Now reported. The NCLT bench has asked the parties to file submissions by April 2. The next hearing will take place on April…
JACKSONVILLE, Fla., March 27, 2018 /PRNewswire/ — Southeastern Grocers (“SEG” or “the Company”) today announced that, as contemplated under its previously announced Restructuring Support Agreement (“RSA”), it has commenced voluntary cases under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the District of Delaware to implement the pre-packaged plan…
Indias Insolvency and Bankruptcy Code has been operational for more than a year but how does it stand up to critical analysis? Shardul S Shroff offers an assessment In May 2016, India enacted the Insolvency and Bankruptcy Code, 2016 as a major legal reform. The code is not fully effective. The sections of the code…
Company administration is a hotly discussed topic in the industry. Recent reports have suggested the number of corporations facing administration has increased over the years. With the news of Toys R Us and Maplin entering administration, the insolvency procedure has been under the spotlight. Similarly, New Look and, most recently, Carpetright have requested company voluntary…
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…
By TOI | Monday | 26th March, 2018 In january, 46,556 marginal farmers of Mansa, Bathinda, Faridkot, Muktsar and Moga districts had been provided relief of Rs 167.39 crore. This data would then be verified by the department of revenue for identifying farmers as small or marginal, the spokesperson added.Debt relief would be given to…