Top investment bankers from UBS and Lazard and senior partners from KPMG and law firm Herbert Smith Freehills are among 22 people to be grilled by lawyers for administrators KordaMentha in the next three months in public examinations over the collapse of steel maker Arrium. The non-executive directors of Arrium at the time of its collapse…
A Chinese gambler has been rescued by Philippine police after he was kidnapped by loan sharks to whom he owed a major debt. The Inquirer reported that Parañaque City police arrested three Chinese nationals accused of kidnapping Dong Yun Hao and holding him hostage in a room at the Okada Manila casino. Dong had reportedly…
Employees of Bhushan Steel Ltd recently objected to the bid from Tata Steel Ltd, which was eventually declared the successful applicant. Photo: Reuters Mumbai: Noting the key role of employees in companies undergoing bankruptcy proceedings, lenders and bidders are paying extra attention to ensure resolution plans take care of their interest to avoid any disruption in…
A customer enters a The Bon Ton store, which is scheduled to close, in Concord, N.H., Friday, Feb. 23, 2018. AP/Charles Krupa The number of defaults by retail corporations hit an all-time high in the first three months of 2018, according to Moody’s. There were at least 28 defaults among retail corporations in the first…
TORONTO _ Cineplex Inc. is laying off a number of full-time workers. The Toronto-based companys spokesperson Sarah Van Lange is refusing to say exactly how many jobs are being cut, but says the layoffs will impact less than 100 employees. Lange says the cuts are part of a small restructuring happening at the entertainment giant.…
A man makes his way down an escalator during the Cineplex Entertainment company’s annual general meeting in Toronto on May 17, 2017. Nathan Denette/The Canadian Press Cineplex Inc. is laying off a number of full-time workers. The Toronto-based companys spokesperson Sarah Van Lange is refusing to say exactly how many jobs are being cut, but…
General Electrics dividend is at risk unless two things happen, according to a note by Cowen analyst Gautam Khanna. GE has had a rough go of things lately, including a restructuring, dividend slash, and SEC investigation. Shares have fallen more than 50% in the past year. Watch GE stock trade in real time here. General…
TORONTO–(BUSINESS WIRE)–Postmedia Network Canada Corp. (Postmedia or the Company) today released financial information for the three and six months ended February 28, 2018. Second Quarter Operating Results Revenue for the quarter was $157.6 million as compared to $176.7 million in the same period in the prior year, a decrease of $19.1 million or 10.8%. The…
By Aishwarya Bagri Should homeowners be treated as financial creditors in the real estate sector? This was the question that the Insolvency Law Reforms Committee recently addressed. Set up in December 2017, the 14 member committee has published a 106 pages long report, suggesting various amendments to the Insolvency and Bankruptcy Code 2016. One such…
BELGRADE (Serbia), April 11 (SeeNews) – Serbia’s government said on Wednesday it signed a contract for the sale of insolvent tractor manufacturer Industrija Masina i Traktora (IMT) to Indian company Tafe for 66.8 million dinars ($699,000/565,000 euro). By purchasing IMT, Tafe acquired the intellectual property rights of the company, which includes the brand, design plans and copyrights,…