The Supreme Court has handed down a historic ruling today, striking down a federal ban on sports gambling, paving the way for states to legalizing the practice. Writing the majority opinion in the 6-3 decision in Christie v. NCAA, Justice Samuel Alito wrote that the Professional and Amateur Sports Protection Act of 1992 (PASPA), the…
The Utkal Chamber of Commerce and Industry (UCCI) in collaboration with the S Trio Turnaround Professionals Private Limited organised a seminar on Insolvency and Bankruptcy Code- 2016 here recently. The speakers discussed rules for corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the code. UCCI president Ramesh Mahapatra delivered the welcome…
NEW YORK & SAN JUAN, Puerto Rico–(BUSINESS WIRE)–The COFINA Senior Bondholders Coalition (the Coalition or we), which collectively represents the largest group of organized holders of bonds issued by the Puerto Rico Sales Tax Financing Corporation (COFINA), released the below statement today regarding its involvement in developing a proposed settlement of The Commonwealth of Puerto…
Disenchanted by the long-drawn-out proceedings for insolvency resolution cases filed against large borrowers that have failed to repay loans, many banks are planning to approach the Insolvency and Bankruptcy Board of India (IBBI) for some succour. Nearly a year after the Reserve Bank of India recommended a dozen large bad loan accounts for resolution under…
Tesla CEO Elon Musk sent an email to employees on Monday morning stating that the company is reorganising in an effort to flatten management structure and improve communication. Musk originally said that Tesla was restructuring in the companys first-quarter earnings call earlier this month. Musk said in the memo that Tesla still plans to hire…
The Insolvency and Bankruptcy Code (IBC), 2016 no doubt is a path-breaking initiative in the whole reform process. Not surprisingly, it has triggered huge debate and one of the key grey areas that had emerged in a recent cases pertained to rights of the customers in an insolvency process. The Supreme Court had reportedly indicated…
Deleveraging has been highlighted twice at high-profile central meetings this year, financial news outlet Yicai reported Sunday. According to the just-concluded second meeting of the Central Committee for Deepening Overall Reform on Friday, reinforcing the asset and liability constraints on State-owned enterprises (SOEs) is important for reducing leverage ratios and defusing debt risk. One month…
by Rigzone Staff | Monday, May 14, 2018 Proserv completes a financial restructuring, which it says has strengthened its long-term plans. Proserv, a technology-driven energy services company, announced Monday the completion of a financial restructuring, which it said has strengthened its long-term plans. Through a debt-for-equity exchange and injection of a $50 million investment, the…
Debt-consolidation firm inks 95K sf lease at 180 Maiden Lane National Debt Relief plans to hire hundreds of new workers May 14, 2018 08:00AM Tara Stacom and 180 Maiden Lane Debt-consolidation firm National Deb Relief signed a lease for 95,000 square feet at MHP Real Estate Services and Clarion Partners 180 Maiden Lane. The company,…
DHX Media Ltd. says the sale of nearly half of its stake in the Peanuts entertainment business to a Sony Corp. division for $237-million cash will help reduce the Canadian animation companys debt load and improve its operating results. The Halifax-based company will retain 41 per cent of the Peanuts business based on characters such…