The Australian Securities and Investments Commission has banned two execs of the now-defunct Uglii Group from running any company. Former Uglii Group directors Heather Knorr and Ge Zhu were disqualified by ASIC from managing corporations for four years for their roles in the insolvency of six companies within the group. Uglii Group, whose core business…
In a first, the Department of Telecommunications (DoT) has constituted an Insolvency Issues Committee to examine how it can protect its interest in cases where telecom operators are undergoing insolvency proceedings. The moves comes as two operators Aircel and Reliance Communications (RCom) are undergoing bankruptcy proceedings. As per rules under the Insolvency and Bankruptcy Code…
Subject: Disclosure under Regulation 30(2) read with Schedule III of Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015 – Post – facto intimation of the First Meeting of Committee of Creditors of Punj Lloyd Limited Dear Sir/Madam, Pursuant to Regulation 30 (2) of Securities and Exchange Board Of India (Listing…
The Sports Direct boss Mike Ashley has threatened legal action to remove Debenhams administrators after his stake in the department store group was wiped out and the company put into the hands of its lenders. Debenhams listed holding company entered pre-pack administration on Tuesday, rendering shareholders investments, including Sports Directs near-30% stake, worthless. The retailers…
Shares in Senvion were in free fall Wednesday after the embattled German wind turbine maker announced it was entering a process called self-administration in a last-ditch turnaround attempt. The Hamburg-based manufacturer said the move was to safeguard an ongoing transformation program after refinancing discussions with lenders have so far not come to a positive conclusion.…
FRANKFURT (Reuters) – Credit Agricole needs to reduce costs at its investment bank but will stop short of restructuring, a senior official said as the industry faces slowing revenue. FILE PHOTO: A Credit Agricole logo is seen outside a bank office in Vertou near Nantes, France, February 11, 2019. REUTERS/Stephane Mahe/File Photo Xavier Musca, deputy…
ISTANBULTurkeys Finance Minister Berat Albayrak announced a $5 billion plan to help the countrys banks cope with a rise in corporate defaults, a remedy analysts said may not be enough to erase the towering debt left by a decade of credit-fuelled growth and avert protracted economic recession. Mr. Albayrak, the son-in-law of President Recep Tayyip…
FRANKFURT (Reuters) – Credit Agricole needs to reduce costs at its investment bank but will stop short of restructuring, a senior official said as the industry faces slowing revenue. FILE PHOTO: A Credit Agricole logo is seen outside a bank office in Vertou near Nantes, France, February 11, 2019. REUTERS/Stephane Mahe/File Photo Xavier Musca, deputy…
April 9 (Renewables Now) – German wind turbine maker Senvion SA (ETR:SEN) is officially entering preliminary self-administered insolvency proceedings as refinancing talks have so far provenunsuccessful. The company announced on Tuesday that Senvion GmbH has filed for self-administration proceedings to safeguard the transformation programme it launched in January. The proceedings also relate to subsidiary Senvion…