BEIJING Chongqing Sincere Yuanchuang Industrial, a cash-strapped Chinese developer owned by Singapore’s richest property family, may undergo a court-led restructuring after a bankruptcy application was filed against it, according to sources familiar with the matter. Sincere Property Holdings, the second largest shareholder of Chongqing Sincere, is preparing to work with stakeholders and creditors on a…
Novena Global Healthcare (NGH) co-founder Terence Loh was declared bankrupt yesterday after his “white knight” plan was abandoned. Mr Loh, 43, who has total outstanding debts of about $70 million with five banks stemming from personal guarantees for the loans held by NGH, had tried to enter into a voluntary arrangement with his creditors to…
Blackmailer, 25, is jailed for 17 months for extorting 7,333 from woman he met on dating app after his sob stories to borrow money led to daily demands for cash to feed his own drug debts Callum Goss, 25, of Barnstaple, threatened to send thugs to victim’s property ‘Terrified’ victim was paying 150 per day…
The ruling focused on whether dissenting shareholders were out of the money, as claimed by the creditors in favour of the plan. If they were not, then they had a genuine economic interest in the company and the impact of the most likely alternative course of action did not need to be immediately quantifiable to…
A debt consolidation loan is vital to borrowers because it assists in settling debts through refinancing them and making your life easier. Its a type of loan settlement process whereby a borrower takes out a single loan to pay off the multiple loan accounts. Usually, a debt consolidation loan entails a combination of auto loans,…
The resolution calls for an additional $50 million from the family and acceleration of some milestone payments, according to the mediation document. In all, the contribution from the Sacklers will be about $4.5 billion over nine years. Purdue Pharma, which has not actively marketed OxyContin for two years, will be wound down or sold by…
Iconic removalists WridgWays Australia has been placed into voluntary administration, leaving staff and contractors facing an uncertain future. In response to a damning story by A Current Affair, WridgWays Australia CEO Kobus Fourie released a statement today confirming the news, adding that the majority of employees were stood down. We are saddened by this turn…
Jaypee Infratech’s Interim Resolution Professional (IRP) Anuj Jain has filed Suraksha group’s bid, which was recently approved by financial creditors, with the National Company Law Tribunal. In a regulatory filing on Thursday, the company informed that the IRP on July 7 filed “the resolution plan of Suraksha Realty Ltd along with Lakshdeep Investments and Finance…
image copyrightGetty Images An elderly California nun will plead guilty to stealing from the Catholic school where she worked for decades in order to support her gambling, according to US prosecutors. Mary Margaret Kreuper, 79, allegedly stole more than $835,000 (590,000) while working as the principal of a school in suburban Los Angeles. She is…
BEIJING (BLOOMBERG) – Chongqing Sincere Yuanchuang Industrial, a cash-strapped Chinese developer owned by Singapore’s richest property family, may undergo a court-led restructuring after a bankruptcy application was filed against it, according to sources familiar with the matter. Sincere Property Holdings, the second-largest shareholder of Chongqing Sincere, is preparing to work with stakeholders and creditors on…