Australia’s Star Entertainment eyes Bally’s lifeline after failing to secure new debt package

[SYDNEY] Australia’s Star Entertainment on Wednesday said it was exploring a lifeline from by US casino group Bally’s Corp after an up to A$940 million (S$793.5 million) refinancing proposal from investment group Salter Brothers Capital collapsed. Sydney-based Star, Australia’s no.2 casino operator, said a number of conditions required for the Salter proposal to go ahead…

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Arab Monetary Fund gives Somalia $307m of debt relief

The Abu Dhabi-based Arab Monetary Fund (AMF) has signed a $307 million debt relief agreement with Somalia to support the African country’s economic reform programme. The agreement covers the restructuring of the debt owed by Somalia to the AMF, the 22-nation-backed fund said in a statement, without giving any further details. Somalia’s finance minister Bihi…

Provident Fund Claims Filed After Approval Of Resolution Plan By Committee Of Creditors Cannot Be Admitted By Resolution Professional: NCLAT

The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Arun Baroka (Technical Member) and Mr. Barun Mitra (Technical Member) has held that statutory obligations must be fulfilled during insolvency proceedings; however, this does not mean that statutory dues including provident fund claims can be submitted even after…