Category Archives: Bankruptcy

Winter around the corner, Bucharest’s heat distributor files for insolvency, electricity&heat producer is next – Romania-Insider.com

Bucharests thermal energy distributor RADET filed for insolvency after a decision made by the Bucharest General Council on Wednesday, September 22. RADETs main supplier Electrocentrale Bucuresti (ELCEN) may also file for insolvency on Thursday, September 23. The two state-owned companies have been quarreling over overdue payments in recent years, threatening to stop providing heat to Bucharests…

China state-owned non-ferrous metals group declared bankrupt – Global Times

State-owned Guangxi Non-ferrous Metals Group Co. in south China’s Guangxi Zhuang Autonomous Region has been declared bankrupt, despite a nine-month restructuring push. According to an announcement published by the intermediate people’s court of Nanning City on Sept. 12, the company had neither submitted a restructuring plan within six months of the court’s initial ruling, nor…

Gavel to Gavel: The insolvency dilemma for directors – Journal Record (subscription)

Tyler P. Evans In light of a recent swell of bankruptcies in Oklahoma and surrounding areas predominantly triggered by the turbulent energy market directors should fortify their understanding of fiduciary duties owed to companies in times of financial distress. As a general rule, directors are charged with maximizing the value of the company…

China’s great debt restructuring has begun – ValueWalk

Chinas great debt restructuring has begun. According to Caixin News, Guangxi Nonferrous Metals Group Corporation was formally declared bankrupt on 12 September after several years of restructuring. China Debt Situation Gets Worse And Other EMs Start To Struggle At first glance this may appear to be somewhat of a non-event, after all, they have…

Bulgaria May Use Belene N-Reactor to Complete 2nd Plant as Private Project – Novinite.com

Bulgarian Energy Minister Temenuzhka Petkova has said the state is yet to consider its options to use the nuclear reactor and equipment procured for the ditched Belene nuclear plant (NPP) project which it now has to pay. In an interview with the Bulgarian National Television, she has underlined that Sofia could launch a privatization procedure…

Lastminute.com Group’s Acquisition of WAYN’s Assets Is Complicated – Skift

Strange goings on at WAYN, the social media platform that bills itself as the worlds largest travel club. Yesterday Skift reported that the company that trades as WAYN (Where Are You Now? Ltd) had gone into administration a form of insolvency in the UK. This remains the case. Today, the recently renamed lastminute.com group (formerly…

Guangxi Nonferrous Metals is China’s first interbank bankruptcy – South China Morning Post

After a struggle to repay its debts since last year, Guangxi Nonferrous Metals Group, the Chinese state-owned metal producer, has finally been declared bankrupt, becoming the countrys first interbank bond issuer to fail. The company, owned by the Guangxi provincial government, failed to propose a reorganisation plan within six months after a court order, according…

Garcia declared bankrupt and arrested again – Curacao Chronicle

WILLEMSTAD – Former director of the Giro Bank Eric Garcia was arrested again. He was released earlier in the criminal case against him. The judge released to await his trial. He has been arrested again as the result of a civil case. The prosecutor requested his arrest for fear that he would escape. Yesterday Garcia…

CATASTROPHIC Portuguese economy hits new low as toxic combination to BRING DOWN eurozone – Express.co.uk

The number of companies going bust in the European nation has soared by 49.5 per cent in the first eight months of the year, with 2,474 companies being declared insolvent – 819 more than in the same period last year – according to data from the Ignios Business Centre. Last month insolvent companies jumped by…

Court in China declares state-run metals firm bankrupt | Reuters – Reuters

A court in southern China has formally declared bankrupt Guangxi Nonferrous Metals Group Co Ltd, an unlisted state-run metals producer that defaulted on a bond in February and missed a payment in April. The firm, which is owned by the Guangxi regional government, had failed to propose a court-ordered reorganization plan within a six month…