Melanie Gerlis March 9, 2018 Potential shenanigans involving art in the spotlight once again. London art dealer Matthew Green is among the defendants in the case against Beaufort Securities, three other corporations and five other individuals, accused by the US Department of Justice of a multiyear $50m-plus securities fraud and scheme to launder money, partly…
The endless trials and tragic tribulations of Liepja’s shuttered KVV Liepajas Metalurgs steelworks are continuing with news that the insolvency administrator supposed to be taking care of the company’s assets has lost his license after flunking a re-certification exam, the LETA news agency reported March 9. Guntars Koris told LETA that he lost his license on March 1 because…
Telecom tower firm, GTL Infrastructure, has warned that its operations will be hit with the shutdown of multiple telecom players and filing of bankruptcy petition by Aircel early this month. The company said it might lose 9,000-11,000 tenants over the next one year but will continue to remain a standard asset with the…
Henry Zeffman, Political Reporter | Gareth Davies Somerset county council has announced plans to close two thirds of its childrens centres in a bid to save cash Three Conservative-run counties have been added to the list of those showing signs of financial stress because of funding cuts. Somerset, Norfolk and Lancashire county councils are exhibiting some of the…
Out in the cold unit owners count the cost of building defects Concerns: Landmark penthouse owner Aidan Ellis (right) and unit owner Richard Devon in Mr Ellis’s unit at Charlestown. Severe water issues and other defects have meant years of troubles for the Landmark’s owners, Mr Ellis and Mr Devon said. Winner: The Landmark building in…
Gill Plimmer March 8, 2018 The future of 2,500 staff from failed construction contractor Carillion was again thrown into doubt on Thursday after a Canadian company pulled out of a deal to take over a portfolio of contracts in hospitals, education, transport, emergency services and justice in the UK. Brookfield Global Integrated Solutions, a real…
One of the country’s biggest bankruptcies to go under the hammer is finally moving towards closure. Yesterday, Tata Steel said that “it has received a formal communication from the resolution professional [RP] of Bhushan Steel Ltd that it has been identified as the highest evaluated compliant resolution applicant to acquire controlling stake” of the beleaguered…
The chances of stressed power generation units landing in the insolvency court have increased after the Reserve Bank of India revised last month its framework for the resolution of non-performing assets. A more worrying aspect, according to sector analysts, is that these assets totalling more than 80,000 megawatts across operational and under-construction projects may…
Tata Steel Ltd. today said that it has been identified as the highest evaluated compliant resolution applicant for Bhushan Steel Ltd, under the insolvency and bankruptcy process. The steelmaker is currently in discussions with the resolution professional and advisors to the Committee of Creditors on the resolution plan it had submitted, it said in an…
Liberty House, part of Sanjeev Gupta’s global industrial group GFG Alliance, has been chosen as highest preferred bidder for Amtek Auto’s assets, which include 35 automotive component plants across India, Japan, Thailand and Spain, employing 6,000 people. The announcement of Liberty House as the successful preferred bidder was made in the committee of creditors…