Essar Sale Advisers Are Said to Recommend Disqualifying All Bids – Bloomberg

Advisers evaluating the offers for Essar Steel India Ltd. are recommending that both bids for the insolvent company be disqualified, according to people with knowledge of the matter. Legal and accounting advisers expressed concerns to the interim resolution professional, which is overseeing the Essar Steel sale process, about the eligibility of ArcelorMittals offer as well as a separate…

Revealed: The secret council to decide HBF’s $4 billion merger fate – The West Australian

Lawyers, accountants, academics and farmers are among the 22 HBF councillors who will decide the future of the health insurers $4 billion merger proposal. Under HBFs constitution, its council is the groups most powerful oversight body, with the deciding vote on the planned merger of equals with Sydney-based insurer HCF. However, despite rapidly changing standards…

AC Milan Owner Yonghong Li Declared Bankrupt According to Reports in Italy – 90min

According to Italian daily Corriere della Sera, Milan owner Yonghong Li has declared himself bankrupt and his assets will now be auctioned off on Taobao – the Chinese version of Ebay. Questions had been previously asked of Yonghong’s financial stability, with the New York Times and Italian financial paper Il Sole 24 Ore having already carried out investigations pointing…

Eskom board called on to prove utility not trading recklessly – Creamer Media’s Mining Weekly

The Institute for Accountability in Southern Africa has written to Eskom chairperson Jabu Mabuza requesting a detailed written explanation as to why the current board believes the State-owned utility can be rescued from its current financial distress, cautioning that Eskom may currently be trading recklessly in terms of the legislation governing companies in South Africa.…