In a bid to address information asymmetry among investors, stock exchanges, BSE and NSE, on Friday came out with a framework for dealing with companies undergoing corporate insolvency resolution process. In the recent past, the exchanges have come across instances where the approved resolution plan provides for delisting of the company or write off/cancellation/extinguishment of…
I dont normally get to put a positive spin on the thorny topic of debt, but the latest 2020 Annual Report from the Insolvency Service of Ireland (ISI) has some good things in it. irst are the numbers of Personal Insolvency Arrangements (PIAs), down 3pc(only 3pc, that is, due to the pandemic clogging up courts…
Insolvency proceedings against OYO Hotels and Homes Pvt Ltd (OHHPL) have been dismissed by the National Company Law Appellate Tribunal (NCLAT) despite multiple hoteliers claiming unpaid debts by the company. Why was OYO undergoing insolvency proceedings? OYO was undergoing insolvency proceedings over a Rs 16-lakh claim made by a Gurgaon-based hotelier against the company. Newsletter…
LAVAL, QUE. — After speaking to some 20 families who lost millions in deposits when local real estate developer Bel-Habitat went bankrupt last week, Laval Mayor Marc Demers is promising support. “Given the magnitude of the situation, we have asked the general management to look at the tools we have available to help you,” he…
Corporate bankruptcies have gone up By the results of the first half of the year, the number of corporate bankruptcies in Russia has increased for the first time since 2017, according to the statistics published by the Fedresurs service on 7 July. In comparison with the first half of 2020, this year the growth has…
Idaho is one of 15 states now agreeing to a controversial bankruptcy plan involving Purdue Pharma, with the state poised to receive tens of millions of dollars from the OxyContin maker if the deal is approved. Two dozen states and D.C. originally opposed a $3 billion bankruptcy plan from Purdue Pharma and the Sackler family…
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…
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…
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…
SINGAPORE – Novena Global Healthcare (NGH) co-founder Terence Loh was declared bankrupt on Thursday (July 8) 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…