9. Florida takes over troubled comp insurer – Business Insurance

More than 8,600 employers nationwide spent part of November and December looking for a new workers compensation insurer. The need for replacement coverage came after the Florida Department of Financial Services declared insolvent and subsequently took over Fort Lauderdale, Florida-based Guarantee Insurance Co. An article about the proceedings was the ninth most read Workers Compensation…

Alok Industries’ insolvency pro calls for fresh bids to attract more players – Economic Times

MUMBAI: The insolvency professional supervising the Alok Industries bankruptcy process has called for fresh bids to resolve the Rs 29,000-crore default in the hope of attracting more bidders for the textile company, said two people with knowledge of the matter. “Alok was the only company among the 12 listed by Reserve Bank of India (RBI)…

How Sebi plans to ease compliance for insolvent companies – Financial Express

The proposals include relaxing the requirement of a minimum 25% public shareholding and the stringent procedures to de-list a stressed company, if that is part of the resolution plan. (Reuters) The Securities and Exchange Board of India (Sebi) will consider a raft of proposals to ease various compliance procedures for listed insolvent companiesespecially with regard…

Reliance Communications asset sale speeds India telecom shakeout – Nikkei Asian Review

MUMBAI — Reliance Communications Chairman Anil Ambanion presented a revised debt resolution plan on Wednesday aimed at reducing the company’s liabilities from 450 billion rupees ($7 billion) to 60 billion rupees by March 2018 by withdrawing the company from the consumer wireless business and unloading assets, including real estate. Close Anil Amban, chairman of Reliance Communications,…

Bar on wilful defaulters not a moral issue, says IBBI chief – Economic Times

Keeping out wilful defaulters from bidding for stressed assets is not a “moral issue”, but a choice between certainty and uncertainty, IBBI Chairperson M S Sahoo has said. His comments come against the backdrop of the government, through an ordinance last month, barring wilful defaulters from bidding for stressed assets under the Insolvency and Bankruptcy…