BELGRADE (Serbia), April 11 (SeeNews) – Serbia’s government said on Wednesday it signed a contract for the sale of insolvent tractor manufacturer Industrija Masina i Traktora (IMT) to Indian company Tafe for 66.8 million dinars ($699,000/565,000 euro). By purchasing IMT, Tafe acquired the intellectual property rights of the company, which includes the brand, design plans and copyrights,…
The advisory arm of McGrath Nicol has stepped in to assess the future of Wild Breads, a company operating under troubled asset manager Blue Sky Alternative Investments’ (ASX: BLA) private equity fund. Wild Breads is a wholesale artisan bakery that encompasses the Sol Breads, Nomad Breads and Wild Breads brands. Blue Sky…
Controversial Sydney businessman Salim Mehajer has been found guilty of being part of a 2012 electoral fraud plot that helped put him on Auburn City Council. In Central Local Court on Wednesday, magistrate Beverley Schurr found him guilty of multiple charges relating to plotting with his younger sister, Fatima Mehajer, who has previously pleaded guilty…
A “TOUGH financial climate” has plunged one family-run business into liquidation only five years after it first set sail. Chad Rapsey of RapseyGriffiths Insolvency and Advisory was appointed liquidator of Bundaberg Port Marine Services Pty Limited on March 20. Mr Rapsey said the investigation into what caused the small business to go under had begun…
By Tara Patel April 10, 2018, 11:57 AM EDT EasyJet Plc has approached Alitalia SpA about a possible takeover of the Italian airline once it has been restructured. Europes second-biggest low-cost airline has submitted a revised expression of interest for a restructured Alitalia, the Luton, England-based company said in a statement Tuesday. The airline is acting within…
In the morning trades on Tuesday, shares of Wipro dropped as much as 2.56% to a days low of Rs 277.75 on NSE. (Image: Reuters) Shares of the Bengaluru-headquartered IT giant Wipro tanked over 2.5% to the lowest level since 28 March 2018 after the company said that clients insolvency weighs on the profitability and revenue…
Wipro shares fell as much as 2.5 per cent as the company had on Monday said that one of its telecom clients in India has filed for bankruptcy and it would impact its profit for the March quarter and year ended March 31, 2018. “On February 28, 2018, the client filed a petition to initiate…
Binani Industries in its submission before the Kolkata bench of National Company Law Tribunal (NCLT) on Monday said that it has filed an application before Supreme Court for setting aside the April 5 order passed by the National Company Law Appellate Tribunal (NCLAT). It has also prayed for the termination of insolvency proceedings against Binani…
In a significant development in relation to the Insolvency and Bankruptcy Code, 2016, the Supreme Court today issued notice to the Central government in a petition challenging the vires of various provisions of the Insolvency and Bankruptcy Code, 2016 (Code). Most importantly, the petition also assails all the appointments made to NCLT and NCLAT prior…
Indias third largest software services firm Wipro Ltd. today said its profitability may be impacted by 65-75 basis points in the March quarter as one of its telecom clients is undergoing insolvency proceedings. Without naming the client, Wipro said it had signed a multi-year outsourcing services agreement with a telecom services provider in India in…