Simon Mundy in Mumbai March 26, 2018 Print this page A battle for control of one of Indias largest industrial assets is moving into the courtroom after bids for Essar Steel from both ArcelorMittal and a Russian-controlled investment vehicle were declared ineligible under Indias tough new bankruptcy code. Essar Steel was forced into insolvency proceedings…
We have witnessed “panic banking” in recent past due to the take-over of some banks by the Bank of Ghana (BOG) because of their insolvency. These banks had appeared in the public eye as doing well and therefore, enjoying huge patronage by customers. The UT Bank and the Capital Bank were last year liquidated by…
Myer has ruled out placing the beleaguered retailer into voluntary administration to hasten the exit or renegotiation of $2.7 billion in leases. While Myer has only $19.9 million in net debt and gearing about 3 per cent, the retailer is moving closer to breaching fixed charges cover covenants in banking agreements after a 24 per cent fall…
Brits living in seaside towns have the highest rates of personal insolvency where people are unable to pay their debts or meet their financial liabilities as these areas struggle to cope with economic decline, according to new figures. Research by accountancy firm Moore Stephens of 573 parliamentary constituencies found that seven out of the 10…
Former rugby league star Jarrod McCracken has been handed a $5000, two-year good behaviour bond for leaving the country while bankrupt. McCracken, 47, appeared in Brisbane Magistrates Court on Monday where he pleaded guilty to three charges of leaving Australia, and one of preparing to leave Australia, while an undischarged bankrupt. Former New Zealand rugby…
HONG KONG (Reuters) Noble Group Ltd <NOBG.SI> warned on Monday that it would begin insolvency proceedings if the beleaguered commodity traders $3.4 billion (£2.4 billion) debt restructuring proposal was not approved by shareholders. Nobles debt restructuring process is seen as critical for the firms survival. But the deal has been opposed by some bondholders and…
Former rugby league star Jarrod McCracken has been handed a $5000, two-year good behaviour bond for leaving the country while bankrupt. McCracken, 47, appeared in Brisbane Magistrates Court on Monday where he pleaded guilty to three charges of leaving Australia, and one of preparing to leave Australia, while an undischarged bankrupt. Former league star Jarrod…
HONG KONG (Reuters) – Noble Group Ltd (NOBG.SI) warned on Monday that it would begin insolvency proceedings if the beleaguered commodity traders $3.4 billion debt restructuring proposal was not approved by shareholders. Nobles debt restructuring process is seen as critical for the firms survival. But the deal has been opposed by some bondholders and shareholders,…
Former rugby league star Jarrod McCracken has been handed a $5000, two-year good behaviour bond for leaving the country while bankrupt. McCracken, 47, appeared in Brisbane Magistrates Court on Monday where he pleaded guilty to three charges of leaving Australia, and one of preparing to leave Australia, while an undischarged bankrupt. The court heard the…
Embattled commodity trader Noble Group Ltd. issued a defense of its planned restructuring, saying that if shareholders vote down the plan, it will probably enter insolvency proceedings in the U.K. and existing equity holders risk being wiped out. If the primary restructuring is not approved by shareholders, the board will have no option but to…