Surprise move on Rex Airline’s $50m debt – news.com.au
Surprise move on Rex Airline’s $50m debt news.com.au Read the original article here
Creditor questions the small business restructuring system
A growing number of small businesses in financial strife are turning to small business restructuring (SBR) instead of voluntary administration, using the system to retain control of their affairs while managing their debts. But the SBR system is causing some creditors to ask if it provides the same deterrents against business failure as voluntary administration…
Fire drill at battered casino owner Star Entertainment as FTI meets lenders
Star Entertainment’s safe harbour adviser has begun preparing its lender group for a potential voluntary administration, as the embattled casino operator runs out of solutions to solve a potentially terminal cash crunch. Street Talk can reveal FTI Consulting’s restructuring specialists on Monday held a meeting via video link with Star’s biggest lenders, running them through…
Agribusiness Seeka joining High Court case against oil company Olivado
“Placing the company into liquidation will preserve the assets and maximise the potential returns to all creditors, without the risk of a fire sale at reduced values to the detriment of unsecured creditors.” Franks said packaging company Enpac was owed about $78,000, while the figures for Far North and Seeka were about $260,000 and $350,000…
Tulip Hotels Liquidated by NCLT After Failing to Attract Bidders: Rediff Moneynews
NCLT has ordered the liquidation of Tulip Hotels after the company failed to secure a bidder during its insolvency resolution process. The decision comes after the 180-day timeline for finding a resolution plan expired. New Delhi, Jan 19 (PTI) NCLT has directed for the liquidation of debt-ridden Tulip Hotels, as the tribunal failed to receive…
Tulip Hotels to be liquidated following INR 900 crore default and no bidders
The National Company Law Tribunal (NCLT) has ordered the liquidation of Tulip Hotels after the failure to secure a resolution plan within the stipulated timeline during the Corporate Insolvency Resolution Process (CIRP). Initiated on May 16, 2023, based on a plea by Yes Bank, the CIRP was launched due to a default of INR 900…
Mosaic brands face voluntary administration
Mosaic Brands, the owner of Rivers, Millers and Katies, has entered voluntary administration. The ASX-listed company, which operates over 700 stores and employs around 3000 staff, confirmed the decision on Monday after efforts to restructure informally fell short. Mosaic had attempted several changes,… Read the original article here
Busy Bee Airways challenges liquidation of Go First in NCLAT
Busy Bee Airways Pvt Ltd, one of the bidders for the grounded airline Go First, has approached the National Company Law Appellate Tribunal (NCLAT) to challenge the airline’s liquidation. On 20 January the National Company Law Tribunal (NCLT) issued an order that sent Go First into liquidation after the airline’s creditors unanimously voted to liquidate…
AMSC to Distribute SMH Shares, Plans Liquidation – TipRanks
AMSC to Distribute SMH Shares, Plans Liquidation TipRanks Read the original article here
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