The most recent development in the Gupta drama that has been ever-present in South African news sees one Gupta-owned company potentially putting another into liquidation. Tegeta sprung into prominence when former Public Protector detailed Eskoms involvement, allegedly at the behest of the Guptas in making the sale of the Optimum mines to Tegeta possible at…
The acquisition of hot roll seamless pipe manufacturing company lifted Maharashtra Seamless shares nearly 4 percent in morning on Wednesday. “….made payment of Rs 477 crore for acquisition of United Seamless Tubulaar Private Limited (USTPL),” the ERW and seamless pipes & tubes manufacturer said in its filing. TheDP Jindal Group companymade this acquisition under the…
Picture: African News Agency (ANA) Archives Johannesburg – In a bizarre twist, a former Gupta company is taking on another of the familys companies in a bid to recover R4million in unpaid rent and services. Business rescue practitioners for Tegeta Exploration and Resources – which is under business rescue – have filed for the liquidation…
Eden Road Wines is being pulled from voluntary administration. Creditors (those owed money) agreed on Friday to accept an offer from shareholders that will allow the winery to remain open while the debt of $3,457,711 is paid. Up until the previous Friday, January 25, a sale of the winery was on the cards in order…
MUMBAI: The Department of Telecommunications has refunded Rs 298 crore to Aircel, bringing relief to the bankrupt mobile phone operator that has been struggling to maintain its assets ahead of their sale as part of an ongoing insolvency process and pay its employees their dues. Deloitte, which is overseeing the last leg of a corporate…
Tegeta Exploration and Resources has applied to the Gauteng High Court for the liquidation of its sister company, Oakbay Investments, claiming it owes it R3.8 million in rental and services arrears. Tegeta business rescue practitioner Kurt Knoop says in an affidavit that Oakbay is unable to pay its debts and is therefore liable to be…
With reference to the subject cited above, I would like to inform you that the following matters are the outcome of the 4th Committee of Creditors Meeting of M/s. Southern Online Bio Technologies Limited held on 19th February, 2019.1. Discussed on the 3rd CoC meeting minutes and approved by the members of the CoC2. ……3.…
Lavan has boosted it ranks with the appointment of two new partners in Perth. The firm has appointed Krista Bates as a corporate partner and Lawrence Lee as a restructuring and insolvency partner. Bates is an expert adviser on M&A, disposals, joint ventures, private-equity transactions, schemes of arrangements, corporate governance issues, commercial contracts, and general…
The end is officially near for Payless ShoeSource. Payless late on Monday filed for voluntary Chapter 11 bankruptcy protection. In the filing, the company said that it has approximately $470 million in outstanding debt it cant service. The company has already shut down online sales and plans to close its 2,500 North American stores beginning…
BANKRUPTCY & INSOLVENCY A resolution plan passed under the Insolvency and Bankruptcy Code, 2016 (IBC), binds all stakeholders of the company including any dissenting creditors. Providing a 66% voting threshold by value for approval is a useful tool to ensure that a revival plan is not held to ransom by minority financial creditors. Dhananjay Kumar…