Debt-laden Monnet Ispat and Energy Ltds creditors have approved an offer made by a consortium of distressed asset fund AION Capital Partners and billionaire Sajjan Jindal-led JSW Steel, The Economic Times reported, citing a person aware of the development. The offer includes a payment of Rs 2,450 crore to the lenders and equity funding of…
Calcutta: Numetal’s partners may buy out Rewant Ruia’s stake in the consortium pitching for Essar Steel if the latter is found to be ineligible to bid for stressed assets under the provisions of the Insolvency and Bankruptcy Code (IBC). Rewant, the younger son of Essar Group founder and promoter Ravi Ruia, holds a 25 per…
Things dont look good for CBL CORP FPO NZX (ASX: CBL), with the company placed in administration over the weekend. CBLs shares have been suspended since 6 February 2018, after entering a trading halt four days prior to that. I wrote on the 5 February that the company had shocked shareholders by announcing it would take a $100…
NZX and ASX-listed insurer CBL Corp is in voluntary administration and has appointed KordaMentha “to preserve value in the interest of all stakeholders” after regulatory issues linked to its European businesses escalated. The New Zealand High Court made orders appointing McGrath Nicol interim liquidator of CBL Insurance following an application made by the Reserve Bank of New Zealand, the insurance…
1/52 25 February 2018 Victims of the Northern Ireland Troubles come together to take part in the Time for truth march through Belfast city centre against the stalled efforts in dealing with Northern Ireland’s legacy issues. Rex 2/52 24 February 2018 Oxford University Boat Club race in preparation for The Cancer Research UK Boat Race…
Embattled insurance company CBL Corporation has put itself into voluntary administration to protect itself from the fallout of its troubled European business. (file photo) Photo: 123rf The company, which provides specialist insurance for the construction industry, said KordaMentha had been appointed as voluntary administrators for the New Zealand parts of the CBL group. “The directors…
West Australian subcontractors have been saddled with further debts totalling hundreds of thousands of dollars after major civil landscaping company BCL Group went into liquidation. The Wangara-based company’s collapse comes as the latest blow to the construction sector, after Cooper and Oxley and Choice Living both went into administration in the past month. BCL…
Monday, 26 February 2018, 9:57 amPress Release: KordaMentha KordaMentha New Zealand partners Brendon Gibson and Neale Jackson were appointed Voluntary Administrators by the Board of CBL Corporation Ltd (and certain of its subsidiaries) on 23 February 2018. Administrator Brendon Gibson said: We are working closely with CBLs management and its directors to execute strategies that…
Precedent Communications was operating at a substantial loss in the years leading up to the website developer being blamed for the biggest data breach in Australian history. The company fell into liquidation in December last year, 13 months after it was revealed that the personal records of 550,000 donors to the Red Cross Blood Service…
SINGAPORE – Crippled with a debt of US$877 million (S$1.16 billion), offshore services provider Otto Marine is seeking insolvency protection from the High Court in a bid to salvage the company and stave off liquidation. The troubled company, which has been delisted from the Singapore Exchange, filed an application on Tuesday (Feb 20) to be placed…