Indebted Chinese developer Sino-Ocean Group won approval for its restructuring plan from a UK court on Monday despite objections from some creditors, potentially paving the way for it to prevail in a liquidation lawsuit in Hong Kong.

London’s high court approved the builder’s offshore restructuring proposal, which allows the state-backed company to overhaul some US$6 billion in debt. The proposal, first unveiled in July, was opposed by an ad hoc group of creditors.

The developer, which counts state-backed China Life Insurance and Dajia Insurance among its top shareholders, wants to repay creditors by issuing US$2.2 billion in long-term bonds and a combination of new mandatory convertible notes and perpetual securities.

“I have no…

One of London’s original craft beer names, By the Horns, has entered liquidation, with owners citing bad debtors, the economy and rent hikes as just some of the reasons.

The company, founded in 2011 by Alex Bull and Chris Mills, started with a five and a half barrel kit in Summerstown, before moving production out to a new site with the potential to produce 12,000hl, in Salfords, Surrey, in 2021 and was confident about its trading future. However, circumstances of the last year led to its demise, as Bull explained.

“During Covid we were okay, we did a lot of online business and when the leases were up at our old site, we saw the opportunity to build a production unit and it was all…

The University of York is facing a financial crisis and are consequently trying to lower their running costs, but there is significant concern about how this will affect students’ experience, as well as the quality of teaching.

Nouse spoke to a staff member from the TFTI department who said: “Every department had to produce a budget with significant cuts. The plan as submitted would reduce taught hours somewhat but the course is still doable with the cuts. The problem is if they are asked to make more cuts – the budget is as tight as it can go without the work suffering.”

They emphasised that “the main thing that students will notice is a reduction in taught hours.”

Nouse understands that departments across the University will…

According to the Madras High Court, situations in which the default persists after the moratorium term is not covered by the proviso to Section 10-A of the Insolvency and Bankruptcy Code (IBC), 2016. According to the court, Section 10-A merely places a temporary hold on the start of the Corporate Insolvency Resolution Process (CIRP).

Since 2017, Evershine Wood Packaging Private Limited, the corporate debtor, has operated a timber business and taken use of a number of credit options offered by Indian Bank. Due to the corporate debtor’s failure to make loan or debt…

Abhishek Bachchan, who has been an entrepreneur for many years now, recently spoke about his investments, and said that there was a time when he was signing films just to fund his sporting business. But, he said, that isn’t the case anymore. The actor said that this strategy took the joy out of creative work, and he has decided to put a stop to it. In a chat with CNBC TV18, Abhishek said that he does not believe in valuations when it comes to starting a business.

“I have been pitched several businesses. In the early days, when you were naive, you would get impressed by these numbers. And having run 2-3 successful sporting teams, you realise that projections are just that, they are just on paper,” he said. Abhishek was then asked…