Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Shares of Adani Power (APL) surged 2% in the morning trade on the NSE today after the company received approval from the Hyderabad Bench of the National Company Law Tribunal (NCLT) for its ₹4,101 crore resolution plan for acquisition of power generation firm Lanco Amarkantak (LAPL).
APL shares opened at ₹687 today and hit a high of ₹689, up 2.2% from yesterday’s close of ₹673.70.
The tribunal approval Lanco’s acquistion on August 21, 2024, which was disclosed by Adani Power in a post-market release on August 22.
Adani Power will acquire 100% shareholding in LAPL through an upfront cash payment, as part of LAPL’s Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code. The acquisition, subject to…
Slate Street Advisors, a leading consulting firm specializing in MCA debt relief and MCA debt restructuring, is proud to announce a significant milestone in its mission to help businesses regain financial stability. The firm is made up of a group of highly skilled MCA advisors and has successfully assisted thousands of clients in reducing their high-interest daily and weekly payments, and is on pace to triple its client base by the end of the year, thanks to strong word-of-mouth referrals.
Since its founding, This group of MCA Advisors has been at the forefront of providing customized solutions for businesses struggling under the weight of Merchant Cash Advance (MCA) debt. The firm’s…
The German department store chain Galeria KarstadtKaufhof (GKK) has filed for insolvency at the Essen District court. The company is actively seeking a new owner, and discussions with potential investors have already commenced with the aim of sustaining Galeria’s operations.
Reuters
“Operational success at Galeria has been constrained by the general conditions of the former ownership structure. Today’s event is distinctly considered a liberating boost,” mentioned CEO Olivier van den Bossche in a statement. The CEO’s statement further noted, “Signa Group’s bankruptcies have significantly harmed Galeria, hindering ongoing activities and severely…
The administrator for Mesh Direct has decided to liquidate the remainder of the company after Insane Signs purchased the majority of the company’s assets last week.
The decision to wind up Mesh Direct Media Pty Limited and place it into liquidation was made at the second creditors meeting on Friday, exactly one month after the business went into voluntary administration.
The Australian Tax Office is the largest debtor to the business owed $875,419.58.
“An application for the winding up of Mesh Direct Media Pty Limited was commenced by the Plaintiff – the Deputy Commissioner of Taxation on 2 April 2024,” the winding up order states.
A hearing in the Federal Court will take place at 9.30am on Friday…
The company behind a range of ‘smart’, bluetooth-enabled cookware has entered voluntary administration two years after it launched its first products.
Tim Heesh and Mark Everingham of TPH Advisory have been appointed as voluntary administrators of Zega Intelligent Cookware on March 18 and are now seeking urgent expressions of interest for investors or buyers for the business.
Zega produces a range of what it calls “intelligence cookware” — cooking pots that promise to contain heat, and therefore continue cooking your food, even when you remove them from the stove.
An Australian sushi restaurant chain that collapsed last year and was found to be underpaying staff has now racked up a debt worth $21million.
Sushi Bay and companies owned by the business went into liquidation over a few months early last year, with all but one of its 13 stores across NSW, the Northern Territory and Canberra closing up shop.
Operators of the Japanese restaurants were fined $15.3million by the Fair Work Ombudsman earlier this month for ‘deliberately exploiting vulnerable migrant workers’, including underpaying staff more than $650,000.
Sushi Bay’s debts have grown even higher, as seen in reports by liquidator Christopher Palmer of insolvency firm O’Brien Palmer, news.com.au reported.
Redflow Limited, an Australian energy storage company, has entered voluntary administration due to difficulties in securing the necessary equity funding for a strategic plan involving a new factory for large-scale battery manufacturing. Despite confirmed governmental support and commercial interest in their X10 battery, the company failed to attract the required matching funding from capital markets. The future of Redflow is now uncertain as administrators review the business and engage with potential parties to continue its development.
For further insights into AU:RFX stock, check out TipRanks’ Stock Analysis page.
One of Australia’s biggest battery technology hopefuls, Redflow, has been placed into voluntary administration in yet another blow to the country’s green industry ambitions.
The Brisbane-based company has been working for more than a decade on its flow battery technology – which has the advantage of longer duration and zero fire risk – but has been struggling on the issue of costs, particularly as the price of lithium-based batteries continues to fall.
