Insolvency Guardian Media Centre
The liquidator of Gujarat-based Sterling Biotech, which owes more than 8,100 crore to lenders, has initiated a liquidation process of the company as a going concern at a reserve price of 548.46 crore.
The company is the worlds sixth-largest manufacturer of Gelatin and has already seen interest from about a dozen companies, a person connected with the matter told ET, on the condition of anonymity. Even when the company is facing liquidation, it has retained its licences and approvals and there are about 1,000 people on its rolls.
The company, promoted by Chetan and Nitin Sandesara, was admitted for liquidation on May 8, 2019. It operates two manufacturing facilities in Vadodara, Karakhadi and Masar in Gujarat and one in Ooty in Tamil Nadu. …
Read the full article at: https://economictimes.indiatimes.com/news/economy/finance/liquidator-seeks-bids-for-sterling-biotech-as-a-going-concern/articleshow/84689580.cms
Recovering from bankruptcy is tedious; you never know how long it will take before returning to a more stable financial life. During this time, thinking of getting another loan might even seem futile. However, there’s still hope, thanks to mortgage companies that deal with bankruptcies.
The process of getting a mortgage after bankruptcy can be a bit more time consuming than as a standard borrower, but it can be done with the right information. If you want to apply for a loan to buy or build a home, or for other purposes, you might want to know how long it will take to apply, which companies offer mortgages for borrowers who have discharged bankruptcy, and what property types can a discharged bankrupt buy.
Can I apply for a mortgage aft…
Read the full article at: https://www.ratecity.com.au/home-loans/articles/finding-suitable-mortgage-lenders-discharged-bankrupts
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Schlumberger’s revenue is down from two years ago, but margins are rising.
Bertrand Guay/AFP via Getty Images
A particularly strong quarter for oil-and-gas companies means the bar is higher for companies reporting earnings. Schlumberger appears to have leapt the hurdle with room to spare.
The largest oil-services company in the world posed a surprise beat and raise quarterly result, according to Coker Palmer analyst Vaibhav Vaishnav. Technically, all earnings beats are surprises, but this one was impressive enough to move the stock. Profits exceeded forecasts by a bigger percentage than at either Halliburton (HAL) or Baker Hughes (BKR), which reported earlier in the week, Vaishnav noted.
Schlumberger (SLB) opened …
Read the full article at: https://www.barrons.com/articles/schlumberger-earnings-revenue-margins-stock-51627054276
BUSINESS RESTRUCTURING REVIEWVOL. 20 NO. 4 JULY AUGUST 2021IN THIS ISSUE1 Chapter 15 Update: U.S. Bankruptcy Court Refuses to Enforce Order Approving Indonesian Debt Restructuring Plan Due to Third-Party Releases7 Setoffs Under Sharia-Compliant Investment Contracts Not Safe Harbored in Bankruptcy11 U.S. Bankruptcy Code Tolling Provision Applies in Chapter 15 Case to Extend Deadlines Under Foreign Bankruptcy Law15 Voting Right Assignment Unenforceable, But Subordinated Creditor Lacked Standing to Participate in Chapter 11 Plan Confirmation Process19 Illinois Bankruptcy Court Examines Statutory Authority for Enforcing Foreign Bankruptcy Court Orders in Chapter 15 Cases23 In Brief: U.S. Supreme Court Declines Review of High-Profile Bankr…
Read the full article at: https://www.jdsupra.com/legalnews/business-restructuring-review-july-9652245/
Even prior to the global impact of COVID-19, commercial bankruptcy filings were already on the rise. As stay-at-home orders caused many businesses to close or significantly curtail operations in 2020, financial struggles in the commercial sector mounted. Government assistance through the passage of different stimulus programs such as the Coronavirus Aid, Relief, and Economic Security (CARES) Act (2020) and Coronavirus Response and Consolidated Appropriations Act (2021) has temporarily helped companies stave off difficult financial decisions.In addition, lenders may have been more willing to provide modifications to loan agreements to provide for some payment relief in the near term. However, as stimulus funds dry up and business return…
Read the full article at: https://www.jdsupra.com/legalnews/key-considerations-for-officers-and-6632110/
A local small business owner who put out an emotional video crying out for more help from the government was likely operating a company that was trading while insolvent.
On Instagram, Carly Soderstrom posted a video saying small businesses couldn’t afford repeated lockdowns, and put direct blame for her financial woes on the pandemic.
But ASIC doccuments show Ms. Sodastrom’s previous business was placed into voluntary liquidation in January last year, after acquiring debts of over $400,000.
The business claimed to have under $30,000 in assets, a Jeep Wrangler taking up two thirds of that total.
Unsecured creditors were owed around $386,000, one man aloneleft $220,000 out of pocket by the failed company. The ATO was also owed around $…
Read the full article at: https://www.bay939.com.au/news/local-news/128139-troubled-torquay-business-in-strife-well-before-pandemic
US cloud company Rackspace is to lay off around 10 percent of workforce.
The company said it was shedding around 700 hundred employees as part of a restructuring plan, and will use the money saved to reinvest and expand its product offerings in fast-growing areas of the business.
On July 21, 2021, the company committed to an internal restructuring plan, which will drive a change in the types of and location of certain positions and is expected to result in the termination of approximately 10% of the Companys workforce, the company said in recent SEC filings.
The rebalance in workforce is a component of a broader strategic review of the Companys operations that is intended to more effectively align the Companys resources with its busines…
Read the full article at: https://www.datacenterdynamics.com/en/news/rackspace-to-lay-off-10-percent-of-workforce-in-restructuring/
AT&T Inc. (
T, Financial) is a great investment option at the moment. The stock is set to experience upside through both systemic and idiosyncratic tailwinds. From a market perspective, the company is expected to perform well as it’s a value stock, which typically combat inflation. The company is also in a restructuring process, causing investors to anticipate substantial gains.
Restructuring
AT&T has agreed on a deal with Discovery Inc. (
DISCA, Financial) to spin off its media assets. The purpose behind the agreement is to create a stand-alone brand, which will experience more significant synergies with the involvement of Discovery.
The company will retain 71% of the business and receive $43 billion in cash and debt securities, whi…
Read the full article at: https://www.gurufocus.com/news/1483429/atts-corporate-restructuring-will-add-to-existing-value
Consumer finance expert, Erica Sandberg, host of the weekly video podcast Making It in San Francisco that airs on KRON-4, spoke with Investopedia recently to share her take on the topic of debt relief in a post-pandemic world.
Sandberg’s background as a budget and debt counselor at the Consumer Credit Counseling Service of San Francisco has prepared her for this wide-ranging discussion on debt, which includes tips and strategies for anyone who finds themselves in or near a debt trap. Our edited conversation follows.
Defining Debt Relief
Investopedia: What is debt relief and when does debt relief become an option for someone with debt they can’t manage?
Sandberg: In general, debt relief refers to a reduction or cancellation of a co…
Read the full article at: https://www.investopedia.com/what-you-should-know-about-debt-relief-5193868
John Bell, director and founder of Clarke Bell, reflects on the impact that reduced government support will have on struggling businesses over the months ahead and shares some advice on how companies can best navigate these financial challenges
The next few weeks and months are going to be financially challenging as we tackle the aftermath of the pandemic. For the last 18 months, many businesses, large and small, across many different sectors have been struggling and have been able to rely on generous government packages to survive. However, that government support is set to be reduced and will tail off altogether in time. Those companies with cashflow problems and unmanageable business debts will have to face som…
Read the full article at: https://www.openaccessgovernment.org/business-owners-financial-challenges-post-covid/115956/
Companies on the brink of insolvency are increasingly appointing independent directors to their boards as they prepare for a bankruptcy filing, but their neutrality is disputed by creditors, lawyers and academics.
The companies label these directors as disinterested experts who act to maximize value for creditors by investigating the reasons for the bankruptcy, dealings between the company and its owner, and other matters. The directors input carries significant weight with bankruptcy judges, who tend to defer to their findings that a particular settlement or transaction is fair, years of court rulings show.
The problem, according to new research, is that some of these directors are biased in favor of the companies that hired them. The …
Read the full article at: https://www.wsj.com/articles/some-independent-directors-of-bankrupt-firms-show-bias-study-says-11627032600
The city of Huntsville, as well as other north Alabama government entities, have fully recovered incentives used to lure Remington Arms to open a gun manufacturing facility in the Rocket City.
Huntsville officials made the announcement Friday in a statement, saying that $12.5 million in incentives to Remington has been regained through the sale of Remingtons 800,000 square foot facility on Electronics Boulevard near Huntsville International Airport, the announcement said.
Remington declared Chapter 13 bankruptcy last year.
Other government agencies involved in the project included the city of Athens as well as the commissions of Madison, Morgan and Limestone counties and the Limestone County Economic Development Association.
Rela…
Read the full article at: https://www.al.com/news/2021/07/city-of-huntsville-recovers-investment-in-bankrupt-remington-project.html