Suraksha Asset Reconstruction Company, a Mumbai-based firm, has emerged as the highest bidder for Jaypee Infratech Ltd (JIL), a special purpose vehicle (SPV) of Jaiprakash Associates set up to construct the Yamuna Expressway project but failed to repay its loans. The company was sent for debt resolution in 2017 under the Insolvency and Bankruptcy Code 2016 after it defaulted on debt worth Rs …
Read the full article at: https://www.business-standard.com/article/companies/jaypee-infratech-insolvency-suraksha-emerges-as-the-highest-bidder-121051900035_1.html
India’s Tata Motors Ltd posted a surprise quarterly loss and took a US$2.05 billion charge at the luxury Jaguar Land Rover (JLR) unit, warning that a global chip crunch and surging COVID-19 cases in the country would hurt its business.
BENGALURU: India’s Tata Motors Ltd posted a surprise quarterly loss and took a US$2.05 billion charge at the luxury Jaguar Land Rover (JLR) unit, warning that a global chip crunch …
Read the full article at: https://www.channelnewsasia.com/news/business/jlr-parent-logs-surprise-loss-on-us-2-billion-restructuring-charge-14834088
Overview
On 12 May 2021, the High Court sanctioned three inter-conditional restructuring plans, under the Part 26A of the Companies Act 2006, for certain English subsidiaries of the Virgin Active group, despite major opposition of certain landlords.[1] In the landmark decision, the High Court exercised its discretion to cram-down multiple classes of dissenting landlords in each plan, compromising their claims.
This client alert is relevant to disrupted, stressed, and distressed companies, as well as their directors and creditors, including landlords.
Key takeaways
1. Valuation: the restructuring plan procedure will not be undermined by lengthy valuation disputes. A desktop valuation may be used to value a plan company there is no abso…
Read the full article at: https://www.jdsupra.com/legalnews/sanctioned-virgin-active-s-1522075/
Even before the economic upheaval of COVID-19, times were tough for traditional print media. People are increasingly consuming their news and other media via digital platforms rather than newspapers and magazines, and digital content is simply not as profitable in most cases. This has upended the business model of traditional print media companies, with readership and revenue in a general industry-wide decline.
This reality recently caught up with Singapore Press Holdings, the publisher of the countrys flagship English-language newspaper The Straits Times, and the dominant print media player since 1984. With the onset of the pandemic, Singapore Press Holdings posted a pre-tax loss of SGD $85.3 million in 2020. And while…
Read the full article at: https://thediplomat.com/2021/05/why-singapore-press-holdings-is-restructuring/
MUMBAI: S&P Global Ratings on Tuesday said Vedanta Resources‘ ability to meet debt maturities till June next year is backed by strong operating performance of its subsidiary Vedanta Ltd.
“We forecast Vedanta will generate solid consolidated free operating cash flow of about US$2.5 billion in fiscal 2022 (year ending March 2022), based on the company’s operational and capital expenditure guidance. Strong commodity prices should support Vedanta Ltd.’s robust performance, enhancing its ability to pay dividends to Vedanta Resources and help the parent’s refinancing” said S&P.
Vedanta Resources will use part of the proceeds of its $1.2 billion bond issued in February 2021 to meet its debt maturities of about $550 million (including i…
Read the full article at: https://www.livemint.com/companies/news/vedanta-resources-strong-operating-performance-to-help-debt-servicing-sp-11621326631153.html
Photo: iStock
Photo: iStock
The height of a global pandemic may not seem like a particularly propitious time to roll out a transformative piece of corporate legislation, but in June 2020 the UKs Corporate Insolvency and Governance Act (CIGA) came into force.
The Insolvency Service described it as the most significant change to the UKs corporate insolvency regime in more than 20 years.
And one of its key provisions was the introduction of the new role of a monitor to oversee a corporate moratorium: an extendable, 20-working-day period giving businesses protection from creditor action unless they have the permission of the court while the business seeks professional restructuring advice.
CIGA gives companies time to present a rest…
Read the full article at: https://www.euromoney.com/article/28jnpkht2l1h4qwhhgqo0/treasury/focus-on-insolvency-rules-will-intensify-as-protections-expire
Expanding debt help and advice firm Debt Support Service is relocating to Salfords Exchange Quay campus as the business gears up to double its workforce in the next two years.
Debt Support Service was founded in 2009 with the aim of providing fair and ethical consumer debt advice to UK residents.
Due to tightening of FCA regulations reducing the number of competitors, alongside an increase in the need for debt advice, the business has experienced sustained growth and is preparing for further expansion in the months ahead.
The companys 24 staff will move into a4,200 sq ft of office suite on the 8th floor of Building 8 later this month once North West contractor Aztec Interiors has completed the fit-out.
The new offices, which have been l…
Read the full article at: https://www.thebusinessdesk.com/northwest/news/2079150-expanding-debt-help-and-advice-firm-relocates-to-exchange-quay
PARIS
France has announced to cancel the debt of $5 billion and earmark another $1.5 billion arrears with the International Monetary Fund (IMF) to give relief to Sudan, reeling under the foreign debt.
We are one of the important creditors… and we are in favor of canceling the full debt of $5 billion that Sudan owes us. This is a real meaning of our support in the transition. France will put every effort to alleviate your foreign debt,
President Emmanuel Macron announced at a news conference, which he addressed jointly with President of the Sovereignty Council of Sudan Abdel Fattah Al-Burhan, and Prime Minister Abdallah Hamdok in Paris.
The measures to help Sudan were decided at an international conference to support Khartoums transiti…
Read the full article at: https://www.aa.com.tr/en/africa/france-to-cancel-sudan-s-debt-help-clear-imf-arrears/2245526
The second lender claim from Westpac, Chinas Bank of Communications and Spains Banco Bilbao Vizcaya Argentaria alleges both insolvent trading and material adverse effect (MAE) against remaining Arrium treasury employees Ms Sparkes and Mr Bakewell.
Marcus Pesman, SC, who represented the Arrium directors in the liquidator action as well as Mr Bakewell across all three actions, argued an MAE had not occurred at all.
If the MAE can only be established by extensive analysis of the financial performance of Arrium … then it is logically, we say, impossible for Mr Bakewell or anybody else to perform that exercise as at the date of each of the drawdowns, Mr Pesman said on May 11.
So that whatever else is going on, there is no possibility that …
Read the full article at: https://www.afr.com/companies/manufacturing/arrium-courtroom-saga-awaits-judge-s-ruling-20210518-p57sti