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Business Leading accountancy and business advisory firm Johnston Carmichael has strengthened its restructuring team with the progression of Graeme Bain
Philippines-based HatchAsia Inc has completed its takeover of Australian-listed Southeast Asian casino operator Silver Heritage Group, with six new directors
By Kevin PeacheyPersonal finance correspondent, BBC News image copyrightGetty Images Some Barclaycard customers will see their minimum repayments rise from
The creditors of Codere SA have allowed the Spanish gambling group to renegotiate the terms of its senior secured debt notes.
The Bolsa Madrid gambling group has been allowed to defer its debt maturity payments from 2021 to 2023 as part of the firms ongoing restructuring arrangements.
Back in July, company creditors had allowed Codere to access a further 250 million credit line, maintaining the embattled firms South American business units afloat during covid lockdown.
The firms credit lifeline was extended on the condition that Codere accepted a debt tranche interest of 12.75% double the rate of interest paid on its long-standing corporate debt of 800 million.
Further terms saw the debt tranche maturity repayme…
HOUSTON, Jan. 25, 2021 /PRNewswire/ –Diamond Offshore Drilling, Inc. (“Diamond” or the “Company”) today announced that it has entered into a plan support agreement with holders of over 70% of each of its senior unsecured notes and revolving credit facility loans regarding a financial restructuring transaction that will significantly deleverage the Company’s balance sheet and position the Company for future growth.
As previously disclosed in the Company’s press release dated April 27, 2020, Diamond and certain of its subsidiaries filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas (the “Chapter 11 Cases”).
The Board of Bannari Amman Spinning Mills at its meeting held on 25 January 2021 has approved for Corporate Debt Restructuring proposal under the Scheme “Resolution framework for COVID-19 related stress” as per the RBI Circular No.RBl/2020-21/16 DOR.No.BP.BC/3/21.04.048/2020-21 dt: 6.8.2020.
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Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant fe…
Prime Minister Imran Khan on Monday called for further debt relief for stressed countries amid a surge in the coronavirus pandemic around the world and the detection of the new Covid-19 variants, saying “much more needed to be done” to achieve the sustainable development goals (SDGs) by the 2030 target.
Addressing the fourth session of the United Nations Conference on Trade and Development (UNCTAD), he observed that developing countries were “trapped between recovering from the pandemic and meeting their debt servicing obligations”.
“The world today is grappling with a series of interlinked and unprecedented public health and economic crises. While the coronavirus does not discriminate between the rich and the poor,…
The status of homebuyers as a class of financial creditors and their right to initiate the Corporate Insolvency Resolution Process (CIRP) against the builder/developer under the Insolvency and Bankruptcy Code (IBC or Code) had traversed a very long journey which witnessed various legislative amendments and Supreme Court’s decision (Chitra Sharma versus Union of India & Pioneer Infrastructure versus Union of India) on the constitutionality of those amendments.
This journey of homebuyers perhaps reached a destination with the latest judgment of Manish Kumar versus Union of India wherein the three-judge bench of the Supreme Court upheld that amendment to Section 7(1) of the code which prescribed a certain threshold for allottees.
Leading accountancy and business advisory firm Johnston Carmichael has strengthened its restructuring team with the progression of Graeme Bain to an appointment-taking director.
Monday, 25th January 2021, 7:00 am
Graeme, a licensed insolvency practitioner, joined Johnston Carmichael as a director in 2017, can now be appointed to oversee formal insolvency appointments. His progression comes after a 20-year career in restructuring, 16 of which were spent at a big four firm.
While highly experienced in all aspects of personal and corporate insolvency Graeme specialises in contentious creditor- led cases and has in-depth knowledge of investigation and asset recovery processes.
European fund manager Alexander Darwall admits he invested too much in Wirecard, the German fintech company that collapsed after auditors found a multi-billion black hole in its accounts. But he also said that German regulators bear some of the blame for not spotting the fraud sooner, and there are still plenty of unanswered questions about the company.
The manager of the Silver-rated European Opportunities Trust (JEO) says the episode was a lesson in having too large a stake in companies – and a reminder that you can’t always rely on regulators to spot problems. Certainly, the regulators in Germany and the accountants proved to be inadequate, he said.
What Happened to Wirecard
Payments giant Wirecard admitted in June 2020 that nearly 2 …
The National Company Law Tribunal , Hyderabad has approved the resolution plan of Kamini Metalliks for debt-strapped VBC Industries.
VBC Industries, which was earlier declared insolvent, will now have a new owner in Kamini Metalliks which offered 98 crore with its bid.
Judicial member K Anantha Padmanabha Swamy and Member Technical Binod Kumar Sinha of the NCLT Hyderabad, on a petition moved by the corporate debtor, approved the resolution plan filed by Kamini Metalliks.
Lenders had moved NCLT for a resolution against the VBC Industries, which had raised about 268 crore from various bank facilities but could not keep up its commitments to repay the dues.
TSN Raja, the resolution professional, in the case, assured that various dues to wo…
Philippines-based HatchAsia Inc has completed its takeover of Australian-listed Southeast Asian casino operator Silver Heritage Group, with six new directors replacing the former board as of last Friday.
Former CEO Mike Bolsover, Chairman Matthew Hunter and fellow director Darryl Kaplan are no longer associated with the company, replaced by representatives of the new ownership group, among them HatchAsias President and CEO Kirk A. Arambulo and DFNN Inc Executive Director Ramon C. Garcia Jr.
DFNN, which was recently the first company to receive a license from Philippines gaming regulator PAGCOR to offer domestic online gaming services under the nations new PIGO scheme, owns almost 19% of HatchAsia.
Moelis & Company to help swift reopening of UAE Exchange and other Finablr Group companies Image Credit: Ahmed Ramzan/Gulf News
Dubai: The consortium of Prism Group AG (Prism) and Abu Dhabis Royal Strategic Partners (RSP) has appointed independent investment bank Moelis & Company to advise on the restructuring and transformation of the Finablr Ltd and its subsidiaries, the global payment solutions group it agreed to acquire in December 2020.
Prism formed a consortium with RSP to complete the purchase of Group at the end of last year …
By Kevin Peachey Personal finance correspondent, BBC News
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Some Barclaycard customers will see their minimum repayments rise from Tuesday, at a time when finances are already stretched owing to Covid and Christmas.
The new requirements are tailored to each customer, although some may see a significant rise in demands.
But the changes will also see charges for exceeding a credit limit scrapped.
January is a pinch point for many in debt and borrowers are being urged to seek help if they are in trouble.
‘Charges explained’
Barclaycard signalled the changes to their pricing structures in November, although some borrowers may have missed the notice, which was titled “changes to your terms and con…
A NEWCASTLE builder accused of leaving five Hunter families out of pocket and with unfinished or ‘defect-riddled’ homes has been declared bankrupt. Ben Geary, of BJG Builders, filed for bankruptcy just days after Charlestown MP Jodie Harrison launched a scathing attack on him using parliamentary privilege in November. Ms Harrison said Mr Geary, of Lake Macquarie, had left a string of defective work, failed to comply with rectification orders and placed “enormous pressure” and “financial strain” on his clients. She urged the government to “create the necessary protections” so homeowners can undertake the “big financial commitment” of building or renovating their homes “in good faith”. “With so much at stake, it is important that regulat…
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