Insolvency Guardian Media Centre
Hyderabad: The VBC Industries which was declared insolvent earlier will now be taken over by Kamini Metalliks company for a price of Rs 98 crore.
A bench of national company law tribunal (NCLT) comprising K Anantha Padmanabha Swamy, member (judicial), and Dr Binod Kumar Sinha, member (technical) approved the resolution plan filed by Kamini Metalliks through resolution professional TSN Raja.
VBC which took Rs 268 crore from various lenders could not clear its dues. Resolution professional Raja, however, said that he will ensure that all the wage arrears of the workers from April 2018 onwards gets paid. Kamini will pay Rs 57 crore to the lenders of VBC.
Read the full article at: https://timesofindia.indiatimes.com/city/hyderabad/kamini-metalliks-to-take-over-vbc/articleshow/80374261.cms
Famed sports gambler Billy Walters was among the 143 people to which outgoing President Donald Trump granted clemency in his final day in office.
Walters was among the 70 people who were commuted, meaning the crime isnt wiped from his record but his required time served is being reduced.
Walters was convicted in 2017 and sentenced to five years in prison and forced to pay back more than $40 million in ill-gotten gains for his role in an insider trading scheme involving milk-maker Dean Foods.
Walters moved to Nevada in 1980 after being convicted of bookmaking in Kentucky. He was part of a betting syndicate in the 1980s that used data and computer analysis to beat sportsbooks well ahead of their time.
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Read the full article at: https://www.baltimoresun.com/gambling/sns-actnet-donald-trump-clemency-las-vegas-gambler-billy-walters-20210120-5gdsjalegjbsdjbtizyqf6c7qq-story.html
KUALA LUMPUR: Malaysia Aviation Group (MAG), the parent company of Malaysia Airlines, has successfully obtained the approval from the UK Court to proceed with a major component of the comprehensive restructuring of the group.
That court decision was a major milestone towards securing the airline’s future following the severe impact of the Covid-19 pandemic on the travel and tourism industry globally.
The airline said in a statement that the restructuring was based on a revised long-term business plan and will pave the way for MAG to ensure its long-term sustainability together with the strong support from its shareholder and the large majority of its creditors.
With the success of obtaining approval through the UK court-convened restru…
Read the full article at: https://www.thestar.com.my/business/business-news/2021/01/20/malaysia-aviation-group-moves-forward-in-its-restructuring-exercise
Read the full article at: https://www.irishexaminer.com/farming/arid-40211165.html
As with nearly every other project Elon Musk is involved with, his SpaceX is going a novel route with its rocket launches. Various media outlets reported on Tuesday that the space exploration company plans to launch rockets from a pair of oil rigs recently purchased from Valaris, the once-mighty offshore drilling contractor that declared Chapter 11 bankruptcy last August.
The pair, now named Deimos and Phobos (apparently after the two moons of Mars), will be used as launchpads and for other purposes for the exploration company’s planned Starship, a two-stage vehicle currently undergoing tests.
Last June, several weeks before the rigs were purchased for $3.5 million each by a SpaceX affiliate, Musk tweeted that “SpaceX is building float…
Read the full article at: https://www.fool.com/investing/2021/01/20/spacex-repurposing-oil-rigs-from-bankrupt-valaris/
More than 100 oil and gas companies declared bankruptcy in 2020 after the coronavirus pandemic plunged the energy sector into the worst downturn in a generation.
Forty-six exploration and production companies and 61 oil-field service companies filed for Chapter 11 bankruptcy last year, according to Haynes and Boone, a Dallas law firm tracking bankruptcies. The 107 oil and gas bankruptcies in 2020 were the most since 142 bankruptcies were filed during the last oil bust in 2016.
Since 2015, more than 500 bankruptcies have been filed in the North American oil and gas industry, Haynes and Boone said in its latest bankruptcy report published this month. In hindsight, 2020 stands out over this dismal period for the industry setting a number o…
Read the full article at: https://www.houstonchronicle.com/business/energy/article/More-than-100-oil-and-gas-companies-filed-for-15884538.php
Nearly a year ago, Casey Urlacher found himself charged with nine others in a sports gambling case that could have put him in federal prison.
That prison threat still looms over most of his co-defendants. But late Tuesday, President Donald Trump granted a full pardon to Urlacher, mayor of north suburban Mettawa and brother of Chicago Bears great Brian Urlacher.
Throughout his life, Mr. Urlacher has been committed to public service and has consistently given back to his community, the White House wrote in its announcement. It also called Casey Urlacher a devoted husband to his wife and a loving father to his 17-month-old daughter.
The lead defendant in the case that included Urlacher, Vincent Uncle Mick DelGiudice, is expected to plead g…
Read the full article at: https://chicago.suntimes.com/2021/1/20/22240168/casey-urlacher-pardon-president-trump-sports-gambling-indictment
Customers who have gone for loan restructuring between December and March 31 will be roughly about 1-1.2% of our portfolio, says Shyam Srinivasan, MD & CEO, Federal Bank
Earlier, you had projected that Rs 3,500-crore loans will need to be restructured but the request has come for only Rs 1,500 crore. It is great news but how did this drastic fall come about?
The big difference between last quarter and this quarter is the reality. People have started seeing businesses doing better and generally the preference is not to be a restructured customer. December end is one milestone as in the retail and corporate customers had a chance to seek restructuring and we have seen experientially people have not opted to. Either they have paid or the situ…
Read the full article at: https://economictimes.indiatimes.com/markets/expert-view/shyam-srinivasan-on-why-federal-bank-restructured-book-is-half-of-estimates/articleshow/80368458.cms
RateSetter has outlined the benefits of a debt consolidation loan, such as reducing a borrowers monthly payments.
A debt consolidation loan rolls your existing borrowing into one loan so instead of paying monthly repayments for each of your debts, you pay a single monthly payment to one loan provider.
Read more: RateSetter to stop receiving IFISA transfers
RateSetter said a debt consolidation loan gives a borrower better control of their finances with one single monthly payment on the same date each month to the same lender.
The platform added that it should allow borrowers to save money by paying off higher interest credit like credit cards with one lower rate of interest, depending on the total cost of the borrowing and any fees invo…
Read the full article at: https://www.p2pfinancenews.co.uk/2021/01/20/ratesetter-outlines-benefits-of-debt-consolidation-loans/
THE Singapore Exchange (SGX) has raised queries regarding New Silkroutes Group’s wholly-owned oil-trading subsidiary, International Energy Group (IEG), which the group has not been successful in winding up.
The agreement for the disposal of IEG to TK Energy lapsed on June 30 last year, after the buyer failed to disburse loans to New Silkroutes Capital and IEG.
In a regulatory filing on Wednesday, New Silkroutes said that in view of the global pandemic and the challenging energy market, the management and the board believe that the energy business is not sustainable and that IEG will not be able to fulfil its debt obligations – and this is after taking into account the cash flow projections commencing in the second quarter of 2021.
“In …
Read the full article at: https://www.businesstimes.com.sg/companies-markets/sgx-queries-on-new-silkroutes-liquidation-of-oil-trading-unit
Nearly a year ago, Casey Urlacher found himself caught up with nine others in a sports gambling indictment that could have put him in federal prison.
That prison threat still looms over most of his co-defendants. But late Tuesday, President Donald Trump granted a full pardon to Urlacher, mayor of north suburban Mettawa and brother of Chicago Bears great Brian Urlacher.
Throughout his life, Mr. Urlacher has been committed to public service and has consistently given back to his community, the White House wrote in its announcement. It also called Casey Urlacher a devoted husband to his wife and a loving father to his 17-month-old daughter.
The lead defendant in the case that included Urlacher, Vincent Uncle Mick DelGiudice, is expected to…
Read the full article at: https://chicago.suntimes.com/2021/1/20/22240168/casey-urlacher-pardon-president-trump
Despite the fact that many of us treat “debt” like a dirty word, millions of Americans are drowning it in. Even after a huge bump in debt repayments this year, Americans are still past due on their credit card payments to the tune of $945 billion. On top of that, we also collectively owe $1.7 trillion dollars in student loan debt, according to the Federal Reserve of St. Louis. It can be daunting to deal with debt, but you dont have to do it alone. Here are a few manageable steps you can take to pay back what you owe.
1. Cover your most essential costs (even if it means skipping a payment).
If you cant feed yourself or keep a roof over your head, you need to prioritize those basic needs before you start paying down any debt,…
Read the full article at: https://www.today.com/money/5-step-plan-paying-debt-2021-today-t206099