Insolvency Guardian Media Centre
The Australian Securities and Investments Commission has banned two execs of the now-defunct Uglii Group from running any company.
Former Uglii Group directors Heather Knorr and Ge Zhu were disqualified by ASIC from managing corporations for four years for their roles in the insolvency of six companies within the group.
Uglii Group, whose core business involved search and indexing technology, was wound up in 2016 after the six companies in the group became insolvent.
The six companies were Uglii Corporation Limited, Traralgon Technology Holdings Limited, Uglii Find Australia Limited, BizMio Limited, Projects Discovery Services Pty Ltd and Uglii Ads System Pty Ltd.
ASIC alleged that Knorr and Zhu both failed to preve…
Read the full article at: https://www.crn.com.au/news/asic-bans-former-directors-of-failed-online-search-firm-uglii-group-523728
In a first, the Department of Telecommunications (DoT) has constituted an Insolvency Issues Committee to examine how it can protect its interest in cases where telecom operators are undergoing insolvency proceedings.
The moves comes as two operators Aircel and Reliance Communications (RCom) are undergoing bankruptcy proceedings.
As per rules under the Insolvency and Bankruptcy Code (IBC) rules, DoT is an operational creditor when telecom companies initiate Corporate Insolvency Resolution Process (CIRP).
However, there is a view within DoT that spectrum being a natural resource may be seen outside the purview of the insolvency rules.
The committee, constituted by the DoT secretary, will also look into the legal position of resources (spect…
Read the full article at: https://www.thehindubusinessline.com/info-tech/dot-forms-committee-to-examine-issues-arising-out-telcos-insolvency/article26798617.ece
Subject: Disclosure under Regulation 30(2) read with Schedule III of Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015 – Post – facto intimation of the First Meeting of Committee of Creditors of Punj Lloyd Limited
Dear Sir/Madam,
Pursuant to Regulation 30 (2) of Securities and Exchange Board Of India (Listing Obligations & Disclosure Requirements) Regulations, 2015 (LODR) and in accordance with the requirements of Sub Clause 16 (g) of Clause A of Part A of Schedule III of SEBI (LODR), we wish to inform you that the First Meeting of the Committee of Creditors of Punj Lloyd Limited in compliance of Regulation 19 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process …
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/punj-lloyd-ltd-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article26793350.ece
The Sports Direct boss Mike Ashley has threatened legal action to remove Debenhams administrators after his stake in the department store group was wiped out and the company put into the hands of its lenders.
Debenhams listed holding company entered pre-pack administration on Tuesday, rendering shareholders investments, including Sports Directs near-30% stake, worthless.
The retailers 165 UK outlets continue to trade via a new company owned by its banks and bondholders in return for reducing the companys debt pile, which had topped 600m.
In a letter to FTI Consulting, whose executives were appointed joint administrators of Debenhams, Sports Directs lawyers called for the insolvency process to be reversed or face further action.
The lett…
Read the full article at: https://www.theguardian.com/business/2019/apr/10/mike-ashley-lawyers-debenhams-insolvency-reversed-administator
Shares in Senvion were in free fall Wednesday after the embattled German wind turbine maker announced it was entering a process called self-administration in a last-ditch turnaround attempt.
The Hamburg-based manufacturer said the move was to safeguard an ongoing transformation program after refinancing discussions with lenders have so far not come to a positive conclusion.
According to financial sources cited by Reuters, Senvion needs at least 100 million euros ($112 million) to remain afloat in the short term.
Germanys self-administration law encourages financially stricken companies to declare insolvency early on, and thus increase the chances of a recovery, by allowing leadership teams to retain control of the business with overs…
Read the full article at: https://www.greentechmedia.com/articles/read/ailing-wind-turbine-maker-senvion-files-for-self-administration
FRANKFURT (Reuters) – Credit Agricole needs to reduce costs at its investment bank but will stop short of restructuring, a senior official said as the industry faces slowing revenue.
FILE PHOTO: A Credit Agricole logo is seen outside a bank office in Vertou near Nantes, France, February 11, 2019. REUTERS/Stephane Mahe/File Photo
Xavier Musca, deputy chief executive officer of the French lender, told journalists that there were too many investment banks not sufficiently focused on their business.
But Credit Agricole already restructured in 2011 and 2012 to downsize the investment bank to refocus, he said.
We will not announce a restructuring, Musca said. We will need to reduce costs, but it will not be a restructuring as announced by other…
Read the full article at: https://www.reuters.com/article/us-credit-agricole-investment-bank/credit-agricole-investment-bank-needs-to-cut-costs-deputy-ceo-says-idUSKCN1RM15V
ISTANBULTurkeys Finance Minister Berat Albayrak announced a $5 billion plan to help the countrys banks cope with a rise in corporate defaults, a remedy analysts said may not be enough to erase the towering debt left by a decade of credit-fuelled growth and avert protracted economic recession.
Mr. Albayrak, the son-in-law of President Recep Tayyip Erdogan, said Wednesday that the government would make the funds available to a number of state-run lenders to help them cope with bad debts, especially in the energy and construction…
Read the full article at: https://www.wsj.com/articles/turkey-unveils-5-billion-plan-to-help-banks-manage-bad-debts-11554896102
FRANKFURT (Reuters) – Credit Agricole needs to reduce costs at its investment bank but will stop short of restructuring, a senior official said as the industry faces slowing revenue.
FILE PHOTO: A Credit Agricole logo is seen outside a bank office in Vertou near Nantes, France, February 11, 2019. REUTERS/Stephane Mahe/File Photo
Xavier Musca, deputy chief executive officer of the French lender, told journalists that there were too many investment banks not sufficiently focused on their business.
But Credit Agricole already restructured in 2011 and 2012 to downsize the investment bank to refocus, he said.
We will not announce a restructuring, Musca said. We will need to reduce costs, but it will not be a restructuring as announced by other…
Read the full article at: https://www.reuters.com/article/us-credit-agricole-investment-bank/credit-agricole-investment-bank-needs-to-cut-costs-deputy-ceo-says-idUSKCN1RM15V?il=0
April 9 (Renewables Now) – German wind turbine maker Senvion SA (ETR:SEN) is officially entering preliminary self-administered insolvency proceedings as refinancing talks have so far provenunsuccessful.
The company announced on Tuesday that Senvion GmbH has filed for self-administration proceedings to safeguard the transformation programme it launched in January. The proceedings also relate to subsidiary Senvion Deutschland GmbH.
According to the press statement, main shareholder Centerbridge and Senvions lenders and major bond holders are supporting the decision to file the petition. The debt-laden wind turbine manufacturer noted that full recovery continues to be the …
Read the full article at: https://renewablesnow.com/news/update-senvion-initiates-self-administered-insolvency-proceedings-650113/
Nearly eight years into addiction recovery, Nicole Zoellner is still paying off $180,000 in gambling debt.
The Perry woman is married and has two children who now know of her struggles with a gambling addiction. She said she didnt tell her husband about her problem until several months into recovery. She broke the news at a family counseling session at A Chance to Change, an Oklahoma City-area nonprofit that provides classes, workshops and prevention programs for those with addiction or mental health issues. Zoellner still attends regular sessions.
Read the full article at: https://oklahomawatch.org/2019/04/09/the-invisibles-dealing-with-a-gambling-addiction/
Udacity, the $1 billion online education startup, has laid off about 20 percent of its workforce and is restructuring its operations as the companys co-founder Sebastian Thrun seeks to bring costs in line with revenue without curbing growth, TechCrunch has learned.
The objective is to do more than simply keep the company afloat, Thrun told TechCrunch in a phone interview. Instead, Thrun says these measures will allow Udacity from a money-losing operation to a break-even or profitable company by next quarter and then moving forward.
The 75 employees, including a handful of people in leadership positions, were laid off earlier today as part of a broader plan to restructure operations at Udacity. The startup now employs 300 full-time…
Read the full article at: https://techcrunch.com/2019/04/09/udacity-restructures-operations-lays-off-20-percent-of-its-workforce/
Nearly eight years into addiction recovery, Nicole Zoellner is still paying off $180,000 in gambling debt.
The Perry woman is married and has two children who now know of her struggles with a gambling addiction. She said she didnt tell her husband about her problem until several months into recovery. She broke the news at a family counseling session at A Chance to Change, an Oklahoma City-area nonprofit that provides classes, workshops and prevention programs for those with addiction or mental health issues. Zoellner still attends regular sessions.
Read the full article at: http://oklahomawatch.org/2019/04/09/the-invisibles-dealing-with-a-gambling-addiction/