Insolvency Guardian Media Centre
A casino player was found beaten to death at a guest house in Macau. The investigators have confirmed that it all happened over unpaid gambling debts and the perpetrators were loan sharks.
The victim, aged 40, was confined in a guest house by three loan sharks after he had allegedly failed to pay off his gambling debts. The victim had borrowed HKD50,000 ($6,373) from the lenders but had lost all at the gambling venue following which he was taken into custody for nearly two days and was beaten to death.
The Macau police have arrested three people in connection with the murder. According to the Macau Daily Times, the crime was reported by one of the gangs who was allegedly overwhelmed with guilt. The Public Security P…
Read the full article at: https://casino.buzz/gambler-murdered-over-unpaid-gambling-debts-in-macau-7071/
One of the leading car manufacturers, PSA Group, has chosen Turkey as its pilot country for restructuring. The French automaker has recently merged its Peugeot, Citroen, DS and Opel brands under a single roof for the first time in Turkey.
The operation, which started in September 2018, was completed on April 1, 2019, with Opel moving from zmir to Istanbul, thus incorporating the sales, marketing and after-sales activities of four brands under a single roof in the Istanbul office. The company will put the new organizational structure in practice in Italy and South Africa in September after Turkey.
In the aftermath of its acquisition of Opel from General Motors in a deal valuing the business at $2.3 b…
Read the full article at: https://www.dailysabah.com/business/2019/05/07/french-psa-group-chooses-turkey-as-pilot-country-for-restructuring
The groups reported net profit came to $3.1 billion while cash earnings came to $3.2 billion, down 22 per cent from the prior corresponding period.
Excluding the major remediation costs of $617 million and wealth restructuring expenses of $136 million, cash earnings were down 5 per cent.
The banks statutory net profit was down 24 per cent to $3.1 billion.
Net fee income dropped by 35 per cent, or $452 million, partially due to lower advice revenue. Fewer planners and declined activity gave way to a revenue fall of 16 million.
Westpac also had a cash earnings loss of $305 million from its wealth business BT Financial Group, with the divisions revenue plummeting by 63 per cent to $439 million.
The bank listed changes in pricing structure, the e…
Read the full article at: https://www.investordaily.com.au/markets/44888-wealth-remediation-restructure-costing-westpac-620m
One killer confesses
A gambler has been found beaten to death in a Macau guesthouse, allegedly over unpaid casino debts, reports the Macau Times.
The unnamed victim, aged 40, had been held captive at the boarding house by three loan sharks, who had loaned him HKD50,000 ($6,373; 4,863). When the man lost all the cash at one of Macaus casinos, the trio gagged him and beat him to death with fists, shoes, and belts over the course of two days.
According to the police, one of the loan sharks confessed to the homicide, which happened on Saturday, May 4. The police then moved in to arrest the other two loan sharks in the Outer Harbor district. The three suspects are aged between 29 and 34 and come from mainland China.
Leng Kam Lon, a spokesper…
Read the full article at: https://www.vegasslotsonline.com/news/2019/05/06/macau-gambler-murdered-loan-sharks-unpaid-gambling-debts/
A mainland Chinese gambler was found dead in what was described as a guest house in downtown Macau peninsula on Friday. He is thought to have been severely beaten by suspected loan sharks over a purported gambling debt of HKD50,000 (US$6,373), according to the citys Judiciary Police.
In February, Macaus Secretary for Security, Won…
Read the full article at: https://www.ggrasia.com/three-suspects-held-over-death-of-gambler-macau-police/
CTI Foods (CTI or the Company), a leading custom foodservice manufacturer supplying top U.S. restaurant chains and branded food companies, today announced that it has successfully completed its financial restructuring and emerged from Chapter 11. Through the expedited eight-week process, CTI has reduced its debt by more than $400 million and is moving forward with approximately $110 million of committed exit financing from a new ABL facility, providing significant financial flexibility to support continued investments on behalf of its customers.
Today marks the beginning of the next chapter for CTI Foods as an even stronger company, said Mike Buccheri, President and Chief Executive Officer of CTI. Through this process and with the suppo…
Read the full article at: https://www.globalbankingandfinance.com/cti-foods-successfully-completes-financial-restructuring-and-emerges-from-chapter-11/
The Supreme Court recently struck down the Reserve Bank of India Circular dated 12 February 2018 (RBI circular), which directed banks to mandatorily initiate corporate insolvency resolution process (CIRP) for defaulting companies with loan exposure of more than 20 billion (US$290 million) where restructuring efforts failed. The lenders were directed to file applications singly or jointly under the Insolvency and Bankruptcy Code (code) within 15 days from the expiry of the 180-day deadline.
Senior partner
Hammurabi & Solomon
Following the ruling in Dharani Sugars and Chemicals Ltd v Union of India, dated 2 April 2019, the focus is now on various cases where the resolution of stressed assets for debts of more than 20 billion wer…
Read the full article at: https://www.vantageasia.com/commercial-implications-of-rbi-circular-strike-down/
A mainland Chinese gambler was found dead in what was described as a guest house in downtown Macau peninsula on Friday. He is thought to have been severely beaten by suspected loan sharks over a purported gambling debt of HKD50,000 (US$6,373), according to the citys Judiciary Police.
In February, Macaus Secretary for Security, Won…
Read the full article at: http://www.ggrasia.com/three-suspects-held-over-death-of-gambler-macau-police/
Toy retailer Build-A-Bear Workshop Australia has been saved from collapse, following a creditors meeting on the future of the business.
In a brief statement, the retailers CEO, Gavin Port, said that a Deed of Company Arrangement had been approved by creditors, which will see Build-A-Bear Workshop continue to trade and will save 200 local jobs from vanishing.
Build-A-Bear Workshop Australia had entered voluntary administration on 13 March this year. The local arm is a franchise of the global retailer of the same name.
[We are] very thankful for our partners support in ensuring the future of the business in Australia, Mr Port said.
We are very pleased to be able to continue offering the Australian guests with the unique experience Build-A-Bear…
Read the full article at: https://www.mybusiness.com.au/management/5742-build-a-bear-workshop-survives-administration
Blockchain startup SETL completes corporate restructuring programme
Troubled blockchain startup SETL has completed its corporate restructuring programme, the company said in a press release dated May 03.
Founded in 2015, SETL is an institutional payment and settlement infrastructure provider which uses blockchain technology. It raised $39 million till date and is backed by Citi, Deloitte, Computershare and Credit Agricole, among others.
However, in a turn of events, the company filed for insolvency with the UK authorities in March this year. It said at the time that it was seeking to sell off its subsidiary ID2S, the regulated central secu…
Read the full article at: https://tokenpost.com/Blockchain-startup-SETL-completes-corporate-restructuring-programme-1784
Adelaide
An SA-based residential cons…
Read the full article at: https://indaily.com.au/news/business/2019/05/06/supreme-court-winds-up-sa-based-homebuilder/
The ambitious large scale solar and battery storage developer Lyon Infrastructure says it has placed one of its units into voluntary administration following a legal spat with one of its investors but insists its broad plans will still go ahead.
In a statement on Monday, in response to enquiries by RenewEconomy, Lyon said it had appointed Deloitte as voluntary administrator to one of its entities, Lyon Infrastructure Investments 1 Pty Ltd, and that entitys subsidiaries, in order to facilitate a recapitalisation of that entity.
It insisted that the other entities in the Lyon Group are unaffected, as are its plans for dispatchable solar peaker projects, including a new solar and storage project near Cooktown in north Queensland, and other p…
Read the full article at: https://reneweconomy.com.au/battery-and-storage-hopeful-lyon-infrastructure-puts-unit-into-administration-83524/