Insolvency Guardian Media Centre
MUMBAI: The Department of Telecommunications has refunded Rs 298 crore to Aircel, bringing relief to the bankrupt mobile phone operator that has been struggling to maintain its assets ahead of their sale as part of an ongoing insolvency process and pay its employees their dues.
Deloitte, which is overseeing the last leg of a corporate insolvency resolution process, received the money from DoT on Tuesday, under a Supreme Court order, according to people familiar with the matter. Deloitte did not respond to ETs queries by press time.
With this transaction, the debt-laden operator has recovered about Rs 639 crore after year-long legal battles with Bharti Airtel and DoT. The Maxis-owned operator is still fighting in the apex court to get ove…
Read the full article at: https://economictimes.indiatimes.com/industry/telecom/telecom-news/department-of-telecommunications-refunds-rs-298-crore-to-aircel/articleshow/68072452.cms
Tegeta Exploration and Resources has applied to the Gauteng High Court for the liquidation of its sister company, Oakbay Investments, claiming it owes it R3.8 million in rental and services arrears.
Tegeta business rescue practitioner Kurt Knoop says in an affidavit that Oakbay is unable to pay its debts and is therefore liable to be wound up. Both Tegeta and Oakbay are Gupta-controlled companies, though of the two, only Tegeta is in business rescue.
In 2013 Oakbay rented office space from Tegeta at Grayston Ridge Office Park in Sandton for R150 000 a month, escalating by 10% a year. This included various services such as phone and fax connections. The lease and services agreement was extended in October 2017, but Oakbay was unable to m…
Read the full article at: https://www.moneyweb.co.za/mineweb/one-gupta-company-applies-for-the-liquidation-of-another/
DETROIT (Reuters) – Ford Motor Co said on Tuesday it would exit its heavy commercial truck business in South America and cease production at a Brazilian plant this year as a result, part of a global restructuring meant to end losses in different regions.
As part of a broader restructuring that Ford previously said would result in $11 billion in charges, the company said it will cease production at its Sao Bernardo do Campo plant, ending sales of the cargo lineup, F-4000 and F-350 trucks, as well as the Fiesta small car once inventories are sold.
Ford said on Jan. 10 it would cut thousands of jobs and look at plant closures in Europe as part of its plan to return to profit in the region.
Following that announcement, analysts and investors h…
Read the full article at: https://www.euronews.com/2019/02/19/ford-exiting-heavy-truck-business-in-south-america
CDA is pleased to announce CommonBond as a CDA Endorsed Program that offers competitive student loan refinancing as a new member benefit.
Student loan debt is one of the largest financial hurdles a dentist may face. The average educational debt for all indebted graduates in the class of 2018 for U.S. public and private dental schools was $251,869 and $326,133, respectively, according to the American Dental Education Association.
CommonBond is a financial technology company that helps students and graduates pay for higher education. The companys program helps students save money on student debt over time by trading in existing high-interest loans for a single loan with a new interest rate, best-in-…
Read the full article at: https://www.cda.org/news-events/new-cda-endorsed-program-can-help-dentists-save-thousands-on-student-loan-debt
Treasury Cabinet Secretary Henry Rotich is the latest top-ranking official to be questioned over stalled Sh65 billion dam projects in the country.
Mr Rotich recorded a statement on Monday at the Directorate of Criminal Investigations over the Arror multi-purpose dam and Kimwarer in Keiyo South constituency in Elgeyo Marakwet County. It is not clear if the CS was questioned as a witness or if he is under investigation. Yesterday, Rotich did not respond to our calls and text messages inquiring about the issue.
Yesterday, DCI boss George Kinoti said…
Read the full article at: https://www.standardmedia.co.ke/article/2001313641/cs-rotich-grilled-in-kickbacks-probe
Flybmi operated 17 regional jet aircraft on routes to 25 European cities. The airline carried 522,000 passengers on 29,000 flights in 2018.
The majority of Flybmis 376 employees across the UK, Germany, Sweden and Belgium have been made redundant, although some have been retained to assist the joint administrators.
A spokesperson for Flybmi said: The airline has faced several difficulties, including recent spikes in fuel and carbon costs, the latter arising from the EUs recent decision to exclude UK airlines from full participation in the emissions trading scheme.
These issues have undermined efforts to move the airline into profit.
Current trading and future prospects have also been seriously affected by the uncertainty created by the Br…
Read the full article at: https://www.accountancydaily.co/bdo-pilots-flybmi-administration
There can be many twists and turns over the life of a business, but one of the more serious (and usually final) turns is when it declares insolvency.
A recent spate of high profile collapses, most notably music retailer HMV, cake chain Patisserie Valerie, and department store House of Fraser, have all brought various insolvency methods to the fore.
While the word insolvent usually conjures up images of a business going bust and closing down, the reality is less clear.
Insolvency essentially means a company either cannot pay its bills when they are due, or its liabilities outnumber assets on its balance sheet.
A firm can still keep trading while in insolvency, although it often requires either agreement…
Read the full article at: https://www.proactiveinvestors.co.uk/companies/news/214896/when-business-goes-bad-what-are-a-companys-options-when-it-becomes-insolvent-214896.html
Lavan has boosted it ranks with the appointment of two new partners in Perth.
The firm has appointed Krista Bates as a corporate partner and Lawrence Lee as a restructuring and insolvency partner.
Bates is an expert adviser on M&A, disposals, joint ventures, private-equity transactions, schemes of arrangements, corporate governance issues, commercial contracts, and general corporate advice. She has an in-depth understanding of the nuances of investing in emerging markets, a skill set she developed in her more than 10 years living in Africa and working throughout sub-Saharan Africa.
She was most recently a senior consultant at Clifford Chance. She was also director and general counsel of low-cost airli…
Read the full article at: https://m.australasianlawyer.com.au/news/lavan-brings-in-top-duo-in-perth-260570.aspx
With reference to the subject cited above, I would like to inform you that the following matters are the outcome of the 4th Committee of Creditors Meeting of M/s. Southern Online Bio Technologies Limited held on 19th February, 2019.
1. Discussed on the 3rd CoC meeting minutes and approved by the members of the CoC
2. ……
3. ……..
4. ………..
5. RP has brought to the notice of the members of CoC about the appointment of Arbitrator and quotation received from one of the advocates who is involving arbitration proceedings and informed about the Visista Insurance agency status and also one of the members of the CoC has suggested another insurance broker details to get the quotations and further details from them.
This is for your informa…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/southern-online-bio-technologies-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article26313221.ece
The end is officially near for Payless ShoeSource.
Payless late on Monday filed for voluntary Chapter 11 bankruptcy protection. In the filing, the company said that it has approximately $470 million in outstanding debt it cant service. The company has already shut down online sales and plans to close its 2,500 North American stores beginning in March. The company will begin liquidation sales as soon as Sunday and plans to have all of its stores shuttered by the end of May. Payless will only honor gift cards until March 11.
Payless, which was founded in 1956 and grew to become one of the largest shoe retailers in the U.S., filed for bankruptcy protection in 2017. At the time, Pay…
Read the full article at: http://fortune.com/2019/02/19/payless-shoesource-bankruptcy/
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best today announced that Roger Sellek will step down as CEO
of AM Bests EMEA and AP regions effective 31 March 2019. Dr. Sellek
joined AM Best in 2007. During his tenure at AM Best Dr. Sellek
successfully led the expansion of AM Bests global business including
the establishment of offices in Dubai, Singapore and most recently
Amsterdam, with AM Best now providing rating services in more than 90
countries from its key regional hub offices.
As part of its strategic review and succession planning process, AM Best
has taken the opportunity to streamline the management of its business.
The new structure will enable the company …
Read the full article at: https://www.businesswire.com/news/home/20190219005262/en/Announces-Senior-Management-Organizational-Restructuring
The loss-making engineering and construction services contractor continues its rebuilding process to return DSI to profitability
The company appointed Tawfiq Abu Soud, a former managing director of its mechanical, electrical, and plumbing (MEP), and water and power businesses, as its newest CEO last month, just over a month after his predecessor, Yousef Al Mulla resigned.
By Neil Halligan