Insolvency Guardian Media Centre
Credit Agricole SA backed blockchain startup SETL has landed in troubled waters. The company recently appointed administrators to reorganize its business as noted in its corporate insolvency notice. Bloomberg reported that the company would be working with Quantuma LLP to reorganize its business.
A Promising Start Leads Nowhere
About two months ago, the startup appointed the former chief of Frances central bank, Christian Noyer to its board. The company was founded in 2015 to bring blockchain technology closer to the financial services industry.
Several top finance names were linked with the company- including that of David Walker, the ex-chairman of Barclays. The company was founded by Peter Randall, the former stock-exchange executive, an…
Read the full article at: https://tokenmantra.com/london-based-blockchain-startup-setl-starts-corporate-reorganization/
Sir Philip Green is set to carry out a significant restructuring of his retail empire which could result in hundreds of job losses and store closures.
The retail billionaire tycoon and his advisers, Deloitte, are close to unveiling plans for Arcadia to carry out a Company Voluntary Arrangement (CVA) an insolvency process that allows a company with debt problems to reach agreement with its creditors regarding payment over an agreed period.
It would give Arcadia a breathing space during which stores may be closed and rents r…
Read the full article at: https://www.thetimes.co.uk/article/green-ready-to-begin-restructuring-of-arcadia-j5bz78wwn
Sir Philip Green is edging closer to a radical restructuring of his Arcadia retail empire in a move that could result in significant stores closure and job losses.
The retail billionaire and his advisers are understood to be in talks about entering a company voluntary arrangement (CVA), an insolvency process that would require the approval of creditors, Sky News reported.
The company confirmed it was reviewing the business. Within an exceptionally challenging retail market and given the continued pressures that are specific to the UK high street we are exploring several options to enable the business to operate in a more efficient manner, Arcadia said.
None of the options being explored…
Read the full article at: https://www.telegraph.co.uk/business/2019/03/15/sir-philip-green-edges-closer-restructuring-high-street-empire/
Pursuant to an Order dated 13 March, 2019 of the National Company Law Tribunal, Kolkata Bench, Corporate Insolvency Resolution Process (CIRP) has been initiated for Tantia Constructions Limited (the Company) as per the provisions of the Insolvency and Bankruptcy Code, 2016.A copy of the said order has been received on 15.03.2019.
Mr. Kshitiz Chhawchharia, Interim Resolution Professional has been appointed for carrying out the CIRP of the Company. Upon initiation of CIRP, the powers of the Board of Directors of the Company has been suspended and shall be exercised by the Interim Resolution Professional.
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It may be difficult for bo…
Read the full article at: https://www.nerdwallet.com/blog/loans/best-debt-consolidation-loans/
PHI Inc. was facing a deadline to pay back $500 million in unsecured notes. The helicopter company didnt have the money. So instead, the Louisiana-based firm declared bankruptcy late March 14, just minutes before the day the payment came due.
The Louisiana-headquartered firm, which operates over 240 aircraft, is the latest helicopter company to declare bankruptcy amid heavy debt loads and declining demand for their services from offshore oil drillers. PHI employs about 2,200 workers in over 70 locations around…
Read the full article at: https://news.bloomberglaw.com/bankruptcy-law/another-helicopter-company-in-trouble-as-phi-inc-goes-bankrupt-1
Oslo, Norway, March 15, 2019 – Thin Film Electronics ASA (“Thinfilm”) (OSE: THIN; OTCQX: TFECY), a global leader in Near Field Communications (NFC) solutions, today announced a strategic update and corporate restructuring aligning the business with the current market adoption of NFC. The Company plans to focus resources on developing and building market adoption of its brand protection and consumer engagement solutions.
Today, Thinfilm took the following steps toward this goal. The Company has:
– Paused development of printed dopant polysilicon (PDPS) technology
– Realigned its sales organization and its go-to-market strategy
– Sharpened its focus on complete product solutions, integrating hardware and software
– Reduced its global footp…
Read the full article at: https://globenewswire.com/news-release/2019/03/15/1755396/0/en/Thinfilm-announces-corporate-restructuring.html
Embattled renewables developer Carnegie Clean Energy has gone into voluntary administration, the ASX-listed company announcing on Friday that it had appointed KordaMentha Restructuring to oversee the business and its fully owned subsidiary, Energy Made Clean.
The administrators are in discussions with key stakeholders to secure funding to allow the company to continue to trade whilst the administrators pursue a recapitalisation, a statement on the companys ASX website said.
A further update in respect of the funding arrangements and potential recapitalisation proposal will be released to the market in the coming days.
The not entirely unexpected development comes just days after the the Western Australian government terminated a $16 milli…
Read the full article at: https://reneweconomy.com.au/wave-power-pioneer-carnegie-clean-energy-enters-administration-30431/
Sir Philip Green is accelerating efforts to restructure his Arcadia retail empire through a programme that could involve announcing significant numbers of store closures and substantial job losses as soon as next month.
Sky News has learnt that the billionaire tycoon and his advisers are working on proposals to unveil a Company Voluntary Arrangement (CVA) – a form of insolvency mechanism – within a matter of weeks.
The scheme, which would require the approval of creditors including landlords and the Pension Protection Fund (PPF), would trigger substantial job losses across the Arcadia business, whose brands include Top Shop, Dorothy Perkins and Miss Selfridge.
Formal discussi…
Read the full article at: https://news.sky.com/story/green-to-launch-arcadia-restructuring-within-weeks-11666034
Dear Sir/ Madam,
Sub: Notice of Eleventh Meeting of Committee of Creditors (CoC) of Uttam Value Steels Limited (Corporate Debtor)
Pursuant to the provisions of Regulation 30 [Schedule III, Part A, Clause A (16) (g)] of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 we wish to inform you that the Eleventh meeting of the Committee of Creditors (CoC) of Uttam Value Steels Limited (Corporate Debtor) under the provisions of the Insolvency and Bankruptcy Code, 2016, is scheduled to be held on Monday, 18th March, 2019
You are requested to take the same on record.
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/uttam-value-steels-ltd-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article26544316.ece
The outcome of the 24th COC meeting is summarized as herein below:
1.The COC agreed on a Monitoring Committee constituting three representatives as per the highest voting share of the COC members and an additional member of COC in the absence of any of the above three members. The same members were also identified as the ones who would represent the COC in legal matters, if any.
2.Discussions were held between the RP and the members of the COC with respect to distribution of proceeds, received under the approved resolution plan, to the financial creditors. Pursuant to this, it was decided that the two distribution methodologies under consideration, will be separately put to vote along with the resolution plan of the H1 bidder.
Pdf Link:
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Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/ramsarup-industries-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article26543393.ece
March 15 (Renewables Now) – Australian wave power specialist Carnegie Clean Energy (ASX:CCE) has entered into voluntary administration a few days after the Western Australia government cancelled a crucial financial assistance agreement.
The company announced on Friday that Richard Tucker and John Bumbak of KordaMentha Restructuring were appointed as voluntary administrators. They are holding discussionswith key stakeholders in an attempt to obtain funding, while also pursuing a recapitalisation via a Deed of Company Arrangement (DOCA), a bourse filing says.
The voluntary administration process concerns not only the parent company but also its subsidiaries EMC Co Pty Ltd…
Read the full article at: https://renewablesnow.com/news/aussie-wave-energy-expert-carnegie-enters-administration-646611/