Insolvency Guardian Media Centre
For-profit education company Career Education Corporation misrepresented the cost of attendance and job placement rates to its students
OLYMPIA More than 3,000 Washingtonians will receive more than $7.6 million in debt relief from Career Education Corporation (CEC), a for-profit higher education company, as part of Attorney General Bob Fergusons legal action over the companys use of deceptive practices to attract potential students. CEC owned and operated two campuses in Washington until they closed down.
The most debt relief an individual Washington student will receive is $59,000. The median amount of debt relief is $1,463.
In addition to debt relief and other injunctive terms, the company is legally required to disclose to prospectiv…
Read the full article at: http://www.atg.wa.gov/news/news-releases/ag-ferguson-obtains-more-7m-student-debt-relief-thousands-washingtonians-profit
The lenders held its last meet on Wednesday.After UK-based Liberty House has failed to make the upfront cash payment within the stipulated time for acquiring bankrupt Adhunik Metaliks (AML) under the Insolvency and Bankruptcy Code (IBC), lenders to the steelmaker are not opting for liquidation at this point of time as many companies have shown interests in buying the debt-ridden firm under the insolvency resolution process. In order to reach a preferred outcome, the lenders may negotiate with Maharashtra Seamless, the second highest bidder (H2), to resolve this case of corporate insolvency.
Last month the lenders had rejected an offer of Liberty House, a part of Sanjeev Gupta-led GFG Alliance, to pay an outstanding of around `4…
Read the full article at: https://www.financialexpress.com/industry/adhunik-metaliks-case-lenders-may-negotiate-with-second-highest-bidder/1432887/
Three major insurance companies are suing PG&E over the billions of dollars in claims they expect to face from the Camp Fire.
The lawsuits, by Allstate Insurance Co., State Farm and USAA, represent another potentially staggering blow to PG&E, which has already acknowledged that problems occurred on a high-voltage transmission tower near the spot where the fire started Nov. 8. Mu…
Read the full article at: https://www.sacbee.com/news/state/california/fires/article223870985.html
The former chief executive and owner of defunct airline Air Australia was closely involved in the operations of recently collapsed budget travel booking service Bestjet, documents reveal.
Guardian Australia reported on Wednesday that the Queensland-based budget airfare company Bestjet and its subsidiaries, Wynyard Travel Pty Ltd and Brooklyn Travel Pty Ltd, went into voluntary administration on 18 December.
Its wind-up has left travellers who booked flights through the company thousands of dollars out of pocket and searching for answers.
I really havent heard anything, and I dont hold out much hope that Im going to see the money again, said Paul, who spent just under $6,200 on flights for his family to visit Greece in November.
Its my 5…
Read the full article at: https://www.theguardian.com/australia-news/2019/jan/04/former-head-of-failed-air-australia-was-involved-with-bestjet-before-collapse
Jaitley said had started receiving corporate insolvency cases by the end of 2016 and so far 1,322 cases have been admitted by it. Photo: Mint
New Delhi: Finance Minister Arun Jaitley Thursday said Rs 80,000 crore has been recovered by creditors in 66 cases resolved by NCLT and around Rs 70,000 crore more is likely to be realised by March-end. Accusing the Congress of leaving behind a legacy of an anachronic system of resolving commercial insolvency, Jaitley said the NDA government acted swiftly to recover the non-performing loans and legislated the insolvency and bankruptcy code (IBC).
He said National Company Law Tribunal (NCLT) had started receiving corporate insolvency cases by the end of 2016 and so far 1,322 cases have been admitted b…
Read the full article at: https://www.livemint.com/Home-Page/vMy6Ky0YMCuyC0xKs5Df2M/NCLT-helped-creditors-recover-Rs-80k-cr-Rs-70k-cr-more-to-b.html
Three major insurance companies are suing PG&E over the billions of dollars in claims they expect to face from the Camp Fire.
The lawsuits, by Allstate Insurance Co., State Farm and USAA, represent another potentially staggering blow to PG&E, which has already acknowledged that problems occurred on a high-voltage transmission tower near the spot where the fire started Nov. 8. Mu…
Read the full article at: https://www.modbee.com/news/state/california/article223870985.html
- Student-loan debt is a prevalent issue in the US, with more than 44 million borrowers owing $US1.5 trillion, Forbes reported last year.
- Here, a married man in his late 20s shares how he and his spouse are paying back her six-figure student-loan debt through real-estate investing.
- Instead of working to pay down the debt as soon as possible, they decided to buy assets that would generate cash flow and pay for the debt with the passive income.
Shawn Breyer, an owner of Breyer Home Buyers, has been with his wife, Melissa, for six years. Now in their late 20s, they have been married for three years and live in Atlanta.
Though Shawn paid off most of his student debt while still in college, Melissa…
Read the full article at: https://www.businessinsider.com.au/paying-back-student-loan-debt-spouse-real-estate-2018-12
NEW YORK, Jan. 3, 2019 /PRNewswire/ — FULLBEAUTY Brands Inc.(“FULLBEAUTY” or the “Company”), today announced that it has entered into a comprehensive Restructuring Support Agreement (the”RSA”) with key stakeholders, including its equity sponsors, Apax Partners and Charlesbank Capital Partners (collectively, the “Sponsors”), holders of 100% of its first-in, last-out term loan claims (collectively, the “FILO Lenders”), holders of over 99% of its first lien term loan claims (collectively, the “First Lien Lenders”), and holders of over 95%ofits second lien term loan claims (collectively, the “Second Lien Lenders” and, together with the Sponsors, the FILO Lenders, and the First Lien Lenders, collectively, the “RSA Parties”).
Th…
Read the full article at: https://www.prnewswire.com/news-releases/fullbeauty-brands-enters-into-comprehensive-restructuring-support-agreement-with-debt-and-equity-holders-300772300.html
Cond Nast, the owner of glossy magazines including Vogue, Vanity Fair and GQ, has slumped to a 14m annual loss as it battles to reshape its business for the digital future.
The high-end magazine publisher reported a pre-tax loss of 13.6m in 2017 a huge swing from the 6.6m profit recorded the previous year according to its most recent financial filings made public on Thursday.
The company revealed that revenue was down 6.6%, from 121m to 113m.
The reversal in fortune came in a tumultuous year that saw the British Vogue editor Alexandra Shulman leave after more than 25 years, while Nicholas Coleridge, who had run Cond Nast Britain for almost three decades, stepped back to become chairman. The group also halted publication of Glamour as …
Read the full article at: https://www.theguardian.com/media/2019/jan/03/vogue-publisher-conde-nast-annual-loss
Over the last four-and-a-half years, the Bharatiya Janata Party-led National Democratic Alliance government has done much to constrict Indias economy.
Demonetisation hurt the smallest businesses: those of the self-employed. Their incomes are yet to return to pre-demonetisation levels. Many slightly bigger businesses, like small and medium enterprises in industrial clusters like Surat in Gujarat and Tirupur in Tamil Nadu, closed down after the introduction of the Goods and Services Tax in July 2017.
What has received less attention is the governments ham-handed treatment of the countrys bad loans problem. The governments insolvency proceedings have created a situation where a handful of companies are buying most of the distressed…
Read the full article at: https://scroll.in/article/907706/insolvency-process-competition-commission-should-see-if-monopolies-are-forming-says-yashwant-sinha
NEW YORK–(BUSINESS WIRE)–Reissuing release dated January 2, 2019 to correct ticker symbol from
YRCW to YRIV.
The corrected release reads:
EQUITY ALERT: ROSEN LAW FIRM FILES SECURITIES CLASS ACTION LAWSUIT
AGAINST YANGTZE RIVER PORT AND LOGISTICS LIMITED YRIV
Rosen Law Firm, a global investor rights law firm, announces it has
filed a class action lawsuit on behalf of purchasers of the securities
of Yangtze River Port and Logistics Limited (NASDAQ: YRIV) from February
2, 2016 through December 5, 2018, inclusive (the Class Period). The
lawsuit seeks to recover damages for Yangtze River investors under the
federal securities laws.
…
Read the full article at: https://www.businesswire.com/news/home/20190102005641/en/CORRECTING-REPLACING-EQUITY-ALERT-Rosen-Law-Firm
This is to inform you that the 9th Meeting of Committee of Creditors (CoC) was held on 27.12.2018.
In the meeting, the members of the COC authorised the Resolution Professional to re-issue/ publish Expression of Interest for submission of Resolution Plan in Form G in the newspaper namely Business Standard (English) and Punjab Kesari (Hindi).
Please find attached herewith newspaper cutting of Business Standard and Punjab Kesari.
Kindly take the above on your records.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/mount-shivalik-industries-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article25899369.ece