Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
HOFFMAN ESTATES, Ill., Nov. 3, 2018 /PRNewswire/ –Sears Holdings Corporation (“Holdings” or the “Company”) (OTC Pink: SHLDQ) today announced that it has sought court approval of a “stalking horse” asset purchase agreement with Service.com to acquire the Sears Home Improvement business (“SHIP”) in a sale process under Section 363 of the U.S. Bankruptcy Code. SHIP, which is based in Longwood, Florida, is a unit of the Sears Home Services division.
“The sale of SHIP is an important step for Sears Holdings as we continue working to achieve a comprehensive restructuring,” said Robert A. Riecker, Chief Financial Officer and member of the Office of the Chief Executive. “We look forward to completi…
We wish to inform you that our lender State Bank of India, Kolkatta has filed a petition under Section of IBC 2016 to trigger a Corporate Insolvency Regulation Process (CIRP) against our company i.e. Suryachakra Power Corporation Limited (SPCL) in National Company Law Tribunal (NCLT) Hyderabad vide CP (IB) No: 421/7/HDB/2018 in July 2018 which came up for hearing on 30.08.2018. After a couple of hearings the NCLT has admitted the above petition and issued its order dated 03.10.2018. A copy of the order dated 03.10.2018 is enclosed herewith for your information which is self-explicit.
The fraud trial of New York radio personality Craig Carton got underway on Tuesday. The sports jock once one half of WFANs Boomer and Carton show with former NFL quarterback Boomer Esiason is accused of scamming investors in a bogus ticket-reselling business in order to fund a multimillion-dollar gambling habit. He pleads not guilty.
Craig Carton arrives at a Manhattan courtroom on Tuesday to face charges of operating a multimillion-dollar Ponzi scheme. On Wednesday, the court heard from a loan shark who organized high-stakes gambling sprees for the radio star. (Image: NJ.com)
Carton and co-accused, New York strip club owner Michael Wright, are alleged to have orchestrated a Ponzi scheme that defrauded investors out of an estimated $5.6 …
Local operators of global technology firm Siemens AG, which is building 1,000km high voltage direct current lines between Ethiopia and Kenya, is seeking the courts protection to stop a firm that is threatening to file an insolvency petition over a disputed bill.
Siemens says in court filings it is apprehensive that if not restrained by the court Afrikon Limited might go ahead with its threat to file a winding up petition causing it reputational damage.
Siemens was initially awarded the contract in a consortium with construction company Isolux Corsan.
The tender was placed by the Ethiopian Electric Power Corporation and the Kenya Electricity Transmission Company and funded by the World Bank.
KOLKATA: The bankruptcy court has given the resolution professional overlooking asset monetisation of debt-laden Aircel more time – till January 15 -to complete the corporate insolvency resolution process (CIRP), failing which the telco may go under liquidation.
“as informed by the Ld. Resolution Professional, I am of the view that a period of 90 days can be extended by invoking the jurisdiction as prescribed u/s.12(3) of the Insolvency Code,” said the bench, headed by MK Shrawat in an interim order passed in October by the National Company Law Tribunal (NCLT)-Mumbai bench.
The extension was requested by resolution professional (RP) Deloitte, who is overseeing the debt resolution process of Aircel, owned by Malaysias Maxis, that has rake…
Carrying a mortgage into a retirement can present a number of concerns for homeowners, so many experts recommend paying off this debt during the working years. This isnt always possible though, and experts in a recent NerdWallet article that was republished by USA Today, offered ways to help mortgage-carrying retirees.
In the article Why you should pay off your mortgage before you retire and what to do if you cant, writer Liz Weston explains recent tax changes that have doubled the standard deduction, making mortgage interest deductions less advantageous.
Congress Joint Committee on Taxation estimates 13.8 million households will benefit from the mortgage interest deduction this year, compared to more than 32 million last year…
JOHANNESBURG – Although Halloween may not be as popular in South Africa as it is in other parts of the world, there is a new monster called skoloto (debt) that is keeping consumers awake at night. Many people are tormented by skoloto. But its a nightmare that can be overcome.
Even on a low income its possible to control debt or to get out of debt. Managing your debt is all about taking control of your spending behaviour by changing your mindset. That doesnt mean its easy, of course, but it does mean that if you are determined to overpower this nightmare, you can. Commit to making whatever lifestyle changes are necessary. Start living within your means. If you have to use credit, use it responsibly and draw up a budget and most of all sti…
Technicians relocate power transmission cables. FILE PHOTO | NMG
Local operators of global technology firm Siemens AG, which is building 1,000km high voltage direct current lines between Ethiopia and Kenya, is seeking the courts protection to stop a firm that is threatening to file an insolvency petition over a disputed bill.
Siemens says in court filings it is apprehensive that if not restrained by the court Afrikon Limited might go ahead with its threat to file a winding up petition causing it reputational damage.
Siemens was initially awarded the contract in a consortium with construction company Isolux Corsan.
The tender was placed by the Ethiopian Electric Power Corp…
Local operators of global technology firm Siemens AG, which is building 1,000km high voltage direct current lines between Ethiopia and Kenya, is seeking the courts protection to stop a firm that is threatening to file an insolvency petition over a disputed bill.
Siemens says in court filings it is apprehensive that if not restrained by the court Afrikon Limited might go ahead with its threat to file a winding up petition causing it reputational damage.
Siemens was initially awarded the contract in a consortium with construction company Isolux Corsan.
The tender was placed by the Ethiopian Electric Power Corporation and the Kenya Electricity Transmission Company and funded by the World Bank.
Unlockd founder Matt Berriman slammed Google for unlawful conduct in its attempt to block his app from their Android operating system
While Unlockd withdrew its case before the Federal Court on Wednesday, Mumbrella understands parties to the case are still reserving their right to restart the action against Google as the…
Chennai, Oct 31 (PTI) The Madras High Court on Wednesday issued a notice to the Insolvency and Bankruptcy Board of India (IDBI) on a petition which sought to restrain it from proceeding with insolvency applications of corporate bank loan defaulters. Justice R Mahadevan also impleaded the Reserve Bank of India as a respondent. The court observed that when farmers are dying due to inability to repay loans, the attitude of bankers towards such corporate defaulters has to be viewed seriously. Petitioner Siddarth Govind, an advocate, submitted that five major corporate bank loan defaulters alone owed around Rs 78,000 crore to various banks. He sought a direction restraining the IDBI from proceeding with the insolvency applications till disposa…
