Insolvency Guardian Media Centre
Lenders of insolvent Bhushan Power & Steel (BPSL) have chosen the Rs 197-billion bid of JSW Steel. The committee of creditors (CoC) voted by a 66.6 per cent majority in its favour.
Tata Steel and Liberty House were also in the race to acquire the company after the National Company Law Appellate Tribunal (NCLAT) on August 6 permitted the three to file additional unconditional resolution plans.
The Tatas had bid about Rs 170 billion. (They have already won the race of Bhushan Steel.) Liberty House offered to enter the race at a late stage, but this was challenged by Tata Steel.
Since JSW Steels bid got the bare minimum number of votes, now the National Company Law Tribunal will …
Read the full article at: https://www.business-standard.com/article/companies/lenders-of-insolvent-bhushan-power-pick-rs-197-billion-bid-of-jsw-steel-118101700026_1.html
Coimbatore: In a ruling that would benefit workers seeking initiation of insolvency against their employer for pending wages, the National Company Law Appellate Tribunal (NCLAT) has said that eligible employees can be represented through a single application.
With this, the NCLAT has overturned the order by the National Company Law Tribunals (NCLT), Kolkata bench that rejected an application for commencement of Corporate Insolvency Resolution Process on the ground that there must have been individual applications by workers.
In all, 284 employees of Tayo Rolls, a subsidiary of Tata Steel, were represented by one applicant in the NCLT. The NCLT rejected the application for commencement of Corporate Insolvency Resolution Process under the …
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/in-insolvency-cases-staff-can-file-single-application-for-dues/articleshow/66251728.cms
There has been a significant increase in calls to debt assistance services by seniors this year, including those struggling with their mortgage repayments.
According to recent statistics from the National Debt Helpline, a free independent service launched in 2011 for Australians experiencing financial difficulty, the helpline received more than 120,000 calls from January to August this year, up from 115,000 calls during the same eight-month period in 2017 and the highest ever for this period historically.
A representative from the National Debt Helpline, operated by the Financial Rights Legal Centre, confirmed that the helpline has been particularly busy this year, with an increasing number of senior Australians reaching out for assistance…
Read the full article at: https://www.mortgagebusiness.com.au/breaking-news/12765-p-i-switch-could-worsen-senior-debt-stress
Ian Berry/CNNMoney
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Read the full article at: https://www.keyt.com/news/education/judge-unblocks-obama-rule-on-student-debt-relief/807888198
(CNN) – An Obama-era rule designed to help students cheated by for-profit colleges get relief on their education debt finally took effect Tuesday after efforts by the Trump administration to block it.
A federal judge ordered immediate implementation of the rule, delayed last year by Education Secretary Betsy DeVos, while a challenge from the for-profit college industry proceeds.
The Depa…
Read the full article at: https://www.clickorlando.com/education/judge-unblocks-obama-rule-on-student-debt-relief
HOFFMAN ESTATES, Ill. Sears Holdings Corporation (Holdings, we, our, or the Company) (NASDAQ: SHLD) today announced a series of actions to position the Company to establish a sustainable capital structure, continue streamlining its operating model and grow profitably for the long term. To facilitate these actions, the Company and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District ofNew York(the Court).
The Company expects to move through the restructuring process as expeditiously as possible and is co…
Read the full article at: http://americajr.com/news/2018/10/16/sears-holdings-files-chapter-11-bankruptcy-ceo-eddie-lampert-steps-down/
Sub: Extension of timelines for submission of Expression of Interest (EoI)
Dear Sir,
This is in reference to the captioned subject and our letter dated 25th September, 2018.
We wish to inform you that as part of the Corporate Insolvency Resolution Process (CIRP) under the provisions of the Insolvency and Bankruptcy Code, 2016, Mr. Rajiv Chakraborty – Resolution Professional (RP) of Uttam Value Steels Limited had published an advertisement on 24th September, 2018, inviting Expressions of Interest (EoI) from potential resolution applicants for submission of resolution plans as per the CIRP.
With respect to same, please note that the RP has extended the timelines for submission of EoI from October 9, 2018 to October 19, 2018.
This is for your i…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/uttam-value-steels-ltd-corporate-insolvency-resolution-process-cirp-public-announcement/article25236927.ece
Net SE, the company behind the photographic brands Meyer Optik Goerlitz, CP Goerz and Oprema Jena, has been declared insolvent and will be wound up.
German blog Photoscala reports that insolvency proceedings have started for the assets of Net SE, thus throwing the fate of all of its many crowdfunded lens campaigns into doubt.
The Meyer Optik brand had launched several lenses on Kickstarter this year, and now it seems likely all those backers will never receive their glass and possibly their money back.
Photoscala reports that any claims should be addressed to a law firm called Lieser.
Net SE filed for bankruptcy earlier this summer.
Read the full article at: https://camerajabber.com/company-behind-meyer-optik-goerlitz-lenses-to-be-wound-up/
The US Bankruptcy Court for the Southern District of New York has approved US retailer Sears Holdings first day motions for its voluntary Chapter 11 restructuring.
The retailer filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code yesterday. This approval is expected to improve the companys liquidity position and allow it to continue business operations throughout the financial restructuring process.
The court authorised the company to access its $300m senior priming debtor-in-possession (DIP) financing from its senior secured asset-based re…
Read the full article at: https://www.retail-insight-network.com/news/sears-receives-court-approval-chapter-11-restructuring/
LOS ANGELES, Oct. 16, 2018 /PRNewswire/ — After a period of unprecedented growth, national wholesale insurance brokerage, managing general agent and program underwriter Worldwide Facilities announces an organizational restructuring. The company will reorganize into three divisions: Worldwide Brokerage, Worldwide MGA, and Worldwide Programs.
The driving force for this change is the significant growth that Worldwide Facilities has experienced in recent years. Having grown from about $550 million in gross written premium 3 years ago, the company now places approximately $1.5 billion in premium, with MGA and Program underwriting contributing 35% of that figure.
“We have evolved, on a deliberate and intentional basis, to a much…
Read the full article at: https://www.prnewswire.com/news-releases/worldwide-facilities-announces-organizational-restructure-promotes-eric-stuckman-and-hank-haldeman-to-president-roles-300731272.html
- A Perth-based startup with an app promising cheap international money transfers has been put into liquidation.
- The Federal Court was told that Bux Global raised at least $65 million.
- Evidence was given to the court that cash raised went to fund the private expenses of those associated with the startup and that the app didnt do what it was meant to.
Bux Global, a fintech with an app promising to disrupt the way multi-billion dollar international payments are made, raised tens of millions of dollars from investors, some of them reportedly high profile sportspeople, before going under.
A Federal Court judge, who appointed Ferrier Hodgsons Martin Jones and Andrew Smith as liquidators, says investors put at least $65…
Read the full article at: https://www.businessinsider.com.au/bux-global-startup-liquidation-perth-fintech-2018-10
Sears, an anchor of retail life for generations of Americans, filed for bankruptcy on Monday and said it was closing almost 150 stores, the latest marquee victim of the online era.
Founded in 1886 as a mail order catalog company, it went on to pioneer the department store industry, selling all things to all people, and by the mid-20th century had built a vast empire that stretched across North America.
But in recent decades the company struggled in a quickly shifting retail environment, battered by competition from big-box stores and then by the meteoric rise of Amazon and other e-commerce players.
Sears Holdings Corporation, also the parent company for Kmart, which merged with Sears in 2005, said in a statement it had filed for bankruptcy …
Read the full article at: https://au.news.yahoo.com/sears-once-mighty-us-retailer-files-bankruptcy-005217109–spt.html