Insolvency Guardian Media Centre
KOLKATA: B K Birla group company Kesoram Industries on announced demerger of its tyre business in a major second round of restructuring in the wake of unsustainable debt of the company.
Kesoram, in a statement, said the company approved the demerger of the tyre undertaking into a new entity, Birla Tyres Limited.
“We are open for investors but will continue to be in the business of tyres,” Kesoram CFO Radhakrishnan told PTI.
Two years ago, the company had sold off the Laksar tyre plant near Haridwar to JK Tyres for close to Rs 2,000 crore in a bid to control its debt of Rs 5,300 crore.
The company has been continuously paring debt which currently stands at Rs 3,500 crore, but was grappling to manage it.
The turnover of the demerged tyre d…
Read the full article at: https://economictimes.indiatimes.com/tyres/kesoram-to-demerge-tyre-division-help-to-pare-rs-1000-cr-debt/articleshow/66939294.cms
Restructuring at Crowley: Jacksonville-based Crowley Maritime Corp. announced Wednesday that it will complete the merger its liner services group into Crowley Logistics on Jan. 1.
The business unit will be led by Steve Collar, senior vice president and general manager.
Crowley said integrating liner services into logistics was planned as part of a corporate restructuring announced this year that will yield four business units: Crowley Fuels, Crowley Solutions, Crowley Shipping and Crowley Logistics.
Southpoint Business Park building sold: The 22,344-square-foot, two story, multitenant office building at 4237 Salisbury Road, Building No. 4 in Southpoint Business Park, sold Wednesday to a private inves…
Read the full article at: https://www.jaxdailyrecord.com/article/business-in-brief-restructuring-at-crowley-maritime-corp
Registrations are now open for the Contract Law Masterclass Sydney and so is the chance reserve your seat at the best available rate with the time-limited Early Bird offer.
The one day masterclass puts the spotlight on some of the most complex areas of contract law. Among the speakers will be David Walter, Partner at Baker & McKenzie, who will be analysing how you can protect your business or clients against insolvency risks.
Hell be giving an overview of the new provisions (sections 415D-415G, 434J-434M and 451E-451H), discussing enforcing rights to terminate for delay, late payment or licensing issues, strategies for minimising exposure to contractor insolvency risk, protecting rights against the po…
Read the full article at: https://www.australasianlawyer.com.au/news/contract-law-masterclass-tackles-topic-of-insolvency-258102.aspx
Registrations are now open for the Contract Law Masterclass Sydney and so is the chance reserve your seat at the best available rate with the time-limited Early Bird offer.
The one day masterclass puts the spotlight on some of the most complex areas of contract law. Among the speakers will be David Walter, Partner at Baker & McKenzie, who will be analysing how you can protect your business or clients against insolvency risks.
Hell be giving an overview of the new provisions (sections 415D-415G, 434J-434M and 451E-451H), discussing enforcing rights to terminate for delay, late payment or licensing issues, strategies for minimising exposure to contractor insolvency risk, protecting rights against the po…
Read the full article at: https://m.australasianlawyer.com.au/news/contract-law-masterclass-tackles-topic-of-insolvency-258102.aspx
* Local govts to prepare lists of zombie firms within 3 mths
* Firms must draw up restructuring plans within 6 months
* Those meeting bankruptcy conditions to be eliminated immediately (Adds detail, background)
SHANGHAI/BEIJING, Dec 4 (Reuters) – China will encourage zombie firms that still retain business value to restructure and woo strategic investors to cut debt to reasonable levels, the state planner said on Tuesday.
As part of its efforts to curb soaring corporate debt and tackle price-sapping capacity gluts in sectors such as steel and coal, China has promised to improve bankruptcy procedures and allow vast numbers of loss-making zombie companies to close.
But Beijing has also sought to ensure a smooth exit for hundreds of insolve…
Read the full article at: https://af.reuters.com/article/energyOilNews/idAFL4N1Y92ZZ
Debt can be a tricky thing. On the one hand, getting a mortgage or other form of credit is a normal way to finance modern life and so long as you stay up to date with payments everythings fine.
One the other hand, if you take out too much debt or your circumstances change you might find yourself unable to cover repayments, which can lead to serious problems.
To help us understand how Irish people feel about debt, weve put together a short survey – and you could be in with a chance of winning a 100 One4All voucher by taking part!
All answers are anonymous and the survey takes no more than two minutes to complete.
Read the full article at: https://www.irishmirror.ie/lifestyle/win-shopping-voucher-debt-survey-13663803
* Local govts to prepare lists of zombie firms within 3 mths
* Firms must draw up restructuring plans within 6 months
* Those meeting bankruptcy conditions to be eliminated immediately (Adds detail, background)
SHANGHAI/BEIJING, Dec 4 (Reuters) – China will encourage zombie firms that still retain business value to restructure and woo strategic investors to cut debt to reasonable levels, the state planner said on Tuesday.
As part of its efforts to curb soaring corporate debt and tackle price-sapping capacity gluts in sectors such as steel and coal, China has promised to improve bankruptcy procedures and allow vast numbers of loss-making zombie companies to close.
But Beijing has also sought to ensure a smooth exit for hundreds of insolve…
Read the full article at: https://af.reuters.com/article/commoditiesNews/idAFL4N1Y92ZZ
Australian retailers who stock TEAC products are today questioning the long term future of the business after the Company reported a loss of $2.04M.
Questions are also being raised as to whether the Australian Securities and Investment Commission should question directors of the Australian operation, (TTA) about inter Company loans and the approval of these loans to a Company that is struggling with some major cash generating assets already placed into liquidation.
TEAC claim that they are a major partner of Harvey Norman, JB Hi-Fi and The Good Guys, Radio Rentals, Leading Age Group and Betta Electrical stores.
What is of concern is the appearance of a provision on the books of TTA Holdings of $1,848,000 million by a related entity Akira…
Read the full article at: https://www.channelnews.com.au/serious-questions-raised-over-teac-inter-company-loans-will-asic-investigate/
We have this good friend who regularly tells us how much government debt has risen, the interest bill the country is paying and that the economy is therefore a disaster waiting to happen.
We explain patiently that it isnt as bad as hes describing and he always replies with a glib one line response he has picked up from some conservative right-wing commentator on TV.
But of late the government debt crisis leading to our ruin myth seems to be spreading as conservative politicians and commentators preach doom and gloom.
So lets explain the facts once and for all about Australias government debt and put it in perspective.
A BIG NUMBER
First up yes Australia is in debt. According to our mate, government debt stands at $536 billion. Its a big num…
Read the full article at: https://www.news.com.au/finance/money/the-real-story-about-government-debt-should-we-be-worried/news-story/f0dcef7fda42ce9ef93122864632f6e9
news, latest-news,
The ripple effects of the decline in Australias car manufacturing industry are being felt as a tidal wave in Ballaratafter metal pressing company Ceramet went into liquidation last week. A source who wished to remain anonymous toldThe Courier30 staff would lose their jobsafter liquidatorswere appointed on Wednesday. Ceramets technical and commercial manager Stephen Casey declined to comment to The Courier. Australian Securities and Investment Commission (ASIC) records show a general meeting was held on Wednesday last week, withGregory Stuart Andrews andAndrew Juzva being appointed liquidators. Ceramets closure comes after the company received a share in more than half a million dollars of state government funding desig…
Read the full article at: https://www.thecourier.com.au/story/5788466/delacombe-manufacturer-ceramet-unprofitable-for-years-before-going-into-liquidation/?cs=12
A MAN who used a stolen credit card for gambling thought methylamphetamine would assist him with analysing the bets.
Adam Noel Baker racked up $18,384 in debt on the stolen credit card by gambling and taking out cash advances.
Baker pleaded guilty to 31 counts of gains benefit by fraud, home burglary and commit, two counts of stealing, carrying a controlled weapon and breach of bail when he appeared in Mandurah Magistrates Court today.
Police prosecutor Tamara Read said Baker was at his fathers house in Dudley Park on July 14 and stole the credit card.
She said he used the stolen card to gamble and get cash from automatic teller machines.
Sen Const Read said Baker thought he could make additional money from gambling to support his parents.
She…
Read the full article at: https://www.communitynews.com.au/mandurah-coastal-times/news/mandurah-court-man-racked-up-18384-debt-on-stolen-credit-card
OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has changed the Financial Strength Rating (FSR)
to a Non-Rating Designation of F (In Liquidation) from A- (Excellent)
and the Long-Term Issuer Credit Rating (Long-Term ICR) to f from a-
of Merced Property & Casualty Company (Merced) (Atwater, CA),
following the announcement on Nov. 30, 2018, that the California
Insurance Commissioner filed a petition to place Merced into
liquidation. On Dec. 3, 2018, the Superior Court of the State of
California, County of Merced, is expected to enter an Order Appointing
Liquidator.
Merceds impending Order of Liquidation resulted from significant claims
from the Camp Fire in N…
Read the full article at: https://www.businesswire.com/news/home/20181203006018/en/A.M.-Credit-Ratings-Merced-Property-Casualty-Company