Krystal Chia and David Yong
Noble Group plans to introduce the schemes of arrangement that underpin its restructuring this week, a key step in the creation of a new company that senior creditors signalled will hold to the highest standards of corporate governance after a drawn-out crisis.
The schemes, which buttress the $US3.5 billion ($4.9 billion) debt-for-equity rescue, will be introduced in courts in London and Bermuda by September 21, the commodity trader said on Monday. In a separate release, the company’s ad hoc group, or AHG, of senior creditors said they expected “Old Noble” to file for insolvency, while its successor entity revives the core business overseen by a tough…
Read the full article at: https://www.afr.com/business/nobles-top-creditors-seek-to-draw-a-line-under-crisis-20180917-h15h3z
Dear Sir/ Madam,
Sub: Notice of Second 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 Second 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 today.
You are requested to take the same on record.
Source : BS…
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/article24965887.ece
Page 1 of 2
Populists have jumped on the chance to capitalize on disillusionment and lead a movement for isolationism. How far will this go, Michel Longhini asks in his essay for finews.first.
finews.first is a forum for renowned authors specialized on economic and financial topics. The texts are published in both German and English. The publishers of finews.com are responsible for the selection.
This autumn will mark the tenth anniversary of the most spectacular bankruptcy of all times. On 15 September, 2008, banking heavyweight Lehman Brothers, knocked sideways by the bursting of the sub-prime mortgage bubble a year earlier, declared itself insolvent with $613 billion worth of debt.
This whipped up a storm that raged through Wall…
Read the full article at: https://www.finews.asia/finance/27464-finews-first-michel-longhini-financial-crisis-usa-ten-year-ago
Scores of debt-ridden young people in Surrey are declaring themselves insolvent before they reach their mid-20s and a debt adviser who works in Redhill has explained why.
New data shows a total of 1,413 people in Surrey either went bankrupt, took on a debt relief order (DRO) or accepted an individual voluntary arrangement (IVA) to manage their debts in 2017.
Of those, 83 were aged under 25.
Chris Gladstone, debt advisor for Community Debt Advice – a church charity based in Redhill – said: We havent had too much experience recently of young people coming to us for debt advice but we will often see youngsters with huge amounts of student debt.
We also see a lot of young people who have racked up a large amount of credit card debt. I saw a …
Read the full article at: https://www.getsurrey.co.uk/news/surrey-news/worrying-number-young-people-declaring-15136870
Okay this aint sexy, but it could be the most important thing you read this year.
Did you know that Australian household debt compared to our GDP is sitting at 120 percent and is one of the highest in the world?
To watch Bricks and Slaughter in full, and for more on 60 Minutes, head to the official website.
Thats what the latest data from the Bank for International Settlements (BIS) says and they should know, as they are the central bankers banker.
Now you might well ask, why this is a problem?
After all, in the past decade, the banks have been lending freely, mostly to help households buy real estate to live in or as an investment.
Off that back of that they have been able to increase dividends to their shareholders and inflate their ba…
Read the full article at: https://www.9news.com.au/2018/09/17/02/40/60-minutes-property-market-mortgage-lending-economic-global-financial-crisis
German yacht builder saved from administration by private equity fund.
German yacht builder Bavaria Yachtbau has been bought out of administration by a private equity fund based in Berlin. The manufacturer went into voluntary administration earlier this year and has since been looking for new backers.
In a statement released on the weekend, Bavaria said the investment company CMP Capital Management-Partners will acquire the entire business including all shares in French subsidiary Bavaria Catamarans S.A.S.
All 550 employees of Bavaria Yachtbau in Giebelstadt and all 250 employees of Bavaria Catamarans in Rochefort will transfer to the purchaser which is expected to continue manufacturing operations….
Read the full article at: http://www.marinebusiness.com.au/news/private-equity-fund-buys-bavaria
Sommer & Staff Constructions has announced that it has appointed Trent Hancock of PKF Chartered Accountants as Voluntary Administrator.
The Administration of Sommer & Staff Constructions is due to the suspension of its builders licence as a result of experiencing difficulties on a building contract in the West End of Brisbane where sub-contractors are owed approximately $2.7M. As a result several other contracts that are in various stages of completion have also been suspended whilst the companys future is determined.
Sommer & Staff has made the difficult but prudent decision to initiate the administration in an attempt to have the viability of the business and its remaining contracts assessed with the view of fo…
Read the full article at: https://www.miragenews.com/voluntary-administration-process-commences-for-sommer-staff-constructions/