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.
Brian CareyAmong the investors was former Ireland and Munster rugby captain Paul OConnellPIARAS MIDHEACH/SPORTSFILELimerick property developer and former Ireland rugby
Losses due to foreign currency obligations General assembly meeting Remedial measuresThe Communique on the Procedures and Principles regarding the Application
HOFFMAN ESTATES, Ill., Oct. 15, 2018 /PRNewswire/ — 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 of New York (the “Court”).
The Company expects to move through the restructuring process as expeditiously as possible and is committed to pursuing a plan of reorganization in the very near term as it …
Sears, the one-time titan of American retail, is expected to file for bankruptcy early Monday morning US time ahead of a $US134 million ($190 million) debt payment.
For years, Sears has contended with the threat that it would become the latest big-name retailer to fall to online competition and crushing debt. The icon once known for its pristine catalogues and more recently known for decrepit showrooms and a controversial chief executive saw its stock price plunge last week after reports that it had hired an advisory firm to prepare a bankruptcy filing ahead of the October 15 payment.
A person familiar with the negotiations told The Washington Post late Sunday evening that the filing was expected after midnight on Monday, though negotiat…
The management of BFL Microfinance Bank has sued the Central Bank of Nigeria (CBN) for illegally revoking its operating licence.
The bank, in the originating summons filed at the Federal High Court by its counsel, Velma Solicitors, prayed the court to declare the purported revocation null and void as the bank was not solvent.
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The Government, CBN and the Nigerian Deposit Insurance Corporation (NDIC) were joined in the suit as the defendants.
BFL, among other things, sought a declaration that the plaintiff was not in default of any of the provisions of the Banks and Other Financial Institutions Act 2004 to warrant a revocation of its licence.
LuNa Smelter Ltdhas taken over the operations of Karuruma Tin Smelter, whose activities had stalled for a long time following the failure by the previous investor, Phoenix Metal Ltd, to run it.
Luna Smelter is the parent company of Ngali Holdings and Luma Investmenta Polish-based venture firm.
Fabrice Kayihura, the Acting Managing Director of the new firm, told The New Times that their main focus is to create a sustainable industrial plant, unique for the Central and East Africa region.
He said their ambition is to become a leading African conflict free tin supplier.
Luma Investment, the majority shareholder with 75 per cent of shares, with experience in privatisation, business restructuring, finance and banking where it has executed meg…
Insolvency and Bankruptcy Code 2016 (IBC) is one of the much needed biggest economic reforms speedily rolled-out and being implemented in India.
This is a one-stop solution which addresses all insolvencies in a time-bound and economically viable manner. This law has significantly helped India in achieving the historic 30-spot jump in the ease of doing business rankings.
Recent press reports of Vedanta acquiring bankrupt Electrosteel Steels, which made a loan default of Rs 10,273 crore, for Rs 5,320 crore under the IBC. Last month, Tata Steel bought bankrupt Bhushan Steel for Rs 35,500 crore. Bh…
The new Public Debt Law enabling the UAE to issue sovereign bonds will help to deepen the capital markets in the second-biggest Arabian Gulf economy, enabling the country to tap a wider pool of financing options and creating a government yield curve to bolster secondary debt market in the UAE.
The debt law represents a further fillip to the UAEs plans to deepen the breadth of the financial and debt capital markets, said Ehsan Khoman, the head of Middle East and North Africa research and strategy at the Japanese MUFG Bank. The bonds [issued under the new law] will act as a central mechanism in the creation of a government yield curve in the secondary debt market.
Among the investors was former Ireland and Munster rugby captain Paul OConnellPIARAS MIDHEACH/SPORTSFILE
Limerick property developer and former Ireland rugby team manager Pat Whelan received a 400,000 lump-sum payment from prominent rugby supporter Frank Hogan to help secure his exit from insolvency.
Whelan agreed a personal insolvency arrangement (PIA) with his creditors earlier this year, under which they will be paid dividends of just under 390,000. Whelan owed more than 133m.
By far the largest creditor was Nama, which was owed about 120m. However, a number of investors who backed Whelan in a property investment at Earls Court in London were owed 13.6m.
Among the investors was former Ireland and Munster rugby captain Paul …
Debt consolidation is the conversion of high-rate debt into lower-rate debt in order to reduce total interest costs. Homeowners with large amounts of credit card debt who have unused borrowing power on their home have a consolidation option.
Whether or not it is in the homeowners long-run interest to exercise the option, however, turns out to be a challenging question, the answer to which depends on the specifics of the individual case. That makes it a calculator problem, where the challenge becomes finding the right calculator. This article will help with that.
Consolidation Options of a Homeowner With Two Mortgages
A 2016 Bankrate study revealed that 67% of people under the age of 30 do not have a credit card, which is an interesting statistic in light of the fintech boom and amid the lack of trust that banks have following the financial crisis.
However, credit card debt is still rising and American consumers have nearly $1 trillion in debt, according to the Federal Reserve and in addition to this, the average American has a credit card balance of $6,375, which is up by 3% from 2017, as found by Experian.
While 43% of Americans have had a credit card balance for over two years on average, in the UK credit card debt hit 72.1 billion in June 2018, which was 2,650 per household. Alongsid…
The Communique on the Procedures and Principles regarding the Application of Article 376 of the Commercial Code (6102) was published in the Official Gazette on 15 September 2018 and entered into force on the same date. It determines the procedures and principles that will apply to certain companies (ie, joint stock companies, limited liability companies and limited partnerships whose capital is divided into shares) in cases of capital loss and insolvency.
Losses due to foreign currency obligations
Turkish lira has recently dropped in value against a number of foreign currencies. As a result, Turkish companies that are indebted in said f…
For those in need of a kidney transplant in Indonesia, medical experts say Facebook is proving more effective than official organ registries when it comes to finding donors.
Key points:
Middlemen online offer to set up auctions and connect sellers to buyers
People selling organs to pay of debts, start businesses, or pay medical expenses
Sub: Notice of Third 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 Third 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 on Today, 11th October, 2018.
