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Synopsis L3 Technologies Inc. (NYSE:LLL) operates in three business units: Intelligence, Surveillance & Reconnaissance, or "ISR" (a combination of aerospace
L3 Technologies Inc. (NYSE:LLL) operates in three business units: Intelligence, Surveillance & Reconnaissance, or “ISR” (a combination of aerospace and sensor systems), Electronic Systems and Communication Systems. The company used to operate four business units, with Aerospace and Sensor Systems being separate business units. The share price is up modestly year to date with a return of 9.22%, and it has underperformed the defense/aerospace ETF (BATS:ITA) by 2.34%. Based on my valuation, I think there is a return opportunity of nearly 15% over the next twelve months.
L3 Technologies is undergoing business unit consolidation in an effort to create cost synergies and better target specific market opportunities. It is undergoing…
Citing a Reserve Bank of India (RBI) notification, senior Congress leader Jairam Ramesh on Monday said that the State Bank of India should declare Gujarat State Petroleum Corporation (GSPC) as bankrupt by 5 p.m.
The Congress leader said, On February 12, 2018, RBI issued a circular stating any company that owes more than Rs 20,000 crore to banks, should be declared bankrupt within 180 days.
GSPCs highest debt is from SBI. According to RBIs notification, SBI should declare GSPC as bankrupt by 5 p.m. today (Monday), said Ramesh.
During Prime Minister Narendra Modis term as Gujarat Chief Minister, the GSPC was cited as one of the biggest successful Gujarat Model and was shown as an example for other stat…
This is to inform you that the Honble National Company Law Board, Kolkata Bench II, vide its order dated 21st August 2018 has passed the liquidation orders of Eastern Gases Limited under section 33 of the Insolvency and Bankruptcy Code, 2016.
I, Kuldeep Verma having IP Registration No. IBBI/IPA-001/IP-P00014/2016-17/10038 have been appointed as Liquidator of the said company.
Noble Group Ltd won approval on Monday from a majority of shareholders for a $3.5 billion debt restructuring plan that should ensure the survival of what was once Asia’s biggest commodity trader.
Faced with the prospect of the company’s insolvency, shareholders reluctantly backed a debt-for-equity swap that will leave them with ownership of just 20 percent of the business, while handing majority control to a group of creditors comprised mainly of hedge funds.
“Today, the decision to avoid liquidation rests in your hands,” Noble Chairman Paul Brough told shareholders …
* Special meeting of shareholders to decide firms future
* Noble seeks to hand over 70 pct equity to its creditors
* Nobles value plunges to $143 mln from $6 bln in 2015
* Restructured company faces big task to cut losses, debt (Adds details in paragraphs 9, 12, adds link to graphic)
By Anshuman Daga
SINGAPORE, Aug 27 (Reuters) – Noble Group Ltd faces a key shareholder meeting on Monday as the shrivelled commodity trader attempts to clinch a last-ditch $3.5 billion debt restructuring deal to stay afloat and put a three-year crisis behind it.
Shareholders are being asked to support a debt-for-equity swap that will leave them with ownership of just 20 percent of the business. Multiple sources familiar with the matter say the proposal is ex…
CREDITORS have been left owed more than $3m following the latest Sunshine Coast building industry insolvency.
The Cleary Group Pty Ltd’s ‘collapse’ rivals the 2013 Walton Queensland liquidation in terms of its impact on Sunshine Coast sub contractors who make up the majority of the 50-plus creditors left out of pocket.
Terry John Rose of SV Partners, Brisbane, has been appointed liquidator.
His first report to creditors lists money owed creditors at $3,013,453.34 of which $2,016,453 were trade creditors, $347,000 to the Australian Tax Office and $650,000 to related parties.
The liquidator’s report showed the builder had no assets, no cash at bank and only $45,076 in money owed it.
Israel-headquartered communication chip designer and manufacturer ColorChip Ltd. is in talks with a potential Chinese buyer, two people familiar with the matter told Calcalist on condition of anonymity.
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Founded in 2001 and headquartered in northern Israeli town Yokne’am Illit, privately held ColorChip designs and manufactures communication components for telecom providers and data centers. The company was declared insolvent in 2009, letting many employees go, but managed to recover and today employs around 250 people.
ColorChip CEO Yigal Ezra. Photo: PR
ColorChip raised $112 million in total equity to date according to PitchBook, the …
One of the documents lawyers are often asked to prepare is a letter of demand.
A letter of demand is usually issued in relation to an outstanding debt and will often warn of legal action unless the debt is paid by a date.
However, the humble letter of demand can also sometimes give rise to unintended consequences for the party issuing the demand. An example is in the context of unfair preference claims in insolvency law.
In simple terms, an unfair preference occurs when a creditor receives a payment (for a debt) from a company who subsequently goes into liquidation giving them an unfair preference over other creditors. If a liquidator of the company who made the payment can prove that the creditor obtained an unfair preference, then it can…
SINGAPORE (Reuters) – Noble Group Ltd (NOBG.SI) faces a key shareholder meeting on Monday as the shrivelled commodity trader races to clinch a last-ditch $3.5 billion debt restructuring deal to stay afloat and put a three-year crisis behind it.
FILE PHOTO: The company logo of Noble Group is displayed at its office in Hong Kong, China January 22, 2016. REUTERS/Bobby Yip/File Photo
Shareholders are being asked to support a debt-for-equity swap that will leave them with just 20 percent of the business. Multiple sources familiar with the matter say the proposal is expected to succeed.
The meeting is due to start at 2:30 local time (0630 GMT).
Noble, founded in 1986 by Richard Elman, who took advantage of a commodities bull run …
SINGAPORE (Reuters) – Noble Group Ltd (NOBG.SI) faces a key shareholder meeting on Monday as the shrivelled commodity trader races to clinch a last-ditch $3.5 billion debt restructuring deal to stay afloat and put a three-year crisis behind it.
FILE PHOTO: The company logo of Noble Group is displayed at its office in Hong Kong, China January 22, 2016. REUTERS/Bobby Yip/File Photo
Shareholders are being asked to support a debt-for-equity swap that will leave them with just 20 percent of the business. Multiple sources familiar with the matter say the proposal is expected to succeed.
The meeting is due to start at 2:30 local time (0630 GMT).
Noble, founded in 1986 by Richard Elman, who took advantage of a commodities bull run …
Distributor Hills Limited has returned to profit following a period of restructuring and business changes.
The company reported net profit after tax of $400,000 for the year ending 30 June 2018, which it referred to as a significant turnaround from the prior years loss of $7.9 million.
Hills revenue was down $26 million to $271.8 million from last years $298 million. This, the company said was primarily due to the decision to exit NBN satellite installations and lower antenna sales due to…
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