Last month, the Australian Financial Security Authority (FSA) released personal insolvency statistics for 2017-18, which revealed a sharp rise in total personal insolvencies to the highest level since the Global Financial Crisis (GFC):
In particular, debt agreements hit the highest annual number on record in all states and territories except Tasmania after posting the seventh annual increase:
Now, data analytics company illion has released data showing that more than 32,000 Australians declared personal bankruptcies in 2017-2018, an eight year high:
Personal bankruptcies across Australia are at an eight-year high and experts are warning that a combination of rising debt, stagnant wage growth and falling house pric…
Read the full article at: https://www.macrobusiness.com.au/2018/08/bankruptcies-to-rise-as-negative-mortgage-equity-spreads/
Upon the termination of a project, the clients of engineering, procurement and construction (EPC) firms invoke performance bank guarantees, thereby increasing liabilities of the creditors. Photo: Priyanka Parashar/Mint
Since the introduction of the Insolvency and Bankruptcy Code, 2016 (IBC), a large number of corporate debtors rather than seeing revival have been pushed into liquidation. In case of an engineering, procurement and construction (EPC) firm, the value of its business as a going concern is largely driven by the three core assets: (a) PQs (pre-qualifications) being technical qualifications/credentials, on basis of which an EPC firm qualifies to bid for infrastructure projects; (b) order book representing the ongoing infrastruct…
Read the full article at: https://www.livemint.com/Companies/oGhHbPYIiNNmHKxxATZ6NM/Lenders-must-evaluate-resolution-of-insolvent-EPC-firms-on-c.html
French vehicle mounted lift manufacturer Klubb has French specialist platform manufacturer Egi.
Egi is based in the small village of Les Ayvelles, near Charleville-Mézières, North East France and produces fully insulated- live line and firefighting platforms up to 65 metres. It employs 35 people at a 12,000 square metre plant located on 17 acre site in the Ardennes. These days the company exports most of its production to markets such as Qatar, China and Chile. It has been in administration since its parent Gimaex International was declared insolvent at the end of 2017. A liquidation order was issued at the start of July, leaving two months to find a buyer before being closed.
An Egi fire fighting platform
Klubb chief executive Ju…
Read the full article at: http://www.vertikal.net/en/news/story/31066/
The Lok Sabha on Tuesday gave its nod for the Insolvency and Bankruptcy Code (Second Amendment) Bill 2018 that seeks to replace the June 6 ordinance, which provided relief to home buyers and MSME sector.
The Bill got the approval of the Lower House after the principal opposition Congress demand of sending it to the Standing Committee on Finance was rejected.
Interim Finance Minister Piyush Goyal, who moved the Bill for consideration and passage, also rejected the contention of the Opposition parties that the Bill was tainted as certain changes were being brought about to favour a large influential corporate house, which was acquiring Alok Industries at about 5,000 crore when the debt owed by the debtor company in question was as high as …
Read the full article at: https://www.thehindubusinessline.com/economy/macro-economy/lok-sabha-passes-insolvency-bill/article24566095.ece
Australian shares are poised to lift at the open, bolstered by hopes a trade truce between the US and China. ASX futures were up 18 points ahead of 5am AEST. The Australian dollar move towards US74.5¢.
Positive sentiment returned after Bloomberg reported US and Chinese officials were looking at ways to restart talks to resolve trade differences.
In addition, the tech sector once again proved its resilience.
Well, at least investors haven’t lost total faith in the FAANG group in particular.
Apple is poised to report results after the closing bell and that could help determine whether the sell-off initiated by Netflix and accelerated by Facebook will find new strength or whether the recent slide will prove to be yet another …
Read the full article at: https://www.afr.com/brand/before-the-bell/asx-poised-to-rise-us-techs-rebound-20180731-h13egw
DALLAS–(BUSINESS WIRE)–International law firm Dorsey & Whitney LLP announced today that Matthew
Matt DeArman has joined the Firms Finance & Restructuring Group in
Dallas as a Partner.Mr. DeArmans practice focuses on the representation of agents, lenders
and public and private corporate borrowers in a variety of finance
transactions and restructuring matters, including in connection with
secured and unsecured revolving and term facilities, asset-based
lending, oil and gas reserve-based lending, first lien/second lien
transactions, bridge and mezzanine financing, acquisitions financing,
cross-border transactions and debtor-in-possessio…Read the full article at: https://www.businesswire.com/news/home/20180801005800/en/Veteran-Finance-Restructuring-Lawyer-Matt-DeArman-Joins
LINCOLN, Neb.–(BUSINESS WIRE)–Nebraska Book Holdings, Inc. (NBC) announced today, July 31, 2018, that
it has successfully completed the restructuring of its balance sheet
eliminating the substantial majority of its legacy long-term debt. Going
forward the company will have a capital structure that will enable
growth and profitability. This was accomplished by NBCs major debt
holders converting their remaining debt to equity and through a new
Asset Based Loan (ABL) facility from Callidus Capital Corporation
(Callidus). On or before October 1, 2018, NBC intends to redeem all
remaining notes, fully eliminating its legacy long-term debt.“Over…
Read the full article at: https://www.businesswire.com/news/home/20180731005624/en/Nebraska-Book-Company-Announces-New-Debt-Facility
Northamptonshire county councils catastrophic financial collapse, and the desperate measures it now proposes to balance the books, reflect management incompetence on a grand scale as well as the punishing effects of eight years of austerity cuts.
Less than six months after it was declared technically insolvent, the Tory-run council now faces a sobering reckoning for a reckless half-decade in which it refused to raise council tax to pay for the soaring costs of social care, preferring to patch up budget holes with accounting ruses and inappropriate use of financial reserves.
Over the next few weeks the council will map out where previously unheard-of levels of cuts will fall. There are no concrete details yet, other than a promise tha…
Read the full article at: https://www.theguardian.com/society/2018/aug/01/northamptonshire-council-forced-pay-price-reckless-half-decade
Century Textiles and Industries’ decision to demerge the cement business into UltraTech Cement and transfer the viscose filament yarn business to Grasim will help it reduce the debt and focus on textiles, pulp and paper and real estate businesses, a top company official said.
Century Textiles and Industries (CTIL) in May this year announced plans to demerge its cement business into Aditya Birla group firm UltraTech Cement.
The company last year also entered into a deal with Grasim Industries to manage and operate its viscose filament yarn (VFY) business for a period of 15 years. The agreement would provide Grasim the right to use the relevant assets of CTIL, however, the ownership of assets to remain with CTIL.
Grasim would be paying…
Read the full article at: https://economictimes.indiatimes.com/industry/indl-goods/svs/cement/ultratech-grasim-deals-to-help-reduce-ctils-debt-kumar-managalam-birla/articleshow/65217569.cms
This is to inform to the Exchange that National Company Law Tribunal (NCLT) has, today i.e. 31st July, 2018, pronounced its order and approved the resolution plan as submitted by Mr. Deepak Chaganlal Choudhari and Mr. Jitendra Kumar Chopra for the Company pursuant to the Corporate Insolvency Resolution Process initiated as per the provisions of the Insolvency and Bankruptcy Code, 2016 vide NCLT order dated 1st August, 2017.
Certified copy of the order is awaited and we will submit it to the exchange on receipt of the same.
This disclosure is being made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and you are requested to take the same on records.
Pdf Link:
Amit Spinning Indust…Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/amit-spinning-industries-ltd-corporate-insolvency-resolution-process-cirp-approval-of-resolution-plan-by-tribunal/article24564692.ece
Century Textiles and Industries‘ decision to demerge the cement business into UltraTech Cement and transfer the viscose filament yarn business to Grasim will help it reduce the debt and focus on textiles, pulp and paper and real estate businesses, a top company official said.
Century Textiles and Industries (CTIL) in May this year announced plans to demerge its cement business into Aditya Birla group firm UltraTech Cement.
The company last year also entered into a deal with Grasim Industries to manage and operate its viscose filament yarn (VFY) business for a period of 15 years. The agreement would provide Grasim the right to use the relevant assets of CTIL, however, the ownership of assets to remain with CTIL.
Grasim …
Read the full article at: https://www.moneycontrol.com/news/business/ultratech-grasim-deals-to-help-reduce-ctils-debt-km-birla-2788351.html
Century Textiles and Industries‘ decision to demerge the cement business into UltraTech Cement and transfer the viscose filament yarn business to Grasim will help it reduce the debt and focus on textiles, pulp and paper and real estate businesses, a top company official said.
Century Textiles and Industries (CTIL) in May this year announced plans to demerge its cement business into Aditya Birla group firm UltraTech Cement.
The company last year also entered into a deal with Grasim Industries to manage and operate its viscose filament yarn (VFY) business for a period of 15 years. The agreement would provide Grasim the right to use the relevant assets of CTIL, however, the ownership of assets to remain with CTIL.
Grasim …
Read the full article at: http://www.moneycontrol.com/news/business/ultratech-grasim-deals-to-help-reduce-ctils-debt-km-birla-2788351.html
