Insolvency Guardian Media Centre
Calcutta: The corporate insolvency resolution process of Assam Company continues to be dogged by controversies over the conditions set in the tender, with one more company seeking to bring down the eligibility criteria of the bidders.
James Warren Tea Ltd argued before the company tribunal on Monday that the resolution professional (RP) running the insolvency procedure of Assam Co did not fix the tender condition in accordance with the provisions of the Insolvency & Bankruptcy Code, 2016.
It is the second company after MK Shah Exports Ltd to challenge the criteria set by RP, Kannan Tiruvengandam, and the committee of creditors of Assam Co.
MK Shah received a favourable order from the Guwahat…
Read the full article at: https://www.telegraphindia.com/business/assam-co-eligibility-hurdle-230506
The Supreme Court has handed down a historic ruling today, striking down a federal ban on sports gambling, paving the way for states to legalizing the practice. Writing the majority opinion in the 6-3 decision in Christie v. NCAA, Justice Samuel Alito wrote that the Professional and Amateur Sports Protection Act of 1992 (PASPA), the federal law that prohibited all states from legalizing sports gambling but Nevada, which was grandfathered in, was an affront to state sovereignty that violated the Tenth Amendment, which reserves rights to the states. The case was originally brought by former New Jersey Governor Chris Christie, who sought to legalize sports gambling for his state before he left office.
So can you run down to your local…
Read the full article at: https://www.royalsreview.com/2018/5/14/17352126/states-now-legalize-sports-betting-so-what-does-that-mean-for-baseball
The Utkal Chamber of Commerce and Industry (UCCI) in collaboration with the S Trio Turnaround Professionals Private Limited organised a seminar on Insolvency and Bankruptcy Code- 2016 here recently.
The speakers discussed rules for corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the code.
UCCI president Ramesh Mahapatra delivered the welcome address. S Trio Turnaround director Giridhari Lal and lawyer Anand Chandra Swain gave power point presentations.
Finance Department Secretary Tuhin Kanta Pandey graced the seminar as chief guest. More than ?70? UCCI members were present along with office bearers industrial associations like OSSIA, OYEA, AIEBA andO…
Read the full article at: http://www.dailypioneer.com/state-editions/bhubaneswar/ucci-holds-talks-on-bankruptcy-code.html
NEW YORK & SAN JUAN, Puerto Rico–(BUSINESS WIRE)–The COFINA Senior Bondholders Coalition (the Coalition or we), which
collectively represents the largest group of organized holders of bonds
issued by the Puerto Rico Sales Tax Financing Corporation (COFINA),
released the below statement today regarding its involvement in
developing a proposed settlement of The Commonwealth of Puerto
Rico v. COFINA dispute (the dispute), litigation that commenced
last year as part of the Title III proceedings pursuant to the Puerto
Rico Oversight, Management and Economic Stability Act (PROMESA):
After an extended period of uncertainty and litigation, it is
encouragin…
Read the full article at: https://www.businesswire.com/news/home/20180514005558/en/COFINA-Senior-Bondholders-Coalition-Discloses-Participation-Constructive
Disenchanted by the long-drawn-out proceedings for insolvency resolution cases filed against large borrowers that have failed to repay loans, many banks are planning to approach the Insolvency and Bankruptcy Board of India (IBBI) for some succour.
Nearly a year after the Reserve Bank of India recommended a dozen large bad loan accounts for resolution under the countrys Insolvency and Bankruptcy Code (IBC), lenders are turning wary of the inability to meet specified timelines under the law, thanks largely to promoters deployment of tactics to stall proceedings inordinately.
As per the code, a corporate insolvency proceeding has to be resolved within 180 to 270 days. The deadline for most of these 12 cases is now clearly over, pointed out …
Read the full article at: https://www.thehindubusinessline.com/money-and-banking/to-speed-up-insolvency-proceedings-lenders-to-approach-ibbi-for-relief/article23884312.ece
- Tesla CEO Elon Musk sent an email to employees on Monday morning stating that the company is reorganising in an effort to flatten management structure and improve communication.
- Musk originally said that Tesla was restructuring in the companys first-quarter earnings call earlier this month.
- Musk said in the memo that Tesla still plans to hire more people to help it ramp up its Model 3 production.
Tesla CEO Elon Musk said in a memo on Monday that the company is reorganising in an effort aimed at flattening management.
Musk hinted at a reorg in Teslas first-quarter earnings call in May, when he said that the company would be restructuring operations in an effort to meet its profitab…
Read the full article at: http://www.businessinsider.com/teslas-elon-musk-reveals-details-about-company-restructuring-2018-5
The Insolvency and Bankruptcy Code (IBC), 2016 no doubt is a path-breaking initiative in the whole reform process.
Not surprisingly, it has triggered huge debate and one of the key grey areas that had emerged in a recent cases pertained to rights of the customers in an insolvency process.
The Supreme Court had reportedly indicated that it would settle the grey areas in the code to see what role homebuyers could play in liquidation proceedings, while hearing arguments in the Jaypee Infratech case.
When the IBC 2016 was introduced, it classified company creditors into two categories financial creditors (banks and financial intuitions) and operational creditors (suppliers and vendors). It did not address the position of other creditors or c…
Read the full article at: http://www.thehindu.com/todays-paper/tp-business/customer-rights-still-a-grey-area-in-insolvency-and-bankruptcy-code/article23876209.ece
Deleveraging has been highlighted twice at high-profile central meetings this year, financial news outlet Yicai reported Sunday.
According to the just-concluded second meeting of the Central Committee for Deepening Overall Reform on Friday, reinforcing the asset and liability constraints on State-owned enterprises (SOEs) is important for reducing leverage ratios and defusing debt risk.
One month ago, the first meeting of the Central Committee for Financial and Economic Affairs was held on April 2. To prevent and defuse financial risks, China should reduce the leverage ratio of local governments and companies, especially SOEs, according to a statement released after the meeting.
Reducing the debt ratio of State assets is in l…
Read the full article at: http://www.ecns.cn/business/2018/05-14/302517.shtml
by Rigzone Staff
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Monday, May 14, 2018
Proserv completes a financial restructuring, which it says has strengthened its long-term plans.
Proserv, a technology-driven energy services company, announced Monday the completion of a financial restructuring, which it said has strengthened its long-term plans.
Through a debt-for-equity exchange and injection of a $50 million investment, the companys two largest lenders, KKR and funds managed by Oaktree Capital Management L.P, will become owners of the company.
As part of the restructuring, the companys CEO, David L…
Read the full article at: https://www.rigzone.com/news/proserv_completes_financial_restructuring_ceo_steps_down-14-may-2018-154592-article/
Debt-consolidation firm inks 95K sf lease at 180 Maiden Lane
National Debt Relief plans to hire hundreds of new workers
Tara Stacom and 180 Maiden Lane
Debt-consolidation firm National Deb Relief signed a lease for 95,000 square feet at MHP Real Estate Services and Clarion Partners 180 Maiden Lane.
The company, which has more than 900 employees across seven floors nearby at 11 Broadway, was drawn to the towers location, capacity for technology requirements and amenities like a conference facility and new cafeteria, the Wall Street Journal reported.
National Debt Relief plans to hir…
Read the full article at: https://therealdeal.com/2018/05/14/debt-consolidation-firm-inks-95k-sf-lease-at-180-maiden-lane/
DHX Media Ltd. says the sale of nearly half of its stake in the Peanuts entertainment business to a Sony Corp. division for $237-million cash will help reduce the Canadian animation companys debt load and improve its operating results.
The Halifax-based company will retain 41 per cent of the Peanuts business based on characters such as Snoopy, Charlie Brown and Lucy Van Pelt, while the family of creator Charles M. Schulz will continue to own 20 per cent and Sony Music Entertainment (Japan) Inc. will own 39 per cent.
Sony announced the deal on Sunday and DHX Media confirmed it early Monday as it announced financial results that included a loss of $8-million in the three months ended March 31 and $116.5-million of revenue.