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Bon-Ton Stores, parent company of Herbergers, announced Tuesday that a winning bid of $775.5 million was made by liquidators Great American Group and Tiger Capital Group and a group of Bon-Tons debt holders.
While we are disappointed by this outcome and tried very hard to identify bidders interested in operating the business as a going concern, we are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact of this development on our associates, customers, vendors and the communities we serve, Bill Tracy, chief executive of Bon-Ton, said in a statement.
Disgraced Sydney businessman Salim Mehajer has launched a legal bid to overturn his bankruptcy, stating “only God” has the power to declare him insolvent.
A Federal Circuit Court judge declared the property developer bankrupt in March while he was in prison, having been refused bail over claims he staged a car crash and defrauded an insurance company.
But the former Auburn deputy mayor is expected to ask Justice Michael Lee to annul the decision on Monday.
The 31-year-old this week announced on social media platform Snapchat he’d lodged an application to “set aside this joke”, claiming “only God can bankrupt me”.
Mehajer successfully mounted a fourth bid for bail in early April following a two-month stint in jail. Last week he was fou…
TWO DROITWICH companies have gone into liquidation leaving 34 staff members redundant, writes Anu Shukla.
Flood Angel and UK Flood Barriers operated together as a company under the umbrella business Global Flood Defence Holdings.
Many of the employees, some who had worked for the company over the last seven years, said they expected their wages but were told to claim redundancies online instead.
Employees said they were shocked by the sudden news of their redundancies as their livelihoods had been put on the line.
Some said they would struggle to make ends meet as they waited for money from redundancies which could take up to six weeks to come through.
They said the administrator MB Insolvency had told them the redundancy cash was c…
Disgraced Sydney businessman Salim Mehajer has launched a legal bid to overturn his bankruptcy, stating “only God” has the power to declare him insolvent.
A Federal Circuit Court judge declared the property developer bankrupt in March while he was in prison, having been refused bail over claims he staged a car crash and defrauded an insurance company.
But the former Auburn deputy mayor is expected to ask Justice Michael Lee to annul the decision on Monday.
The 31-year-old this week announced on social media platform Snapchat he’d lodged an application to “set aside this joke”, claiming “only God can bankrupt me”.
Mehajer successfully mounted a fourth bid for bail in early April following a two-month stint in jail. Last week he was fou…
Essar Steel owes around Rs 49,000 crore to banks, is the biggest asset on the block right now.
New Delhi: ArcelorMittal and Nu Metal will get another chance to prove their credentials to take over Essar Steel, facing insolvency proceedings in bankruptcy court.
The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Thursday declared invitation of the second round of bids for Essar Steel as invalid, brightening the chances for these two companies to another chance to acquire the bankrupt steel maker.
This has, however, put a question mark on Anil Agarwal-led Vedanta Resources prospects of taking over the steel firm. Vedanta had bid for Essar Steel in the second round.
Controversial property developer Salim Mehajer has launched a Federal Court bid to overturn his bankruptcy while he awaits a court ruling on whether he will be jailed for electoral fraud.
The former deputy mayor of the now-defunct Auburn Council is expected to ask Justice Michael Lee to annul the bankruptcy declaration at an urgent hearing on Thursday.
The report presented by the Insolvency Law Committee has brought some hope to the homebuyers.
Under the Insolvency and Bankruptcy (I&B) Code, the one affected the most are the genuine homebuyers of those real estate companies against whom Corporate Insolvency Resolution Process (CIRP) has been initiated. These homebuyers have given their earnings, taken the loan from financial institutions and are paying hefty interests just to have a home. However, if the CIRP is initiated, they are not even considered at the moment as a financial or operational creditor, although they are allowed to file their claim. Further, if the CIRP proceeding against these real estate companies fails and liquidation starts, then they are entitled to…
MUMBAI: With Alok Industries heading into likely liquidation, about 12,000 permanent employees of the company are set to lose jobs in what could be the biggest labour casualty since the implementation of the bankruptcy code.
These employees earned an average salary of Rs 1.45 lakh a year, show data compiled by Corporate Professionals that used the financials reported by the company for 2016-17. Alok Industries was subsequently referred for insolvency proceedings.
While considering the resolution plans, lenders are looking at only the recovery aspect, said Manoj Kumar, partner & head M&A and Insolvency Service at Corporate Professionals, a Delhi-based firm. If they feel that an offer does not meet their expectations, they refuse to app…
Disgraced Sydney businessman Salim Mehajer has launched a legal bid to overturn his bankruptcy, stating “only God” has the power to declare him insolvent.
A Federal Circuit Court judge declared the property developer bankrupt in March while he was in prison, having been refused bail over claims he staged a car crash and defrauded an insurance company.
But the former Auburn deputy mayor is expected to ask Justice Michael Lee to annul the decision on Monday.
The 31-year-old this week announced on social media platform Snapchat he’d lodged an application to “set aside this joke”, claiming “only God can bankrupt me”.
Mehajer successfully mounted a fourth bid for bail in early April following a two-month stint in jail. Last week he was fou…
National Australia Bank has flagged $755 million of pre-tax restructuring costs, putting the hit close to the upper end of its first-half guidance.
NAB previously outlined a cost of between $500 million and $800 million, largely related to redundancies.
The lender in November announced it will slash 4,000 jobs over the next three years as it simplifies its business and increases its use of digital and automated banking products.
NAB will halve the number of products it sells and retire between 15 and 20 per cent of its IT applications.
MUMBAI: With Alok Industries heading into likely liquidation, about 12,000 permanent employees of the company are set to lose jobs in what could be the biggest labour casualty since the implementation of the bankruptcy code.
These employees earned an average salary of Rs 1.45 lakh a year, show data compiled by Corporate Professionals that used the financials reported by the company for 2016-17. Alok Industries was subsequently referred for insolvency proceedings.
While considering the resolution plans, lenders are looking at only the recovery aspect, said Manoj Kumar, partner & head M&A and Insolvency Service at Corporate Professionals, a Delhi-based firm. If they feel that an offer does not meet their expectations, they refuse to app…