Insolvency Guardian Media Centre
Romanian rail freight company CFR Marfa is not able to pay the wages of its 7,500 employees before the Easter holiday after the railway infrastructure operator CFR blocked its accounts over unpaid debts worth RON836mn (180mn), Ziarul Financiar daily reported on March 29. Trade unions representing CFR Marfa workers have appealed to President Klaus Iohannis to help the company.
A publicly funded bailout for the company would be problematic. Last December, the European Commission said it had already opened an in-depth investigation to assess whether debt write-offs by the Romanian state in favour of CFR Marfa and the failure to collect debts from the company have given the compan…
Read the full article at: http://www.intellinews.com/romanian-rail-freight-company-cfr-marfa-faces-insolvency-139150/
Murder suspect Makhata Seesai, 38, shows how he beat a 63-year-old monk to death with a large yellow candle in a fit of anger at a temple in Phitsanulok after they argued over a gambling debt. (Photo by Chinnawat Singha)
PHITSANULOK: A man arrested for beating an elderly monk to death and fleeing in a stolen temple vehicle told police they had argued over payment of bets made on boxing matches on TV, and he lost his temper.
Makhata Seesai, 38, was caught at a relatives house in Wichian Buri of Phetchabun on Thursday and later taken back to Wat Hua Saphan Ruamjai in Wang Thong district of Phitsanulok for a crime re-enactment.
Angry residents and monks gathered to watch the re-enactment and loudly p…
Read the full article at: https://www.bangkokpost.com/news/general/1437795/suspect-admits-killing-monk-over-boxing-wager
MUMBAI: Size and corporate governance do matter: That seems to be the unambiguous message Indias bankruptcy courts are giving the countrys beleaguered lenders about a year since they began the process of recovering bad loans within specific deadlines.
Since December 2016, when the new law came into force, 11% (67 cases) of the small and medium companies have already been liquidated, show data compiled by New Delhi-based Corporate Professionals. Just about 2% of the 625 companies taken to the dedicated courts have seen successful revival plans.
Small and mid-sized companies have been liquidated mostly as they could not find interested buyers, with promoters often blamed for siphoning off the banks money,” said Manoj Kumar, partner, Co…
Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/banking/how-nclts-send-strong-message-to-truant-promoters/articleshow/63540717.cms
Indias Insolvency and Bankruptcy Code has promised to completely transform the countrys insolvency resolution regime. Jyoti Singh analyses the key judicial decisions under the Code.
Click here to read PDF of chapter
As far as the introduction of new laws in India is concerned, the Insolvency and Bankruptcy Code, 2016 (Code) is second to none in the discussion, excitement and media interest that it has generated since the time it has been legislated. Its framers professed that it would radically alter the debt restructuring and debt recovery landscape of the country, and bring the framework of insolvency resolution on par with developed countries. While it may be too early to gauge whether the Code lives up to its objec…
Read the full article at: https://www.legallyindia.com/insolvency/evolution-of-the-corporate-insolvency-resolution-regime-in-india-20180329-9221
Saipan casino operator Imperial Pacific International Holdings (IPI) saw its profits fall more than one-third in 2017 despite revenue more than doubling year-on-year.
On Thursday, IPI informed the Hong Kong Stock Exchange that its net revenue hit HK$8.15b (US$1.04b) in calendar 2017, just over twice the sum generated in 2016. Gross profit more than doubled to just under HK$7b but profit fell 32% to HK$637m.
IPIs profits were undone by the companys rising bad debt provisions, reflecting IPIs risky strategy of avoiding junket operators and offering credit directly to VIP gamblers. Total trade receivables outstanding VIP gambling debts stood at HK$8.5b at the end of 2017, up from HK$5.3b in 2016. Of this sum, 8% was owed by IPIs single bigg…
Read the full article at: https://calvinayre.com/2018/03/29/casino/imperial-pacific-writes-off-half-billion-gambling-debts/
Snap is laying off about 100 people, primarily from the companys sales side.
Its the third round of layoffs for Snap since the beginning of the year; the company also restructured its content teams in January and laid off around 120 engineers earlier this month.
Imran Khan, the companys chief strategy officer and the head of all its business operations, said in a statement that these layoffs were part of a planned downsizing that started late last year. Heres his full statement:
Over the past two years our company has grown a tremendous amount. Late last year we asked senior leaders across Snap to look closely at their teams to ensure they had the right resources and organizations to support their missions. As a result, new struc…
Read the full article at: https://www.recode.net/2018/3/29/17176230/snap-layoffs-sales-restructuring-imran-khan
Today has been the last day of Doughnut Time, Victoria state manager Vanessa Gaddi-Chmielewski wrote in an email supplied to the ABC. I just received news from Dan [Strachotta] that the deal with the new company has been blocked by Damian.
He will not sign the Doughnut Time trademark to Dan.
As a result, the entire company will go into liquidation including the stores that Dan was supposed to take over.
Under the terms of the deal supposedly agreed to last week, the Brisbane-based doughnut brand would have been saved from extinction but would have closed almost half its remaining stores. In Brisbane, just South Bank and Clayfield were to remain open. Further afield, the Gold Coast would retain just one store at Mermaid Beac…
Read the full article at: https://www.broadsheet.com.au/brisbane/food-and-drink/article/doughnut-time-sale-falls-over-remaining-stores-close
New Delhi, Mar 29 (PTI) A former Air India pilot has dragged the national carrier to the National Complany Law Tribunal (NCLT) seeking initiation of insolvency proceedings against it, saying the airline has been unable to clear his dues.
Captain Subodh Kumar, who served Air India (AI) for 28 years, has sought the settlement of his claims of Rs 67.84 lakh from the airline, alleging there were discrepancies in the payment of his salary and allowances between 2012 and 2016.
Seeking initiation of insolvency proceedings against AI, Kumar alleged that the airline had deducted substantial amount of salary, allowances and benefits payable to him and also failed to pay him the salary for January, 2016.
“In view of the foregoing, it is apparent that…
Read the full article at: https://www.indiatoday.in/pti-feed/story/ex-pilot-moves-nclt-to-initiate-insolvency-proceedings-against-ai-1200551-2018-03-29
New Delhi, Mar 29 () A former Air India pilot has dragged the national carrier to the National Complany Law Tribunal (NCLT) seeking initiation of insolvency proceedings against it, saying the airline has been unable to clear his dues.
Captain Subodh Kumar, who served Air India (AI) for 28 years, has sought the settlement of his claims of Rs 67.84 lakh from the airline, alleging there were discrepancies in the payment of his salary and allowances between 2012 and 2016.
Seeking initiation of insolvency proceedings against AI, Kumar alleged that the airline had deducted substantial amount of salary, allowances and benefits payable to him and also failed to pay him the salary for January, 2016.
“In view of the foregoing, it is apparent that…
Read the full article at: http://timesofindia.indiatimes.com/business/india-business/ex-pilot-moves-nclt-to-initiate-insolvency-proceedings-against-ai/articleshow/63531056.cms
For now, its advantage Ultratech in the battle for Binani Cement. By getting the ousted promoters and unsecured lenders on its side and putting more money on the table, the Aditya Birla group company has convinced the Kolkata bench of National Company Law Tribunal (NCLT) to give it a second chance. The NCLT on Tuesday asked the parties promoters of Binani Cement, Ultratech Cement, the creditors, and Dalmia Bharat, to explore an out-of-court settlement. Next week, the parties are likely to get back to the tribunal with their decisions.
The target
Binani Cement, a subsidiary of listed Binani Industries, has become a coveted asset due to two reasons. First, it has 165 million tonnes of limestone reserves (expected to last for 35 years). …Read the full article at: https://economictimes.indiatimes.com/industry/indl-goods/svs/cement/the-battle-for-binani-is-just-not-over/articleshow/63522236.cms
ZAGREB, March 29, 2018 – The government on Thursday gave the go-ahead to Croatian road companies to borrow 1.8 billion euros from banks with state guarantees, announcing the further restructuring of the road sector.
Addressing a cabinet meeting, Prime Minister Andrej Plenkovi said that the sector’s debt in the amount of 1.275 billion euros had been refinanced last year “at the best ever interest rate and the best ever maturity, until 2030.”
“The 1.8 billion euro loan has now been refinanced, also for a period of 12 years and at an interest rate of 1.95 percent. Thus we have settled slightly over three billion out of the total of five billion debt of the road sector. The Croatian public has forgotten about the initiative to monet…
Read the full article at: https://www.total-croatia-news.com/business/27038-financial-restructuring-of-indebted-road-sector-gets-go-ahead
Pensioner Wilfred Anderson might start believing in the Easter bunny after he had two big wishes granted.
Nearly 90, Mr Anderson still lives in his own home and looks after his daughter Pamela, who has Down syndrome.
He relies on the NDIS to help him look after his daughter, but said it was a struggle.
Wilfred Anderson is terminally ill and cares for his disabled daughter. He claimed the carers often don’t show up when they should, and his daughter can go weeks without being showered.
“The carers won’t get up off a seat to help her to the toilet,” Mr Anderson said.
“When I go out anywhere, I had to come home, she’s sopping wet, and the carer never done nothing.
His daughter Pamela has Down syndrome and Mr Anderson says he struggles to fin… Read the full article at: https://www.9news.com.au/national/2018/03/29/19/30/penionsers-easter-miracle-as-nab-wipes-debt
