Insolvency Guardian Media Centre
MUMBAI — India has launched its recapitalization scheme totaling 2.1 trillion rupees ($32.3 billion) to help state-run banks write off nonperforming loans and put the economy back into high gear.
State Bank of India, the country’s largest commercial bank, said Friday that shareholders approved a private allotment of preferential shares for the government. The bank will receive an injection of 88 billion rupees in return, in a transaction slated to close this month.
Others such as Punjab National Bank, Canara Bank and the Bank of Baroda have approved similar state-backed infusions, with Bank of India raising 22.5 billion rupees through the recapitalization effort. India’s government approved the two-year bank bailout plan in Oc…
Read the full article at: https://asia.nikkei.com/Politics-Economy/Policy-Politics/India-starts-32bn-bailout-to-help-state-banks-clear-bad-debt
EMERYVILLE, Calif., March 27, 2018 /PRNewswire/ — Student loan borrowers often feel like victims of their debt, perhaps especially if they have a high balance. Or they may feel like victims of predatory lending or of a society that pushed them to take on any amount of debt for a degree that may or may not have gotten them a job. The hard truth about that debt is that each borrower is responsible for paying it down, no matter how unfair it may feel. But they can get help. American Financial Benefits Center (AFBC) is a private document preparation company that helped its clients seek successful repayment by applying for federal income-driven repayment plans.
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Read the full article at: https://www.prnewswire.com/news-releases/american-financial-benefits-center-encourages-borrowers-to-take-control-of-their-debt-overcome-victim-mentality-300620337.html
A former Managing Director of the GCB Bank, Mr Simon Dornoo, is to lead a team of experts from accounting and auditing firm, KPMG to revive and stabilise uniBank Ghana Limited.
The revival is to help bring the bank, which was declared insolvent by the Bank of Ghana on March 20, back to regulatory compliance.
Related: Bank of Ghana takes over uniBank
KPM, the official administrator of the troubled uniBank, said in a press statement that Mr Dornoo had been engaged as an executive representative to lead the management team to stabilise and bring the bank back to regulatory compliance.
He will act in that capacity over the next six months, within which he and the team will be expected to audit the operations of the bank…
Read the full article at: https://www.businessghana.com/site/news/business/162012/Simon-Dornoo-leads-team-to-revive-uniBank
CRANBERRY TOWNSHIP, Pa.–(BUSINESS WIRE)–Westinghouse Electric Company today obtained approval from the U.S.
Bankruptcy Court for the Southern District of New York (the Court) of
the companys plan of reorganization (the Plan).
The Courts approval of the Plan is a significant milestone in the
companys strategic restructuring, which involves its previously
announced sale to Brookfield Business Partners L.P. (NYSE:BBU)
(TSX:BBU.UN). The sale is expected to close in the third quarter of
2018, subject to customary closing conditions including, among others,
regulatory approvals.
The Plan was overwhelmingly supported by Westinghouses credit…
Read the full article at: https://www.businesswire.com/news/home/20180327006166/en/Westinghouse-Plan-Reorganization-Confirmed
MUMBAI: The National Company Law Tribunal has ordered liquidation of two Rotomac group companies — Global and Exports — whose promoter Vikram Kothari is accused of being involved in a banking fraud. The order was pronounced at the NCLTs Allahabad chapter.
The initial period of 180 days expired on March 19 this year, but the committee of creditors has rejected the demand for an extension of 90 days to complete the insolvency resolution process.
The court has asked the Resolution Professional (RP) to submit a liquidation report within a month, and has appointed the RP — Anil Goel — as the liquidator, who will help to auction the companys assets.
The liquidator is directed to submit the progress report of liquidation process within 3…
Read the full article at: https://economictimes.indiatimes.com/news/politics-and-nation/nclt-orders-liquidation-for-two-rotomac-companies/articleshow/63492074.cms
By M Umarji
A new section 29A has been inserted in the Insolvency and Bankruptcy Code, 2016 (IBC 2016 ) which specifies various categories of persons who are not eligible to submit the resolution plan for insolvent companies, which includes the debtor company itself and its guarantors. It is reported that government is reviewing the issue of persons being indirectly barred from bidding for insolvent assets by reason of being connected or related to those ineligible to bid under the amended IBC 2016.
While conducting such review, it is necessary to note some basic objects for which IBC 2016 has been enacted, as under:
- Insolvency resolution petitions can be initiated immediately on default of Rs 1 lakh or above. Section 10 of the Code p…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/view-resolution-plans-under-ibc-should-adhere-to-principles-of-natural-justice/articleshow/63494248.cms
Dominic Chappell, the former bankrupt who bought the failed retailer BHS for £1, is facing a ban on serving as a company director but previous owner Philip Green will avoid a similar fate following an investigation into the chains collapse in 2016.
The Insolvency Service, a UK government agency, said on Tuesday that it intends to ban Dominic Chappell and three other former BHS directors from serving as company directors for up to 15 years.
However, it said it does not intend to bring disqualification proceedings against Sir Philip, the billionaire former owner of BHS who sold the company to Mr Chappell for £1 in 2015.
Mr Chappell told the Press Association he has not been notified of the move by the Insolvency Service, and s…
Read the full article at: https://www.ft.com/content/11c9492e-31bf-11e8-ac48-10c6fdc22f03
NEW YORK (Reuters) – Puerto Ricos Government Development Bank, the islands insolvent former fiscal agent now in wind-down mode, has tweaked its $5 billion debt restructuring deal to help keep small towns afloat six months after Hurricane Maria.
FILE PHOTO – The Government Development Bank (GDB) is seen in San Juan, November 30, 2015. Reuters/Alvin Baez/File Photo Governor Ricardo Rossellos office said in a statement on Tuesday that the bank, known as the GDB, will allow towns to offset any loans owed to it with assets on deposit at the bank.
The towns also will be allowed immediate payment of 55 percent of certain assets held at the GDB.
Those concessions are offset by other changes that keep the new structure roughly neutral for credito…
Read the full article at: https://uk.reuters.com/article/us-usa-puertorico/puerto-rico-gdb-amends-wind-down-deal-to-help-storm-battered-towns-idUKKBN1H327D
By Nick Brown
Puerto Rico GDB amends wind-down deal to help storm-battered towns
NEW YORK (Reuters) – Puerto Ricos Government Development Bank, the islands insolvent former fiscal agent now in wind-down mode, has tweaked its $5 billion debt restructuring deal to help keep small towns afloat six months after Hurricane Maria.
Governor Ricardo Rossellos office said in a statement on Tuesday that the bank, known as the GDB, will allow towns to offset any loans owed to it with assets on deposit at the bank.
The towns also will be allowed immediate payment of 55 percent of certain assets held at the GDB.
Those concessions are offset by other changes that keep the new stru…
Read the full article at: https://au.news.yahoo.com/a/39648804/puerto-rico-gdb-amends-wind-down-deal-to-help-storm-battered-towns/
There is not a lot of subtlety in the games they design for fixed-odds betting terminals (FOBTs). In one, Goddess of the Amazon, badly rendered illustrations of big-breasted women in leather underwear point you towards slot machines you literally have to tap on their crotch to spin the wheel. In another, Rainbow Riches, a leprechaun points you to a wishing well, a fairly on-the-nose metaphor for a game that involves pointlessly chucking coins youll never see again into a hole.
While the games are stupid, the profits they make for the bookmakers are serious. In the year ending September 2016, £1.8bn was wagered on them, including 233,000 sessions where players ended up losing more than £1,000.
There is nothing good about FOBTs. They …
Read the full article at: https://www.theguardian.com/commentisfree/2018/mar/27/britain-gambling-problem-nationalise-industry-betting-terminals
Having worked for more than eight years in managing credit risks for Google, Ravi Malhotra saw an acute problem plaguing Indian corporates. His answer was Debt Nirvana which works with 45 clients across Asia to help them with their revenue flows.
It is no secret that a key element to doing all business is credit. Be it an overdraft, a short-term loan or staggered receivables if you are in business, you are most likely to owe someone money, just as someone would owe you money.
For husband-wife duo Ravi and Shilpi Malhotra, it was this large market opportunity that compelled them to leave their secure jobs at Google India and start up. Having spent close to eight years in Google India, Ravi was handling compliance across the companys Adwork…
Read the full article at: https://yourstory.com/2018/03/ex-googlers-handle-revenues-500-m-yahoo-microsoft-help-avoid-bad-debts/
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on Tuesday adjourned hearing of ArcelorMittal and Numetal’s petitions challenging ineligibility of their bids for Essar Steel till April 4. While Numetal had moved the NCLT on March 20, ArcelorMittal had done so on Monday, March 26 challenging the decision to declare their bids ineligible. Adjourning the hearing till next Wednesday, April 4, Manorama Kumari, the adjudicating authority at NCLT’s Ahmedabad bench observed that the second round of bidding for Essar Steel would continue to be held on April 2. The Committee of Creditors in Essar Steel’s case had called for a second round of bidding on April 2, after finding bo…
Read the full article at: http://www.business-standard.com/article/companies/essar-steel-insolvency-nclt-defers-arcelormittal-numetal-hearing-to-apr-4-118032700574_1.html
