With the moratorium period to prepare a resolution plan for Electrosteel Steels set to expire in the next three weeks, the Kolkata bench of the National Company Law Tribunal (NCLT) on Monday asked the resolution professional (RP) of the insolvent company to convene its committee of creditors (CoC) meet as early as possible to expedite the corporate insolvency resolution process. (Reuters)With $2.7 billion in leases looming, Myer has reportedly ruled out voluntary administration. The retailer has $19.9 million in net debt and gearing of about 3 percent, which means it is moving closer to breached fixed charges cover covenants in banking agreements after a 24 percent fall in earnings in the January half.
For its first half the six months to January 27 Myer suffered a net loss of $476.2 million, compared with a $62.8 million profit for the same period a year earlier, making it the biggest loss in its 118-year history.
According to The Australian Financial Review, Myer has said that voluntary administration was not under consideration, while insolvency experts have said that VA was a blunt instrument and would cre…
Read the full article at: http://www.powerretail.com.au/news/another-voluntary-administration-myer-says-no/
MEN have more secret debt hidden from their partners than women and Queensland has the second highest rate of sneaky spending in the country.
But Relationships Australia has warned if youre keeping secrets in your relationship there could be more wrong than an inability to control your spending.
Research compiled by finder.com.au revealed around 31 per cent of Australians have a debt hidden from their partner.
Men have the highest amount; $2417 on average compared to $1944 for women.
On average Queenslanders have $2313 of debt swept under the carpet while Western Australians top the list at $3665.
Relationships Australia spokeswoman Kylie Dunjey said the finances issue was in the top five things that contributed to relationship breakdowns.
My …
Read the full article at: http://www.news.com.au/national/queensland/men-have-more-secret-debt-than-women-queensland-has-second-highest-rate-of-sneaky-spending/news-story/b4c431ef2358abf14b6f1d4ff43db4ad
In July 2016 the Australian Government rolled out a new automated income matching system for detecting and recovering debts. The Online Compliance Intervention Program, which soon became known as “Robodebt”, was designed to help the Department of Human Services collect $4.5 million in debt every day. In that sense, it was super efficient. Too efficient, even.
Robodebt resulted in up to 20 per cent (possibly $3,075,503 worth) of demands to repay debt that were incorrectly issued to the most vulnerable Australians.
At a Senate Committee hearing last week – specifically looking into digital services – the Acting Deputy Secretary of Integrity and Information Jason McNamara insisted Robodebt “went well”.
As reported by Innovation A…
Read the full article at: https://www.gizmodo.com.au/2018/03/the-department-of-human-services-says-robodebt-went-well-and-delivered-lots-of-savings/
GenOn Energy, a unit of NRG Energy that filed for bankruptcy in June 2017, said it has agreed to sell two units of the Canal Generating Plant to Stonepeak Kestrel, a subsidiary of Stonepeak Infrastructure Partners, a private equity firm with offices in New York City and Houston, Texas.
The Canal plant in Sandwich, Massachusetts, named after the Cape Cod Canal, was a coal-fired facility when it came online in 1968. Today it operates on natural gas and petroleum fuel. The $390.3 million deal announced March 23 is expected to close in the third quarter of this year. The two units have combined generating capacity of 1,112 MW.
GenOn, formed in 2010 after the merger of RRI Energy and Mirant, was bought by NRG in 2012 in a …
Read the full article at: http://www.powermag.com/genon-selling-more-assets-in-restructuring/
Columbus police searching for missing 16-year-old
Columbus police searching for missing 16-year-old
(Source: Columbus Police Department)
(Source: Columbus Police Department)
The Columbus Police Department is asking for the publics assistance in locating a missing teenager.
More >>The Columbus Police Department is asking for the publics assistance in locating a missing teenager.
More >>
UPDATE: Victim ID’ed in overnight Opelika murder
UPDATE: Victim ID’ed in overnight Opelika murder
Source: AP Graphics
Early in the morning on Saturday, Mar. 24, the Opelika Police Department responded to a call of a person be…
Read the full article at: http://www.wtvm.com/story/37807437/access-insurance-company-goes-into-liquidation
The Gambling Commission is considering banning people from using their credit cards to place bets.
The regulator on Monday said gambling on credit cards increases the risk that consumers will gamble more than they can afford and it would consider prohibiting or restricting the use of credit cards in order to protect gamblers from racking up huge debts that they cannot pay.
The announcement that the Gambling Commission would consider banning betting on credit was included in the regulators report into how to make online gambling safer. The report showed that profits in the online gambling industry jumped by 10% in 2017 to £4.7bn, and more than 9 million Britons gamble online.
Sign up to the daily Business Today email or follow … Read the full article at: https://www.theguardian.com/society/2018/mar/26/gambling-commission-credit-card-betting-online
ComfortDelgro Savico Taxi, a joint venture of Saigon General Service Corporation (Savico) and Singapores largest taxi operator ComfortDelGro, has suspended its business to preserve funds and restructure its taxi-related business in the wake of competition from rivals.
In an announcement on Ho Chi Minh City Stock Exchange, the joint ventures said that it has completed the business restructuring at ComfortDelgro Savico Taxi and is looking at appropriate business opportunities.
Last year, ComfortDelGro Corp acquired a 51 per cent stake in Uber Technologies Inc.s car rental unit in Singapore for S$295 million ($218 million), forming a joint venture with th…
Read the full article at: https://www.dealstreetasia.com/stories/comfortdelgro-savico-taxi-jv-in-vietnam-suspends-business-operations-94969/
The destinations of Dibbsbarkers partners who are not joining Dentons are starting to emerge.
Hall & Wilcox and Piper Alderman will each get a partner as DibbsBarker prepares to close its doors on 30 April after more than 130 years in business. Dentons will welcome 18 partners in total from DibbsBarker 17 in partner roles, and one in a director role. Those confirmed moving to Dentons include DibbsBarkers chair and several practice heads.
Hall & Wilcox has appointed Fay Calderone as a partner in Sydney, bolstering its employment practice. Joining Calderone, who is DibbsBarkers people and workplace head, is senior associate Clare Kerley. Both will join the firm on 3 April.
Calderone, who has mo…
Read the full article at: https://www.australasianlawyer.com.au/news/hall-and-wilcox-piper-alderman-take-dibbsbarker-partners-248130.aspx
A battle for control of one of Indias largest industrial assets is moving into the courtroom after bids for Essar Steel from both ArcelorMittal and a Russian-controlled investment vehicle were declared ineligible under Indias tough new bankruptcy code.
Essar Steel was forced into insolvency proceedings last August after falling behind on debt repayments.
It is the most high-profile case to be dealt with under Indias new insolvency system, which came into force in 2016 after complaints about founding families clinging on to failing businesses while forcing losses on banks.
After other big groups such as Tata Steel de…
Read the full article at: https://www.ft.com/content/8af088fa-30fa-11e8-b5bf-23cb17fd1498
MADISON, N.C.–(BUSINESS WIRE)–Remington Outdoor Company (Remington or the Company), one of the
worlds leading designers and manufacturers of firearms, ammunition, and
related products, today announced achievement of a significant milestone
in its comprehensive financial restructuring process.The Company today announced that it has filed a prepackaged plan of
reorganization with the United States Bankruptcy Court for the District
of Delaware under Chapter 11 of the United States Bankruptcy Code. As
previously disclosed, the Company and certain of its subsidiary and
related entities as well as its consenting creditors, entered into a
Restructuring S…Read the full article at: https://www.businesswire.com/news/home/20180326005619/en/Remington-Outdoor-Company-Proposes-Comprehensive-Prepackaged-Financial
We have witnessed “panic banking” in recent past due to the take-over of some banks by the Bank of Ghana (BOG) because of their insolvency. These banks had appeared in the public eye as doing well and therefore, enjoying huge patronage by customers.
The UT Bank and the Capital Bank were last year liquidated by the Central Bank because of insolvency, and as if that was not enough the UniBank was also added to the list of non-performing banks that have to be rescued to avoid total collapse.
The BOG has placed the bank under the administration of KPMG, a private financial firm of high repute, to resuscitate the bank in the next six months, to avoid total collapse.
This was carried out in line with Section 107 of the Bankers and Special…
Read the full article at: http://allafrica.com/stories/201803260769.html