Insolvency Guardian Media Centre
Univision Communications is preparing for a restructuring and a change at the top as the company confirmed CEO Randy Falco is preparing his exit, just four months after he signed a two-year contract extension.
Word of Falcos plan to retire comes one day after Univision acknowledged that it has tabled plans for the IPO that it first registered for in 2015. The Wall Street Journal reported Wednesday night that the Univision board was considered replacements for Falco. In a statement, Univision said Falco had recently approached the board about accelerating his retirement. Falco, who was a longtime NBC executive and ran AOL after its separation from Time Warner, will be 65 at the end of this year. He has been at the helm of the Spanish-lan…
Read the full article at: http://variety.com/2018/tv/news/univision-randy-falco-ceo-exit-1202721289/
BANKS owed more than $3.5 billion by Wiggins Island Coal Export Terminal have rejected its latest proposal to change its debt repayment agreement.
It is understood the Gladstone facility’s 19 lenders knocked back a proposal for a five-year extension to the September deadline to repay or restructure WICET’s $3.75 billion debt, sending the company back to the drawing board.
The Australian Financial Review reported lenders were worried there was no certainty the deal would help solve the underlying problem of the terminal’s high cost of use and its associated low volumes.
Glencore ships more coal out of WICET than any of the four other coal miners that own the asset: Yancoal, Wesfarmers, New Hope and Aquila.
In it…
Read the full article at: https://www.gladstoneobserver.com.au/news/wicet-turned-back-to-drawing-board-for-35bn-debt-r/3355671/
In 2017, the Monetary Authority of Singapore introduced a new financial instrument called debt consolidation plan (DCP) to help consumers rein in their bloating debt problem. Essentially, this was meant to help individual borrowers combine their high interest loans into one that could be gradually managed down over 1 to 10 years. But, it also had some restrictions that made it not available to everyone. For example, DCPs imposed a balance to income limit of 12x, meaning a borrowers interest bearing unsecured loans have to greater than 12x of his monthly income. To assess whether DCP has been effective in helping consumers deal with their debt problem, we examined the Department of Statistics Singapores most recent release of household b…
Read the full article at: http://www.theindependent.sg/is-singapores-debt-consolidation-plan-working-household-debt-data-shows-mixed-signals/
Thursday 08 March 2018
Article by Ben Tosi
Aussies cant quite tame the urge to splurge according to recent data from peer to peer lender RateSetter which revealed that 28% of balance transfer credit card holders are nearing the end of their promotional period but havent managed to crush their debt.
A popular piece of plastic for Aussies who have taken their spending a little too far in the past, a balance transfer card comes with an interest free period that allows you to tackle the outstanding amount of debt on your credit card.
Sounds great, right? Well as it turns out, were seriously misusing these particular pieces of plastic – and it is costing us.
According to RateSetter, 44% of Australians are failing to pay off their debt bi…
Read the full article at: https://mozo.com.au/credit-cards/articles/addicted-to-spending-australians-unable-to-crush-credit-card-debt
The chances of stressed power generation units landing in the insolvency court have increased after the Reserve Bank of India revised last month its framework for the resolution of non-performing assets. A more worrying aspect, according to sector analysts, is that these assets totalling more than 80,000 megawatts across operational and under-construction projects may not attract big players once put on the block, unlike stressed steel firms. The RBI, on February 12, withdrew its Strategic Debt Restructuring (SDR) and Scheme for Sustainable Structuring of Stressed Assets (S4A) schemes, and said accounts in which the banking sectors aggregate exposure was Rs 20 billion or above, lenders mu…
Read the full article at: http://www.business-standard.com/article/companies/stressed-power-generations-firms-face-tough-insolvency-journey-in-court-118030800009_1.html
Betsy DeVoss Education Department has mistakenly kicked student loan borrowers out of forbearance. (Ted S. Warren/AP)
Chad Godfroy has saved every email from the U.S. Department of Education since submitting an application in 2015 to have his federal student loans cancelled. Despite the continued wait, Godfroy, 38, took comfort in knowing his payments would be postponed as long as his claim was under consideration.
He was elated to learn on Feb. 17, 2017, that the Education Department agreed to forgive the $33,000 he borrowed to pursue a criminal justice degree at the now-defunct Everest College in Wisconsin. In an email reviewed by the Washington Post, the agency assured Godfroy that his federal loans would be discharged within the n…
Read the full article at: http://www.washingtonpost.com/news/grade-point/wp/2018/03/07/education-dept-s-mishandling-of-student-debt-relief-claims-creating-headaches-for-applicants/
Access to a debt market teeming with yield-hungry investors is helping some cash-strapped nations in the Gulf Cooperation Council kick reforms down the road.
Taking advantage of attractive interest rates, Oman raised $6.5 billion in January, its biggest sale on record, to help bridge deficits. And Bahrain, the smallest of the GCCs six nations, tapped the international bond markets for $3.6 billion in 2017. It may issue this year to help meet funding needs.
Junk-rated Oman and Bahrain have the weakest finan…
Read the full article at: https://www.bloomberg.com/news/articles/2018-03-07/bonds-are-helping-these-gulf-states-keep-their-heads-in-the-sand
Tata Steel Ltd. today said that it has been identified as the highest evaluated compliant resolution applicant for Bhushan Steel Ltd, under the insolvency and bankruptcy process.
The steelmaker is currently in discussions with the resolution professional and advisors to the Committee of Creditors on the resolution plan it had submitted, it said in an exchange filing today.
Last month, BloombergQuint reported that Tata Steel is likely to bag both Bhushan Steel and Bhushan Power & Steel Ltd., as it has outbid JSW Group for both assets.
Tata Steels resolution plan ensures that financial creditors to Bhushan Steel receive Rs 35,000 crore, against their claim of Rs 55,000 crore, people familiar with the matter told BloombergQuint earlier. …
Read the full article at: https://www.bloombergquint.com/business/2018/03/07/tata-steel-confirms-it-is-the-highest-bidder-for-bhushan-steel
DALLAS–(BUSINESS WIRE)–Omega Healthcare Investors, Inc. (NYSE:OHI) (the Company or Omega)
today announced that its tenant, 4 West Holdings, Inc. (Orianna)
and certain of its affiliates (the Debtors), commenced
voluntary Chapter 11 proceedings in the United States Bankruptcy Court
for the Northern District of Texas, Dallas Division.
The action is styled In re 4 West Holdings, Inc., Case No.
18-30777-hdh11 (Bankr. N.D. Tex.). Copies of all materials filed in this
action are available at http://www.omnimgt.com/4west.
C. Taylor Pickett, Omegas Chief Executive Officer, stated, We
supported Oriannas decision to pursue a restructuring in th…
Read the full article at: https://www.businesswire.com/news/home/20180307005624/en/Omega-Announces-Restructuring-Plan-Orianna-Facilities
Binani Cement is currently undergoing a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC). Photo: Bloomberg
New Delhi: The Competition Commission of India (CCI) on Wednesday unconditionally approved the proposed acquisition of Binani Cement Ltd by Rajputana Properties, subsidiary of Dalmia Bharat Cement Ltd.
Binani Cement is currently undergoing a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC).
This is the first transaction to be notified to the CCI involving the acquisition of a corporate debtor under the insolvency code. The transaction has been cleared by the competition commission within 13 working days after it was filed.
According to a Mint story o…
Read the full article at: http://www.livemint.com/Companies/qpWpJ8Xm4g3pEceqoGP9oK/CCI-approves-acquisition-of-Binani-Cement-by-Dalmia-Bharat-C.html
STAMFORD, Conn., March 7, 2018 /PRNewswire/ — Cenveo, Inc. (OTCPK: CVOVQ) (the “Company”), a diversified manufacturer of print-related products including envelopes, custom labels, commercial print, and publisher solutions, today announced that the U.S. Bankruptcy Court for the Southern District of New York, White Plains has given final approval of the Company’s $290 million debtor-in-possession (“DIP”) financing to support and grow its business.
The financing ensures that suppliers and other business partners are paid in a timely manner for goods and services provided during the reorganization process, in accordance with customary terms.
“This is a critical milestone for Cenveo in these Chapter 11 cases and a step forwar…
Read the full article at: http://markets.businessinsider.com/news/stocks/cenveo-inc-receives-final-approval-for-290-million-in-dip-financing-1018267292
Liberty House, part of Sanjeev Gupta’s global industrial group GFG Alliance, has been chosen as highest preferred bidder for Amtek Auto’s assets, which include 35 automotive component plants across India, Japan, Thailand and Spain, employing 6,000 people.
The announcement of Liberty House as the successful preferred bidder was made in the committee of creditors meeting held on March 6, 2018, and confirmed by the Resolution Professional on March 7, 2018.
This follows the corporate insolvency resolution process (CIRP) of Amtek Auto that began on 24 July, 2017. Amtek Auto is one of the 12 large insolvency cases that the key lenders took to insolvency resolution process under National Compa…
Read the full article at: http://www.business-standard.com/article/companies/insolvency-row-liberty-house-highest-preferred-bidder-for-amtek-auto-india-118030701112_1.html