…

Read the full article at: https://www.stamfordadvocate.com/business/article/Bankrupt-Cenveo-gets-court-OK-for-financing-12735434.php

Liberty House, part of Sanjeev Guptas global industrial group GFG Alliance, said it has emerged as the successful highest bidder for Amtek Auto Pvt Ltd., paving the way for the formers entry into the Indian market.

Liberty House…is set to make a dramatic entry into India after being chosen as preferred H1 bidder for Amtek Auto assets which include 35 automotive component plants across India, Japan, Thailand and Spain, employing some 6,000 people, the company said.

The announcement was made at the Committee of Creditors meeting held yesterday and confirmed by the insolvency resolution professional today. This follows the corporate insolvency resolution process of Amtek Auto which began on July 24, 2017.

We are very excited about this…

Read the full article at: https://www.bloombergquint.com/insolvency/2018/03/07/liberty-house-highest-bidder-for-amtek-auto

Illustration: Luo Xuan/GT

India’s banking system has restructured more than 6 trillion rupees ($92.34 billion) in bad debts over the past three years. The recent $2 billion Punjab (PNB)-Nirav Modi fraud has made it worse.

Though statistical methods vary, even the lowest estimate of the bad debt ratio exceeds 10 percent. But it is unlikely that India faces a debt crisis since Prime Minister Narendra Modi’s reform of the banking system will have a positive effect despite some negative impact in the short term.

The rise in bad debt has several causes. India’s economy was affected by the financial crisis, and low economic growth then hit companies’ profits, undermining their debt repayment abilities. Easy monetary policy aiming to s…

Read the full article at: http://www.globaltimes.cn/content/1092287.shtml

Betsy DeVoss Education Department has mistakenly kicked student loan borrowers out of forbearance. (Ted S. Warren/AP)

Read the full article at: https://www.washingtonpost.com/news/grade-point/wp/2018/03/07/education-dept-s-mishandling-of-student-debt-relief-claims-creating-headaches-for-applicants/

Tata Steel said it had been selected as the winning bidder for troubled rival Bhushan Steel, in one of the largest cases to be dealt with under Indias new insolvency system.

Bhushan, a mid-sized Indian steelmaker with annual revenue of around $2bn, was put into bankruptcy proceedings last year after proving unable to service its debt of more than Rs400bn ($6.2bn).

In a statement on Wednesday evening, Tata Steel a key unit of the Tata Group, Indias largest conglomerate by revenue said it had been selected as the preferred bidder for Bhushan Steel. It added that it was now in discussions with the advisers to Bhushans creditors, and with the resolution profe…

Read the full article at: https://www.ft.com/content/98340dae-221b-11e8-9a70-08f715791301

This press release was orginally distributed by ReleaseWire

Buffalo, NY — (ReleaseWire) — 03/07/2018 — Question: What industry receives the top number of consumer complaints at the Federal Trade Commission (FTC) every year? Answer: Debt relief.

Each year the FTC goes to bat for debtors by taking companies in the debt relief industry to court. In 2017 alone, the agency mailed thousands of checks to people who paid up front for debt relief and ended up further behind due to the fees and false claims made by debt consolidation, debt settlement, or debt relief companies.

But the checks from the FTC barely made a dent in what the individuals had lost. Scott Laughlin, vice president, Community and Creditor Relations of the nonprofit Consu…

Read the full article at: http://www.digitaljournal.com/pr/3686094

Bulgarian MPs voted on March 7 to overturn President Roumen Radevs veto on the bill of amendments to the Bank Insolvency Act. The motion carried with 129 MPs in favour, 40 opposed and no abstentions.

The two parties in the government coalition, Prime Minister Boiko Borissovs GERB and the United Patriots group of nationalist parties, were joined by the opposition Movement for Rights and Freedoms (MRF), whose MPs tabled the amendments, in overturning the presidential veto. The main opposition Bulgarian Socialist Party and Volya, the smallest party in the National Assembly, voted against the motion.

Radev vetoed the bill on February 21, arguing that some of the provisions had retroactive effect, which breached the principle of the rule of la…

Read the full article at: https://sofiaglobe.com/2018/03/07/bulgarian-parliament-overturns-presidential-veto-on-amendments-to-bank-insolvency-law/

Coronation Street actor Michael Le Vell has been declared bankrupt.

The soap star, 53, has played garage mechanic Kevin Webster for three-and-a-half decades.

He was declared bankrupt on January 8 under his birth name, Michael Robert Turner, with the order updated last week to reflect his stage name.

Le Vell first joined Coronation Street in 1983 and quickly endeared himself to fans, who have followed the trials and tribulations of Kevin, from Brian Tilsley’s apprentice mechanic through to his stormy marriage to Sally, played by Sally Dynevor.

In 2013 Le Vell was cleared of child abuse charges at Manchester Crown Court.

But the Mirror reported that he failed to keep on top of his tax affairs, papers seen by the Mirror show.

The report…

Read the full article at: https://www.birminghammail.co.uk/news/showbiz-tv/coronation-street-actor-michael-le-14378878?utm_source=google_news&utm_medium=referral&utm_campaign=google_news&utm_content=sitemap

Rolls-Royce said the cost of fixing problems with its Trent engines would increase to around £340m in 2018 and could cost as much as £240m the year after, as the British aerospace and engineering group confirmed it had brought in restructuring experts to help it simplify its staff structure as part of a sweeping overhaul of its operations.

Despite strain on production facilities from the extra work needed on repairing the engine parts earlier than expected, financial results for the year were ahead of expectations, the company said on Wednesday, sending its shares up almost 11 per cent in early trading.

Underlying pre-tax profits were up 25…

Read the full article at: https://www.ft.com/content/011ecbde-21d5-11e8-9a70-08f715791301

Despite the negative connotations often associated with debt being bad for consumers, when used responsibly, debt can add significant value by helping consumers manage their financial affairs and progress in life.

Lynette Kloppers, FNB Premier CEO, says the ongoing debate around what makes good or bad debt is as old as the origins of money. Debt can either be classified as being good or bad depending on how you use it, as well as its overall impact on your financial position in the long term.

Kloppers unpacks some of the benefits of using debt wisely:

1). Wealth creation  when used to buy an investment property that will later pay for itself through rental income can help consumers build f…

Read the full article at: http://business.iafrica.com/news/1058283.html

Rolls-Royce swung back into profit in 2017 amid an ongoing restructuring drive at the engine maker.

It comes after the firm posted the biggest loss in its history in 2016 due to settling corruption cases and currency hedges going wrong.

In the year to 31 December 2017 profit before tax jumped to £4.9bn – up from a loss of £4.6bn the year before. Revenue climbed 9% to £16.3bn.

Chief executive Warren East said the firm was making “good progress”.

Profits were boosted by the delivery of more aero-engines, and by its power systems unit which makes large diesel engines.

It also saw a £2.6bn accoun…

Read the full article at: http://www.bbc.com/news/business-43313866

Coronation Street actor Michael Le Vell has reportedly been declared bankrupt after struggling with legal costs of £200,000 accumulated when he fought child sex abuse allegations at trial in 2013. 

The star, who plays mechanic Kevin Webster, was found not guilty by a jury on all 12 counts but was left with the costs of his defence. It is also claimed that he owes a six-figure tax bill.

According to The Mirror, Michael, who is said to be on a £250,000 annual salary with the ITV soap, was declared bankrupt last year under his real name Michael Robert Turner.

Read the full article at: http://metro.co.uk/2018/03/07/coronation-street-star-michael-le-vell-declared-bankrupt-fighting-child-abuse-allegations-7367725/