Insolvency Guardian Media Centre
Jessica Fino
3 Apr 2018 12:16pm
PwC said it would be vigorously defending itself from a $3bn (£2.1bn) lawsuit filed by the Ukrainian bank Privatbank
…
Read the full article at: https://economia.icaew.com/en/news/april-2018/pwc-to-fight-privatbank-3bn-lawsuit
BELGRADE (Serbia), April 3 (SeeNews) – Serbia’s government plans to sign a contract for the sale of insolvent tractor manufacturer Industrija Masina i Traktora (IMT) to Indian company Tafe for 66.8 million dinars ($697,000/565,000 euro), Serbian prime minister Ana Brnabic has said.
The contract will be signed in the coming three days and the acquisition of IMT will open the way for restarting the production of tractors in Serbia, Brnabic said in a statement on Monday.
Tafe intends to produce tractors under the IMT brand, with 50% of their parts to be manufactured in Serbia, the vice president of the Indian company, Kamal Ahuja, said in a video file posted on the website of Serbian news agency Tanjug on Monday.
…
Read the full article at: https://seenews.com/news/serbia-to-sell-insolvent-tractor-maker-imt-to-indias-tafe-pm-brnabic-607507
HYDERABAD:The National Company Law Tribunal (NCLT) at Hyderabad has initiated corporate insolvency resolution process (CIRP) against city-based hospitality player Viceroy Hotels Limited and appointed KK Rao as interim resolution professional (IRP) for the purpose.
This was in response to a petition filed by asset reconstruction player Asset Reconstruction Company (India) Ltd (ARCIL) against the Prabhakar Reddypromoted Viceroy Hotels, which borrowed ?321 crore from lenders like Axis Bank, IDFC, Laxmi Vilas Bank, SBI and Canara Bank from 2007 to 2011.
These loans were later acquired by ARCIL, which negotiated with Viceroy Hotels for recovery of dues. On failing to recover the dues, ARCIL filed a plea under Section 7 of the Insolvency…
Read the full article at: https://timesofindia.indiatimes.com/city/hyderabad/viceroy-hotels-checks-into-insolvency-process-at-nclt/articleshow/63591965.cms
() is refocusing its health technology solutions with the aim of more closely serving its customers and markets.
As such, Orion Health will reorganise its global teams and resources into three main business sectors – Rhapsody, Population Health and Hospitals.
The company will be reporting by these sectors in the 2019 financial year.
Strategic review leads to restructure
A strategic review of the companys global business led to the business restructure.
This will result in increased investment in some areas of the business and redeployment or reduction of resources in others.
Chief financial officer Mark Tisdel said: The focus on three main businesses allows our R&D teams and suppor…
Read the full article at: http://www.proactiveinvestors.com.au/companies/news/194101/orion-health-restructures-business-to-better-align-with-customers-and-markets-194101.html
NEW YORK(BUSINESS WIRE)Schulte Roth & Zabel (SRZ) announces the addition of Kristine Manoukian as a partner in the Business Reorganization Group, resident in the firms New York office. Ms. Manoukian joins the firm from Clifford Chance, where she was a partner in the financial restructuring group.
Specializing in corporate restructuring and bankruptcy, Ms. Manoukian represents informal and official committees of creditors, as well as debtors, secured and unsecured creditors, lenders, agents, acquirers, insolvency officeholders and other entities on a range of domestic and cross-border restructuring and other matters. Her notable recent representations include a syndicate of major international bank len…
Read the full article at: https://litigationfinancejournal.com/schulte-roth-zabel-announces-addition-leading-corporate-restructuring-lawyer-kristine-manoukian/
Employers will have the option of a new state payroll tax under the state budget passed last week.
The payroll tax, called the “employer compensation expense program,” is among a series of changes designed to prevent New Yorkers from seeing their taxes increase as a result of the federal tax reform.
Business organization leaders, such as Mike Durant, the state director for the National Federation of Independent Business, have said their members aren’t particularly interested in the payroll tax option.
More from Albany Business Review:
This Syracuse bank has expanded all…
Read the full article at: https://www.cnbc.com/2018/04/02/new-york-lawmakers-restructure-tax-code-but-small-businesses-are-skeptical.html
Utility FirstEnergy has taken the long-threatened step of filing for bankruptcy protection for its competitive power generation subsidiaries. It’s the latest development for a coal and nuclear power fleet that has become a focus of the Trump administrations efforts to shift energy policies to favor fossil-fired electricity.
Saturdays filing with the U.S. Bankruptcy Court for the Northern District of Ohio seeks Chapter 11 protection for FirstEnergy Solutions (FES), as well as for subsidiaries FirstEnergy Generation and FirstEnergy Nuclear Operating Company. The companies, which operate power plants in the Midwest and mid-Atlantic, hold about $3.8 billion in collective debt, as compared to 2017 revenues of $3.1 billion.
FirstEnerg…
Read the full article at: https://www.greentechmedia.com/articles/read/firstenergy-seeks-bankruptcy-protection-coal-and-nuclear-subsidiaries
LUXEMBOURG–(BUSINESS WIRE)–Pacific Drilling S.A. (OTC: PACDQ) today announced a net loss for
fourth-quarter 2017 of $129.7 million, or $6.08 per diluted share,
compared to a net loss for third-quarter 2017 of $157.5 million, or
$7.38 per diluted share. Net loss for full-year 2017 was $525.2 million,
or $24.64 per diluted share.
On November 12, 2017 (the Petition Date), we and certain of our
subsidiaries filed voluntary petitions (the Bankruptcy Petitions) for
relief under Chapter 11 of Title 11 of the United States Code (the
Bankruptcy Code) in the United States Bankruptcy Court for the
Southern District of New York (the Bankruptcy Court).
…
Read the full article at: https://www.businesswire.com/news/home/20180402005854/en/Pacific-Drilling-Announces-Fourth-Quarter-Full-Year-2017-Results
HOUSTON, April 02, 2018 (GLOBE NEWSWIRE) — On March 14, 2018, EV Energy Partners, L.P. (NASDAQ:EVEP) and its subsidiaries (collectively, EVEP or the Company) announced that the Company entered into a restructuring support agreement (RSA) with certain holders of approximately 70 percent of its 8.0% senior notes due 2019 (the Senior Notes) and lenders holding approximately 94 percent of the principal amount outstanding under the Companys reserve-based lending facility on March 13, 2018. The RSA was also signed by EnerVest, Ltd. (EnerVest) and EnerVest Operating, L.L.C. (EnerVest Operating) as they will continue to provide services to the Company. In addition, the Company filed its Form 10-K for 2017 with the Securities and Exchange C…
Read the full article at: https://globenewswire.com/news-release/2018/04/02/1458709/0/en/EV-Energy-Partners-Files-for-Chapter-11-to-Implement-Debt-Restructuring-and-Files-Its-Form-10-K-for-2017.html
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On March 14, 2018, EV Energy Partners, L.P. (NASDAQ: EVEP) and its subsidiaries (collectively, EVEP or the Company) announced that the Company entered into a restructuring support agreement (RSA) with certain holders of approximately 70 percent of its 8.0% senior notes due 2019 (the Senior Notes) and lenders holding approximately 94 percent of the principal amount outstanding under the Companys reserve-based lending facility on March 13, 2018. The RSA was also signed by EnerVest, Ltd. (EnerVest) and EnerVest Operating, L.L.C. (EnerVest Operating) as they will continue to provide services to the Company. In addition, the Company filed its Form 10-K fo…
Read the full article at: https://www.streetinsider.com/Corporate News/EV Energy Partners (EVEP) Files for Chapter 11/14010216.html
More Australian women are faced with rising student debt as the number of female enrolments continues to outpace that of men for yet another year.
Student fees are set to rise by 7.5 per cent by the year 2021, and the repayment threshold is dropping from $55,000 to $42,000 a year, which means repaying student loans is set to become more of a challenge.
Women are more likely to feel the pain of student debt, given that they tend to earn less than men and are more likely to undertake tertiary studies after high school.
According to the most recent 2016 data from the Department of Education, there were over 807,000 female tertiary enrolments, compared to 650,000 males.
Women are still earning less than men, so not only are they …
Read the full article at: https://financy.com.au/smart-tips-for-repaying-your-student-debt-fast/
NEW YORK–(BUSINESS WIRE)–Schulte Roth & Zabel (SRZ) announces the addition of Kristine
Manoukian as a partner in the Business Reorganization Group,
resident in the firms New York office. Ms. Manoukian joins the firm
from Clifford Chance, where she was a partner in the financial
restructuring group.
Specializing in corporate restructuring and bankruptcy, Ms. Manoukian
represents informal and official committees of creditors, as well as
debtors, secured and unsecured creditors, lenders, agents, acquirers,
insolvency officeholders and other entities on a range of domestic and
cross-border restructuring and other matters. Her notable recent
…
Read the full article at: https://www.businesswire.com/news/home/20180402005712/en/Schulte-Roth-Zabel-Announces-Addition-Leading-Corporate