Insolvency Guardian Media Centre
When Braj Binani took control of his family business nearly 20 years ago, it had spent well over a century in the Indian metals industry growing from a small trading house into a well-known zinc producer.
But Mr Binani, not yet 40, had bigger plans founded on the groups new cement unit. With Indias economic growth picking up after the reforms of the 1990s, cement demand surged along with the pace of construction. The rebranded Braj Binani Group sidelined its metals business to expand aggressively in cement, using domestic growth as a springboard into foreign markets from China to east Africa.
Yet after a string of heavy losses culminating in debt default, Binani Cement became a case study of a wave of corporate over-expans…
Read the full article at: https://www.ft.com/content/2fbfca34-3336-11e8-ac48-10c6fdc22f03
April 9 (Reuters) – Satellite operator Avanti Communications said on Monday it would likely have to be placed in some form of insolvency proceeding if it cannot complete its debt restructuring or is unable to raise at least $50 million.
The company, which is swapping its debt for equity, said if the restructuring is not completed by April 30, it will default on its bond interest payable under the existing bond indentures.
Avanti also added that if it is unable to raise additional funds of at least $50 million and secure $40 million infrequently recurring revenue in pipeline by June 30, it would be highly unlikely that the company would be able to pay its creditors within the three months following June 30. (Reporting by Radhika Rukmangad…
Read the full article at: https://www.reuters.com/article/avanti-communic-debtrenegotiation/avanti-warns-of-insolvency-if-cannot-complete-debt-restructuring-idUSL3N1RM2FO
Former refugee Dai Le recounts a Vietnamese saying that was drilled into her as a child: If you hang around ink you become black, if you hang around light you become bright.
She first heard the proverb – about the importance of surrounding yourself with good influences – while growing up in a refugee camp following the fall of Saigon.
Now it is something the Fairfield councillor has been forced to say back to her own mother.
Dai Le, left, with her mother and sisters in Saigon. The family were forced to flee Vietnam.
Supplied
Ms Le always knew her mother liked a bet shed been a regular in the backyard gambling dens of 1980s Cabramatta. But she wasnt prepared for the 2013 discovery that it had got out of control.
I said to my mother ‘how did…
Read the full article at: https://www.sbs.com.au/news/sbs-investigation-i-sold-the-family-home-to-pay-off-mum-s-gambling-debts?cid=trending
Getting out of debt fast can feel like a far-fetched dream when faced with mounting debts. But debt is a reality in business; becoming debt-free is only possible after understanding how to manage debts. Read on for more tips.
Business owners must understand that debt is unavoidable in running any type of business. The following must be done in order to speed up debt management:List all of your debts
List down debts
The list should contain all the necessary details about every single debt. The list headings/columns should include:
- Creditor
- Minimum payment
- Repayment frequency
- Interest rate
- Total debt
Creating a list of debts is as necessary as it is self-explanatory. This is because it is important to first understand the scale and magnitude o…
Read the full article at: https://www.mybusiness.com.au/finance/4116-how-to-get-out-of-debt
Coard Hulse and Philip Roy Dawson – both from Wilmslow – ran the lease of the Saracens Head pub in Lymm, between 2006 and 2016.
They were banned from 27 February 2018 from acting as directors of any company, directly or indirectly becoming involved in the promotion, formation or management of a company until February 2025.
Over a 10-year period, eight different companies were registered as the corporate entities to run the pub. All companies traded as a public house from Paddock Lane, Warburton, Lymm.
According to the Insolvency Service when one of the registered companies became insolvent, the two pub landlords would register a new company and carry on running the pub without making any significant changes to their operations.
As the new co…
Read the full article at: https://www.morningadvertiser.co.uk/Article/2018/04/06/Landlords-with-debts-of-335-000-banned-from-running-companies
(Reuters) Satellite operator Avanti Communications <AVN.L> said on Monday it would likely have to be placed in some form of insolvency proceeding if it cannot complete its debt restructuring or is unable to raise at least $50 million (£35.48 million).
The company, which is swapping its debt for equity, said if the restructuring is not completed by April 30, it will default on its bond interest payable under the existing bond indentures.
Avanti also added that if it is unable to raise additional funds of at least $50 million and secure $40 million infrequently recurring revenue in pipeline by June 30, it would be highly unlikely that the company would be able to pay its creditors within the three months following …
Read the full article at: http://www.euronews.com/2018/04/09/avanti-warns-of-insolvency-if-cannot-complete-debt-restructuring
The prominent New South Wales criminal lawyer Charles Waterstreet has declared bankruptcy and faces losing his licence to practise.
He lodged the documents with the Australian Financial Security Authority on 13 March and is listed as an undischarged bankrupt, Fairfax Media reports.
Waterstreet had 28 days to explain to the NSW Bar Association why he should not lose his practising certificate, with the deadline expiring on Tuesday.
On Sunday he told Fairfax he would need an extended deadline.
The recent controversies surrounding Waterstreet, 68, include allegations of sexual harassment by a number of female paralegals, which he denies, and a case brought by the Australian Taxation Office, which says he owes $420,000.
Apart from h…
Read the full article at: https://www.theguardian.com/australia-news/2018/apr/09/charles-waterstreet-declares-bankruptcy-and-faces-losing-licence
The 99-year-old co-founder of vacuum cleaner business Godfreys Group has launched a bid to buy back the struggling business and take it private.
John Johnston who founded Godfreys in the 1930s with Godfrey Cohen has launched a 32¢-a-share bid through family business Arcade Finance to take the group off the ASX and set about rebuilding its failing fortunes.
Since listing in 2014 at $2.75, Godfreys has suffered falling sales, multiple changes of senior management and a sustained slide in share price to 21¢ at the close of business on Monday an all-time low.
Arcade Finance currently holds just over 28 per cent of Godfreys stock. An associated company, 1918 Finance, which is also owned by Mr Johnston and his family, is the lender to Godfrey…
Read the full article at: https://thewest.com.au/business/mergers-and-acquisitions/godfreys-vacuum-cleaner-founder-john-johnston-99-in-takeover-bid-to-rebuild-struggling-business-ng-b88801073z
Former refugee Dai Le recounts a Vietnamese saying that was drilled into her as a child: If you hang around ink you become black, if you hang around light you become bright.
She first heard the proverb – about the importance of surrounding yourself with good influences – while growing up in a refugee camp following the fall of Saigon.
Now it is something the Fairfield councillor has been forced to say back to her own mother.
Dai Le, left, with her mother and sisters in Saigon. The family were forced to flee Vietnam.
Supplied
Ms Le always knew her mother liked a bet shed been a regular in the backyard gambling dens of 1980s Cabramatta. But she wasnt prepared for the 2013 discovery that it had got out of control.
I said to my mother ‘how did…
Read the full article at: https://www.sbs.com.au/news/i-sold-the-family-home-to-pay-off-mum-s-gambling-debts
The chairman of the Australian owners of Homebase is flying to the UK for a whistlestop tour of its stores this week as the future of the struggling DIY chain hangs in the balance.
The Wesfarmers chairman, Michael Chaney, is being accompanied on store visits by Archie Norman, the retail turnaround expert who chairs Marks & Spencer and advises the Australian group.
In February, Wesfarmers said it was considering quitting the UK after losses spiralled at Homebase which has more than 200 stores and 12,000 staff. Customers had dwindled after the new owners stripped out home furnishings ranges and turned some stores into outposts of Bunnings, its successful DIY brand in Australia.
Perth-based Wesfarmers bought Homebase for £340m two ye…
Read the full article at: https://www.theguardian.com/business/2018/apr/08/homebases-australian-boss-flies-in-to-tour-troubled-diy-chain
Binani Cements lenders have asked for necessary permissions to be obtained before they proceed with the settlement. Photo: Mint
New Delhi: Binani Cement Ltd moved the Supreme Court on Monday seeking permission for an out-of-court settlement and end insolvency proceedings against it.
The companys lenders have asked for necessary permissions to be obtained before they proceed with the settlement.
The matter was mentioned before a bench headed by chief justice Dipak Misra who said that it will be taken up for hearing on 13 April.
Last week, the committee of creditors (CoC) of Binani Cement had decided to stick with the offer of Rs6,350 crore to buy Dalmia Bharat Cement for the debt-ridden firms sale under the Insolvency and Bankruptcy Code (…
Read the full article at: https://www.livemint.com/Companies/RQimdR0T8GwZ96dnzXQiCN/Supreme-Court-to-hear-Binani-Cements-plea-for-outofcourt.html
Indias central bank raised limits for overseas bond investors that could lure $16 billion of new funds, the third policy move in two weeks to spur demand in the nations debt markets.
Foreign investors will be allowed to increase holdings by 1.04 trillion rupees ($16 billion) for the fiscal year to March 2019, the Reserve Bank of India said in a statement Friday. It raised the limits for sovereign debt by half a percentage point, while changing how much investors can own of corporate bonds to 9 percent of outstanding notes from a fixed amount.
Prime Minister Narendra Modis administration is seeking to revive a sovereign debt market that had sold off for seven months, with the higher yields threatening his borrowing plans. Havi…
Read the full article at: https://www.bloomberg.com/news/articles/2018-04-08/bond-investors-get-access-to-16-billion-of-extra-debt-in-india