Insolvency Guardian Media Centre
Creditors of insolvent German airline Air Berlin are considering whether to sue its major shareholder Etihad for billions of euros in damages, a spokesperson for the airline’s insolvency administrator, Lucas Floether, says.
The creditors’ committee is scheduled to meet on Monday to discuss putting the claim forward.
German newspaper Sueddeutsche Zeitung reported that Floether expected the airline to demand either 1 billion or several billion euros in damages, depending on whether the claim came from Holding Air Berlin or its subsidiary, Air Berlin Luftverkehrs KG.
The insolvency administrator has already gathered opinions from industry experts but, as Floether stressed in a statement in January, due to the incurring costs, they would only…
Read the full article at: https://finance.nine.com.au/2018/03/06/00/17/insolvent-air-berlin-weighs-suing-etihad
Aircel said it filed for bankruptcy to find the best possible resolution that would be in the best interest of its vendors, distributors and employees. Photo: Pradeep Gaur/Mint
Mumbai: Troubled telecom operator Aircel Ltd, which has filed for bankruptcy, approached the Mumbai bench of the National Company Law Tribunal (NCLT) on Monday for the appointment of an interim resolution professional (IRP).
The company has filed for bankruptcy along with its two subsidiaries since the company has a debt of over Rs50,000 crore, said senior counsel Janak Dwarkadas, who is appearing for the company. Out of that, Rs15,000 crore is due to financial creditors, while Rs35,000 crore to operational creditors.
According to the counsel, there is serious urge…
Read the full article at: http://www.livemint.com/Companies/LkiEORV0FsPC4uWkpPO2qL/Aircel-seeks-appointment-of-IRP-to-expedite-process-of-clear.html
Alpha said that the fall was directly linked to the failure of CBL Insurance.
Danish unrated insurer Alpha Insurance has gone into solvent liquidation.
An announcement on the insurers website blamed CBL Insurance for the failure.
It stated: Effective immediately, Alpha Insurance A/S has ceased all underwriting, including renewals.
This decision is a direct consequence of CBL Insurance Limited, one of Alpha Insurances largest reinsurers, having had their AM Best A- rating suspended and has been placed into interim liquidation.
The statement explained that the Alpha board of directors decided on 3 March to cease all underwriting of new business and renewals with immediate effect.
…
Read the full article at: https://www.insuranceage.co.uk/insurer/3292576/cbl-collapse-pushes-danish-insurer-alpha-into-liquidation
Mris Sprds declined to tell BNS who had posted bail when he was released on Feb. 16. Attorney Jnis Rozenbergs, however, confirmed on Friday that Sprds’ bail was posted by the latter’s brother.
According to the database at Firmas.lv, Kristaps Sprds owns, in full or in part, several companies, including the law firm MAX Grup, which operated with a profit of 529,525 in 2016.
Portal Kompromat.lv reports that the money for Sprds’ bail had actually been provided by Latvian state-owned road maintenance company Latvijas Autoceu Uzturtjs board member Anastasija Udalova, who is Estonian millionaire Oleg Ossinovski’s girlfriend. Ossinovski, in turn, has been charged with bribing Uis Magonis who was then head of the railroad company Latvijas Dzelz…
Read the full article at: https://news.err.ee/687520/oleg-ossinovski-s-partner-pays-for-bail-for-latvian-insolvency-admin-spr-ds
Thomas Cook (India) advanced 6.59% to Rs 256.40 at 12:58 IST on BSE after the company’s board of directors gave their consent to the management to explore the possibility of an internal corporate restructuring exercise.
The announcement was made after market hours on Thursday, 1 March 2018. The stock market was closed on Friday, 2 March 2018 on account of Holi.
Meanwhile, the S&P BSE Sensex was down 374.17 points, or 1.1% to 33,672.77. The S&P BSE Mid-Cap index was down 195.12 points, or 1.19% to 16,266.15.
On the BSE, 1.34 lakh shares were traded in the counter so far, compared with average daily volumes of 1.98 lakh shares in the past two weeks. The stock had hit a high of Rs 265.85…
Read the full article at: http://www.business-standard.com/article/news-cm/thomas-cook-spurts-after-internal-restructuring-proposal-118030500412_1.html
Armands Rasa, the insolvency administrator of Trasta Komercbanka, has been paid 2.9 million for his services, as creditors who have little chance of recovering their assets have voted to pay Rasa 30% of the recovered money, reported LTV’s De Facto March 4.
“Please explain to me how you can earn so much money in such little time. I’d understand if it was a private company with a huge turnover.. but it’s my account, and it’s [being paid out] with depositors bearing the cost,” says businessman Aleksandrs Gutorevs.
Gutorevs had a deposit of more than 1 million at the bank, which had its licence pulled two years ago. He had deposited the money in the bank as a subordinated debt, after selling his business.
He has not …
Read the full article at: https://eng.lsm.lv/article/economy/banks/insolvency-administrator-rakes-in-close-to-3m-in-six-months.a270203/
LOS ANGELES, CA, March 05, 2018 /24-7PressRelease/ — Debt consolidation and credit card debt relief programs have become increasingly sought after and used by more Americans as they seek to gain a more stable financial footing and a leg up in today’s economy. The reality is that many more still can benefit from these debt help programs.
The issue of personal debt and staying on top of it (rather than drowning in it) is of the utmost of importance. When a person finds it increasingly difficult to make those monthly payments then it’s time to reassess their debt management plan. Most Americans know the basics – spend less, save more, budget, etc. but what to do when meeting one’s monthly debt payments is impossible or nearl…
Read the full article at: http://www.digitaljournal.com/pr/3681978
The company confirmed on Friday that the companys three remaining directors will resign on February 19, four days after the companys interim results are released.
Fairfax Media revealed the Waterhouse-led wagering company William Hill Australia had been extending large lines of credit to Mr McGrath, who bets under a pseudonym and incurs average gambling losses of about $10 million a year. Mr McGrath had not settled his debt for some time.
Mr McGrath has denied having any gambling debt, sending a message to his staff last weekend claiming that Fairfax Medias report was rubbish.
Late on Thursday, the McGrath board issued a statement to the ASX refuting press speculation in The Australian that Mr McGraths investment vehicle Fondorru had used s…
Read the full article at: https://www.smh.com.au/business/companies/real-estate-giant-mcgrath-faces-asx-review-20180209-p4yzuu.html
Publishing Date : 05 March, 2018
Author : UTLWANANG GASENNELWE
Gaborone based attorney, Gabriel Kanjabanga of Kanjabanga and Associates, has, when representing Capital Management Africa (Pty) Ltd (CMB) and Rapula Okaile unearthed that the current value of Bona Life is roughly sitting at zero.
Both Okaile and CMB are the shareholders of Foudello (Pty) Ltd which in turn owns 100% of Bona Life Insurance (Pty) Ltd. Collectively they own 65% of the issued equity of Foudello. A scathing letter written to Reginah Sikalesele-Vaka and leaked to the Weekend Post suggests that CMB wants 6…
Read the full article at: http://www.weekendpost.co.bw/wp-news-details.php?nid=4877
10:56 05/03/2018
MOSCOW, March 5 (RAPSI) Yury Burlyak, property manager for the co-owner of Yashma group Igor Mavlyanov, has asked the Voronezh Region Commercial Court to declare the entrepreneur bankrupt, the court documents read.
In November 2017, the court granted a motion to initiate the procedure of debt restructuring against Mavlyanov. The applicant in this bankruptcy case is Vladimir Potapov, who had Mavlyanovs 950,000 rubles (about $16,000) debt to him included in the creditors demands list.
The bankruptcy case against the entrepreneur is reviewed for the second time. In February 2017, he was declared bankrupt but later in August, the Central District Commercial Court overturned the ruling.
Yashma groups companies are involve…
Read the full article at: http://www.rapsinews.com/judicial_news/20180305/282116213.html
- Chinas 2018 growth target is in line with last year, amid plans for tighter government spending.
- The announcement was made Chinese Premier Li Keqiang in an address to the National Peoples Congress.
- As part of the Congress, delegates will remove the term-limit for President Xi Jinping, clearing the way for him to rule indefinitely.
China has set a GDP growth target of 6.5% in 2018 unchanged from 2017 and in line with expectations.
The updated target was set out by Premier Li Keqiang in an address to the National Peoples Congress, the annual sitting of Parliament which is scheduled to run for the next two weeks.
Of particular note was the governments announcement that its now ta…
Read the full article at: https://www.businessinsider.com.au/china-growth-target-national-peoples-congress-2018-3
Celebrates centenary
By Rosemary Onuoha
ROYAL Exchange Plc has announced plans to undertake a corporate restructuring of its key operations even as it unveils plans to mark 100 years of operations.
Group Managing Director, Alhaji Auwalu Muktari, disclosed this in a parley with insurance journalists in Lagos last week, saying, the restructuring is to enable the group and its various subsidiaries become more nimble, efficient and able to respond to the ever-changing demands and needs of its clientele across the country.
Speaking on plans to celebrate the companys centenary and remain relevant in the Nigerian Insurance market for the next 100 years, Auwalu said: Royal Exchange has been ope…
Read the full article at: https://www.vanguardngr.com/2018/03/royal-exchange-undertakes-corporate-restructuring/