Prezzo, the UK casual dining chain that private equity group TPG bought for £304m in 2014, is restructuring its business with the loss of several hundred jobs in the latest sign of tough times on the British high street.
The Italian-themed business will close around a third of its 300 outlets in a company voluntary arrangement, a person with direct knowledge of the plans confirmed.
Prezzo, which employs 4,500 staff, will also shutter its Tex Mex-style sub-brand Chimichanga, which has 33 branches. News of its CVA was reported earlier by Sky.
A CVA is an agreement with a company and its lenders to pay what it can afford to service its debts o…
Telecom operator Aircel said onWednesday it has filed for bankruptcy as the company has been facing troubled times in highly financially stressed industry.
In a statement in New Delhi, Aircel said that intense competition following the disruptive entry of a new player, legal and regulatory challenges, high level of unsustainable debt and increased losses had together caused significant negative business and reputational impact on the company.
The Board of Directors of the Corporate Debtor today announced that they have filed an application under Section 10 of the Insolvency and Bankruptcy Code 2016 for undertaking Corporate Insolvency Resolution Process for the respective companies: Aircel Cellular, Dishnet Wireless, Aircel Ltd, the the st…
The husband of Loose Women’s Lisa M…
Read the full article at: http://www.dailymail.co.uk/news/article-5444733/Paul-Jessup-banned-company-director.html
British banks have been ordered to help people pay off their credit card loans, one of a series of new measures from the Financial Conduct Authority aimed at tackling the personal debt crisis.
The new rules are designed to help customers to break the cycle of persistent debt and ensure customers who cannot afford to repay more quickly, are given help, the FCAs Christopher Woolard told the BBC. Banks will still be able to suspend a credit card if a customer fails to make any progress in repaying debts.
According to the regulator, 30 million consumers have a credit card in Britain. An estimated 3.3 million customers are in persistent debt defined as when they pay more interest and charges than they repay their balance over an 1…
Read the full article at: http://www.theweek.co.uk/91959/banks-ordered-to-help-people-pay-off-credit-card-loans
Feb 28 (Reuters) – Aircel :
* AIRCEL FILES FOR BANKRUPTCY
* FILED APPLICATION FOR UNDERTAKING CORPORATE INSOLVENCY RESOLUTION PROCESS FOR AIRCEL CELLULAR, DISHNET WIRELESS AND AIRCEL LTD
* ACKNOWLEDGED HAS BEEN FACING TROUBLED TIMES OWING TO INTENSE COMPETITION FOLLOWING DISRUPTIVE ENTRY OF A NEW PLAYER, LEGAL, REGULATORY CHALLENGES
* REQUESTS CONTINUED SERVICES FROM SUPPLIERS AND PARTNERS FOR THE ONGOING BUSINESS OF CO
* WOULD LIKE TO COMMUNICATE TO ALL CUSTOMERS THAT IT WOULD STRIVE HARD TO PROVIDE UNINTERRUPTED SERVICE CONNECTIVITY Source text – The Board of Directors of the Corporate Debtor (Companies listed below), today announced that they have filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (Code)…
Read the full article at: https://uk.reuters.com/article/brief-aircel-files-for-bankruptcy/brief-aircel-files-for-bankruptcy-idUKFWN1QI0SC
Three years after losing the race to acquire Italys second-largest steelmaker, JSW Steel is set to make a comeback. The Sajjan Jindal-company is expected to sign a deal with Cevital to whom it had lost out in 2014 to buy Aferpi.
Cevital, the largest privately-held group in Algeria, had bought Lucchini in 2014 and renamed in Aferpi. Lucchini was then owned by Russias Severstal and was declared insolvent in 2012.
JSW Steel is likely to sign the agreement on Thursday for the deal, which is estimated to be about Rs 500 crore. Some of its top officials are present in Italy.
Aferpi has a capacity to produce 2.5 million tons of steel every year. It used to have an employee-strength of 2,000. Its operations include a blast fu…
Read the full article at: https://www.moneycontrol.com/news/business/companies/exclusive-jsw-steel-set-to-acquire-italys-second-largest-steelmaker-aferpi-2518283.html
The last standing fringe operator Aircel, along with its units, has filed for bankruptcy in the National Companies Law Tribunal (NCLT)-Mumbai on Wednesday. This last resort was taken when the Malaysian owned Maxis company failed to strike a truce with its lenders and shareholders.
ET in its February 19 edition first reported that the Rs 15,500 crore debt laden telecom operator will be filing for bankruptcy.
The parent under businessman Ananda Krishnans call to pull the plug on further fund infusion added to its woes. Aircel shutting down will impact tower firms, vendors, distributors and 500 employees associated with the operator.
Then there are license fees, taxes, and interest payments. Idea Cellular ?has snapped its tie…
Read the full article at: https://economictimes.indiatimes.com/news/company/corporate-trends/aircel-countrys-last-small-mobile-phone-firm-file-for-bankruptcy-today/articleshow/63110441.cms
Several Bunbury businesses are hundreds of thousands of dollars out of pocket after the company in charge of work at the former Department of Parks and Wildlife headquarters site went into liquidation.
A Department of Finance spokeswoman confirmed to the Bunbury Herald that civil engineering and earthworks company BCL Group has suspended trading.
In the latest obstacle for the Koombana Drive site after the new State Government scrapped plans for a DPaW building last year, the revelation appears to have halted work yet again and at least three subcontractors are waiting to be paid more than $500,000 from BCL.
Elite Fabrication is owed about $250,000 by BCL, Jetline Kerbing is waiting on about $220,000 and Form X is $175,000 out of pocket.
Jet…
Read the full article at: https://thewest.com.au/news/south-western-times/company-collapse-hits-subbies-hard-ng-b88756453z
A QUEENSLAND owned and operated organic retailer has gone into liquidation, owing $2.8 million to more than 200 creditors.
Wray Organic Pty Ltd, which operates stores under the Wray Organic banner in Toowoomba, Ipswich, and Newmarket, was established by owner Deborah Wray and her partner Gary Davis at Palm Beach on the Gold Coast in 2005.
The three stores will close if they can not be sold “as a going concern”.
Ben Ismay, liquidator and director of insolvency firm Shaw Gidley, said the six other independent Wray Organic franchises around Queensland would be unaffected by the liquidation.
Mr Ismay said his priority was to find buyers for the three stores owned and run by Wray Organic Pty Ltd.
“The reality i…
Read the full article at: https://www.qt.com.au/news/buyer-sought-retailer-enters-liquidation-owing-28m/3347639/
Billionaire T Ananda Krishnans Aircel Ltd. is poised to file for bankruptcy protection from creditors, people with knowledge of the matter said, which would make the phone operator the latest casualty in Indias campaign to go after delinquent borrowers.
The unit of Krishnans Maxis Communications Bhd. will submit the request to the National Company Law Tribunal by as soon as Wednesday, according to to the people, who asked not to be identified because the information is private. It would be the first time a major company made such a move on its own in India because banks had previously initiated bankruptcy proceedings in the past.
For Krishnan, Malaysias third-richest man, the step would mark the first in what could lead to th…
Read the full article at: https://www.bloomberg.com/news/articles/2018-02-28/aircel-is-said-to-file-for-insolvency-in-india-as-soon-as-today
