Insolvency Guardian Media Centre
MUMBAI | HYDERABAD: Telecom company Aircel will shortly file for bankruptcy at the National Company Law Tribunal (NCLT) and its board has been dissolved ahead of the move, said two people aware of the matter. That will mark the demise of the last small mobile phone company, leaving just four main non-state ones soon to be three after a merger.
Malaysian parent company Maxis, run by businessman Ananda Krishnan, had earlier proposed a cash infusion to support the debt-laden company but has pulled the plug, said one of the people.
The company has been in negotiations with lenders since September but has failed to hammer out a recast of its Rs 15,500 crore debt.
There is no cash to run the business and no visibility to free an…
Read the full article at: https://economictimes.indiatimes.com/news/company/corporate-trends/debt-laden-aircel-to-file-for-bankruptcy-at-nclt/articleshow/62977061.cms
When the counting was completed in 2016 after he was officially declared bankrupt, Mr Tinklers debts came in at more than $540 million.
His wealth was harder to determine, but assets in his name at the end of last year did not realise more than $1 million.
Yet just six years earlier his wealth was estimated at $1.13 billion by BRW magazine, making him Australias youngest billionaire.
There was the private jet, helicopters, a fleet of luxury cars, thoroughbred horse studs, mansions and two sports teams – Newcastles Knights and Jets.
Read the full article at: http://www.smh.com.au/nsw/bankrupt-nathan-tinkler-living-large-in-135-million-mansion-20180219-p4z0ul.html
St. George Banks General Manager Ross Miller told Canstar the new cards will be available from 19 February 2018 and offer the same features as the current St. George Vertigo Classic and Vertigo Platinum cards.
As a family bank thats committed to the diverse needs of all Australians, were really proud to celebrate whats important to our customers and support equality in all its forms with the release of our new rainbow vertigo card, said Mr Miller.
The card is one of the many ways were supporting inclusiveness and is available for all customers in St.George br…
Read the full article at: https://www.canstar.com.au/credit-cards/st-george-bank-launches-new-rainbow-vertigo-credit-cards/
Celebrity chef Jamie Oliver is reportedly considering selling the steak restaurant business he started in 2011, as part of an ongoing restructuring process that also involves the well-known Jamies Italian chain of restaurants.
Last week, British newspaper The Sun reported the Jamies Italian chain was $125.9 million (£71.5 million) in debt and Olivers restaurant group had entered a voluntary company arrangement.
This weekend, the BBC reports Olivers company, the Jamie Oliver Restaurant Group, has confirmed it is considering selling off another one of Olivers brands: Barbecoa steakhouse, which Oliver founded with his friend Adam Perry Lang.
Barbecoa currently only has two outlets in London, but employs 160 staff and its site at Pi…
Read the full article at: https://www.smartcompany.com.au/industries/hospitality/jamie-oliver-barbecoa-steak-restaurants-for-sale/
Noble Group Ltd., the commodity trader thats seeking to restructure its debt, said it expects to report a net loss of between $1.73 billion and $1.93 billion for the final quarter of last year, potentially bringing losses for all 2017 to almost $5 billion.
For now, given talks with creditors and finance provided by its banks, the board is, on balance and on the basis of legal advice, satisfied that the group can continue as a going concern, until such time as the restructuring is completed, the Hong Kong-based company said in a statement on Monday.
Noble Group announced the deal to restructure $3.5 billion in debt last month, averting bankruptcy after a three-year crisis marked by losses, writedowns and controversial accounti…
Read the full article at: https://www.bloomberg.com/news/articles/2018-02-18/noble-group-warns-that-losses-for-2017-may-approach-5-billion
Gibson Brands Inc., one of the two most iconic guitar companies in music history, is facing bankruptcy after years of challenges, according to a report in the Nashville Post and other sources.
The Post reports that the company, which has annual revenues of more than $1 billion, is less than six months away from $375 million of senior secured notes reaching maturity; another $145 million in bank loans will be due immediately if those notes, issued in 2013, are not refinanced by July 23. The companys chief financial officer, Bill Lawrence, recently departed after just six month in the role; the company also moved out of its Nashville offices, from which it had operated since moving to the city from Kalamazoo, Michigan in the 1980s.
Read the full article at: http://variety.com/2018/biz/news/gibson-iconic-guitar-company-said-to-be-nearing-bankruptcy-1202704143/
Calcutta: Strategies deployed by ArcelorMittal and Nu Metal & Steel to extricate themselves from the legalese of the dreaded Section 29A of the Insolvency & Bankruptcy Code, 2016, will determine the future of Essar Steel’s corporate resolution process that has rolled into a decisive phase.
As consultancy Grant Thornton and solicitor firm Cyril Amarchand Mangaldas scrutinise the eligibility of the bids before they are opened by the committee of creditors, arguments are being made from both sides of the aisle to establish the legal validity of one’s bid while trashing the other.
The dreaded section
Section 29A (c) reads as follows: “A person shall not be eligible to submit a resolution plan…
Read the full article at: https://www.telegraphindia.com/business/essar-steel-bidders-caught-in-eligibility-rule-web-209671
DUBAI/KHOBAR, Saudi Arabia (Reuters) – Saudi Arabias cabinet has approved a bankruptcy law, sources familiar with the matter said on Sunday, giving a boost to efforts to make the kingdom more enticing to investors.
Modern bankruptcy legislation does not currently exist in Saudi Arabia, creating difficulties for struggling companies seeking to restructure debt with creditors since the 2009 global financial crisis and, more recently, the dip in oil prices.
The kingdom is embarking on an intensive drive to overhaul its economy – including updating outdated laws – as it seeks to create an investor-friendly climate to push through a multi-billion dollar pipeline of asset sales such as the initial public offering of Saudi Aramco, expected to b…
Read the full article at: https://www.reuters.com/article/us-saudi-bankruptcy/in-boost-to-reform-saudi-arabias-cabinet-approves-bankruptcy-law-idUSKCN1G20PJ
PITY the lot of bankrupt billionaire Nathan Tinkler, living in paradise.
When the counting was completed in 2016 after he was officially declared bankrupt, Mr Tinklers debts came in at more than $540 million.
His wealth was harder to determine, but assets in his name at the end of last year did not realise more than $1 million.
Yet just six years earlier his wealth was estimated at $1.13 billion by BRW magazine, making him Australias youngest billionaire.
There was the private jet, helicopters, a fleet of luxury cars, thoroughbred horse studs, mansions and two sports teams – Newcastles Knights and Jets.
Mr Tinkler was an ultimate rags-to-riches tale, and exemp…
Read the full article at: http://www.theherald.com.au/story/5230073/bankrupt-nathan-tinkler-living-large-in-135-million-mansion/
Global monetary policy has been ultra-easy for many years. Yet it is becoming clear it is now caught in a debt trap of its own making.
Continuing on the current monetary path is ineffective and increasingly dangerous. But any reversal also involves great risks. It follows that the odds of another crisis blowing up continue to rise.
It is to be hoped that the preparations being made by policymakers to manage such a situation are evolving at the same pace. Simply crossing your fingers and praying that it might never happen would seem imprudent, to say the least.
Carrying on with current monetary policy brings with it the threat of inflation….
Read the full article at: https://www.ft.com/content/e1dc1286-0ccb-11e8-bacb-2958fde95e5e
Jamie Oliver’s restaurant business is facing some tough challenges
Celebrity chef Jamie Oliver is considering selling his Barbecoa steakhouses, his company has confirmed.
Barbecoa was set up by Jamie Oliver and his friend American barbecue expert Adam Perry Lang in 2011.
It has two outlets in London: Piccadilly and St Paul’s.
Jamie Oliver Restaurant Group said: “We have instructed a firm of real estate experts to ascertain the potential value and market suitability of two of our sites.”
If the restaurants are sold, 160 jobs will be affected, according to the Telegraph.
Mr Oliver rel…
Read the full article at: http://www.bbc.com/news/business-43104488
Both the Dalmia Bharat consortium and UltraTech offered around a 20% stake to Binani Cement creditors, people with knowledge of the matter said. Photo: Mint
Mumbai: The race for Binani Cement Ltd is headed for a photo finish with top two contendersDalmia Bharat Cement Ltd and UltraTech Cement Ltdsubmitting nearly identical bids.
The two finalists have submitted bids of roughly around Rs 6,000 crore each, two people close to the bidding process said, adding that the amount includes upfront cash payments, as well as an offer of close to 20% stake in Binani to lenders.
According to the people cited above, who spoke on condition of anonymity, lenders will decide on the winning bid in the coming week. Bloomberg was the first to report on 17 Febr…
Read the full article at: http://www.livemint.com/Companies/0bonEL4v4JWdGOgoslEiiM/Bain-Capitalbacked-consortium-is-said-to-be-highest-bidder.html