A bankrupt man locked outside of his £300,000 home after being evicted froze to death in his garden when paramedics t…
Read the full article at: http://www.dailymail.co.uk/news/article-5312807/Bankrupt-man-froze-death-16-hour-ambulance-wait.html
CHESTERBROOK, Pa.–(BUSINESS WIRE)–The J.G. Wentworth Company® (J.G. Wentworth or the Company) today
announced it has successfully completed its reorganization in
coordination with its lenders (Lenders), pursuant to the Companys
Joint Prepackaged Chapter 11 Plan of Reorganization that was confirmed
by the U.S. Bankruptcy Court for the District of Delaware on January 17,
2018 (the Plan). The Company continued operations without interruption
throughout the brief, in-court restructuring process.
Through its Plan, the Company fully extinguished $449.5 million in
principal of outstanding debt, while securing a new revolving credit
facility of approxi…
Read the full article at: https://www.businesswire.com/news/home/20180125006284/en/J.G.-Wentworth-Company®-Successfully-Completes-Financial-Restructuring
Supreme Court of India on Thursday directed Gujarat High Court not to enter into the debate pertaining to the validity of the Insolvency and Bankruptcy Code, 2016 or the constitutional validity of the National Company Law Tribunal.
The Bench of Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud was hearing a petition regarding a pending matter in the Gujarat High Court
However the bench has made it clear that the order does not debar the petitioner to challenge the validity of composition of the National Company Law Tribunal and the validity or the constitutionality of the Insolvency and Bankruptcy Code, 2016 before the Supreme Court under Article 32 of the Constitution.
In December, 2017 the Gujarat High Court had iss…
Read the full article at: http://www.livelaw.in/sc-bars-hc-hearing-constitutional-validity-insolvency-bankruptcy-code-nclt/
Says a number of SMEs havent been getting bidders
Kolkata, January 25:
Promoters of small and medium enterprises (SMEs) should be allowed to bid for their companies against which insolvency proceedings have begun. A number of SMEs are going without bidders and the Centre allowing promoters of these enterprises to bid would be a positive step.
According to Mamta Binani, founder member of the All India Insolvency Professional Association (AIIPA), the association has already written to the Centre in this regard.
However, allowing promoters to bid for their own companies should come with reasonable restrictions so that the unscrupulous ones are kept away, she said.
There are quite a number of SMEs which do not have bidders. …
Read the full article at: http://www.thehindubusinessline.com/companies/allow-promoters-of-smes-facing-insolvency-to-bid-for-their-own-companies-expert-body/article10051636.ece
BOSTON–(BUSINESS WIRE)–Capstone Headwaters, a leading investment banking firm, has expanded its
Financial Advisory Services (FAS) Group with the addition of Managing
Director Edward Schatz. He is based in Boston and will assist clients in
navigating through operating and financial challenges by providing a
variety of corporate restructuring, transaction advisory, and specialty
M&A services.
Mr. Schatz joins the firm from The OConnor Group, Inc., where he was a
Managing Director focused on providing strategic and managerial guidance
to public and private companies. Prior to The OConnor Group, Ed worked
at PricewaterhouseCoopers (PWC) and Deloitt…
Read the full article at: https://www.businesswire.com/news/home/20180125005946/en/Capstone-Headwaters-Hires-Leading-Corporate-Restructuring-Advisor
Crisis-hit commodity trader Noble Group is moving closer toward a debt restructuring deal with its lenders.
The companys chairman Paul Brough told shareholders at a meeting in Singapore on Thursday that talks had been constructive and were moving forward.
Im hopeful that we will reach a conclusion at some point in the near future, said Mr Brough, a restructuring expert who was appointed chairman in May.
He was speaking after a report on Debtwire claimed the Singapore-listed group had struck an outline agreement with its creditors to restructure $3.5bn of debt.
The shareholder meeting was called to approve the disposal of dry-bulk carriers for $9…
Read the full article at: https://www.ft.com/content/27a78bd2-01bf-11e8-9650-9c0ad2d7c5b5
SINGAPORE (Reuters) – Struggling commodities trader Noble Group Ltd is having constructive talks with creditors to restructure its debt and is hopeful of a deal in the near future, the companys chairman said.
Various talks have been going for a couple of months. They have been constructive, Paul Brough, a restructuring specialist who was appointed Nobles chairman this year, told a shareholders meeting in Singapore on Thursday.
Noble was once a global commodity trader with ambitions to rival the likes of Glencore and Vitol [VITOLV.UL]. Now it has shrunk to its Asian roots as a hard commodities player after a crisis-wracked three years forced it to slash jobs and sell its key assets – some at losses – to cut debt.
Founded in 1986 by Richar…
Read the full article at: https://www.reuters.com/article/us-noble-debt/battling-for-life-noble-group-hopeful-of-debt-restructuring-deal-idUSKBN1FE0O5
Discount supermarket chain NQR Grocery Clearance Stores has gone into voluntary administration but its 18 Victorian outlets will stay open.
Administrators from restructuring and insolvency firm Cor Cordis were appointed on Thursday and said stores would continue to trade while they investigated “the true financial position of the company”.
“It is too early to say exactly what…
Read the full article at: http://www.dailymail.co.uk/wires/aap/article-5310181/Vic-supermarket-chain-administration.html
THE company once overseeing brands including the New York Slice pizza chain and Mexican fast-food outlets has plunged into administration, amid a festering lawsuit and complaints about the Brisbane-based franchise operation.
Administrators from GM Insolvency were appointed on Wednesday to Franchise Retail Brands, which owes more than $500,000. Shareholders who invested almost $5.3 million could face losses.
“It took me four years to build this business and six months (for them) to kill it,” said Todd McGregor, who sold his New York Slice franchise operation to Franchise Retail last year.
Franchise Retail started in 2016, pledging to help in areas that small businesses struggle, such as in marketing or legal work.
…
Read the full article at: https://www.warwickdailynews.com.au/news/franchise-retail-brands-in-administration-sharehol/3319251/
The number of people whose finances deteriorated so badly that they have become insolvent is predicted to have increased year-on-year in official figures released on Friday.
Audit, tax and consulting firm RSM expects that across England and Wales, around 24,500 people will have entered a personal insolvency process in the fourth quarter of 2017.
This would be an increase of nearly 7 per cent compared with the same period a year earlier.
Figures already released by the Insolvency Service for the first three-quarters of 2017 show just over 74,000 people were declared insolvent across England and Wales.
Across the whole of 2016, there were 90,657 personal insolvencies.
RSM’s predictions mean the total for 2017 …
Read the full article at: http://www.independent.co.uk/news/business/news/insolvencies-personal-finances-rise-england-wales-stats-a8177081.html
OSLO, Jan 25 (Reuters) – Drilling rig company Seadrill has again postponed an initial hearing on its restructuring plan, this time by six days to Feb. 7, the company said in a U.S. court filing on Wednesday.
Once the largest drilling rig operator by market value, Seadrill filed for bankruptcy protection in Texas on Sept. 12 after being hit hard by cutbacks in oil company investment following a steep drop in crude prices.
Seadrills main owner, Norwegian-born billionaire John Fredriksen, backed by Centerbridge Partners, and a group of unsecured bondholders have submitted alternative restructuring plans, and started talks earlier in January.
While both sides offered to invest around a billion dollars in Seadrill to continue its business of …
Read the full article at: https://www.reuters.com/article/seadrill-bankruptcy/seadrill-postpones-restructuring-plan-hearing-until-feb-7-idUSL8N1PK0Z1