Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Experts of the National Hydro Power Corporation (NHPC) have come up with a via media solution to the Polavaram cofferdam problem raised by the Union Ministry of Water Resources.
The experts, in a report to the Central government, have suggested that water could be diverted into the canals by building the main earth-cum-rock filled (ECRF) dam halfway into the Godavari and then constructing a temporary dam to bridge the gap. The ECRF dam could be completed in the subsequent season.
This seeks to end the controversy triggered by the Ministry on November 1, when it wrote a letter asking the State government to put on hold the work pertaining to the building of the cofferdam that was needed for the construction of the ECRF dam.
“People end up being trapped in the credit card cycle, where they are constantly catching up,” said Capalad.
Breaking out requires a concerted effort. First step: Curtail new credit card debt.
Shift recurring purchases to a debit card or checking account, she said. Do the same with discretionary purchases that can add up fast, such as ride-sharing or takeout delivery.
This was after RBI refused to a proposal from the banks to relax the rules in this regard for those companies which are close to a resolution.
Videocon Industries, Jaiprakash Associates and Jayaswal Neco Industries are now among those to face NCLT proceedings for resolution of their loans. These three were recommended by banks for resolution outside the NCLT process but RBI, as mentioned, negatived this.
Under the Insolvency and Bankruptcy Code, a defaulting companys board of directors are suspended and NCLT appoints an insolvency resolution professional to manage its day to day affairs. The company will then be sold to the highest bidder who takes over the largest portion …
The much-awaited Insolvency & Bankruptcy Code (Amendment) Bill which will tighten norms on willful defaulters, was passed by Lok Sabha.
Amendment in IBC, excludes willful defaulters and existing promoters from bidding to purchase stressed asset of companies, which are under going insolvency proceedings.
Union Finance Minister Arun Jaitley during the discussion on IBC, said, “The government cannot allow loan defaulters to merrily walk back by just paying a fraction of the amount due.”
Responding to a question raised by Premachandran, Jaitley said, “The ordinance is necessary, because this act itself provides a 180 days time period in which a resolution is needed to be completed.”
FRANKFURT (Reuters) – British Airways’ owner IAG <ICAG.L> said on Friday it would buy Niki, Air Berlin’s <AB1.DE> insolvent Austrian holiday airline, for 20 million euros ($24.01 million) and provide additional liquidity to the company of up to 16.5 million euros.
The sale to IAG, which had been in exclusive talks for the airline, is the final chapter in the demise of Air Berlin, the No. 2 German air carrier that previously owned Niki and filed for insolvency earlier this year.
IAG said Niki would become part of the low-cost carrier Vueling and would be incorporated in Austria, employing 740 of Niki’s 1,000 former employees. Assets include 15 A320 aircraft and slots at airports including Vienna, Dusseldorf, …
ALBANY Gov. Cuomo on Friday unveiled set of measures intended to aid New Yorkers struggling with exploding student loan debt.
The proposals, which will be part of Cuomos State of the State Address next week, include new financial disclosure requirements for colleges and universities, and new consumer protection standards for the loan industry.
Cuomo also plans to create a student loan ombudsman within his administration to help resolve complaints and enact new regulations that prohibit state agencies from suspending any professional license because the holder is behind on student loan payments.
With this proposal, we build on the success of the Excelsior Scholarship and lay out a concrete roadmap to alleviate the b…
Navigating complexities of two legal systems requires some expertise
Michael J. Venditto, Reed Smith, New York City
and Alonso Gómez del Campo, Rodríguez Dávalos Abogados, Mexico City
Markets and financial distress do not respect national borders. With no border wall to protect Mexico’s nascent oil and gas industry, it is susceptible to the same economic headwinds that have plagued global markets for the last several years. In the face of these forces, many US companies have used Chapter 11 of the Bankruptcy Code, either as a tool or a threat, to restructure their balance sheets. But what tools are available if the assets or business are located in Mexico?
The Mexican insolvency regime has some similarities to, and diff…
Empty
Niki check-in counters are seen at Vienna International Airport
in Schwechat Thomson
Reuters
FRANKFURT (Reuters) – British Airways’ owner IAG said on Friday
it would buy Niki, Air Berlin’s insolvent Austrian holiday
airline, for 20 million euros ($24.01 million) and provide
additional liquidity to the company of up to 16.5 million euros.
The sale to IAG, which had been in exclusive talks for the
airline, is the final chapter in the demise of Air Berlin, the
No. 2 German air carrier that previously owned Niki and filed for
insolvency earlier this year.
MOSCOW, Dec 29 (Reuters) – Russian coal and steel producer
Mechel said on Friday that talks with banks on
restructuring a $1 billion syndicated loan had concluded
successfully.
Mechel, which is controlled by businessman Igor Zyuzin and
came close to bankruptcy last year, had circulated the final
draft of a restructuring proposal among its creditors last week.
It needed the support of at least 75 percent of the loan holders
– a pre-export facility (PXF) – for the deal to go ahead.
“Mechel has obtained the agreement of over 75 percent by
value and the majority in number of the PXF facilities’
participants to implement the restructuring of such facilities,”
the company sai…
New Delhi: The government has no plans to waive off corporate loans and banks while banks have advised to either resolve their issue of non-performing assets (NPAs), or stressed loans speedily, or start insolvency proceedings in this regard, Parliament was informed on Friday.
In a written reply to the Lok Sabha, Minister of State for Finance Shiv Pratap Shukla also said that the stressed advances ratio of banks fell to 11.75 percent by end-September, from 12.1 percent by the end of June this year.
File image of Lok Sabha. PTI
“No proposal for waiver of corporate loan is under consideration of the government,” he said.
Referring to data from the National Company Law Tribunal, Shukla said that 2,434 fresh cases had been filed with it till en…
After a few weeks of public turbulence with its board threatening with a total shutdown of operations, the troubled SEKAP tobacco company received a short stay in debt collection by a Greek court.
The company was granted a temporary stay in collection measures until January 17, after a decision taken in the administrative court of Komotini, in northern Greece, on Friday.
The historic former state company, which was bought by Greek-Russian entrepreneur Ivan Savvidis in 2013, was declared insolvent after Greek courts imposed and verified a massive fine for 2009 customs violations, totalling 44 million euros with surcharges.
SEKAP attorney Alexandros Lykourezos explained that we discussed the reasons we were requesting a suspension o…
MOSCOW, Dec 29 (Reuters) – Russian coal and steel producer
Mechel said on Friday that talks with banks on
restructuring a $1 billion syndicated loan had concluded
successfully.
Mechel, which is controlled by businessman Igor Zyuzin and
came close to bankruptcy last year, had circulated the final
draft of a restructuring proposal among its creditors last week.
It needed the support of at least 75 percent of the loan holders
– a pre-export facility (PXF) – for the deal to go ahead.
“Mechel has obtained the agreement of over 75 percent by
value and the majority in number of the PXF facilities’
participants to implement the restructuring of such facilities,”
the company sai…
After a few weeks of public turbulence with its board threatening with a total shutdown of operations, the troubled SEKAP tobacco company received a short stay in debt collection by a Greek court.