BankruptcyData notes, The Plan is…
Read the full article at: https://bankruptcompanynews.com/psg-bankruptcy-12-27-17/
Companies
Wednesday, December 27, 2017 11:42
By MUGAMBI MUTEGI
Fashion retailer Deacons #ticker:DCON has issued a profit warning indicating that its net profit for the full-year to December 2017 will drop by at least a quarter due to lower sales.
The profit warning announcement means Deacons will post a maximum net loss of Sh208 million, compared with Sh277.9 million loss it reported in the year to December 2016.
The expected drop in profits were brought about by the presidential elections in Kenya during the second half period of 2017, which resulted in decreased consumer demand and spending, Deacons said in a statement.
Deacons, which operates in Kenya…
Read the full article at: https://www.businessdailyafrica.com/corporate/companies/Deacons-issues-profit-warning-on-depressed-sales/4003102-4242792-6e8yvk/
As Eddie Obeid languishes behind bars for a second Christmas and New Year, the family of the corrupt former Labor MP is being pursued in court for hundreds of thousands of dollars in cash they received from the Circular Quay cafes at the centre of his trial.
Fairfax Media can reveal the liquidator appointed to Circular Quay Restaurants, the failed front company which ran the cafes, is suing the Obeid family patriarch, his wife Judith and five of their nine children in the District Court for just over $708,000.
Sydney to Hobart race: day one highlights
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Read the full article at: http://www.smh.com.au/nsw/liquidator-pursues-obeid-family-for-700000-over-circular-quay-profits-20171227-h0ahmy.html
SALT LAKE CITY A group of law students at Brigham Young University is working to help Utah residents with their debt collection lawsuits.
There are about 70,000 debt cases a year in Utah, many of which are for $100 to $200, KUER-FM radio reported.
But people often end up spending more than that because they go through the process without any legal help because they can’t afford it.
Salt Lake City lawyer Kimball Parker is leading a group of nine students in a semester-long project to work on a technology solution that can provide legal assistance free of charge.
“In other classes, you talk about problems and you theorize about how to solve…
Read the full article at: http://www.heraldextra.com/news/local/education/college/byu/byu-students-work-to-help-with-debt-collection-lawsuits/article_3fd27db4-ee42-5cc8-962e-2f11103efddd.html
Goldman Sachs-backed ReNew Power Ventures Pvt. Ltd is looking to acquire the solar power assets of Mumbai-based Waaree Energies Ltd, Mint reported, citing people aware of the matter.
Waaree Energies has about 100 megawatt of solar power assets across Andhra Pradesh and Madhya Pradesh.
Last week, Waaree Energies had raised Rs 100 crore ($15.6 million) in structured finance from Centrum Financial Services Ltd, besides a consortium of investors, including a global private equity fund.
ReNew Power has over 3,500 MW of commissioned and under-construction clean energy capacity across 16 states in India, according to its website.
It counts Goldman Sachs, Abu Dhabi Investment Authority, ADB and Global Environment Fund and Japans JERA …
Read the full article at: https://www.vccircle.com/renew-power-eyes-waarees-solar-assets-anand-mahindra-buys-into-bayside-sports/
IT seemed luxury Aussie handbag retailer Oroton was doomed last month after it went into voluntary administration.
Today, it has risen from the ashes following a takeover bid from a major shareholder.
Caledonia Funds Management chief investment officer Will Vicars, who owns 18 per cent of the 79-year-old companys ASX-listed shares, will buy the brand from administrators Deloitte.
Mr Vicars will take control from the Lane family, which founded the company in 1938.
The move means the embattled brand will now be able to continue operating.
According to The Australian, the deal ensures Oroton will avoid a breakup of the business and allow local and international Oroton stores to keep trading.
Importantly the proposal would allow Oroton Group to r…
Read the full article at: http://www.news.com.au/finance/business/retail/major-shareholder-set-to-buy-struggling-aussie-luxury-handbag-brand-oroton/news-story/ba23e7d52d21cf0c68edab217e1dbed3
It was quite the eventful year in sports media. The absurd became reality around the country, and that seeped into the sports world. So many crazy things happened that its easy to forget them all, and there are some strong candidates in a normal year that could not even crack the top 10. Stories were selected based on reader interest, uniqueness, importance, and pure unbridled craziness. What would someone have said a five years ago if you said all of these things happened in 2017?
#10 Craig Carton arrested by Feds
On September 6th, Craig Carton of the WFAN show Boomer & Carton was arres…
Read the full article at: http://thebiglead.com/2017/12/26/sports-media-crazy-stories-jemele-hill-craig-carton-barstool-sam-ponder-espn/
Brits who put presents on plastic this Christmas will carry an average card debt of £452 into 2018, new research from comparison site uSwitch.com shows.
With almost £8.5 billion spent on plastic in total over the holidays, almost one person in five (17%) has gone over budget and almost one in four (22%) ended up in debt as a result.
And it’s a Christmas leftover that could put a dampener on the new year.
January should be a time for looking ahead, but up and down the country millions of Brits will be looking over their shoulder at the cost of their festive spending,” said uSwitch money expert Tashema Jackson.
But with a little effort and self control, there’s no reason it can’t be dealt with swiftly.
“Rather than try and forg…
Read the full article at: http://www.mirror.co.uk/money/how-clear-your-festive-debt-11756448
MUMBAI: The insolvency professional supervising the Alok Industries bankruptcy process has called for fresh bids to resolve the Rs 29,000-crore default in the hope of attracting more bidders for the textile company, said two people with knowledge of the matter.
“Alok was the only company among the 12 listed by Reserve Bank of India (RBI) to be referred to bankruptcy that did not receive any bids when the insolvency professional invited expressions of interest (EoIs),” said one of the two.
“Therefore, it was decided to go for a fresh round of bidding for the company.” The last date for EoI submissions had been October 12.
ET had reported in early November, after the deadline was over, that Reliance Industries may be int…
Read the full article at: https://economictimes.indiatimes.com/markets/stocks/news/alok-industries-insolvency-pro-calls-for-fresh-bids-to-attract-more-players/articleshow/62261526.cms
The Australian art auction house and gallery Mossgreen has gone into voluntary administration.
Its chief executive officer, Paul Sumner, said no vendors, staff or buyers would be out-of-pocket.
Mossgreen has chosen to take a path of voluntary administration during the month of January at a time that will least impact our clients and which will allow the company to restructure its business, Sumner said.
The company is looking forward to a very strong calendar of auction sales that are contracted and already catalogued for the first half of 2018, starting in February. No vendors will lose any money in this process and neither will any of our staff, who will also be fully supported through this process.
The company has a excellent r…
Read the full article at: https://www.theguardian.com/australia-news/2017/dec/27/mossgreen-auction-house-and-gallery-goes-into-voluntary-administration
The proposals include relaxing the requirement of a minimum 25% public shareholding and the stringent procedures to de-list a stressed company, if that is part of the resolution plan. (Reuters)The Securities and Exchange Board of India (Sebi) will consider a raft of proposals to ease various compliance procedures for listed insolvent companiesespecially with regard to trading, listing and de-listing norms, and declaration of financial resultsat its board meeting on Thursday, official sources told FE. The proposals include relaxing the requirement of a minimum 25% public shareholding and the stringent procedures to de-list a stressed company, if that is part of the resolution plan. The need for mandatory disclosures of all …
Read the full article at: http://www.financialexpress.com/market/how-sebi-plans-to-ease-compliance-for-insolvent-companies/990991/
Wed, Dec 27, 2017 – 8:11 AM
INVESTMENT holding company k1 Ventures on Wednesday said that its wholly owned subsidiary, FSHCO Holdings Pte Ltd, will be placed under members’ voluntary liquidation.
It added that filings will be made in Singapore for the liquidation, and that this liquidation is not expected to have any material impact on the net tangible assets, or earnings per share of the group for the financial year ending June 30, 2018.
k1 Ventures last traded 0.66 per cent, or S$0.01 higher to S$0.76 apiece on Nov 17.
The firm had suspended trading of its shares on the Singapore bourse from Nov 20 onwards to “avoid market speculation on the value of the company”, it said previously.
This comes as k1 Ventures dispos…
Read the full article at: http://www.businesstimes.com.sg/companies-markets/investment-firm-k1-ventures-unit-under-members-voluntary-liquidation