ET Bureau|
Dec 23, 2017, 10.48 AM IST
Government-owned State Bank of India (SBI) has initiated insolvency resolution proceeding against Ushdev International, a company which was part of the second list released by the…
Read the full article at: https://economictimes.indiatimes.com/markets/stocks/news/insolvency-move-against-ushdev-international/articleshow/62217782.cms
THE man behind the ill-fated Teralba Waters development, Colin Wallace, is facing further strife with two more of his companies placed in liquidation owing $2 million.
Property purchasers and investors, many from Mr Wallace’s Christadelphian Church, put their faith and money into his projects and are now demanding answers about what went wrong.
The former bankrupt has three companies in liquidation with debts of more than $3 million and a further $1.3 million is owed by his property development company to the mortgagee of Teralba Waters Estate. Six creditors, including Bunnings and Boral Construction Materials, have placed caveats on Mr Wallace’s waterfront Kincumber home in an effort to get their money back.
The Newcastle Herald reported…
Read the full article at: http://www.theherald.com.au/story/5122054/string-of-liquidations/
TORONTO, Dec. 22, 2017 (GLOBE NEWSWIRE) — Advantex Marketing International Inc. (CSE:ADX) (Advantex or the Company), a leading specialist in the marketing services industry, today announced it has completed a financial restructuring (the Restructuring), including a refinancing (the Refinancing) of its outstanding senior secured non-convertible debentures with a maturity date of December 31, 2017 (collectively, the Existing Debentures).
The Restructuring will have a positive impact on the Company because it will provide access to additional working capital for use in transition to the next phase of recovery of the Companys core business, during which it expects a gradual but sustained growth in its CIBC/TD program merchant base and…
Read the full article at: https://globenewswire.com/news-release/2017/12/22/1270226/0/en/Advantex-Announces-Completion-of-Restructuring.html
Dr Evan Jones summarises the issues confronting the Hayne Royal Commission, which he has been investigating for over 30 years.
[Read Part One: The Clayton’s Banking Royal Commission]
OVER THE LAST 30 YEARS (since comprehensive financial deregulation), the scale of public exchange regarding complaints about banks, bank opposition to reform, and the combination of official formal concern with substantive inaction has been massive.
Selective memory filters the past so that our brains dont explode and we can function in the present. But this filter has worked to the advantage of the banking sector and its collaborators (including in the regulatory agencies and in politics). The banks lobby and stonewall, wear everybody out, the m…
Read the full article at: https://independentaustralia.net/business/business-display/the-claytons-banking-royal-commission-part-2-more-of-the-same-over-30-years,11054
- Joe Bastianich said Friday that he knew Mario Batali said ‘inappropriate things’ to staff, but ‘never heard’ of sexual misconduct accusations
- The two are co-owners of the B&B Hospitality group with Bastianich’s mother Lidia, which includes 24 restaurants and five Italian markets across the U.S.
- Bastianich’s new comments come as a new report accuses him of contributing to a ‘boy’s club’ in his company
- In response to the new report, the company released a statement on Friday, saying they are in the process of restructuring the business
- As part of the restructuring, Batali has been banned from visiting any of the restaurants or markets that he owns
- Bastianich’s mother Lidia, and celebrity baker Nancy Silve…
Read the full article at: http://www.dailymail.co.uk/news/article-5206765/Mario-Batalis-business-partner-knew-harassed-women.html
(Adds more detail)
MOSCOW, Dec 22 (Reuters) – Metals and mining company Mechel
has secured the backing of around 70 percent of
creditors for a restructuring of its $1 billion syndicated loan,
two sources familiar with the situation said.This brings Mechel close to achieving the 75 percent support
from creditors needed to reach the deal, one of the sources
said.The agreement was discussed with the company’s main lenders
and a final proposal was circulated by the company on Monday
this week, this source said.Mechel declined to comment.
The company, controlled by businessman Igor Zyuzin, borrowed
extensively during the commodities boom in the 2000s and faced a
painful restructuring following the 2008 f…Read the full article at: http://www.businessinsider.com/r-update-1-mechel-gets-backing-from-70-pct-of-creditors-to-restructure-1bln-loan–sources-2017-12
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Singer and broadcaster Hugo Duncan has been declared bankrupt at the High Court in Belfast.
Proceedings were brought against the 67-year-old over tax arrears related to his private entertainment company.
The order was based on a petition by HM Revenue and Customs.
Affectionately …
Read the full article at: https://www.belfasttelegraph.co.uk/news/northern-ireland/bbcs-hugo-duncan-declared-bankrupt-36431030.html
Singer and BBC broadcaster Hugo Duncan has been declared bankrupt at the High Court in Belfast.
Proceedings were brought against the 67-year-old over tax arrears related to his private entertainment company.
The order was based on a petition by HM Revenue and Customs.
Under the terms of the court adjudication, he is expected to be discharged from bankruptcy in 12 months time.
‘Personal matter’
In a statement, a spokesperson for Mr Duncan confirmed that he was “subject to a bankruptcy order in relation to his private entertainment business”.
“Mr Duncan will full co-operate with the order,” the spokesperson added.
Mr Duncan’s lawyer said that “he will work closely and …
Read the full article at: http://www.bbc.com/news/uk-northern-ireland-42458813
Oi creditors have approved a restructuring plan that will take the struggling telco out of bankruptcy protection.
According to Bloomberg and as a result of a 15-hour meeting, the terms of the restructuring plan include a proposal for Oi to repay its biggest single creditor Anatel In five yearly instalments after a 20 year grace period. Currently fines under the attorney generals jurisdiction would be paid in monthly instalments over 20 years.
In addition, Oi said that it would implement a 4 billion real ($1.2 billion) capital increase to happen within the next 12 months, complete with scaled back conditions for the cash injection, subject to the approval of the bankruptcy court.
We expect the capital injection to happen even b…
Read the full article at: https://www.globaltelecomsbusiness.com/article/b164kl5hq2zqdz/oi-creditors-greenlight-restructuring-plan
The liquidation hearing of Markus Jooste-owned Mayfair Speculators was postponed to next year, after Judge Siraj Desai ruled that the matter needs a full hearing, as it has far-reaching implications.
Court papers suggest that Mayfair Speculators owe three banks more than R1.2 billion. Absa claims R226 million, whilst Investec and Sanlam are owed R250 million and R800 million respectively.
Also read: Absa applies for Jooste-linked companys liquidation
These loans were secured by Mayfair Speculators holding of Steinhoff shares. The banks have now called up these loans after Steinhoffs shares fell from around R60 to less than R5 in recent weeks, following one of the largest ever corporate scandals in South Africa.
Judge Desai said the…
Read the full article at: https://www.moneyweb.co.za/news/companies-and-deals/judge-postpones-jooste-company-liquidation-hearing/
