Insolvency Guardian Media Centre
A bankruptcy case involving JEKPL Pvt Ltd has been resolved, becoming the first to close after the government recently barred promoters from bidding for their companies. Private equity firm Atyant Capital, which had earlier invested in Balaji Telefilms, will buy out the company.
The resolution plan is for a full takeover of the existing shareholding and management of the company, an official said, adding that banks may have to take a haircut of 70-75% in this case. The company’s total debt was about Rs 600 crore. The corporate insolvency resolution process against JEKPL was initiated on March 17.
Atyant Capital, an India-focused private investment fund, could not be reached immediately for comment. “Several round of discuss…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/atyant-to-buy-jekpl-under-bankruptcy-code/articleshow/62200949.cms
SolarWorld Americas Inc., one of two U.S. solar manufacturers asking President Donald Trump for tariffs on imported panels, says the move could revive a struggling industry. It may also boost the companys value ahead of a potential sale.
The manufacturer, owned by bankrupt German panel maker SolarWorld AG, has already invited more than a dozen suitors to submit non-binding offers for the company. But final bids arent due until after Trump decides whether to levy tariffs, according to a spokesman for SolarWorld AGs German insolvency administrator.
The push to find a buyer for SolarWorld Americas is the latest wrinkle in a months-long drive for tariffs thats drawn opposition from most of the U.S. solar industry. SolarWorld and …
Read the full article at: https://www.bloomberg.com/news/articles/2017-12-21/trump-s-tariff-decision-looms-large-for-sale-of-solar-company
LONDON, United Kingdom BoF compiles the most important professional moves of the week.
Chiara Ferragni takes on president role at TBS Crew
Blogger-turned-businesswoman Chiara Ferragni has stepped up to helm her company, TBS Crew, as its new president and chief executive. Ferragni, whose new role is part of a business restructuring, succeeds Riccardo Pozzoli, co-founder and former chief executive. Pozzoli will no longer have an operative position in the company, but will continue to hold a minority stake.
Nicola Formichetti exits Diesel, Marco Agnolin joins as CEO
Diesels artistic director Nicola Formichetti will be stepping down at the end of 2017 after five years at the creative helm. While his successor has not yet been named, the c…
Read the full article at: https://www.businessoffashion.com/articles/power-moves/power-moves-chiara-ferragni-named-ceo-of-her-company-nicola-formichetti-exits-diesel
DURBAN – Absa Bank has applied for the liquidation of Mayfair Speculators, a company belonging to former Steinhoff CEO, Markus Jooste.
The company, until this week, owned South Africa’s best racehorse and hundreds of other racehorses as well as a property portfolio and a portion of Steinhoff shares.
Racing is Jooste’s passion and he was a regular at racing sales. In September, Mayfield (in different partnerships) acquired nine yearlings at the yearly yearling sale in County Kildare in Ireland for a collective amount of 2.3 million
Absa has demanded a probe into a dubious transaction that saw Mayfair transfer R1,5 billion of assets to its holding company in August this past year.
This transfer took place just months before serious financia…
Read the full article at: https://www.iol.co.za/business-report/absa-applies-for-the-liquidation-of-joooste-linked-company-12502696
The Narendra Modi government may include a few more changes in the Insolvency and Bankruptcy Code or IBC ordinance in the finance bill when it is tabled in Parliament during the Budget session, according to a top official quoted in this Economic Times report.
The IBC was put into effect in May 2016 and the authorities started to invoke the act after six months in December that year.
In November this year, the Union Cabinet through an ordinance had approved some sweeping changes in the IBC, 2016 and barred promoter of an insolvent or bankrupt company from taking part in the final bidding process for stressed assets as part of corporate resolution process.
Representational image.
After the new provision has been incorporated in the IBC ordin…
Read the full article at: http://www.firstpost.com/business/insolvency-and-bankruptcy-code-amendment-promoters-of-smes-may-get-chance-to-bid-for-stressed-companies-4269823.html
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