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.
Reliance Group's chairman Anil AmbaniOn November 24, China Development Bank (CDB) formally filed an insolvency petition against Reliance Communications at
Oroton stores will operate as usual after the 79-year-old Australian luxury handbag retailer collapsed into voluntary administration.The company says it
Bowmans Senior Partner Richard Harney during the interview with Weekend Business. [Beverlyne Musili, Standard]The restructuring of Kenya Airways, concluded mid-November,
LONDON, Dec 4 (Reuters) – Toys R Us UK is to seek creditor approval for a restructuring plan involving closing at least 26 of its 105 stores in Britain in 2018, it said on Monday.
The British arm of Toys R Us Inc (IPO-TOYS.N) of the United States which filed for bankruptcy in September, said it had submitted a Company Voluntary Arrangement (CVA) plan to its creditors and would seek their approval in the next 17 days.
Toys R Us UK said that if approved by the creditors the CVA plan would substantially reduce its rental obligations and allow the business to move to a new, viable business model.
The firm said it anticipated redundancies among its workforce of 3,200 but did not give a specific number.
On November 24, China Development Bank (CDB) formally filed an insolvency petition against Reliance Communications at the National Company Law Tribunal in Mumbai.
The company is believed to owe Rs130 billion ($2.01 billion) to Chinese lenders not just CDB (the lions share at Rs114.6 billion/$1.78 billion) but China Eximbank and ICBC. Thats out of total debt understood to be above Rs450 billion ($6.97 billion).
A twist followed. On Thursday, Reliance Communications put out a statement saying that in a meeting of a committee of financial creditors, a majority of Reliance Communications lenders, foreign and Indian, aggregating 31, decided to oppose China Development Banks insolvency petitio…
HE HAS to stump up $1 million in the next week or face the threat of bankruptcy, but instead of being a grinch about his predicament, it seems Salim Mehajer would prefer to play Santa.
Undeterred by staring down the financial strife and a string of court dates, the controversial property developer is planning a Christmas light-up to beat all.
Currently under virtual house arrest for charges of breaching an AVO taken out by his estranged wife, Aysha Learmonth, he appears to be planning to use the time at home to light up his Lidcombe pile.
Its the same place which hosted the suburb-stopping wedding in August 2015, which thrust him into the public eye, was earlier this year listed for rent, and is now at the centre of the bankruptcy threat, t…
A recent ordinance introducing Section 29A in the Insolvency and Bankruptcy Code (IBC) debars promoters declared wilful defaulters of companies facing bankruptcy proceedings to bid for the stressed assets. This legal initiative has come not a day too soon. Clever operators who had stripped their companies and misused loans have been regaining control through legal bidding, and getting rid of mountains of loans owed to lenders to boot.
Applicants bidding for companies facing insolvency proceedings have to now provide details of convictions, disqualifications, criminal proceedings, and categorisation as wilful defaulter as per RBI guidelines. The objective is to ensure the same of bunch of crooks dont gain control by floating sh…
NEW YORK, Dec 3 (Reuters) – Energy Transfer Partners , an oil and gas pipeline company, may see its value rise given strong business prospects and a potential change to its governance, financial publication Barrons reported.
Energy Transfer, a master-limited partnership, has underperformed its peers and the value of its units are down about 31 percent so far this year.
Energy Transfer has strong strategic assets including projects due to be completed next year, according to the report.
The company could also benefit from a potential restructuring, which could reduce Energy Transfer Partners payments to Energy Transfer Equity, according to the report.
Energy Transfer has previously said no internal restructuring is likely before late 2019…
Management at the Royal Bank of Scotland (RBS) were aware of failings in its small business restructuring group, but turned a blind eye, according to a leaked report seen by the Mail on Sunday.
The Financial Conduct Authority (FCA) investigated RBS‘s Global Restructuring Group (GRG) after small businesses claimed they were wrongly and to their detriment placed into the group, which was designed to help struggling firms. Some alleged they were even forced into insolvency.
Other peoples cat and mouse tactics set Jarrod Conroy on the path to commercial solar, the founder of Victoria and NSW business Roycon tells EcoGeneration.
How long have you been installing solar?
I was doing it as an apprentice back in 2011. Systems were pretty much free with the rebates at the time. It was a really busy time between 2011 to late 2012, with the 60c feed-in tariff. Then there was a bit of a drawback and now were back into another boom cycle with power prices increasing steadily. Were back to where we were in 2012 with the volume being installed. A large portion of that is commercial installations, which is what we focus on now.
Oroton stores will operate as usual after the 79-year-old Australian luxury handbag retailer collapsed into voluntary administration.
The company says it has been unable to find a viable option for recapitalising or selling the business following a seven-month strategic review.
Interim chief executive Ross Lane, the grandson of Oroton founder Boyd Lane, said there was no other solution that could achieve a better outcome than voluntary administration.
“The board is disappointed that it has had to take this step after running such a comprehensive process,” he said in a statement to the ASX on Thursday.
“However, having carefully considered the options available to the company at the conclusion of its strategic review, it is apparent that v…
York Regional Police are hunting a suspect after a man was seriously injured at an illegal gambling den in Richmond Hill.
Officers were called to a plaza at 9005 Leslie St., near Hwy. 7, on June 9 around 2 p.m. for a report of an assault. They found a 23-year-old man suffering from serious injuries and he was taken to hospital.
Investigators say the victim was at the gambling den and was confronted by the suspect regarding an outstanding debt and then proceeded to kick and punch him around a poker table.
Cops are now releasing surveillance video in hopes of identifying the suspect.
He is described as a Middle-Eastern man, standing 6-foot-3, with a shaved head and goatee with a muscular build.
The 79-year-old luxury handbag retailer has struggled financially in sales, resulting in $14.3 million in losses last year according to The Herald. This was compared to a $3.4 million profit the previous year.
The company revealed this morning that an eight-month strategic review failed to find a “viable option” to secure its future. In a statement to the ASX, OrotonGroup interim chief executive Ross Lane said:
We have made every effort to avoid taking this decision but have been unable to source a viable solution which could achieve a better outcome than voluntary administration. The board is disappointed that it has had to take this step afte…
LIFES never dull for controversial businessman and former Auburn deputy mayor Salim Mehajer.
On top of facing a series of court battles over everything from his former relationship to his crumbling business empire, now he can reportedly add the threat of bankruptcy to the list.
The 31-year-old is currently under virtual house arrest and facing charges of breaching an AVO taken out by ex-wife Aysha, committing electoral fraud and civil cases about his property developments.
Now, he has been threatened with bankruptcy unless he coughs up $1 million in the next fortnight to pay for a lavish marble staircase in his ostentatious Lidcombe home, according to The Sunday Telegraph.
The floating staircase inside his $3 million home featured in a music…
Bowmans Senior Partner Richard Harney during the interview with Weekend Business. [Beverlyne Musili, Standard]
The restructuring of Kenya Airways, concluded mid-November, has been billed as one of the most complex transactions in the region.
Complex due to the number of companies and institutions involved. The deal saw transaction advisers shuttle from Africa to Europe and America over a two-year period, in a bid to get the stakeholders to buy into the plan.
The transaction involved two syndicates of international financiers, 11 Kenyan commercial banks, numerous operating lessors, the Kenyan Government and KLM Royal Dutch Airlines.
