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.
Iconic handbag retailer OrotonGroup has gone into administration, becoming the latest casualty in Australia's retail bloodbath.The company said on Thursday
Iconic handbag retailer OrotonGroup has gone into administration, becoming the latest casualty in Australia's retail bloodbath. The company said on Thursday morning that
Iconic handbag retailer OrotonGroup has gone into administration, becoming the latest casualty in Australia’s retail bloodbath.
The company said on Thursday morning that an eight-month strategic review failed to find a viable option to secure its future.
Its 59 Oroton stores will continue to trade as usual while administrators Deloitte Restructuring Services pursue a sale or a recapitalisation, the company said.
Oroton has suffered falling sales in recent years and racked up a $14.2 million loss in 2017.
The company’s shares, which went into a trading halt on Tuesday while the board finalised the result of its review, had fallen from $7.80 in early 2013 to $2.44 a year ago. On Monday, they closed at just 43??.
EMERYVILLE, Calif., Nov. 29, 2017 /PRNewswire/ — Recent reports agree that when it comes to student loan debt, where students live in the U.S. is just as important as their chosen major and college. States in the northeastern and midwestern regions of the U.S. have much higher student loan debt averages than the southern and southwestern regions. American Financial Benefits Center helps federal student loan borrowers across the nation with any level of debt apply for repayment plans through the Department of Education to help make their payments more affordable year after year.
Australia’s 79-year-old luxury handbag retailer Oroton has collapsed into voluntary administration after failing to find a buyer.
The company says it was unable to find a viable option for recapitalising or selling the business following a seven-month strategic review.
Interim chief executive Ross 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.
“However, having carefully considered the options available to the Company at the conclusion of its strategic review, it is apparent that voluntary administration is necessary to protect the Oroton busi…
THE futures of more than 200 Ostwald Bros workers will be decided today in Toowoomba, with the liquidation of the struggling civil construction firm likely after no buyer was found.
Ostwald Bros Pty Ltd, which is one of three entities that make up the company, will be voted on by hundreds of unsecured creditors this afternoon at the Empire Theatre.
A vote to liquidate would lead to the layoff of 210 workers, adding to the 260 workers already sacked in August and September after the administrators were appointed.
The meeting comes amid massive tensions between the creditors committee, made up of 10 different entities and businesses, and administrator Derrick Vickers of PriceWaterhouseCoopers.
Australia’s 79-year-old luxury handbag retailer Oroton has collapsed into voluntary administration after failing to find a buyer.
The company says it was unable to find a viable option for recapitalising or selling the business following a seven-month strategic review.
Interim chief executive Ross 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.
“However, having carefully considered the options available to the Company at the conclusion of its strategic review, it is apparent that voluntary administration is necessary to protect …
OROTON stores will continue to trade and employ staff on a business-as-usual basis while administrators attempt to find a buyer for the struggling luxury handbag retailer.
The company was placed into voluntary administration on Thursday, following a series of shock earnings downgrades earlier this year amid challenging trading conditions, prompting a strategic review of the business.
In a statement to the ASX, OrotonGroup said despite a comprehensive process, during which Oroton decided to pull the pin on its joint venture with US retailer Gap, the review had not resulted in any viable option.
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 vo…
Chennai: It is not just promoters identified as wilful defaulters who have been barred from bidding for companies under the insolvency resolution process. The latest changes to the IBC (Insolvency and Bankruptcy Code), through an ordinance, has shut the doors firmly on guarantors to loans obtained by promoters from bidding as well.
A person shall not be eligible to submit a resolution plan if he/she “has executed an enforceable guarantee in favour of a creditor, in respect of corporate debtor under insolvency resolution process or liquidation under this code,” the ordinance said.
Experts believe that barring guarantors from bidding would hit SMEs (small and medium enterprises) adversely. “It opens the window for scrap sale…
MUMBAI: The Insolvency and Bankruptcy Board of India (IBBI) is expected to step up its drive against defaulters by allowing lenders to act against high-profile individuals, including promoters of many companies, who have given personal guarantees to corporate loan defaulters.
The eight-member body will meet on Friday to discuss changes in regulations that will allow assets of personal guarantors to be encashed and used for repayment of debt via separate proceedings at the National Company Law Tribunal (NCLT), said two people familiar with the plan.
Personal guarantors who may have escaped action in the NCLT process will no longer be immune to action by creditors. A working committee of insolvency professionals had submitted recommend…
