Insolvency Guardian Media Centre
SANTA CLARA, CA–(Marketwired – November 28, 2017) – Avaya announced today that the United States Bankruptcy Court for the Southern District of New York (the “Court”) has confirmed its second amended chapter 11 plan of reorganization (the “Plan”). As a result, Avaya expects to emerge from its restructuring process before the end of this year.
“The Court’s approval of our plan is the culmination of months of hard work and extensive negotiations among our various stakeholders,” said Jim Chirico, Avaya’s President and CEO. “In the coming weeks, Avaya will emerge from this process stronger than ever and positioned for long-term success, with the financial flexibility to create even greater value for our customers, partners and stock…
Read the full article at: http://www.marketwired.com/press-release/avaya-announces-court-approval-of-restructuring-plan-2242090.htm
PACIFIC Highway subcontractors are preparing to ramp up their fight for months of unpaid wages from one of the project’s primary contractors, which went into voluntary administration earlier this year.
About 200 highway workers who completed the Glenugie to Tyndale section of the Pacific Highway upgrade have been left without months of pay after Darling-Downs based company Ostwald Bros abandoned the site and announced it was in administration.
About 15 impacted subcontractors and members of advocacy group, Subcontractors Alliance, met via teleconference on Sunday to discuss the upcoming meeting of creditors with administrators Price Waterhouse Coopers in Toowoomba.
Subcontractor Jo Franklin, who is based on the Northe…
Read the full article at: https://www.northernstar.com.au/news/kept-in-the-dark-highway-subcontractors-fight-for-/3277483/
BSE had sought clarification from Reliance Communications after market hours yesterday with respect to news that China Development Bank has filed an insolvency case against it.
China Development Bank has filed a case against Reliance Communications (RCom) under the Insolvency and Bankruptcy Code, becoming the first lender to move court against the debt-laden telecom company.
The move is highly unusual. Indian lenders are taking a call on the conversion of this debt into equity.
The Chinese bank was “actively participating” in the joint lenders forum that restructured RCom’s debt under the strategic debt restructuring (SDR) rules, reported the business daily.
Meanwhile, RCom said, “The Company has not been served any notice of the applica…
Read the full article at: http://clicklancashire.com/2017/11/28/rcom-cracks-9-on-premature-action-by-cdb.html
Chris Sherwood, chief executive of Relate, explains what the charity has learned from its recent research into debt and relationships. Views do not necessarily reflect those of MoneySavingExpert.com.
Relate is the UK’s leading relationships support charity next year we’ll have been providing counselling and relationship support services to people for 80 years. We know first-hand from the counselling room how debt, money worries and finances can put strain on relationships.
But now we have the hard evidence on how relationships and finances can affect each other. Relate conducted a major research project looking into these links, generously sponsored by Provident Financial, and kindly supporte…
Read the full article at: https://www.moneysavingexpert.com/news/protect/2017/11/guest-comment-why-we-need-to-talk-about-debt-and-money-in-our-relationships
Assured Legal Solutions is set to formally welcome its co-founder, Chris Cruikshank, from Norton Rose Fulbright (NRF) on Friday. The appointment will bring the specialist boutique firms lawyer headcount to six.
Cruikshank resigned from the NRF partnership in Australia in September and was just serving his notice period. He joins former NRF special counsel Nicola Cosgrove, who already started at the boutique in August.
With more than 15 years experience, Cruikshank is a restructuring and insolvency specialist. At NRF, he led teams acting on prominent matters, including the administration of Howards Storage World and the receivership of Dick Smith. He acts for banks, financial institutions, financial advis…
Read the full article at: https://www.australasianlawyer.com.au/news/former-nrf-partner-to-finally-join-boutique-he-cofounded-244210.aspx
MUMBAI: For Indias overwhelmingly complex legal system, the Insolvency and Bankruptcy Code (IBC) is billed as the silver bullet that would help lenders recover about Rs 9 lakh crore of sticky loans. But the law has an unwanted side effect loss of jobs.
Since IBC was used by lenders to slice through the thicket of procedures and bureaucracy, about a dozen companies have gone into liquidation, with no viable resolution plan in sight. This may have led to at least 2,400 permanent employees losing their jobs, according to an estimate provided by Insolvency Professionals, a Delhi-based firm.
The Code has enough incentives to motivate the committee of creditors to invariably opt for a resolution if enterprises value exceeds liquidation va…
Read the full article at: https://economictimes.indiatimes.com/news/company/corporate-trends/not-only-companies-even-jobs-face-liquidation-due-to-insolvency-ordinance/articleshow/61840924.cms
The debt woes of one of Indias leading wireless carriers Reliance Communications have deepened this week thanks to an unlikely new source of pressurea leading state-owned Chinese bank.
It emerged late Monday that China Development Bank, a policy bank which often helps fund Chinese companies investments overseas, had late last week filed a petition for Reliance, also known as RCom, to be declared insolvent.
The…
Read the full article at: https://www.wsj.com/articles/china-development-bank-pushes-reliance-communications-closer-to-the-edge-1511880814
The debt woes of one of India’s leading wireless carriers Reliance Communications have deepened this week thanks to an unlikely new source of pressure — a leading state-owned Chinese bank.
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It emerged late Monday that China Development Bank, a policy bank which often helps fund Chinese companies’ investments overseas, had late last week filed a petitio…
Read the full article at: http://www.foxbusiness.com/features/2017/11/28/china-development-bank-pushes-reliance-communications-closer-to-edge.html
Britains financial watchdog has released its final summary of a report investigating how the Royal Bank of Scotlands controversial restructuring unit treated s…
Read the full article at: https://www.belfasttelegraph.co.uk/business/uk-world/fca-publishes-final-summary-of-report-into-rbs-restructuring-unit-36360408.html
CASH-strapped tennis legend Boris Becker is taking his ex manager to court as the pain of his bankruptcy begins to bite.
Former mentor Sascha Rienne has been called to appear before the courts in Cologne in January accused by sporting ace Boris of failing to properly pay him for lucrative personal appearances.
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Getty – Contributor
No contract exists as the triple Wimbledon winner claims it was a verbal deal, however he wants to see the contracts forged between Rienne and the third parties he was hired for.
At issue is approximately 100,000 euros which Becker, 50, claims he is …
Read the full article at: https://www.thesun.co.uk/news/5019516/boris-becker-sues-ex-manager-bankrupt-tennis-wimbledon/
The charity Mental Health UK has set up a new debt advice service for those with money and mental health problems, with financial backing from Lloyds Banking Group.
The Mental Health and Money Advice website aims to provide impartial advice to help the estimated four million people who have mental health and money problems, and a further four million who are in financial difficulty and at risk of developing poor mental health.
The website offers practical support on issues such as appealing benefit decisions, how to manage money when you have mental health problems, and how to write a will.
It also features several tools and calculators offered by the Money Advice Service, such as a budget planner and unive…
Read the full article at: https://www.moneysavingexpert.com/news/banking/2017/11/new-advice-service-launched-for-those-with-mental-health-and-debt-problems
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