Reliance Communications (RCom) Ltd’s shares fell sharply on Tuesday morning after media reported that China Development Bank was pursuing insolvency proceedings against the company.
China Development Bank (CDB) filed an insolvency petition against Reliance Communications to the National Company Law Tribunal to recover about 114.6 billion rupees ($1.8 billion), reports from ET Now and other media said late on Monday.
RCom said in a statement that it had not yet been served with any notice of the application from CDB.
The company also said it remains engaged with all lenders including CDB an…
Read the full article at: https://www.ndtv.com/business/rcom-shares-plunge-after-reports-of-cdb-pursuing-insolvency-case-against-it-1780853
CHRISTMAS can be a tough time financially for people.
That’s why UnitingCare Queensland Child and Family Services has released a list of financial tips to help families keep debt under control this holiday season.
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UCQ financial resilience and wellbeing service statewide manager Jodie Logovik said feeling the pinch at Christmas time was not uncommon and stressed the importance of managing debt and budgets this time of year.
“It’s not uncommon, particularly with the rise in the cost of living, for people to experience financial hardship around Christmas. Getting into debt is much easier than we think, she said.
“There are several strategies people can employ this Christmas season to keep their spending in check and some great steps on ho…
Read the full article at: https://www.gladstoneobserver.com.au/news/11-tips-to-stay-out-of-debt-at-christmas/3277128/
A Callala Bay woman has appeared in Nowra Local Court charged with failing to submit a report as company director within 14 days as required.
Christina Margaret Koch, 41, has not entered a plea to the charge in a case brought by the Australian Securities and Investment Commission.
Court papers said between July 20, 2015 and May 29 this year, while in North Lakes in Queensland, Koch failed to submit a report regarding the liquidation of a company she was a director of.
Koch was the director of Insite Solutions Pty Ltd and in accordance to section 475/9 of the act she is accused of failing to comply and make out a verifying statement for liquidators into the affairs of company within 14 days for the Supreme Court of Queensland.
The matter wil…
Read the full article at: http://www.southcoastregister.com.au/story/5087597/woman-faces-charges-from-australian-securities-and-investment-commission/
MUMBAI, Nov 28 (Reuters) – Reliance Communications Ltds shares fell sharply on Tuesday morning after media reported that China Development Bank was pursuing insolvency proceedings against the company.
China Development Bank (CDB) filed an insolvency petition against Reliance Communications to the National Company Law Tribunal to recover about 114.6 billion rupees ($1.8 bln), reports from ET Now and other media said late on Monday.
RCom said in a statement that it had not yet been served with any notice of the application from CDB.
The company also said it remains engaged with all lenders including CDB and was confident and committed to a debt restructuring plan with the support of all its lenders.
The shares in the company were trading d…
Read the full article at: https://www.reuters.com/article/rcom-debt/rcom-shares-slide-after-reports-of-cdb-pursuing-insolvency-case-against-it-idUSL3N1NY27Q
No one ever says hardware is easy, and today it looks like another promising startup has hit a wall. Navdy, which made an in-car heads-up display that projected info like navigation on to your windscreen, has been sending out notices to customers and others who might have claims against the company, as part of a General Assignment for the Benefit of Creditors.
The full note is below.
This is not a bankruptcy, but an alternative to one, aimed at smaller businesses.
As part of it, the company Navdy Inc. (the assignor) is assigning its rights in tangible and intangible assets to Navdy LLC (the assignee) for liquidation. Specifically:
Assignee shall liquidate the Assets, wind down Assignor and distribute the net liquidation proceed…
Read the full article at: https://techcrunch.com/2017/11/27/navdy-contacts-would-be-creditors-prepares-to-liquidate/
Teva Pharmaceutical Industries Ltd.’s new chief executive officer ousted the company’s three top division heads on Monday as he works to turn around and streamline the operations of the debt-laden drug maker.
CEO Kare Schultz, who joined Teva on Nov. 1, said he will combine the Israeli company’s generic and specialty drugs business, as well as the research and development groups for those units.
Shares in the world’s largest generic-drug maker, which have been in a year-long freefall owing to narrowing profit margins in generics and a series of pricey acquisitions, jumped as much as 6.4 per cent in New York trading on Monday.
Various media had reported last week that Teva planned to cut u…
Read the full article at: https://www.theglobeandmail.com/report-on-business/international-business/african-and-mideast-business/teva-ceo-shuffles-management-as-firm-refines-restructuring-plan/article37098691/
Drugs manufacturer Mayne Pharma is still feeling the impact of tough competition and lower prices in the generic drugs market in the US, but expects that the release of new drugs and restructuring initiatives will boost the company’s financial performance.
Chief executive Scott Richards says the company’s first half is expected to be “soft” but that a range of initiatives is already yielding benefits.
Shares in Mayne Pharma were 1.75 cents, or 2.8 per cent, lower at 60.75 cents, at 1120 AEDT.
Mayne Pharma said revenue for the first four months of the financial year had fallen by 12 per cent to $151 million because of lower prices in the US generic drugs market arising from aggressive contracting behaviour by wholesaler and retailer buyi…
Read the full article at: http://www.news.com.au/finance/business/breaking-news/mayne-pharma-expects-soft-h1-to-improve/news-story/b1a9e7cd329449c377155ac38b940ec6
Mr Nduna
Herald Reporter
CHEGUTU West legislator and businessman Mr Dexter Nduna has dispelled press reports that he is bankrupt, arguing that a newspaper article stating otherwise was calculated to sully his person and standing.
Last week, reports suggested that the High Court had declared Mr Nduna and his wife, Schalastica, bankrupt for failing to pay a $231 000 debt to Standard Chartered bank.
However, it has emerged that the legislator has since repaid the debt, which effectively sets
aside the ruling.
Standard Chartered Bank CEO Mr Ralph Watunga said the debt was almost done.
We are in the process with Mr Nduna, and we are almost done, he said when contacted for comment yesterday.
Mr Nduna contends that there was need for reporters to check…
Read the full article at: http://www.herald.co.zw/bank-absolves-nduna/
ROHNERT PARK, Calif., Nov. 27, 2017 /PRNewswire/ — Americans are collectively facing an enormous amount of student debt, and that debt is delaying some major life milestones and financial goals for some borrowers. These can include buying a home or saving for retirement. Ameritech Financial, a document preparation company that helps federal student loan borrowers apply for repayment programs, can assist borrowers to apply to reduce their student loan payments and help free up room in their budget for other financial goals.
According to a 2015 report, 55 percent of respondents to a survey said “their student loan debt affected their decision or ability to purchase a home” and 62 percent had delayed “saving for retirement or o…
Read the full article at: http://markets.businessinsider.com/news/stocks/Americans-Are-Delaying-Milestones-Due-to-Student-Debt-Ameritech-Financial-Helps-Borrowers-Find-New-Options-1001898394
Online cash flow lender Waddle has secured a $50 million debt funding facility, as it revealed it almost doubled its lending volume in the last financial year.
The software is integrated into popular small business accounting packages like Xero, Intuit and MYOB to be able to look at which invoices are overdue for its customer. Based on this information, money is instantly lent out at the click of a button.
The Sydney startup saw a 84% spike in lending volume for the 2017 financial year, which exceeded the initially expected mark of $30 million.
Waddle co-founder Simon Creighton said the cloud software product was previously plagued with complexities like factor pricing, contracts and bookkeeping requirements …
Read the full article at: https://www.businessinsider.com.au/sydney-fintech-waddle-just-secured-a-50-million-debt-funding-round-2017-11
Lisa Mcloughlin For Mailonline
His financial woes hit the headlines in June after it was reported that he never paid back an undisclosed debt to a private bank.
And now Boris Becker, 50, has insisted that his bankruptcy was a ‘misunderstanding’, explaining that he is ‘in a position’ to settle the bill in a candid new interview.
Speaking to The Times, the former Tenni…
Read the full article at: http://www.dailymail.co.uk/tvshowbiz/article-5122369/Boris-Becker-insists-bankruptcy-misunderstanding.html