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.
Last weeks new insolvency Ordinance, barring all wilful defaulters, or incumbent promoters with bad loans for ayear or more, from the auction process to repurchase their asset if they fail to clear all overdues is great polemics. But emotions aside, it may end up bankrupting the banks even more. Auctions have to be thick. Thats Economics 101. Be it telecom or natural resources or Insolvency and Bankruptcy Code (IBC) proceedings. And only let the markets discover the true value of an asset.
There is a reason why Indias largest lender is worried that he may go bald while taking a haircut on his loans. Punishing the desperate promoters, who would have bid aggressively to hold on to the last remains of the family silver, w…
NEW DELHI: The insolvency ordinance provides a level playing field to all parties interested in participating in the resolution process and there are enough players to ensure that competitive bids are made for stressed assets, said government officials, as they defended the new measures that prevent errant promoters from trying to reacquire assets till they clear dues.
Officials dismissed the argument that offers would not be competitive in the absence of promoters. This assumes that the market is incapable of realising the true economic value even when there are many competitors in the fray, said an official, pointing to the high interest in steel companies that are currently facing insolvency proceedings.
STUTTGART (Reuters) – The founder of Germany’s failed Schlecker drugstore chain got a suspended sentence and his two children got jail terms on Monday for taking money from the company before its collapse.
Founder of collapsed German drugstore chain Schlecker gets suspended prison term
Workers who lost their jobs when the firm shut its stores in 2012 cheered in court when the prison sentences were read out. Anton Schlecker, 73, received a suspended two-year prison sentence and a 54,000-euro ($64,487) fine for intentional bankruptcy. Prosecutors had demanded a three year-prison term, accusing him of siphoning off millions of euros from the company even as its financ…
Indian lenders may oppose the move at NCLT as they are close to taking 51% in the firm
Mumbai, November 27:
More trouble is brewing for debt-ridden Reliance Communications (RCom), with China Development Bank (CDB) filing an insolvency case against the telecom company, a move that would be opposed by Indian lenders. CDB, a lender to RCom, has filed the suit with the National Company Law Tribunal (NCLT) in Mumbai under the Insolvency and Bankruptcy Code (IBC).
RCom, which is reeling under a 45,000-crore debt, owes about 7,500 crore to CDB. With interest, this increases to about 9,000 crore. This makes CDB the first lender to file insolvency proceedings against billionaire Anil Ambani-controlled RCom.
Few expect the Eastern Partnership (EaP) summit to give new a life to the largely stalled programme of the European Unions engagement in its Eastern neighbourhood. The EaP has been reduced largely a discussion of technicalities and bland, aspirational statements. It should be more than that. How the EU works, or does not work, with non-EU countries of Eastern Europe is a deeply political question. It is also a greatly consequential question for the entire Atlantic space, even if it is not seem that way in Western capitals, where the enlargement agenda has been displaced by other, seemingly more pressing, issues.
Yet, the success of the six EaP countries Armenia, Azerbaijan, Belarus, Georgia, Moldova, and most importantly Ukraine rem…
Following news of impending layoffs and disastrous financial performance, the new CEO of generics giant Teva Pharmaceuticals is booting old executives and bringing up a new team to lead the troubled companys restructuring efforts.
Kåre Schultz
Kåre Schultz, who took the reins at Teva earlier this month, has made staffing cuts his first big move. The company is expected to soon slash 4,000 jobs at its headquarters and plants in Israel, along with some locations in the US, Calcalist reported last Thursday.
Now, the companys C-suite is also getting a shakeup. Teva announced this morning that three top executives are retiring at the end of the year, confirming rumors that some head honchos were headed out.
WASHINGTON, Nov. 27, 2017 /PRNewswire/ — Global law firm Ropes & Gray announced today that Ama Adams has joined its business & securities litigation practice as a partner in the firm’s Washington, D.C. office.
Ms. Adams brings to Ropes & Gray a strong practice with a focus on international transactions and the U.S. government’s regulation of trade and global investment. Her arrival will immediately expand the capabilities of the firm’s anti-corruption and international risk practice, and clients will benefit from her deep experience navigating U.S. trade regulations, including export controls, economic sanctions, anti-corruption, foreign direct investment, and customs laws and regulations.
The National Company Law Tribunal has for the first time directed that a liquidator be appointed in place of an existing resolution professional in the case of a company which has no feasible resolution plan in sight, marking a new chapter in the evolving Insolvency and Bankruptcy Code.
The tribunal has directed the winding up of Keshav Sponge and Energy, whose petition was admitted on February 16 this year. The company had filed the petition after it failed to repay more than Rs 85 crore to its creditors including Punjab National Bank. Delhi-based Adesh Kumar Mehta was appointed as the resolution professional.
“Since the committee of creditors unanimously has approved Mr Anil Agarwal as the liquidator for initiation of liqu…
Few expect the Eastern Partnership (EaP) summit to give new a life to the largely stalled programme of the European Unions engagement in its Eastern neighbourhood. The EaP has been reduced largely a discussion of technicalities and bland, aspirational statements. It should be more than that. How the EU works, or does not work, with non-EU countries of Eastern Europe is a deeply political question. It is also a greatly consequential question for the entire Atlantic space, even if it is not seem that way in Western capitals, where the enlargement agenda has been displaced by other, seemingly more pressing, issues.
Yet, the success of the six EaP countries Armenia, Azerbaijan, Belarus, Georgia, Moldova, and most importantly Ukraine r…
