As previously reported, The Debtors chapter 11 cases shall be convertedto cases under chapter 7 of the Bankruptcy Code, effective on October 2, 2…
Read the full article at: https://bankruptcompanynews.com/constellation-enterprises-bankruptcy-liquidation-10-4-17/
Sears Canada Inc.’s top executive is making a last-ditch attempt to avoid the company’s liquidation after a court-appointed monitor proposed asset sales that undercut his pending bid to keep some stores in business.
A special committee of the Sears Canada board is weighing whether its executive chairman can keep a slimmed-down version of the retailer alive despite the likely liquidation of some prized locations, according to a person familiar with the matter. Executive Chairman Brandon Stranzl told the special committee in a Tuesday meeting that he would adjust the price on his private-equity backed offer to preserve Sears Canada as a going concern, this person said.
Mr. Stranzl has been racing t…
Read the full article at: http://www.marketwatch.com/story/sears-canada-bankruptcy-deal-may-sink-chairs-bid-2017-10-04
By RABECCA CHIPANTA and STEPHANIE KUNDA –
FOUR Ndola City Council (NCC) employees have been apprehended for allegedly locking up the local authority offices in the early hours of Monday to protest delayed salary payments.
Ndola Mayor Amon Chisenga named the employees as Nalcom Mupimpila, a senior systems analyst (management position), Warren Sinyangwe, a clerical officer under the department of city planning, Bright Sinkala, a driver and Boyd Sachikwata, a council police constable.
Mr Chisenga said the quartet had been picked up to assist with investigations and establish the motive behind their alleged action.
Following locking up of council gates which took place on Monday around 01:00 hours, police picked these people for investigati…
Read the full article at: http://www.times.co.zm/?p=99072
Drake & Scull International (DSI) has announced that it has successfully completed its capital restructuring program which started at the beginning of the fiscal year.
The company also welcomed a AED500 million ($136.1 million) investment by Tabarak Investment which will enable DSIs new leadership to move forward with its operational plans.
DSI said it plans to focus on further enhancing its core competencies in the mechanical, electrical and plumbing (MEP) sector to steer the company to recovery and sustainable growth.
A statement said that with the successful completion of the capital restructuring program, the share capital of the company stands at AED1.07 billion and the total equity of the group increased by AED500 mi…
Read the full article at: http://www.arabianbusiness.com/industries/banking-finance/380403-dubais-drake-says-capital-restructuring-completed
President Donald Trumps visit to Puerto Rico on Tuesday showed a deep disconnect between his vision of the federal disaster response to the territorys devastation after Hurricane Maria and the reality being reported on the ground.
Beyond his odd insistence that everything is going great, Trumps lecturing tone struck a nerve. He actually had the gall to complain about the financial costs for a ravaged island still struggling for basics like food, energy and electricity: I hate to tell you, Puerto Rico, but youve thrown our budget a little out of whack.
Thats in the same week the president is touting a massive tax cut plan that most analysts say overwhelmingly favours the wealthiest Americans.
Read the full article at: http://www.businessinsider.com/puerto-rico-needs-debt-relief-not-lectures-after-hurricane-2017-10
Justin Sink
President Donald Trump has suggested that the government debt accumulated by bankrupt Puerto Rico would need to be wiped clean to help the island recover from the devastation caused by Hurricane Maria.
“We are going to work something out. We have to look at their whole debt structure,” Trump said in a Fox News interview on Wednesday (AEST). “You know they owe a lot of money to your friends on Wall Street. We’re gonna have to wipe that out. That’s gonna have to be – you know, you can say goodbye to that. I don’t know if it’s Goldman Sachs but whoever it is, you can wave goodbye to that.”
Puerto Rico is dealing with an immediate humanitarian disaster made worse by the long-ter…
Read the full article at: http://www.afr.com/news/politics/world/donald-trump-suggests-puerto-rico-debt-writeoff-20171004-gyucn1
An Australian male health company which promised to help men lose weight and increase their libido through testosterone “restoration” treatments has been fined $127,500 for unlawful advertising.
Key points:
- Australian Male Hormone Clinic fined for misleading advertising
- The company promised weight loss and increased libido
- It’s the first corporation to be fined for health advertising breaches
Wellness Enterprises Pty Limited, which traded as Australian Male Hormone Clinic, was convicted of 17 charges in Downing Centre Local Court in Sydney.
The …
Read the full article at: http://www.abc.net.au/news/2017-10-04/mens-health-clinic-fined-for-unlawful-advertising/9016174
STEELY RESOLVE: AJ Ogilvy. Picture: Adam McLean
THERE are few certainties in life apart from death, taxes and the Illawarra Hawks being written off ahead of another NBL campaign.
The latter occurred in coach Rob Beveridges first season in Wollongong as the club came out of voluntary administration. That hastily assembled roster reached the semi-finals with Kevin Lisch crowned league MVP.
It happened again last season following the departure of Lisch and Kiwi great Kirk Penney. That time the Hawks went one better, reaching the grand final series before ultimately falling to Perth.
Despite keeping nine of the 11-man roster that reached the championship decider, and bolstering their import stocks, the same pundits are again tipping them to fall…
Read the full article at: http://www.illawarramercury.com.au/story/4965509/ogilvy-hits-back-at-disrespect/
The government is calling it the biggest ever U.K.
airline failure.
Monarch/Facebook
The INSIDER Summary:
-
More than 110,000 travelers are stranded around Europe
and the Middle East after Monarch Airlines declared
bankruptcy. -
The British airline immediately cancelled services with
little warning to employees and passengers. -
An estimated 860,000 people have lost future travel
bookings. -
The Civil Aviation Authority is working to bring
stranded Monarch customers back to the UK at no additional
cost.
More than 110,000 passengers are stranded around Europe and the
Middle East after a British a…
Read the full article at: http://uk.businessinsider.com/british-airline-goes-bankrupt-leaving-travelers-stranded-2017-10
Fresh from touring the devastation in Puerto Rico, President Trump on Tuesday said “we’re going to have to wipe out” the island’s crippling debt in order for the US territory to rebuild after Hurricane Maria.
“You know they owe a lot of money to your friends at Wall Street and we’re going to have to wipe that out,” Trump told Fox News’ Geraldo Rivera. “You can wave goodbye to that.”
It appeared to be a major change for a president who in recent days has repeatedly referred to Puerto Rico’s debt crisis in less than hopeful terms.
I hate to tell you, Puerto Rico, but youve thrown our budget a little out of whack because weve spent a lot of money on Puerto Rico,” Trump said during his tour Tuesday.
…
Read the full article at: https://www.buzzfeed.com/salvadorhernandez/trump-wants-to-wipe-out-puerto-rico-debt
Christchurch businessman Bert Govan: ‘We want to say how sorry we are.”
Christchurch-based Challenge Steel has been placed into voluntary liquidation one year after it was launched by businessman Bert Govan.
Govan has held meetings with liquidator BDO and the clients and creditors understood to be owed several million dollars, apologising for the failure.
Other Challenge Steel directors Tony Sewell, Geoffrey Cranko and Annie Govan resigned two weeks ago, leaving 75 per cent shareholder Govan and 25 per cent owner and chief executive Suresh Nagaiya on the board.
…
Read the full article at: https://www.stuff.co.nz/business/97540005/challenge-steel-liquidated-directors-abandon-ship
IFCI has filed the petition against the Kolkata-based company under Section 7 of the Insolvency and Bankruptcy Code (IBC).State-run lender IFCI has filed an insolvency petition against Jai Balaji Industries (JBIL) at the Kolkata bench of the National Company Law Tribunal (NCLT), seeking the initiation of corporate insolvency process against the steelmaker over unpaid dues. IFCI has filed the petition against the Kolkata-based company under Section 7 of the Insolvency and Bankruptcy Code (IBC). The companys name reportedly featured in the RBIs second list of large corporate loan defaulters.
JBIL, the flagship company of Jai Balaji Group, as in March 2017 defaulted on repayment of loans and interest to banks and financial i…
Read the full article at: http://www.financialexpress.com/industry/jai-balaji-industries-dragged-to-nclt-by-ifci-over-unpaid-dues/881396/