Insolvency Guardian Media Centre
Anubhav SahuMoneycontrol research
The earnings report from Tata Global Beverage revealed a continuation of improving profitability of its Indian operations and restructuring of the international businesses. Despite GST, the company witnessed growth supported by volumes.
In our view, Tata Globals latest initiatives on restructuring are directionally positive steps. We believe that the latest developments have the potential to unlock value for the shareholders.
Q1 results aided by better performance of branded business
At the consolidated level, the company posted sales de-growth of -2 percent, wherein underlying constant currency growth was at 1 percent driven by improved performance of its Indian operations. Branded business…
Read the full article at: http://www.moneycontrol.com/news/business/earnings-business/tata-globals-restructuring-initiatives-could-unlock-value-for-investors-2360015.html
Cathay Pacific Airways could face further pressure for another round of cost-cutting in the face of an estimated HK$1.2 billion in losses for the first six months of this year one of the worst results in its operating history, according to analysts.
The figure was compared to a HK$353 million profit in the same period last year, and a HK$575 million full-year loss previously, with the latest financial results of Hong Kongs ailing flagship carrier due on Wednesday.
The company had earlier trimmed 600 jobs as part of a three-year business restructuring aimed at saving HK$4 billion over the period.
The major problems facing new Cathay Pacific boss Rupert Hogg after management reshuffle
High on CEO Rupert Hoggs turnaround agen…
Read the full article at: http://www.scmp.com/news/hong-kong/economy/article/2106720/cathay-may-be-pressed-cut-more-costs-estimated-hk12-billion
An accused killer says a “dirty rat” falsely dobbed him in to police – “dragging him through hell” – as he denies murdering his mate.
Christopher John Lavery, 31, on Monday entered the witness box at the Supreme Court of Victoria where he is standing trial for the murder of 24-year-old cannabis dealer James Russouw.
The victim was found with a long knife in his neck, and his body and car on fire beside a suburban sports oval in 2008.
Lavery said “witness A”, who cannot be identified for legal reasons, is a “dirty rat for lying”.
“I don’t like that he lied and put me through this situation. He’s dragged me through hell,” L…
Read the full article at: https://au.news.yahoo.com/vic/a/36705361/accused-vic-murder-to-speak-in-witness-box/
Rail freight operator Aurizon has announced the closure of its Forrestfield terminal by the end of the year, as part of a national restructure that will result in the loss of 250 jobs.
Brisbane-based Aurizon said today it would close all of its intermodal operations outside Queensland.
In addition, it has agreed to sell its Queensland intermodal business to a consortium of Linfox and Pacific National, while its Acacia Ridge terminal in Brisbane will be sold to Pacific National.
The total payment for both assets is $220 million.
Intermodal is a containerised rail and road freight haulage business for retailers, wholesalers and freight forwarders.
The non-Queensland business includes the Brisbane to Melbourne and Sydney to Perth routes, termina…
Read the full article at: https://www.businessnews.com.au/article/Aurizon-to-close-Forrestfield-terminal
ARMED with a plastic sharpened toothbrush, an 18-year-old man robbed a Maryborough corner store in a bid to repay a drug debt.
Nathanael William Pooler threatened two employees working at Foodworks on Churchill St with the home-made tool, before taking off with cash.
Police found him moments later as he was walking away from the crime scene about 7am on Sunday.
Following a night in custody, the teenager appeared in Maryborough Magistrates Court today (August 14) charged with armed robbery.
Read the full article at: https://www.frasercoastchronicle.com.au/news/teen-uses-sharpened-toothbrush-to-rob-store-over-d/3212267/
Campaigners have long warned of the problem and it is now official: Britain has a growing debt problem at levels not seen since the global financial crisis almost a decade ago.
Borrowing through credit cards, overdrafts and car loans – unsecured consumer credit – and other forms of financing has topped £200bn, confirming grim predictions from debt charities of the spiralling problems they see on the ground. Recent figures from the Bank of England have shown it grew by 10% in the year to June to £210bn, the highest figure since December 2008.
There is a bunch of people hanging on by their fingernails and a little shock to their finances pushes them over the edge, said Peter Tutton, of debt charity StepChange.
The charity estimates th…
Read the full article at: https://www.theguardian.com/money/2017/aug/14/uk-debt-household-borrowing
Various benches of the National Company Law Tribunal (NCLT) courts are admitting fewer cases brought forward by trade creditors. The NCLT was constituted in June 2016 to hear proceeding under the Insolvency and Bankruptcy Code (IBC).
Through insolvency proceeding, the government and the RBI aim to recover about Rs 8 lakh crores in bad debts and direct the flow of credits to more productive sectors of the economy.
Since the beginning of the year, operational creditors filed 184 cases or 57% of the total in different NCLTs, according to data provided by a financial consultant firm. But NCLT courts admitted only 67 cases. The rest were either dismissed or withdrawn or were settled outside the co…
Read the full article at: http://www.indiainfoline.com/article/general-editors-choice/nclt-nclt-expedites-processing-of-insolvency-cases-117081400081_1.html
It’s move-in day at Murray State University. Freshman Clay Glenn is already $10,000 in debt and he hasn’t even unpacked yet.
“I’m paying for everything,” says Clay. “I took student loans out because I figured it would be worth it to get the college experience. I know that I’m already in debt and I’m only 17-years-old, but I’m going to try and get some scholarships next year.”
Clay’s mom, Jackie Glenn, is helping her son move in. But if it were up to her, Clay would be at a community college instead.
“I said, ‘You know, you’re going to be the one paying for it so better make sure this is what you want because it’s going to be a lot more costly than say spending a couple thousand dollars and stayi…
Read the full article at: http://www.wpsdlocal6.com/story/36122454/mom-believes-sons-college-debt-will-help-him-do-better-in-school
Insolvency process for Bhushan Power and Steel has hit a fresh hurdle.
A legal case between the troubled steel maker and its creditor, a Singapore-based shipping chartering service provider, may upset the whole process.
This week a court will hear whether the moratorium declared under Insolvency and Bankruptcy Code (IBC) would be applicable in settling the dues of the chartering company.
The creditor has won a foreign arbitration award against Bhushan Power and Steel and wants it to be enforced under a different Act.
“Counsel appearing on behalf of the award-holder (Jaldhi Overseas Pte Ltd) submits that the order does not prevent this court from deciding the question of enforceability of the award and has, accordingly,…
Read the full article at: http://www.dnaindia.com/business/report-bhushan-power-insolvency-process-hits-creditor-wall-2528935
Even now, years later, Steve Josifovski doesn’t want to believe he was ripped off.
After all, he and Lemuel Page had grown up together: they’d known each other since kindergarten at Waratah West Public School in Newcastle and spent their weekends together.
“We grew up very close,” Mr Josifovski said. “But when he turned 16 he moved to Sydney and we lost touch.”
Then, one day in late 2001, without a word for more than a decade, Page turned up at Mr Josifovski…
Read the full article at: http://www.smh.com.au/nsw/how-lemuel-page-who-sold-friend-fake-diamond-engagement-ring-ripped-off-others-20170813-gxvhdz.html
The National Company Law Tribunal has created history under the new Insolvency and Bankruptcy Code it last week ordered winding up of two companies – VNR Infrastructures and Bhupen Electronic – after the borrowers and lenders failed to come up with a plan to revive operations. These companies, though small, set a precedent that the new law is living up to its promise of delivering justice in a time-bound manner.
The Hyderabad bench of the tribunal orally pronounced a liquidation order for VNR while a judgement on liquidation of Bhupen Electronic was passed by Mumbai bench. ET considers antecedents in both cases.
VNR Infrastructures
Promoted by Andhra MLC Vakati Narayan Reddy, the company approached the NCLT in February for initiatin…
Read the full article at: http://economictimes.indiatimes.com/markets/stocks/news/nclts-maiden-orders-2-firms-asked-to-wind-up/articleshow/60052182.cms
Aug 14 (Reuters) – The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
The Times
– The number of air passengers arrested for drunken misbehaviour on flights and in airports has risen by 50 percent in the past year, an investigation has found. Two senior peers have pressed UK government to place the aviation industry under the same strict licensing laws as pubs and nightclubs. bit.ly/2vSFdWZ
– One in six care home companies is in danger of insolvency, according to a report from an accountancy firm Moore Stephens. About 420,000 people over the age of 65 are being looked after in Britain’s 11,000 residential care homes, including 220,00…
Read the full article at: https://www.reuters.com/article/britain-press-business-idUSL2N1KZ0MQ