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The worlds largest generic drug maker, 
The order states, The Court finds that it is in the best interests of the estate and creditors for this case to be converted to one under chapter 7 and that no party in interest objected. It is therefore ORDERED that the case be converted to one under chapter 7 and that the chapter 11 trustee be discharged from further service upon en…
Read the full article at: http://bankruptcompanynews.com/westech-capital-bankruptcy-liquidation-8-9-17/
JSPL Pins Hopes on Better Earnings to Pare Debt by Q4Naveen Jindals flagship company JSPL is pinning its hopes on improvement in earnings in its steel and power businesses to pare its Rs 46,000-crore debt burden by the fourth quarter of this year.
We have put a single-minded focus on restructuring our debt. We expect to see more and more volumes coming from our newly commissioned steel plant at Angul and an improved performance in our power business, Ravi Uppal, group CEO of Jindal Steel and Power Ltd, told ET. This should help improve EBITDA (earnings before taxes, interest depreciation and amortisation) levels and help us repay some of our debt. Also, with softening of interest rates, we hope to reduce our outstanding obligations. …
Read the full article at: http://economictimes.indiatimes.com/markets/stocks/earnings/jspl-pins-hopes-on-better-earnings-to-pare-debt-by-q4/articleshow/59986907.cms
Fashion chain Tuunte was declared bankrupt by the court in Zutphen on Tuesday, director Louis van Andel announced. He already informed the 250 employees working in the 45 Tuunte stores. The stores will likely remain open for the time being, and a bankruptcy administrator will investigate whether a restart is possible, ANP reports.
Tuunte’s stores are mostly located in smaller towns in Twente and Achterhoek. Recently the company started expanding into the Randstad. But it was too late – a lack of money and time to really modernize the company was the noose around Tuunte’s neck, according to Van Andel.
Tuunte struggled to keep up with the changing shopping landscape, especially regarding the advent of online sh…
Read the full article at: http://nltimes.nl/2017/08/09/fashion-chain-tuunte-declared-bankrupt
What happens when fresh talent meets a business opportunity? Although we hope this would result in a brilliant and fruitful business venture, it rarely plays out that way.
More often, we see young entrepreneurs stuck in an impossible financial mess. Part of it comes from inexperience, and part of it originates from the negative impression we cultivate about loans and debt rescue services.
Most businesses that exist today have seen it all. No business run has been as smooth as we assume it to be. Most of the survivors today have once hit rock bottom and then resurfaced to lead the market. In fact, it is quite impossible to become a market leader unless you have painstakingly climbed the ladder of success. Many of these businesses…
Read the full article at: https://www.economicvoice.com/debt-consolidation-loans-the-life-raft-for-businesses-sinking-in-a-sea-of-debts/
Human Services Minister Alan Tudge is confident sweeping reforms will pass parliament, banning online gambling sites operating in Australia from offering lines of credit to their customers.
The legislation is expected to pass the Senate on Wednesday.
“Importantly (it) bans the online gambling companies from offering lines of credit to their customers which gets people into so much trouble, having already depleted their savings account,” he told ABC Radio.
Mr Tudge has been campaigning for a crackdown on such lines of credit for years ever since an unemployed man with a whopping gambling debt came into his Victorian electorate office asking for help in early 2011.
The self-confessed problem gambler was offered $80,000 …
Read the full article at: http://www.riverineherald.com.au/national/2017/08/09/103581/online-bookies-to-face-credit-offer-ban
By Bhuma Shrivastava, P R Sanjai and George Smith Alexander
Nearly six months after his turbulent elevation to run Indias biggest conglomerate, Natarajan Chandrasekaran is assembling a team of dealmakers to refocus some of the groups biggest businesses, expand its financial services and consumer businesses and sell or merge dozens of smaller units, according to interviews with senior executives.
As many as one-third of the groups 100-plus units could go as Chandrasekaran and his team try to balance the need to prune unprofitable businesses at the 149-year-old group with the Tata family legacy of social responsibility, according to officials who asked not to be named because the negotiations are private.
Chandra, as the 54-year-old c…
Read the full article at: http://economictimes.indiatimes.com/news/company/corporate-trends/tata-hiring-bankers-for-team-to-sell-or-merge-dozens-of-units/articleshow/59981159.cms
If you suspect some sneaky Jedi mind tricks are beating your efforts to save, you’re on the money.
Australia’s soaring household debt, the largest of any advanced economy excluding Switzerland, shows that saving doesn’t come easily to a lot of us.
The truth is humans are hard-wired to favour immediate gratification over long-term goals, and that can make saving tricky, even if we earn enough to be able to conserve cash.
Professor Robert Slonim heads the Australian federal government unit tasked with testing how behavioural economics can deliver better public polic…
Read the full article at: http://www.smh.com.au/business/the-psychological-reasons-you-cant-save-20170808-gxs6us.html