Insolvency Guardian Media Centre
Also in the letter:
■ Startups strengthen domestic control
■ Ola goes commission-free
■ Meta eyeing OpenAI talent
Urban Company posts Rs 240 crore profit in FY25, revenue rises 38%
(L-R) Varun Khaitan, Raghav Chandra, Abhiraj Singh Bhal, cofounders, Urban Company
IPO-bound Urban Company has reported a 38% increase in its operating revenue, reaching Rs 1,144 crore for the financial year ending March 31, 2025, according to its annual report released on Wednesday.
Financial details:
- The company turned profitable in FY25, posting a net profit of Rs 240 crore compared to a loss of Rs 93 crore in FY24.
- A large…
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AMSC Advances Towards Final Liquidation with Shareholder Payment Expected TipRanks
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Blackstone-backed Gambling Platform Cirsa Plans Spanish IPO to Fuel Growth, Reduce Debt marketscreener.com
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Here are 9 key takeaways from our reporting:
1. Gillispie: There is no question Gillispie suffered harm, spending more than 20 years in prison for sexual assaults he didn’t commit. This story from Tom Archdeacon tells of Gillispie’s time in prison and how he channeled his energy into a unique art form that has since earned him international acclaim.
2. The verdict: A federal court in 2022 awarded Gillispie a $45 million wrongful conviction verdict, the largest in state history.
3. The problem: Miami Twp. doesn’t have $45 million. The township has a large budget, but most of its revenue is tied to levies that legally must be spent on designated purposes. The township only has about $1.2 million in discretionary revenue, which it…
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Blokker will open 40 stores in the Netherlands to rebuild the retail store chain that was declared bankrupt last year. The first 12 new stores were opened on Wednesday. The rest will open in the coming weeks, the store chain reported.
Blokker was declared bankrupt in November of last year. The chain, which was founded in 1896, was dealing with continuous losses and issues regarding the payments of debts before the bankruptcy.
Around 45 of the company’s 400 stores remained open during the bankruptcy. An average of 10 people will work in each store, Roland Palmer said. The cousin of Jaap and Ab Blokker purchased the brand name after the company had gone bankrupt in November.
The first 12 stores are opening in Alphen aan den Rijn,…
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Medical debt financing and “patient access” companies are pitching their services to struggling rural hospitals nervous about keeping the doors open, as congressional Republicans consider healthcare cuts that could leave 16 million Americans without insurance.
These companies, who act as middlemen between hospitals and patients, told the Guardian they could be a solution for cash-poor hospitals seeking to get paid by “subprime patients” – especially the low-income, uninsured and unbanked.
“These guys are losing money – it’s not sustainable,” said Chris Stenglein, CEO of Curae, about hospitals and healthcare providers. Curae is a company that charges hospitals a fee to find money from all sorts of sources – including…
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Venture debt firm Orbit Capital has announced the launch of its second investment fund, Growth Debt II, securing €100 million to support fast-growing technology companies in CEE that often fall outside traditional bank lending criteria.
Following the success of its initial €40 million Growth Debt I fund, the new vehicle has already reached a first close of €70 million, with final negotiations underway. Key investors in the fund include the European Investment Fund (EIF), Česká Spořitelna (the Czech Republic’s largest bank), and Rentea, a pension company under the Partners Group. Retail investors will also have access to the fund through a separate investment vehicle provided by Conseq.
Targeting a gap in the market
“Venture…
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The National Company Law Tribunal (NCLT) Mumbai bench of Justice V.G Bisht, (Retd). and Prabhat Kumar (Technical Member ) has held that even in the absence of a NeSL certificate, an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 can be admitted if the disbursal of the loan amount and occurrence of default are established through other reliable and relevant documents.
Brief Facts:
The Corporate Debtor was incorporated on 01.10.2015 under the provisions of the Limited Liability Partnership Act, 2008, and is registered with the Registrar of Companies, Pune. 5. The Corporate Debtor availed multiple credit facilities from Canara Bank under the category of Advances against Supply Bills for trading…
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Byline Times is an independent, reader-funded investigative newspaper, outside of the system of the established press, reporting on ‘what the papers don’t say’ – without fear or favour.
For digital and print editions, packed with exclusive investigations, analysis, features, and columns….
The UK Government is one of the biggest obstacles to the world’s poorest countries securing debt relief, according to a coalition of aid organisations ahead of a crucial international development conference.
Christian Aid, the non-profit coalition Bond, and other campaign groups have accused the UK of blocking proposals that would help developing nations tackle their crippling debt burdens, despite promises to reset…
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The Delhi bench of the National Company Law Appellate Tribunal (NCLAT) quashed a resolution plan for Twenty-First Century Castings Pvt. Ltd., noting violations of the Insolvency and Bankruptcy Code (IBC), 2016, and failure to settle statutory dues owed to the Gujarat State Tax Department.
The main issue in this case was whether government tax dues should be treated as secured debt under the IBC.
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Coming to the facts of the case, M/s Harsh Foundry Fluxes & Alloys initiated insolvency proceedings against Twenty First Century Castings Pvt. Ltd. (the corporate debtor) under Section 9 of the Insolvency and Bankruptcy Code.
…
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First Abu Dhabi Bank (FAB) has deployed a debt management solution from Intellect Global Consumer Banking (iGCB), a unit of Intellect Design Arena.
The system is part of Intellect’s eMACH.ai Lending platform.
This move is stated to be part of FAB’s credit strategy to bolster operational…
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Since 2016, Oakbrook’s debt consolidation loans have been available to eligible borrowers through ClearScore’s marketplace. By expanding their collaboration and integrating ClearScore’s Clearer technology, the two companies aim to allow loans to come with a direct settlement option, where outstanding debts are paid to creditors on the borrower’s behalf.
ClearScore’s Clearer technology
ClearScore’s newly introduced Clearer technology was developed with the support of funding received from Fair4All Finance from 2024, and, compared to traditional offerings, it enables…