Bankruptcy

Judge allows foreclosure in Wyndham Garden bankruptcy case – KFDA

Source: KFDA AMARILLO, TX (KFDA) - A creditor of the now-closed Wyndham Garden Hotel in Amarillo has been given permission to foreclose on the property. The bankruptcy judge overseeing the case of the former Amarillo hotel granted the creditor’s request to foreclose to settle a debt of more than $13 million. Get the latest Amarillo news straight to your phone! Apple | Android Property taxes of around $81 thousand must be paid before the property can be sold. According to creditors, the property has suffered deterioration and…

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GM Korea Drops Bankruptcy Vote Plan

SEOUL (Reuters) – General Motors Co’s (GM) South Korean unit dropped a plan to consider filing for bankruptcy after winning concessions on pay, bonuses and benefits from its labor union in a tentative deal reached on Monday.The deal will pave the way for nearly $500 million in fresh capital injection by the South Korean government, providing much-needed liquidity to GM Korea to pay employees and its suppliers, but slumping vehicle sales and low factory run-rates raise questions about its longer-term…

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GM Korea reaches deal with unions, avoids bankruptcy

GM Korea and its trade unions have reached a preliminary agreement to keep the South Korean automaker alive, agreeing on significant concessions during last-ditch negotiations. The Yonhap news agency says the union has agreed to key demands from GM, including a wage freeze, reduced benefits, and a stop to bonuses for this financial year. The union has also agreed to capping future base wage increases to inflation, and tying both base wage increases and performance payouts to GM Korea’s ability…

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Tops seeks up to $1.3 million bonus for CEO in bankruptcy – The Buffalo News

Tops Markets wants to pay up to $3.6 million in bonuses to its five highest-ranking executives if the supermarket company exceeds its financial targets as it restructures its business in bankruptcy. The bonus plan, which Tops proposed last week, would allow the company to pay CEO Frank Curci more than $1.3 million and John Persons, the chain’s president and chief operating officer, more than $1 million if the company exceeds certain financial targets by 10 percent. The company also is…

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Remington Creditors Said to Seek Quick Sale Following Bankruptcy

Remington Outdoor Co. has only been in bankruptcy for a month, but creditors are already planning an out.  The U.S. firearms and ammunition juggernaut will likely go up for sale directly following its bankruptcy, according to people with knowledge of the situation. Certain stakeholders, some of whom haven’t been publicly identified, have already started putting out feelers for potential strategic buyers, these people said. Rather than hold the collection of 13 brands that includes a 200-year-old rifle maker, ammunition manufacturers, silencer companies and traditional firearms manufacturers, the…

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Govt intervenes in Firestar’s US bankruptcy case

— By Agencies | Apr 23, 2018 12:15 am New Delhi : The government has intervened in the bankruptcy proceedings of Nirav Modi firms in the US to protect the interests of Punjab National Bank (PNB), Union minister P P Chaudhary said, amid multi-pronged efforts to deal with the nearly Rs 13,000 crore scam. Against the backdrop of multi-agency probe into the case, Chaudhary said that some Nirav Modi firms filing for bankruptcy in the US would jeopardise the interests of PNB.…

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Insolvency threat: Promoters of viable cos settling dues

NEW DELHI: Indian Overseas Bank (IOB) had been chasing a textile unit in Tamil Nadu for several years to recover its dues. But, it wasn’t until the threat of action under the Insolvency & Bankruptcy Code (IBC) that the borrower came forward to clear the outstanding amount. Similarly, in Delhi, IFCI is seeing several medium-sized companies come forward to settle their debt. “Wherever the unit is viable and assets are there, promoters are now coming forward to clear the dues.…

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Insolvency and Bankruptcy Code: Why defaulters can’t be let to buy firms at cut-rate prices

The judges could have considered the fact that the Insolvency and Bankruptcy Code (IBC) is in its early days—the government has amended it once already, and more changes are in the offing—and both lawyers and lenders are still learning. While the Ahmedabad bench of the National Company Law Tribunal (NCLT) may have had good reason to set aside the Resolution Professional’s (RP’s) decision to disqualify the first round of bids for Essar Steel, one wishes the tone of the order…

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Bankruptcy, Real Estate Acts pitted against each other: Assocham – Canindia News

New Delhi, April 22 (IANS) Both the Insolvency and Bankruptcy Code (Code) and the Real Estate (Regulation and Development) Act, enacted in 2016, appear to be pitted against each other as far as protecting the interests of bankers and home buyers area concerned, Assocham said on Sunday. This is the finding of an Associated Chambers of Commerce and Industry (Assocham) – Thought Arbitrage paper, the industry body said in a statement here. “The conflict between IBC and RERA came to…

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Insolvency proceedings: Uttam Galva Steels asks lenders for counter-offer

Uttam Galva Steels, one of the companies undergoing insolvency proceedings at the National Company Law Tribunal (NCLT), has asked for a counter offer from its lenders at a joint lenders’ meeting. Uttam Galva had offered to pay Rs 52 billion and settle its dues with all its lenders. However, the lenders had indicated the dues to be between Rs 56 billion and Rs 59 billion. Sources said that it was indicated at the meeting,…

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IBC, RERA conflict apparent in some bankruptcy proceedings: Assocham

Insolvency and Bankruptcy Code (Code) and the Real Estate (Regulation and Development) Act seem to be pitted against each other when it comes to resolving interest of bankers and homebuyers, an Assocham report observed. (Website) Insolvency and Bankruptcy Code (Code) and the Real Estate (Regulation and Development) Act seem to be pitted against each other when it comes to resolving interest of bankers and homebuyers, an Assocham report observed. “The conflict between IBC and RERA came to the fore in…

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BankruptcyData’s Industry Best Awards Announced Top-Performing Investment Bankers, Law Firms, Claims Agents & Financial Advisory Recognized

BankruptcyData Recognizes and Congratulates All Winners of its Industry Best Awards BOSTON (PRWEB) April 22, 2018 New Generation Research—publisher of BankruptcyData, The Turnaround Letter and other bankruptcy/restructuring and distressed securities-related content and data platforms—announced winners for its Industry Best Awards. BankruptcyData’s Chief Executive Officer, James Hammond, recognized the honourees at American Bankruptcy Institute’s (ABI) Annual Spring Meeting in Washington, D.C. Widely recognized as “THE bankruptcy industry event of the year,” this year’s restructuring symposium marked ABI’s 36th Annual Spring Meeting—with…

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PNB scam: Govt intervenes in Nirav Modi firms’ bankruptcy proceedings in US

The government has intervened in the bankruptcy proceedings of Nirav Modi firms in the US to protect the interests of Punjab National Bank (PNB), Union minister P P Chaudhary said, amid multi-pronged efforts to deal with the nearly Rs 130 billion (Rs 13,000 crore) scam. Diamond merchants Nirav Modi and his uncle Mehul Choksi are alleged to have perpetrated the country’s biggest banking sector scam at Punjab National Bank, mainly by way of issuance…

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PNB scam: Govt intervenes in Nirav Modi firms’ bankruptcy case in US

New Delhi, Apr 22 () The government has intervened in the bankruptcy proceedings of Nirav Modi firms in the US to protect the interests of Punjab National Bank, Union minister P P Chaudhary said, amid multi-pronged efforts to deal with the nearly Rs 13,000 crore scam. Diamond merchants Nirav Modi and his uncle Mehul Choksi are alleged to have perpetrated the country’s biggest banking sector scam at Punjab National Bank, mainly by way of issuance of fraudulent Letters of Undertaking…

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T&T’s destructive naming and shaming

Following the 1980’s closure of indigenous Workers Bank an unprecedented evil and inherently malevolent pattern of public naming and shaming of its delinquent borrowers emanated, openly humiliating otherwise honest borrowers who fell on hard times following the collapse of the economy, unable to pay their mortgage which at that time had predatory 12 to 16 per cent interest rates. Large size nefarious advertisements suddenly appeared in daily newspapers with bold prints highlighting the names of their delinquent borrowers no longer…

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