Bankruptcy

Kodak emerges from bankruptcy with ‘tech’ focus

A slimmed-down Kodak has emerged from bankruptcy protection and says it will specialise in technology focused on imaging for businesses. You can feel the spirit of George Eastman in Antonio Perez’s office. “I love this company. I Iove what we have done”: Kodak CEO Antonio Perez. Photo: AP A picture of Eastman, who founded Kodak in 1880, sits among the current chief executive’s collection of family photos. The outer areas of Perez’s office, built and first inhabited by Eastman about a…

Read More

Leaders respond to bill that could hurt economy, change bankruptcy venue laws – News – Milford Beacon

Submitted News Gov. John Carney, Sens. Tom Carper and Chris Coons and Rep. Lisa Blunt Rochester, all D-Delaware, issued a statement after Sens. John Cornyn, R-Texas, and Elizabeth Warren, D-Massachusetts, introduced legislation that would restrict businesses’ venue options when filing for bankruptcy and hurt the U.S. economy. Currently, American businesses, including more than two-thirds of those in the Fortune 500, incorporate in Delaware to access Delaware’s bench and bar with expertise in corporate legal issues and bankruptcy. The Cornyn-Warren bill…

Read More

Cornyn and Warren introduce Senate bill to keep bankruptcy proceedings closer to home

Senate lawmakers have introduced a bill that would force struggling companies to file for bankruptcy protection in a courtroom close to their headquarters, closing a controversial loophole that has enabled the country’s biggest restructurings to unfold in New York and Delaware. On Monday, Sens. John Cornyn (R., Texas) and Elizabeth Warren (D., Mass.) said in a joint statement that the bill is meant to allow workers at bankrupt companies, small businesses, retirees and others to “participate in cases that will…

Read More

ICICI Bank moves insolvency plea against Essar Power Jharkhand, SBI against Shakti Bhog

ICICI Bank had dispersed a principal amount of Rs3,033 crore as loan to Essar Power Jharkhand . Photo: Mint New Delhi: ICICI Bank on Tuesday moved the National Company Law Tribunal (NCLT) against Essar Power Jharkhand Ltd for recovery of a default amount of over Rs3,068 crore as on 15 December 2017. The bank had dispersed a principal amount of Rs3,033 crore as loan to Essar Power Jharkhand and a notice for recovery was served on 1 August 2016. A…

Read More

Insolvency proceedings: NCLT admits SBI’s plea against Bhushan Energy

The principal bench comprising president MM Kumar and member Deepa Krishnan appointed Navneet Kumar Gupta the interim resolution professional (IRP) for BEL. The National Company Law Tribunal (NCLT) on Monday admitted the State Bank of India’s (SBI) plea to initiate insolvency proceedings against Bhushan Energy (BEL). The principal bench comprising president MM Kumar and member Deepa Krishnan appointed Navneet Kumar Gupta the interim resolution professional (IRP) for BEL. BEL owes Rs 399 crore to SBI. The IRP, along with a…

Read More

‘Everyone on edge right now’ as insolvency filings climb month over month – Newfoundland & Labrador

A higher cost of living in Newfoundland and Labrador last year also brought with it a jump in the number of consumer insolvency filings, as stressed consumers sought relief for bills they cannot pay.  Compared with the previous 12 months, filings for insolvency increased by 8.8 per cent overall at the end of October 2017, according to the most recent data available from Statistics Canada.   “People are just finding it a lot more difficult to stretch the money that they’re earning,” said…

Read More

Diabetes Shouldn’t Bankrupt You – The New York Times

When the law passed, dialysis patients probably seemed pretty exceptional: They needed a lifesaving treatment, at a potentially bankrupting price, for the rest of their lives. But today people with many diseases fit that description. That’s why, as the United States attempts to rein in its $3 trillion annual medical bill and revamp its health care system, any plan must involve a solution for people with serious chronic illness, like the one developed for kidney failure almost half a century…

Read More

MAT: Govt announces relaxation in tax regime for companies in insolvency resolution process

NEW DELHI: Keen to minimise hardship faced by companies going in for insolvency resolution, the government will from financial year 2017-18 allow a company to reduce amount of total loss brought forward including unabsorbed depreciation from the book profit for the purposes of levy of minimum alternate tax. This facility would be available only for companies against whom an application for corporate insolvency resolution process has been admitted by the adjudicating authority. Appropriate legislative amendment in this regard will be…

Read More

Relief for RCom: China Development Bank withdraws insolvency petition

The move is a fallout of RJio’s acquisition of most of RCom’s wireless assets Mumbai, January 5:   In a major relief to debt-ridden Reliance Communications (RCom), its biggest foreign lender, China Development Bank (CDB), has withdrawn a petition seeking insolvency of the company. The petition, which was withdrawn on Friday, had been filed before the Mumbai Bench of the National Company Law Tribunal (NCLT). NCLT had listed the matter for hearing today. The tribunal dismissed the Insolvency and Bankruptcy Code…

Read More

A higher minimum wage won’t bankrupt businesses. Low wages might – LA Times

The clear solution, both for workers and the businesses they frequent, is to raise wages. Henry Ford figured this out more than 100 years ago. Reckoning that consumers and the workforce were one and the same, Ford sought to cycle more money through the economy, increasing the likelihood that people would purchase his cars. He also wanted to lower labor turnover and retraining costs by giving workers an attractive wage. Source link

Read More

China Development Bank withdraws insolvency petition against RCom

China Development Bank (CDB), the biggest foreign lender to India’s Reliance Communications Ltd (RCom), on Friday withdrew a petition seeking to drag the indebted telecoms carrier into insolvency. A lawyer for CDB told the National Company Law Tribunal that the Chinese bank had filed to withdraw the petition. The tribunal allowed CDB’s plea to go forward. CDB, which is owed around $2 billion along with two other Chinese banks, had filed the petition in November seeking insolvency proceedings against RCom,…

Read More

RCom surges 7% as CDB seen withdrawing insolvency filing

NEW DELHI: Shares of Reliance Communications surged nearly 7 per cent in Friday’s trade after an ET report suggested that China Development Bank (CBD) has plans to withdraw its insolvency filing against the Anil Ambani-led company. This left Swedish equipment maker Ericsson the sole foreign company battling to recover dues from the telecom operator, the report suggested. The hearing in the case is slated in the National Company Law Tribunal later in the day. Following the development, the stock rose…

Read More

Insolvency proceedings: Promoters wary of bidding for firms admitted to NCLT

Companies including JSW, Tata Steel, Arcelor Mittal, and Posco have emerged as the top bidders for some of these assets. (Image: Reuters) By Shamik Paul A majority of the promoters of the 11 large accounts that were admitted by the National Company Law Tribunal (NCLT) for insolvency proceedings have stayed away from bidding for their assets despite having the option to do so by paying the overdue amount, sources with direct knowledge of the development said. “We haven’t really seen any…

Read More

A Clouded Bankruptcy – Cumulus Media Inc. (NASDAQ:CMLS)

Rise above the storm Many investors and pundits believe traditional radio is going the way of the dodo. But radio’s reach is the third largest in the United States, finishing behind television and email. 271 million Americans listen to the radio each week, and of those, 67.8 million are millennials. That translates to about a $22 billion market, $17.8 billion of which will be generated by advertising revenue alone. Still, radio stations are struggling to cope with the transformation from…

Read More

Lok Sabha passes amendments in insolvency, Nabard bills

Lok SabhaPhoto:PTI The Lok Sabha today approved amendments made by the Rajya Sabha in two bills- The National Bank for Agriculture and Rural Development (Amendment) Bill, and Insolvency and Bankruptcy Code (Amendment) Bill – passed by it earlier.  Minister of State for Corporate Affairs PP Chaudhary tabled the amendments which the House passed by a voice vote, giving Parliament’s nod to the two crucial legislations.   The amendments substitute the year 2017 with 2018 as the bills were finally passed in…

Read More

NH’s 2017 ended with slight annual increase in bankruptcies – New Hampshire Business Review

Total number of filings rose by 1%, first increase since 2010 By Bob Sanders Published: January 3, 2018 Hate to start the new year on a sour note, but bankruptcies in New Hampshire rose, both in December and for all of 2017, for the first time since the recession. Some 142 households and businesses filed for bankruptcy in December 2017 – 24 more than December 2016, albeit three fewer than November. That brings the total number of bankruptcies in 2017 to…

Read More
About

Business on the Web provides the latest Business News: Breaking Personal Finance, Company,  Financial and Economic News.

Our blogs are an excellent place for technology professionals to get up-to-date industry news. Blogging about the hottest education technology issues.

Social Links