Bankruptcy

Essar Steel creditors seek 40 days exemption in computation of resolution process

Essar Steel has a debt of ₹49,000 crore and was referred to the NCLT in June 2017. New Delhi: The committee of creditors (CoC) to Essar Steel on Wednesday sought exemption of around 40 days in computation of the corporate insolvency resolution process from the National Company Law Appellate Tribunal (NCLAT). The entire period starting 19 April 2018 to the final disposal of the present appeals be specifically excluded in computation of the corporate insolvency resolution process period (i.e. about…

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New bankruptcy law instills fear among delinquent borrowers

By Vrishti Beniwal and Upmanyu Trivedi India’s new bankruptcy law has instilled fear among delinquent borrowers and prompted several reluctant founders to repay outstanding debt due to the risk of losing their company, according to its insolvency regulator. “There is a perceptible difference in the behavior of borrowers and lenders,” M.S. Sahoo, chairman of the Insolvency and Bankruptcy Board of India, said, referring to the period since the introduction of Insolvency and Bankruptcy Code in 2016. “The stakeholders know that…

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Bankruptcy law is the push Indian companies needed to pay up

India is also planning regulations on cross-border insolvency to pursue foreign assets of a defaulting company. Photo: Bloomberg New Delhi: India’s new bankruptcy law has instilled fear among delinquent borrowers and prompted several reluctant founders to repay outstanding debt due to the risk of losing their company, according to its insolvency regulator. “There is a perceptible difference in the behaviour of borrowers and lenders,” M.S. Sahoo, chairman of the Insolvency and Bankruptcy Board of India, said, referring to the period…

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A Bidding War Brews Over Bankrupt iHeartMedia

John Malone’s Liberty Media Corp., which last month officially abandoned a plan buy a stake in bankrupt iHeartMedia Inc., continues to express interest in the nation’s largest radio broadcaster, according to people familiar with the matter. Liberty, which owns a controlling interest in satellite-radio-broadcasting company Sirius XM, is working on revamping its initial offer, one of the people said. The media company had offered to pay about $1.2 billion for a 40% stake in iHeartMedia before withdrawing its bid last…

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Elizabeth Warren claim on medical bankruptcy wrong, study shows

Health-care-related bankruptcies, touted as a key justification for passing Obamacare in 2010, are not nearly as prevalent as reform proponents such as Sen. Elizabeth Warren have claimed, researchers say. Findings of an exhaustive report published in the American Economic Review this year have sparked a lively debate as the Trump administration rolls back key portions of the health care law. Matthew Notowidigdo, an associate professor of economics at Northwestern University, and fellow researchers looked at the rate of first-time health…

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Study: Paid family leave proposal would accelerate Social Security’s insolvency

A paid family leave proposal supported in concept by some Republicans would speed up the insolvency of Social Security trust funds by about six months, according to a study released Monday by the right-leaning American Action Forum (AAF). “The proposal … would not work so well in practice because of Social Security’s troubled financial outlook,” AAF’s Ben Gitis and Gordon Gray wrote in the report. The report comes ahead of a Senate hearing Wednesday on paid family leave, in which Sens.…

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Essar Steel insolvency: NCLAT hears ArcelorMittal plea on eligibility

Essar Steel has a debt of ₹49,000 crore and was referred to the NCLT in June 2017. New Delhi: ArcelorMittal India Ltd. was eligible to submit a bid for Essar Steel on the date of application as the company was till then no longer associated with Uttam Galva Steels Ltd., said lawyer Abhishek Manu Singhvi, appearing for ArcelorMittal on Monday. The National Company Law Appellate Tribunal (NCLAT) was hearing arguments made by Singhvi challenging the disqualification of Arcelor Mittal’s bid…

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Ikarus Egyedi files for bankruptcy protection | The Budapest Business Journal on the web

 BBJ  Monday, July 9, 2018, 17:02 Hungarian bus manufacturer Ikarus Egyedi Kft. has filed for bankruptcy protection in order to manage the companyʼs payment difficulties, the management told state news wire MTI on Monday. During the bankruptcy procedure, the companyʼs operations will be reorganized and its solvency restored, they added.    The management has asked the government to declare the company a strategically important enterprise and take part in the reorganization process, the statement said. Public records show Ikarus Egyedi is…

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Verrino Construction files for bankruptcy protection

Armonk-based Verrino Construction Services Corp. has filed for Chapter 11 bankruptcy protection, citing declining revenues and an inability to proceed with lawsuits to collect potential revenue. VCS declared assets of up to $50,000 and liabilities between $1 million and $10 million in a petition filed July 2 in White Plains bankruptcy court. “Without relief of this bankruptcy filing,” VCS President Richard Verrino says in an affidavit, “debtor would be taken apart and overwhelmed by some creditors at the expense of…

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Seadrill Reorganizes, Emerges From Bankruptcy

Seadrill Limited, one of the world’s largest offshore drilling companies, has emerged from chapter 11 bankruptcy after successfully completing its plan of reorganisation. Since February 2016, as lead Bermuda counsel, Conyers Dill & Pearman has advised Seadrill on the Plan and related judicial proceedings in Bermuda. The firm continues to advise Seadrill on the implementation of the new group structure under Bermuda law. In the Bermuda office, Conyers’ directors David Cooke and Niel Jones advised on the corporate aspects of…

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Power Mech seeks more time for Lanco’s insolvency resolution process

In the latest twist to the Lanco Infratech’s delayed insolvency resolution process, Vijayawada-based listed company Power Mech Projects Limited on Friday filed an interim application before the Hyderabad bench of National Company Law Tribunal (NCLT) seeking an opportunity to submit a resolution proposal. The development comes two months after the mandatory 270-day timeframe available for the completion of corporate insolvency resolution process (CIRP) expired on May 4. It may…

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YMCA of Greater Pittsburgh wants to withdraw bankruptcy filing

PITTSBURGH — 7/6 UPDATE: The YMCA of Greater Pittsburgh has filed a motion to withdraw its federal filing for bankruptcy, saying it “no longer requires the protection of Chapter 11” in official documents. The organization filed for bankruptcy in May, but said it has become more financially stable since the closing of its downtown branch. The YMCA of Greater Pittsburgh is seeking a hearing date during the week of July 16-20. —————————————————————————————— The YMCA of Greater Pittsburgh has filed for…

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Bankruptcy stalls controversial Flying Cow Ranch project in Wellington

WELLINGTON — A controversial proposal to build an equestrian-aviation neighborhood is on hold indefinitely after the project’s developer filed for bankruptcy. Plans for Flying Cow Ranch include single-family homes on large lots with barns or hangars on a 150-acre, triangle-shaped property south of the Wellington Environmental Preserve and west of Flying Cow Road. The bankruptcy filing puts the project’s future in question as its developer must decide whether to move forward with a contract to purchase the land. WELLINGTON READERS:…

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#Me too – TV Show – Beyond My Crisis’ Guest Taryn Abrahams’s Unique Solution – Bankruptcy News Today

#Me too – TV Show – Beyond My Crisis’ Guest Taryn Abrahams’s Unique Solution – Bankruptcy News Today – EIN News Trusted News Since 1995 A service for global professionals · Saturday, July 7, 2018 · 454,644,626 Articles · 3+ Million Readers News Monitoring and Press Release Distribution Tools Press Releases Events & Conferences Source link

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