Bankruptcy

German court to decide on Niki insolvency challenge on…

By Reuters Published: 05:14 EST, 3 January 2018 | Updated: 05:14 EST, 3 January 2018 FRANKFURT/VIENNA, Jan 3 (Reuters) – A German court is likely to decide on Thursday whether to reverse the insolvency filing of airline Niki, according to a statement from Berlin’s civil courts, which could derail the sale of the Air Berlin unit to Britain’s IAG. Niki filed for insolvency last month after Germany’s Lufthansa scrapped plans to buy the Austrian unit, grounding the airline’s fleet and…

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Radio Broadcaster Pacifica Teeters on Edge of Bankruptcy

Pacifica Foundation Inc. might be edging toward bankruptcy as the nonprofit radio broadcaster struggles to pay a $1.8 million judgment over missed lease payments for its Empire State Building antenna. Bill Crosier, Pacifica’s interim executive director, is urging the foundation’s board to act immediately to protect the foundation’s assets from creditors through a voluntary chapter 11 filing. A “small majority” of Pacifica directors, however, are holding out hope that the foundation can arrange a loan outside of bankruptcy… Source link

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Bankrupt Boston Herald gets another purchase offer

BOSTON (AP) — A second offer has surfaced for a Boston newspaper that filed for bankruptcy last month. Tampa, Florida-based Revolution Capital Group is making a $5.75 million bid for the Boston Herald. The offer was filed Tuesday in U.S. Bankruptcy Court in Delaware. The latest bid for the tabloid includes $3 million for the company, $2 million in severance payments and $750,000 toward employees’ paid time off. GateHouse Media previously made an $5 million offer for the Herald. Most…

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Recapping the Bankruptcy, Divestment, Acquisitions in Rotorcraft of 2017

Bankruptcies, restructures — 2017 hosted some significant business moves. Among the highlights recapped in R&WI‘s January 2018 issue, here are some of the most notable. Erickson Inc. is in the process of upgrading its S-64 Aircrane fleet. Photo courtesy of Erickson Bankruptcies Advertisement CHC Group’s plan to emerge from Chapter 11 of U.S. Bankruptcy Code was approved by the U.S. Bankruptcy Court of the Northern District of Texas in March. The operator had already been working toward a restructure, having…

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Forced insolvencies to help PNB avoid huge haircuts

Punjab National doesn’t need to take part in the recapitalization program as the lender is “adequately capitalized for 2018-19,” Mehta said. “If I want to go for future business I may require.” (Reuters) Punjab National Bank, India’s second-largest state-run lender, will be able to avoid massive losses after the government forced delinquent borrowers to repay loans or face liquidation proceedings under a new law. The interest and bids received so far for assets put up for sale by India’s new…

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Insolvency proceedings to take toll on banks’ profits

Mumbai: Banks will continue to make heavy provisions towards doubtful loans for the fourth quarter with lenders initiating insolvency proceedings against two dozen of the 28 large defaulters referred to them by the Reserve Bank of India (RBI). The central bank’s norms require that if insolvency proceedings are started against a borrower, banks will have to set aside as provisions half the loan amount from their quarterly profits. The provisions are necessary as banks are likely to recover only a…

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Pacifica ED’s motion to file for bankruptcy to protect its assets, including KPFA : Indybay

A motion widely circulated on voluntary bankruptcy for Pacifica from the network’s interim executive director, in the wake of a $1.8 million judgment against WBAI for failure to pay Empire State tower rent. The Pacifica board voted 11 to 7 to go into closed session 12/28/17 and then failed to take action on this motion. ======= Subject: Bankruptcy motion – It’s time Date: Wed, 27 Dec 2017 21:45:43 -0600 From: Pacifica Executive Director To: Pacifica National Board Cc: Sam Agarwal_Pacifica_CFO…

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Beijing News.Net – Lok Sabha passes Insolvency and Bankruptcy Code Amendment Bill

New Delhi [India], Dec 29 (ANI): The Lok Sabha on Friday passed the Insolvency and Bankruptcy Code (Amendment) Bill 2017. The new amendments are part of the ordinance that was brought in earlier last month. The Bill prohibits certain persons from submitting a resolution plan in case of defaults. These include wilful defaulters, promoters or management of the company having an outstanding non-performing debt for over a year. The Bill also has provisions to bar the sale of property of…

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SunEdison emerges from bankruptcy with ‘significantly smaller footprint’ | Business

SunEdison Inc. — the Maryland Heights-based solar energy company that once ranked as the world’s biggest renewable energy developer — announced Friday that it had emerged from Chapter 11 bankruptcy as a newly reorganized, private firm. Emergence has been on the horizon since July, when the Bankruptcy Court of the Southern District of New York approved the company’s plan of reorganization. The company first entered the Chapter 11 process in April 2016 and proceeded to sell $2.3 billion in assets,…

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Rajya Sabha adjourned till 2 January, Lok Sabha passes bill to amend Insolvency and Bankruptcy Code

The Lok Sabha passed the Muslim Women (Protection of Rights on Marriage) Bill by voice vote on Thursday after rejecting a string of amendments moved by opposition members. Photo: PTI New Delhi: Parliament’s winter session has entered its ninth day on Friday with both Houses taking up key bills, including the Insolvency and Bankruptcy Code (Amendment) Bill approved in Lok Sabha. On Thursday, the Lok Sabha passed the Muslim Women (Protection of Rights on Marriage) Bill by voice vote after…

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Point.360 Secures Funding in Bankruptcy

Post-production house Point.360 will receive up to $3 million in financing to help it through its bankruptcy. The Los Angeles company amended a loan agreement with Austin Financial Services Inc., in Los Angeles, to receive the debtor in possession financing to be used to fund general working capital needs and fees, expenses and costs connected with the company’s Chapter 11 filing. In October, Point.360 filed for bankruptcy reorganization to reduce costs and optimize operations. The company has facilities in Burbank…

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Arun Jaitley introduces bill to amend Insolvency and Bankruptcy Code in Lok Sabha- The New Indian Express

Finance Minister Arun Jaitley. NEW DELHI: Finance Minister Arun Jaitley today introduced a bill in the Lok Sabha to bar wilful defaulters as well as those with NPA accounts from bidding in auctions to recover bad loans through insolvency proceedings. The Insolvency and Bankruptcy Code (Amendment) Bill, 2017 seeks to replace an ordinance which was promulgated in November to prevent unscrupulous persons from misusing or vitiating the provisions of the IBC. The Insolvency and Bankruptcy Code (IBC) was enacted last…

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ThermoLife International, LLC Gets Paid From Gaspari Nutrition B – KAIT Jonesboro, AR

Information contained on this page is provided by an independent third-party content provider. Frankly and this Site make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact pressreleases@franklyinc.com SOURCE ThermoLife International, LLC For more information contact Ron@thermolife.com, and see www.thermolife.com and www.NO3-T.com. PHOENIX, Dec. 27, 2017 /PRNewswire/ — ThermoLife International, LLC announced today that it reached a favorable settlement of its claims against the now-bankrupt Gaspari Nutrition, Inc.…

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Gujarat NRE Coke: Will Gujarat NRE go down the drain under Bankruptcy Code?

MUMBAI: Gujarat NRE Coke, which has thus far failed to resolve the Rs. 4,900 crore default case, may face liquidation in the new year, said two people familiar with the matter. Gujarat NRE Coke received expressions of interest from four entities, including the Sun Pharma-controlled Suraksha Asset Reconstruction Company, but none of them translated into a binding bid for the firm. An email sent to Suraksha remained unanswered until the publication of this report. “We have received four expressions of…

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How to get away with bankruptcy fraud

Later, when I checked public records, it appeared that no one by that name has ever lived at the South Los Angeles home that was listed in the bankruptcy filing. It was actually the second time Crow had filed for bankruptcy at that address, each time without an attorney. Crow, who may or may not exist, had gained an interest in the property through a deed executed last March. The next day, I visited that South Los Angeles home. Four…

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