Bankruptcy

Mapping insolvency: UltraTech may shell out over Rs 79 bn for Binani Cement

With Binani Cement’s insolvency resolution process overshooting the 270-day time frame by nearly two months, UltraTech Cement’s final acquisition cost may surpass its offer of Rs 79.60 billion for the cement firm, mainly due to the increasing number of cases and mounting interest costs. UltraTech is the highest bidder for Binani Cement. According to a legal counsel in the National Company Law Tribunal (NCLT), the Aditya Birla Group firm is…

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Now Malaysia will REALLY go bankrupt as Pakatan keeps saying – Malaysia Today

Anti-Wayang The Mat Salleh pulled another RM238.85 million out of our share market today – Monday 18 June 2018. Due to the falls in our Bursa where it is now the 28 consecutive days of foreigners pulling out money from our shares since GE14, the top 10 companies that EPF invests in has lost a combined RM55 billion in value. These 10 companies alone out of the dozens invested by EPF has already cost EPF RM6.1 billion in losses as…

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Insolvency: Arun Jagatramka’s Gujarat NRE Coke proposes revival scheme

In one of the first cases, Arun Jagatramka, promoter of Gujarat NRE Coke, has proposed a revival scheme under the Companies Act, 2013, even as the firm is undergoing liquidation under the Insolvency and Bankruptcy Code (IBC). The scheme has been proposed under Section 230 of the Companies Act, 2013, to revive the firm with the consent of all stakeholders — shareholders, unsecured creditors as well as secured creditors. According to the…

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Court-ordered sale of unit retains starts June 18 in Sczepanski insolvency case

The unprecedented auction process at www.steffesgroup.com is overseen by the Steffes Group, Inc., of West Fargo, N.D. The timed sale starts June 18 at 8 a.m., and runs through June 27, at 10 a.m. Erik Ahlgren, a Fergus Falls, Minn., lawyer is the Minnesota “Assignment for the Benefit of Creditors” in a case filed by farmer Sczepanski. Ahlgren says the successful bidders in 11 groupings of payments must submit money into a trust fund. American Crystal’s board of directors must…

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Judge in farm bankruptcy orders unusual auction of Crystal Sugar payment

More than $720,000 in “unit retains” — payments once owed by American Crystal of Moorhead to insolvent farmer William “Bill” Sczepanski of Stephen, Minn. — will be auctioned off to the highest bidder. Bidders don’t have to be beet growers or members of the co-op. The unprecedented auction process at www.steffesgroup.com is overseen by the Steffes Group, Inc., of West Fargo, N.D. The timed sale starts at 8 a.m. June 18. and runs through 10 a.m. June 27. Erik Ahlgren,…

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NCLT grants additional 20 days for Adhunik Metaliks to complete insolvency resolution process

The Kolkata Bench of National Company Law Tribunal (NCLT) has granted an additional 20 days time for Adhunik Metaliks to complete its ongoing insolvency resolution process. The company’s mandated 270-days period to complete the resolution process had ended on April 29, 2018. However, Sumit Binani, the resolution professional (RP) of the insolvent company, had urged NCLT to exclude around 20 days from the stipulated 270-day deadline so that the revised resolution plan of UK-based Liberty House could be considered. “Period…

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All-you-can-eat offer bankrupts Chinese hot pot restaurant in just two weeks

Posted June 18, 2018 16:07:36 A Chinese hot pot restaurant has been forced to close its doors after an all-you-can-eat deal left it more than $100,000 in debt. Key points: Restaurant fails to anticipate demand for $25, month-long all-you-can-eat deal Went bankrupt inside of two weeks after more than 500 people came every day The owner admits they weren’t great at management after ending up $100,000 in debt Jiamener restaurant in the city of Chengdu shut its doors for good…

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Delay in resolving insolvency cases has cost banks ₹25,000 cr

The inordinate delay in the insolvency resolution process against the top 10 defaulter companies has already led to a notional a loss of ₹25,000 crore to the banking sector. The RBI had in June 2017 directed banks to file insolvency proceedings against the top 12 defaulters. Of the 12 top defaulters, which owe a total of ₹2.5-lakh crore, two companies — Bhushan Steel and Electrosteel Steels — have found buyers, with the banks taking a significant hair-cut and settling for…

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Seán Dunne’s US bankruptcy official seeks further Irish loan

Seán Dunne’s US bankruptcy official wants another interest-free loan of $250,000 (€215,000) from the National Asset Management Agency (Nama) and Ulster Bank to fund his investigation into the developer’s finances. The loan from Mr Dunne’s two largest creditors would, if approved by a court in Connecticut, bring the total amount borrowed by his bankruptcy trustee to $660,000 (€568,000) in the five-year-old legal proceedings. Mr Dunne, with debts of $1 billion and assets of $55 million, filed for bankruptcy in the…

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Bankruptcies filed June 8-13, 2018

ASSETS: $22,828 LIABILITIES: $31,009 DEBTOR: Margaret Darlene Wgeishofski STREET ADDRESS: 513 Seventh Ave., Ironton MAILING ADDRESS: P.O. Box 447, Ironton CHAPTER 7 DATE FILED: June 11 ASSETS: $50,890 LIABILITIES: $77,259.90 DEBTOR: Steven Allan Fox ADDRESS: 2104 Spruce St., Ranier CHAPTER 7 DATE FILED: June 12 ASSETS: $16,906.60 LIABILITIES: $69,082.27 DEBTOR: Jacob H. Long JOINT DEBTOR: Jessica C. Long fka Jessica C. Rubbelka ADDRESS: 501 Old Highway 61 N., Hinckley CHAPTER 7 DATE FILED: June 12 ASSETS: $11,779 LIABILITIES: $82,002 DEBTOR:…

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JSW Energy, Adani Power submit EoIs for bankrupt Monnet Power

Monnet Power is the second of Sandeep Jajodia’s companies to undergo insolvency proceedings. Photo: HT Mumbai: JSW Energy and Adani Power have submitted expressions of interest (EoIs) for bankrupt Monnet Power, two people aware of the development told Mint. Monnet Power is the second of Sandeep Jajodia’s companies to undergo insolvency proceedings. Monnet Power Co. Ltd was incorporated in 2007 for setting up a thermal power plant of 1,050 megawatts (MW), backed by a pit head captive coal mine in…

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Distressed asset funds eye buyout deals ahead of bankruptcy process

There are nearly 150 companies, each owing at least Rs 2,000 crore to lenders, which need to be resolved by August, as warranted by the Reserve Bank of India. Photo: Aniruddha Chowdhury/Mint Mumbai: Distressed asset funds and promoters of defaulting companies are coming together to buy out loans before the start of bankruptcy proceedings, as the former sense investment opportunities and the latter race to prevent loss of control. The Reserve Bank of India (RBI) on 12 February ordered lenders…

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70 companies went bankrupt in May – Euler Hermes

In May 70 companies went bankrupt in Poland versus 56 firms a year ago, Euler Hermes reported. This is a 25 percent increase y/y. The biggest number of bankruptcies occurred in the service and production industries. In January-May 406 Polish companies were declared bankrupt compared to 347 in the same period of 2017. This is… This content is for Silver 6 months, Gold 1 Year and Bronze 2 weeks members only.Log In Buy Subscription Source link

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Looks Like Joe And Teresa’s Giudice’s Bankruptcy Case Is Being Thrown Out

The Real Housewives of New Jersey‘s Teresa Giudice and her husband, Joe Giudice, are close to getting out of bankruptcy. According to new reports, the reality TV stars had their 2009 case dismissed by a United States bankruptcy judge on Friday. While that doesn’t necessarily mean that they’re officially in the clear yet, it’s a beneficial step forward — one that could likely get them out of their bankruptcy. But there will still be a few things they need to…

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