Bankruptcy

Nakumatt shuts down Nyanza branch :: Kenya

Nakumatt Nyanza shut down IN SUMMARY Nakumatt Holdings files for bankruptcy, proposes Peter Kahi of PKF Consulting Limited be appointed as administrator Nakumatt also closed its 19-year old Kisumu branch on Mega Plaza Nakumatt Holdings on Monday filed for bankruptcy and proposed that Peter Kahi of PKF Consulting Limited should be appointed as an administrator to help deal with creditors. Cash strapped Nakumatt Holdings also closed its 19-year old Kisumu branch on Mega Plaza as it fights to cut back…

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B.C. gateway booms as shipping lines rebound from bankruptcies, consolidation

The Port of Prince Rupert is on pace for a record year amid a global resurgence in the cargo container industry. The port’s Fairview Container Terminal, which has added longer berths and new cranes to nearly triple its cargo capacity, is riding a wave of rising imports from Asia. Freight container volumes increased by 18 per cent in the summer, compared with a year ago, contributing to an expected 23 million tonnes of all cargo types at the B.C. gateway,…

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Indianapolis house flipping company files for bankruptcy

INDIANAPOLIS — A house-flipping company in Indianapolis has filed for bankruptcy, leaving more than 120 people who bought or sold homes through the firm in limbo. The Indianapolis Star reports that Chart Properties LLC filed for bankruptcy on Oct. 17. The monetary losses could be more than $5 million. The bankruptcy petition has few details about the company’s finances. But it says the company doesn’t have the assets to repay clients and other creditors. Attorney Briane House is representing a…

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Saved from bankruptcy, Magnetic North gets a second chance

In March, Magnetic North, an annual national theatre festival of touring productions that itself moved around between Canadian cities each year, announced that it was cancelling its 2017 edition – and planned to declare bankruptcy because of an accumulated deficit of $224,000. Over the summer, however, a group of artists and administrators came together to try to save Magnetic North from shutting down permanently – and, on Monday, they will announce they plan to settle the festival’s debts and relaunch…

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Farm Bankruptcy Bill Passes | whotv.com

Please enable Javascript to watch this video Iowa Senator Chuck Grassley and Senator Al Franken from Minnesota have sent a bipartisan farm bankruptcy relief bill to the President. It passed 82-17 in the Senate. The bill is designed to make it easier to declare chapter 12 bankruptcy and reorganize. When farmers file bankruptcy, they often have to sell assets like farm equipment or land. When they do that, the government takes a portion of that in taxes, sometimes that difference…

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Bankruptcy hits toy makers

New York — When Toys R Us filed for bankruptcy in September, it vowed to keep operating stores, boosting investor optimism that the effect on the biggest toy makers would be limited. But with Hasbro’s weaker-than-expected sales forecast and Mattel’s revenue trailing projections — and both companies citing Toys R Us as a key reason — the retailer’s struggles loom large, with Christmas under two months away. “We did have a real challenge with the timing of that bankruptcy,” Mattel…

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SBI begins bankruptcy proceedings against Ludhiana-based SEL Mfg

BusinessPosted at: Oct 28, 2017, 1:30 AM; last updated: Oct 28, 2017, 1:30 AM (IST)Company owes over Rs 4,000 crore to banks as on March this year Vijay C Roy Tribune News Service Chandigarh, October 27 Country’s largest lender SBI has started bankruptcy proceedings against Ludhiana-based textile player, SEL Manufacturing Company Ltd. SBI, which is the lead bank of the consortium, has filed the case with the National Company Law Tribunal (NCLT), Chandigarh. Bankruptcy is a legal…

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Bankruptcy rule faces Essar test

New Delhi: A bid by the Ruias to buy back their own asset – Hazira-based Essar Steel – in a bankruptcy process has raised serious questions of propriety over the entire exercise. Though legally allowed under the bankruptcy code, bankers are worried this could set a precedence for promoters to buy back their assets in a roundabout way at deep discounts and automatically wipe out their debts. Finance ministry officials are also worried about the potential political fall-out of the…

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EasyJet Will Take Over Parts of Bankrupt Air Berlin – Novinite.com

British airline easyJet has expanded its operations in Germany with the purchase of a part of Air Berlin‘s operations at Berlin Tegel airport, providing a solution for the bankrupt carrier’s remaining assets. EasyJet, a low-cost carrier based in London, will enter leases for 25 A320 aircraft, add take-off and landing spots, and hire new staff as part of the expansion, Reuters reported Friday. The announcement came shortly after Air Berlin’s last flight landed at Tegel. EasyJet made the purchase for 40 million euros ($46.43…

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Essar Group, Tatas, ArcelorMittal submit bids for debt-laden Essar Steel

Top global players including Tata Steel, Essar Group, and ArcelorMittal are learnt to have submitted bids to acquire debt-laden Essar Steel which is going through the insolvency resolution process. Essar Steel India Ltd, an integrated steel producer with an installed capacity of 10 million tonnes per annum (MTPA), is undergoing Corporate Insolvency Resolution Process (CIRP) under the provisions of Insolvency and Bankruptcy Code. The expression of interest (EoI) for the company was invited by October 23.…

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Najib takes a jab at detractors for claiming Malaysia is bankrupt nation | New Straits Times

KUALA LUMPUR: Prime Minister Datuk Seri Najib Razak took a jab at his detractors for claiming that Malaysia is a bankrupt nation. In a Twitter post, Najib who is also Finance Minister, said Barisan Nasional helped people who are in need because it can afford to. “Malaysia bankrap? Sudah-sudahlah pembangkang menipu. #Bajet2018 (Malaysia is bankrupt? Enough with the lies, opposition),” he tweeted. In a Twitter post, Prime Minister Datuk Seri Najib Razak who is also Finance Minister, said Barisan Nasional…

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Sonali Bank UK on the brink of insolvency

Sonali Bank’s UK subsidiary (SBUK) is staring at insolvency after the Royal Bank of Scotland (RBS) restricted transaction on the Bangladeshi bank’s dollar account for serious weaknesses in its anti-money laundering systems. The Prudential Regulation Authority (PRA), the financial services regulatory body of the UK, has warned that it would declare SBUK insolvent if it fails to achieve efficiency in running the dollar, pound and euro accounts. The developments were mentioned in a recent Bangladesh Bank letter sent to the…

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The call to protect pensions has raised questions: Here’s a look at 3 of them – Politics

The federal government said this week it has no plan right now to change the law to protect Canadian pensioners when companies such as Sears file for bankruptcy, despite pension advocates calling for improved protections. Innovation Minister Navdeep Bains has said he will look at two private members bills on the subject. The fall of the retail giant has left 16,000 retirees uncertain about their futures amid fears they could lose out on almost 20 per cent of their underfunded defined-benefit pension…

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Bankruptcy Trustee Says Valuable Casey Property On River Definitely To Be Sold On Nov. 16

Bankruptcy Trustee Jerry Farinash said the valuable Casey property on the north shore of the Tennessee River opposite Ross’s Landing will definitely be sold on Nov. 16. He said, “An awful lot of buyers have been interested, but they want to know for sure we have a definite sale date. It will be sold on this day.” Attorney Farinash said an agreement has been worked out to sell lots 3, 4 and 5 near Manufacturers Road to American River Development…

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Macaroni Grill plans to stay open after bankruptcy

Macaroni Grill closed 37 restaurants in 2017, but it wasn’t enough. Debt grew and sales fell, while costs for labor and commodities increased,  leaving the Italian dining chain $12 million behind by August. The situation isn’t unique among the U.S. casual restaurant sector, which increasingly shows stress.  Ruby Tuesday, Applebees and Outback all have announced closings. “The preferences of … customers have shifted to cheaper, faster alternatives,” said Nichant Machado, president and CEO of MAC Acquisitions and the other companies…

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Mattel : Barbie’s world shakenby Toys R Us bankruptcy Barbie’s world shaken by Toys R Us bankruptcy

NEW YORK – There’s trouble in toyland, and companies are blaming Toys R Us. Mattel, the maker of Barbie dolls and Hot Wheels, reported disappointing third-quarter results late Thursday and said it was hurt by Toys R Us’ Chapter 11 bankruptcy filing last month. Earlier this week, Hasbro, the maker of My Little Pony and Monopoly, also blamed weak results on the bankruptcy filing. Both companies said they temporarily slowed shipments to Toys R Us, and both said they are…

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