Lenders led by the State Bank of India on Thursday decided to begin insolvency proceedings against Bhushan Steel, Essar Steel and Electrosteel Steels by referring them to the NCLT for recovery under the Insolvency and Bankruptcy Code (IBC). The decision was taken at a marathon meeting chaired by SBI. While Bhushan Steel is in default…
Founder Dan Houston Scandal-hit aid charity gave just 13p in every pound to charity 22nd June 2017 by Robert Armour A controversial charity has been declared bankrupt after spending just 13p in every pound on charitable activities. Uddingston-based Scotia Aid Sierra Leone was reported to the charity regulator in 2015 by a whistleblowing trustee who…
Leslie Tayne, Credit.com 1:00 p.m. ET June 22, 2017 Debt can help a business thrive. It can be used to your advantage if you know how to manage it. Here are four tips for using debt to help grow your business.(Photo: Getty Images/iStockphoto) Many business owners run in the other direction when they hear the…
Telefonaktiebolaget LM Ericsson (publ)ERIC recently announced that it has inked an agreement with Singapore-based power-supply products provider, Flex, to divest its Ericsson Power Modules (EPM) business. The transaction, subject to customary closing conditions and regulatory approvals, is scheduled to close in third-quarter 2017. The deal marks the first exit of assets initiated by the company…
TORONTO Sears Canada Inc. said on Thursday it plans to cut jobs and close stores as it restructures its operations, following years of declining sales as it has lost customers to big-box retailers, more nimble apparel companies and online merchants. The Canadian company, which was spun off from U.S. department-store pioneer Sears Holdings Corp. in…
A FORMER Newport County AFC player who admitted defrauding the school he worked at of more than £15,000 to pay off gambling debts has been branded an “idiot” by a judge. Cortez Belle, who played for The Exiles in 2005, appeared at Cardiff Crown Court today, Thursday, after previously admitting two counts of fraud in…
Sears Canada (SRSC) said on Thursday that it has applied to the Ontario Superior Court of Justice to seek protection from its creditors in order to pursue a restructuring of its business. If granted, Sears Canada says it would like to exit the Companies Creditors Arrangement Act protection as soon as possible in 2017. The…
Technology firm Hills says it will make another loss this financial year, due to the costs of a restructure and its scrapped plans to demerge its health technology business. Hills is forecasting a net loss of between $6 and $8 million for the year to June 30, an improvement on the previous financial year’s $68…
Sears Canada said Thursday it is seeking court protection from its creditors in order to restructure its business. The struggling retailer has piled up losses and seen its stock dive, losing more than 80 per cent of its value in the last year, despite efforts to reinvent itself at a time when more Canadians are…
Parma also announced that former Argentina forward Hernan Crespo, who played for the club between 1996 and 2000 and returned in 2010 to end his career there, would become a vice-president. Parma, twice winners of the old UEFA Cup in the 1990s, were declared bankrupt two seasons ago after finishing bottom of Serie A and…