MUMBAI (Reuters) – In January, Innoventive Industries, a speciality steelmaker based in western India, was forced into the bankruptcy court by its lenders, testing for the first time new insolvency rules that aim to resolve India’s $150 billion bad debt overhang. The company, which makes steel tubes and auto parts for customers including Ford (F.N),…
Swiss court has rejected a 36.5-million-euro claim against tennis legend Boris Becker by a former business partner, according to a judgment published Monday. Swiss businessman Hans-Dieter Cleven claimed the German former world number one owed him 40 million Swiss francs ($41.4 million, 36.5 million euros), after Becker was declared bankrupt by a court in London…
A $3 million exchange at an Aria poker table is now the center of a lawsuit filed in Clark County court. In late May, Australian poker pro Matthew Kirk, known for his unorthodox play, scooted increments of $500,000 and $1 million in chips across the felt to Czech casino owner and entrepreneur Leon Tsoukernik. At…
The Scarborough beachfront venue called in administrators on Friday. Matisse, the beach club which tried to add some glamour to Scarborough, has gone into voluntary administration. The beachfront venues sole director, Sean Reid, called in administrators Rob Kirman and Rob Brauer from restructuring and insolvency firm McGrathNicols local office on Friday. Mr Reid declined to…
Mobile application and software developer Buzinga has entered liquidation, with a some clients allegedly left with incomplete projects. SmartCompany understands some businesses working with Buzinga to develop software have been left out in the cold midway through projects, with no indication if they will be resumed. Buzinga Pty Ltd entered liquidation on July 3, with a…
Shareholders pursuing troubled legal firm Slater and Gordon will receive just $36.5 million, after the firm agreed to settle a number of class actions against it. -Key points: Hedge funds will now assume ownership of the 82-year old law firm Directors’ indemnity insurance the only source of funds available from Slater and Gordon $36.5…
Mumbai: In January, Innoventive Industries, a speciality steelmaker based in Pune, was forced into the bankruptcy court by its lenders, testing for the first time new insolvency rules that aim to resolve the country’s $150 billion bad debt overhang. The company, which makes steel tubes and auto parts for customers including Ford, Volkswagen and Tata…
Australia’s biggest cherry exporter, Reid Fruits, is up for sale and an overseas buyer is a “possibility”, owner Tim Reid says. The Tasmanian-based family-owned company makes up about 10 per cent of Australia’s cherry industry and is the country’s leading exporter into Japan, Korea, Thailand and India. Last year marked the company’s 160th anniversary…
By Devidutta Tripathy and Euan Rocha | MUMBAI MUMBAI In January, Innoventive Industries, a speciality steelmaker based in western India, was forced into the bankruptcy court by its lenders, testing for the first time new insolvency rules that aim to resolve India’s $150 billion bad debt overhang. The company, which makes steel tubes and auto…
Shareholders in Slater and Gordon have reached a $36.5 million settlement with the beleaguered law firm, a move that will pave the way for the group’s restructure. Slater and Gordon’s insurers will tip in $32.5 million of the settlement while the hedge funds that hold the debt in the group, which will be swapped for…