By Jessica DiNapoli NEW YORK, Sept 6 (Reuters) – Toys”R”Us Inc has hired law firm Kirkland & Ellis LLP to help weigh restructuring options ranging from a bankruptcy filing to raising financing as bricks and mortar retail goes through a major downturn, according to a person familiar with the matter. The privately held toy retailer…
After months of pressure, Gov. Bruce Rauner announced Thursday that hell sell $6 billion in bonds to help pay off Illinois staggering bill backlog a debt that dragged the state down with interest penalties reaching $2 million a day. Illinois Comptroller Susana Mendoza has been pushing for the bond sales for more than a month,…
The House on Wednesday approved $7.85 billion in Hurricane Harvey disaster relief, setting up a controversial legislative maneuver in which the bill is expected to be paired in the Senate with legislation raising the debt ceiling. The Harvey aid was easily cleared in an overwhelming 419-3 vote, but the margin could be closer if lawmakers are…
Introduction Status of ‘other’ creditors Comment Introduction In 2016 India overhauled its existing legal framework on bankruptcy and insolvency processes and the new Insolvency and Bankruptcy Code 2016 aimed at streamlining the bankruptcy resolution process was enacted. Simultaneously, an increasing level of non-performing assets in the Indian banking sector triggered the promulgation of the Banking…
CLOSE A quick look at the figures behind the Commonwealth’s pension shortfall. Mary Ann Gerth/Courier-Journal/USA TODAY Network/Wochit Buy Photo Governor Matt Bevin addresses the crowd during the Governors Local Issues Luncheon held at the Galt House. Aug. 24, 2017(Photo: Sam Upshaw Jr./CJ)Buy Photo Correction: An original version of this story misstated who suggested legalizing casino gambling…
Craig Carton in 2016 (Getty Images) After being being arrested early Wednesday morning, radio personality Craig Carton was charged with securities fraud, wire fraud, and conspiracy to commit those offenses for creating what the U.S. Attorney’s office called a “Ponzi-like scheme” to attract investors into committing millions to a ticket reselling businessa business that was…
CHENNAI: The Chennai bench of the National Company Law Tribunal (NCLT) on Thursday adjourned hearing on an insolvency case against homestay aggregator Stayzilla to September 12. Vendor Jigsaw Solutions has filed a petition seeking initiation of corporate insolvency as an operational creditor under Section 9 of the Insolvency & Bankruptcy Code 2016 against Inasra Technologies…
The list of strategic blunders committed by Bruce Gordon and Lachlan Murdoch in their quest for control of Ten Network Holdings is staggering. As shareholders of the company and guarantors of the secured debt, Gordon and Murdoch were in an unassailable position to gain control of a company that has many links to other Murdoch…
In its first detailed order on the Insolvency and Bankruptcy Code, the Supreme Court has, via a series of observations, made it clear to managements of insolvent firms that their rule is over. The judgement was pronounced in the case of Innoventive Industries that had challenged an unfavorable order by the National Company Law Appellate…
Provisions of State enactments which hinder the country’s new bankruptcy law Insolvency and Bankruptcy Code (IBC) meant to protect the interests of shareholders, creditors and workmen against entrenched managements unable to dig their way out of their debts, will be declared void, the Supreme Court held. In a judgment heralding the IBC as an effective…