State Bank of India (SBI) has initiated Corporate Insolvency Resolution Process against infrastructure developer IVRCL Ltd. The Bank has initiated the process under the Insolvency and Bankruptcy Code 2016 and filed an application under Regulation 7 of the Code with the National Company Law Tribunal (NCLT). The hearing on the application was held on January…
OUTDOOR adventure gear company Mountain Designs has made the difficult decision to close one in three stores in 2018. Shops at Joondalup, Wagga Wagga, Toowong and Dubbo closed on January 7 followed by branches at Cannington, Bendigo, Toowoomba and Wollongong on January 10, according to a statement from the company. Stores at Pacific Fair, Ashmore,…
A liquidation company will be auctioning off assets from the former Saskatchewan Transportation Company starting next month. Everything from power tools to file cabinets will be sold through an online auction run by Hilco Industrial out of Ontario. The province sold the assets to the international liquidation company in December, saying it was the most-affordable…
Walmart is reportedly cutting 3,500 co-manager positions and adding 1,700 lower-paid assistant store managers. The restructuring comes the day after Walmart announced it will raise its starting hourly wages to $US11. Walmart also announced Thursday that it would close 63 Sams Club stores in a move that would impact roughly 9,400 employees. Walmart is reportedly…
Tortured. Anguished. Frustrated. This describes the dark, twisted title character at the heart of Phantom of the Opera, the longest-running musical in Broadway history and a production seen by over 130 million people worldwide. But it also describes playwright/composer Andrew Lloyd Webber during the turbulent process of revising and remounting that shows sequel Love Never…
By Press Association Published: 23:02 AEDT, 12 January 2018 | Updated: 05:32 AEDT, 13 January 2018 e-mail The crisis at Carillion looks set to deepen after it emerged that lenders to the construction giant effectively rejected a rescue plan proposed by the debt-laden group. The Press Association understands that a business plan tabled by the…
SHERMAN OAKS, Calif.–(BUSINESS WIRE)–Woodbridge Group of Companies, LLC and certain of its affiliates and subsidiaries (together the Company or Woodbridge), today announced that the Company has taken decisive steps to transition the real estate development business away from an individual investor model to institutional financing sources in support of the restructuring of the business. Specifically,…
State Bank of India (SBI) has initiated Corporate Insolvency Resolution Process against infrastructure developer IVRCL Ltd. The Bank has initiated the process under the Insolvency and Bankruptcy Code 2016 and filed an application under Regulation 7 of the Code with the National Company Law Tribunal (NCLT). The hearing on the application was held on January…
GKN is splitting its aerospace and automotive businesses in an effort to resist an unwelcome takeover approach from turnround specialist Melrose Industries that values the company at £8bn including debt. Shares in the FTSE 100 group soared on the back of the approach from Melrose, which has proposed an offer made up of 80 per…
Rare Asset Reconstruction Pvt Ltd.s resolution plan got approval of 14.31 percent of the financial creditors against the minimum requirement of 75 percent. The employees of the company, who feared liquidation and loss of livelihood, sought to repay the secured lenders and address issues of all other stakeholders, the order said. Chief Commercial Officer Pawan…