Debt-laden Monnet Ispat and Energy Ltds creditors have approved an offer made by a consortium of distressed asset fund AION Capital Partners and billionaire Sajjan Jindal-led JSW Steel, The Economic Times reported, citing a person aware of the development. The offer includes a payment of Rs 2,450 crore to the lenders and equity funding of…
Work is halted at Ulster university’s building site as insolvency experts go in BelfastTelegraph.co.uk The new £250m Ulster University campus in Belfast has been mothballed and workers sent home over a litany of legal problems, the Belfast Telegraph can reveal. https://www.belfasttelegraph.co.uk/business/northern-ireland/work-is-halted-at-ulster-universitys-building-site-as-insolvency-experts-go-in-36646249.html https://www.belfasttelegraph.co.uk/news/uk/article36647117.ece/72023/AUTOCROP/h342/KPMG.jpg Email The new £250m Ulster University campus in Belfast has been mothballed and…
The Uganda Police Force has asked government through the Minister of Internal Affairs, General Jeje Odong, to rescue it from a heavy debt of Shillings 125.9 billion which is increasing every day. The police debt accruing from electricity, water, food supply and fuel has been increasing steadily since 2010. In 2013 the police debt burden…
Bankruptcy law is meant to support confidence and to smooth up possible new investments needed to support the long list of giga-projects and expected IPOs, Cyril Widdershoven, an economics and energy partner at Verocy, a consultancy firm advising on investment risks in the Middle East, told Zawya by email. Saudi Arabia has embarked on an…
Calcutta: Numetal’s partners may buy out Rewant Ruia’s stake in the consortium pitching for Essar Steel if the latter is found to be ineligible to bid for stressed assets under the provisions of the Insolvency and Bankruptcy Code (IBC). Rewant, the younger son of Essar Group founder and promoter Ravi Ruia, holds a 25 per…
Toys R Us is expected to enter administration tomorrow unless an eleventh-hour deal to rescue the ailing company is struck. See related Frantic attempts to secure a buyer before Tuesdays deadline for payment of a £15m VAT tax bill have so far failed, with a potential investor pulling out at the last minute, the Retail…
A sudden medical emergency doesnt just wreak chaos on a persons life. For many people, it takes a dangerous toll on their financial security. One in five U.S. residents have delinquent medical debt on their credit reports, according to the Consumer Financial Protection Bureau. In the Philadelphia region, more than 1.1 million people owe a…
Just as a bunch of high-value assets are about to exit India’s fledgling bankruptcy process, it appears founders won’t relinquish control of their steel, power and cement plants without exhausting every last legal trick in the book. A knot of clumsily crafted eligibility rules introduced by the government in November have become a thorn in the…
On the outside, Richard Brent was a thief and a user. He stole and used meth and heroin, acted tough and aggressive, all of which got him a 90-day sentence to Los Angeles Countys Mens Central Jail. But for Dr. Lauren Wolchok, his physician on the inside, Brent is neither criminal nor inmate. For her, he…
MUMBAI: A dedicated bankruptcy court finalising the insolvency of Bhushan Power and Steel has asked the resolution professional (RP) to submit his stand by March 2 on opening the Liberty House bid that came in after the deadline for the debt-laden company had ended. UK-based Liberty House is also keen to buy Bhushan Power and…