Binani Cement is likely to move the Supreme Court on Monday to end insolvency proceedings against it. The companys lenders have asked it obtain the necessary permission before consenting to an out-of-court settlement. The lenders met on Saturday. After the meeting some of them confirmed the meeting was held to…
A former all-pro running back cant run from a gambling debt. After more than seven years of legal wrangling, NFL star Clinton Portis has agreed to a payment plan with the Borgata casino in Atlantic City to repay $190,000 he borrowed in 2011 and lost. Former NFL star Clinton Portis has agreed to pay off a…
Is east Cork the new Cork? Pearse Flynn, tech veteran, football club owner and now top insolvency adviser, must hope so, given his ever-rising commitment to his home town of Ballycotton. Flynn has built an architectural gem of a home in the town, on the cliffs overlooking Ballycottons brooding island lighthouse. Local reports say he…
The Expression of Interest (EoI) floated for the slump sale of assets Nicco Corporation which had been put under liquidation by the Kolkata bench of the NCLT failed to evince any interest from bidders. The liquidator for Nicco Corporation, Vinod Kothari, in an e-mailed response, said since the slump sale did not incite interest, the…
Industrialists, Lawyers and Chartered Accountants who gathered for a book launch by Sridhanya Foundation called the National Company Law Tribunal (NCLT) a powerful tool. The Centre has constituted NCLT under Section 408 of the Companies Act, 2013 (18 of 2013) from June 2016. The NCLT is a powerful tribunal, Justice N. Kirubakaran, judge, Madras High…
Chennai: A mammoth money-laundering case, hitherto discussed in hushed voices, has now come out into the open, with the Madras high court handing it over to the CBI. Arjunlal Sunderdas will ring a bell in the top echelons of industry, judiciary and politics, because scores of VVIPs had parked their money with the man with…
Turkeys Dou Holding has applied for the restructuring of a debt burden of approximately $5.8 billion, following the roughly $6 billion restructuring process begun by Yldz Holding earlier this year, Hürriyet newspaper said. Dou chose neither to directly confirm nor deny the report in a statement in response: We are naturally in continuous communication with…
MUMBAI: Houlihan Lokey, the California-headquartered financial restructuring giant, called off its partnership with Avista Advisory Group, a debt-restructuring and advisory firm controlled by Rajiv Kochhar, brother-in-law of ICICI Bank CEO Chanda Kochhar. The move ends an eight-year-old partnership amid increasing scope for business in India under the Insolvency and Bankruptcy Code. The US firms profile…
In conjunction with the restructuring, the Company received $300 million in debtor-in- possession financing and the Company has entered into a Restructuring Support Agreement (RSA) with parties that hold or control over 78% of its secured term debt and over 89% of its unsecured term debt. Such financing, combined with cash generated from the Company’s operations, will…
Casa Loma, an audacious 180,000-square-foot castle in Toronto built by a tycoon who died penniless, seemed the right place to talk about the burdens of big dreams. But that wasn’t Kevin O’Leary’s focus as he worked the marble floors of its glass-domed conservatory Thursday night. Decades earlier, O’Leary had hoped to hold his wedding reception…