The insolvency professional, appointed by the National Company Law Tribunal (NCLT), has called for expression of interest for submission of resolution plans for Inasra Technologies Private Ltd, which runs the hotel and home stay aggregator business under the brand Stayzilla. The applicants should have a net worth of 50 crore or more as of March…
The troubled chain is widely expected to unveil a restructuring proposal known as a Company Voluntary Agreement (CVA) alongside its annual results on Thursday. But Mothercare will also tap investors for cash through an equity fundraise, and the business is so desperate for money that it must secure a bridging loan this week. In a…
Through a debt-for-equity exchange and injection of a $50 million investment, the companys two largest lenders – KKR and funds managed by Oaktree Capital Management, L.P. – will become owners of the company. Proserv emerges substantially debt-free and with a well-capitalised balance sheet, enabling it to provide strong, life-of-field support to its global customers. In…
Calcutta: The corporate insolvency resolution process of Assam Company continues to be dogged by controversies over the conditions set in the tender, with one more company seeking to bring down the eligibility criteria of the bidders. James Warren Tea Ltd argued before the company tribunal on Monday that the resolution professional (RP) running the insolvency…
The Supreme Court has handed down a historic ruling today, striking down a federal ban on sports gambling, paving the way for states to legalizing the practice. Writing the majority opinion in the 6-3 decision in Christie v. NCAA, Justice Samuel Alito wrote that the Professional and Amateur Sports Protection Act of 1992 (PASPA), the…
The Utkal Chamber of Commerce and Industry (UCCI) in collaboration with the S Trio Turnaround Professionals Private Limited organised a seminar on Insolvency and Bankruptcy Code- 2016 here recently. The speakers discussed rules for corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the code. UCCI president Ramesh Mahapatra delivered the welcome…
NEW YORK & SAN JUAN, Puerto Rico–(BUSINESS WIRE)–The COFINA Senior Bondholders Coalition (the Coalition or we), which collectively represents the largest group of organized holders of bonds issued by the Puerto Rico Sales Tax Financing Corporation (COFINA), released the below statement today regarding its involvement in developing a proposed settlement of The Commonwealth of Puerto…
Disenchanted by the long-drawn-out proceedings for insolvency resolution cases filed against large borrowers that have failed to repay loans, many banks are planning to approach the Insolvency and Bankruptcy Board of India (IBBI) for some succour. Nearly a year after the Reserve Bank of India recommended a dozen large bad loan accounts for resolution under…
Tesla CEO Elon Musk sent an email to employees on Monday morning stating that the company is reorganising in an effort to flatten management structure and improve communication. Musk originally said that Tesla was restructuring in the companys first-quarter earnings call earlier this month. Musk said in the memo that Tesla still plans to hire…
The Insolvency and Bankruptcy Code (IBC), 2016 no doubt is a path-breaking initiative in the whole reform process. Not surprisingly, it has triggered huge debate and one of the key grey areas that had emerged in a recent cases pertained to rights of the customers in an insolvency process. The Supreme Court had reportedly indicated…