A Perth-based startup with an app promising cheap international money transfers has been put into liquidation. The Federal Court was told that Bux Global raised at least $65 million. Evidence was given to the court that cash raised went to fund the private expenses of those associated with the startup and that the app didnt…
Sears, an anchor of retail life for generations of Americans, filed for bankruptcy on Monday and said it was closing almost 150 stores, the latest marquee victim of the online era. Founded in 1886 as a mail order catalog company, it went on to pioneer the department store industry, selling all things to all people,…
Video PlayerClose BERLIN, Oct. 15 (Xinhua) — Chinese investment, together with a Swiss partner, has helped a 120-year-old insolvent German rail system company back to life, the chief executive officer (CEO) of Molinari Rail Systems GmbH told Xinhua on Monday. “At the end of 2016 before the acquisition, the situation of the railway systems company…
Sears said Monday that it will close 142 more stores, part of its plans to file for Chapter 11 bankruptcy. Massive liquidation sales will start at the stores soon, the company said. Sears has closed hundreds of stores already in an effort to stay afloat, including 46 which are due to close next month. The…
HOFFMAN ESTATES, Ill., Oct. 15, 2018 /PRNewswire/ — Sears Holdings Corporation (“Holdings,” “we,” “our,” or the “Company”) (NASDAQ: SHLD) today announced a series of actions to position the Company to establish a sustainable capital structure, continue streamlining its operating model and grow profitably for the long term. To facilitate these actions, the Company and certain…
HOFFMAN ESTATES, Ill., Oct. 15, 2018 /PRNewswire/ — Sears Holdings Corporation (“Holdings,” “we,” “our,” or the “Company”) (NASDAQ: SHLD) today announced a series of actions to position the Company to establish a sustainable capital structure, continue streamlining its operating model and grow profitably for the long term. To facilitate these actions, the Company and certain…
Sears, the one-time titan of American retail, is expected to file for bankruptcy early Monday morning US time ahead of a $US134 million ($190 million) debt payment. For years, Sears has contended with the threat that it would become the latest big-name retailer to fall to online competition and crushing debt. The icon once known…
The management of BFL Microfinance Bank has sued the Central Bank of Nigeria (CBN) for illegally revoking its operating licence. The bank, in the originating summons filed at the Federal High Court by its counsel, Velma Solicitors, prayed the court to declare the purported revocation null and void as the bank was not solvent. ADVERTISEMENT…
LuNa Smelter Ltdhas taken over the operations of Karuruma Tin Smelter, whose activities had stalled for a long time following the failure by the previous investor, Phoenix Metal Ltd, to run it. Luna Smelter is the parent company of Ngali Holdings and Luma Investmenta Polish-based venture firm. Fabrice Kayihura, the Acting Managing Director of the…
15 Oct 2018 06:53am IST Insolvency and Bankruptcy Code 2016 (IBC) is one of the much needed biggest economic reforms speedily rolled-out and being implemented in India. This is a one-stop solution which addresses all insolvencies in a time-bound and economically viable manner. This law has significantly helped India in achieving the historic 30-spot…