BEIJING, Nov 23 (Reuters) – China’s Zhongzhi Enterprise Group, a leading wealth manager, told investors it is heavily insolvent with up to $64 billion in liabilities, threatening to reignite concerns that the country’s property debt crisis is spilling over into the broader financial sector. The firm, which has sizable exposure to China’s real estate sector,…
23 November 2023, Geneva Impala Terminals Group (Impala Terminals or the Company), a global infrastructure and logistics company, is pleased to announce it has agreed to purchase the HES Hartel Tank Terminal asset located at the Port of Rotterdam following an auction process, with the transaction expected to complete in the coming days. The HES…
Birmingham City Council had to issue a section 114 notice in August 2023 facing a bill for equal pay claims of up to 760m. Photo by Shutterstock Councils across the country find themselves in a turbulent financial position. Since 2021 five local authorities have declared themselves effectively bankrupt, with a raft of councils warning they…
Han Schaminee is general manager Navigation and Automation at Wrtsil Voyage. 8:16 Restructuring operations can set a downward spiral in motion thats hard to recover from, posits Han Schaminee. Recently, a friend forwarded me a (translated) letter a Finnish CEO had sent to his employees. The CEO reported some severe headwinds for the company, but…
Birmingham City Council had to issue a section 114 notice in August 2023 facing a bill for equal pay claims of up to 760m. Photo by Shutterstock Councils across the country find themselves in a turbulent financial position. Since 2021 five local authorities have declared themselves effectively bankrupt, with a raft of councils warning they…
Embracer Group has shared its financial results for the three-month period ended September 30. The Swedish holding company also provided new details about its gaming business and the ongoing restructuring program that has already resulted in hundreds of job cuts. Financial highlights According to its latest interim report, Embracer Groups net sales reached SEK 10.83…
Sign up for the GI Daily here to get the biggest news straight to your inbox To say it’s been a rough year for the games industry’s workforce is putting it mildly; thousands of jobs have been lost as companies restructure and downsize following rapid growth during the onset of the pandemic. Perhaps this is…
The National Company Law Tribunal prolonged on Thursday the corporate insolvency resolution process for grounded airline Go First by an additional 90 days. The extension, effective Nov. 6, is set to conclude on Feb. 4. The NCLT emphasised the completion of the resolution plan within this specified timeframe. Companies undergoing insolvency must undergo a resolution…
Your marriage contract can be one of the most important financial documents you will ever sign as it sets out the financial consequences of your future relationship. Getting it wrong can create financial difficulties when your marriage comes to an end. When choosing a marriage contract, consider the following: ADVERTISEMENT CONTINUE READING BELOW Costs Firstly,…
The Resolution Professional (RP) has verified that, despite receiving an expression of interest from Jindal, no resolution plan has been received. This extended period concludes on February 4. The National Company Law Tribunal (NCLT), on November 23, extended the Corporate Insolvency Resolution Process (CIRP) of the grounded airline Go First by 90 days. The 90-day…