* Creditors to lend up to 1.8 bln euros under draft plan * Existing creditors would get 35 percent of company * Existing shareholders’ stake would be cut to 5 percent (Adds details, background) By Sonya Dowsett MADRID, March 10 Debt-laden engineer Abengoa said on Thursday it had agreed a draft rescue plan with creditors…
Background In a recent Singapore Court of Appeal case [1] the claimant supplied bunkers to the defendants ship. The terms of the bunker supply contract required payment within 30 days of delivery. Three days before payment fell due, the claimant demanded immediate payment for the bunkers by close of the same business day. The claimant…
Moving diesel from Germany may require rail repairs; Public procurement bill approved in lower house; Zeman stands by Presidential Office’s military head Moving diesel from Germany may require rail repairs Czech diesel oil will not be moved by road from the German storage tanks of bankrupt company Viktoriagruppe. Pavel vagr, head of the Administration of…
Alberta has seen an 18.5% spike in personal insolvency over this last year. Thats according to Zaki Alam, a Senior VP with MNP Limited, where he specializes in consumer and corporate insolvency. Alam says a series of lay-offs in the oil-patch is much to blame, but the downturn in the price of oil has had…
By Jeff Sistrunk Law360, Los Angeles (March 8, 2016, 7:48 PM ET) — The Florida Supreme Court will hear arguments Thursday on whether a newer, more restrictive definition of “covered claim” applies to sinkhole losses if an insurer issued a policy before the definition went into effect but was later declared insolvent, and its answer…
The small French town of Château-Chinon, located in the rolling hills of the Nièvre district, was once best known for its medieval ruins and its former mayor, François Mitterrand, who went on to become Frances longest-serving president after his election in 1981. But this town of 2,100 residents has attracted a different sort of attention…
Like several Canadian law firms, Stikeman Elliott LLP holds a variety of seminars on mining law during the PDAC convention. The current state of mining industry is perhaps best summed up with the choice of topic that kicked off Stikemans set of rapid-fire presentations on Monday morning: insolvency and restructuring. This obviously isnt the happiest…
New Delhi, Mar 8: Former director of Kingfisher Airlines, Vijay Mallya was slammed by his erstwhile female employees who are still awaiting their salaries. In a hard-hitting letter written by the aggrieved women, they lashed out at Mallya for holding back their salaries and accused him of being exploitative to the core. Mallya held up…
To the Editor: March is National Gambling Awareness Month, and I would like to encourage anyone who gambles to keep track of their wins and losses. If the losses add up to gambling debt, its time to seek professional help. Common signs of a problem gambler often include lying to your partner about where youve…
I’ve noticed within the comments section of my recent articles on Legacy Reserves (NASDAQ:LGCY) and Memorial Production Partners (NASDAQ:MEMP) that many readers are concerned with the potential tax ramifications of all the “creative measures” upstream master limited partnerships (“MLPs”) are implementing to try to remain solvent through the downturn in commodity prices. Latham & Watkins,…