MEXICO CITY (Reuters) – Mexican airline Aeromexico will offer fewer flights and have fewer planes in the short term as it begins a Chapter 11 restructuring process, Chief Executive Andres Conesa said on Wednesday, after shares plummeted to record lows. Passengers, wearing protective masks following an outbreak of the coronavirus disease (COVID-19), wait for flights…
By: Express Web Desk | New Delhi | Published: June 30, 2020 2:57:37 pm Pramod Mittal and his two colleagues were arrested and released in Bosnia after paying a hefty 12.5 million in July last year, Reuters had reported. (Reuters/File) Pramod Mittal, brother of UK-based steel magnate Lakshmi Mittal, has reportedly been declared bankrupt by…
On 26 June, the long-awaited Corporate Insolvency and Governance Act 2020 became law providing the UK and Northern Ireland with temporary and permanent changes to insolvency law aimed at helping businesses manage the economic implications of COVID-19 including: Permanent measures Company moratorium a breathing space against creditor action, initially for 20 business days but extendable,…
German financial services company Wirecard AG’s share price skyrocketed some 196% within the first 30 minutes of trading on Monday 29 June 2020, giving the stock a much-needed respite after last weeks massive sell-off. The troubled payments solutions provider saw its shares open the session at 1.70 a share nearly 31% higher than last Fridays…
Pramod Mittal, who spent 50 million on his daughters wedding, owes 130 million to UK firm. IN LONDON Pramod Mittal, younger brother of steel magnate Lakshmi Mittal and himself a former steel tycoon, has been declared bankrupt by the Insolvency and Companies Court in London. Pramod Mittal, who spent 50 million on his daughters wedding,…
The enactment of the new Corporate Insolvency and Governance (CIG) Actinto law on 26 June 2020 will have significant impact on the restructuring of distressed companies, and in particular those affected by the coronavirus pandemic. This will have a knock-on impact on the way DB pension schemes are funded and influence the actions trustees can…
The Act is the largest change to the UKs corporate insolvency regime in more than 20 years. It introduces new corporate restructuring tools and temporary easements to give distressed businesses the breathing space they need to get advice and seek a rescue. One of its key provisions is the introduction of the new role of…
Date published: June 29 2020 Great news from McLaren with Zak Brown saying their financial problems have been solved with an announcement coming before the week is out. Earlier this month reports emerged claiming that McLaren was looking to sell a minority stake in its Formula 1 team to raise much needed capital. Days later…
Lakshmi Mittal Aurelien Meunier / Getty Images The higher you climb, the further you have to fall, as the saying goes. Pramod Mittal, the 64-year-old brother of Lakshmi Mittal, the head of Arcelor Mittal steel, and 19th richest man in the UK, has been declared bankrupt with debts of 130 million, according to reports in…
Wabinas lawyers Ong Yu Shin and Soon Ley Theng outside the courtroom at the High Court in George Town today. GEORGE TOWN: The High Court here today allowed a judicial review of a ministers order on the federal gazette allowing companies to repay their debts in six months instead of 21 days during the movement…