Creditors of luxury handbag retailer Oroton (ASX: ORL) will vote next week on a $25 million rescue plan that will hand control of the company to major shareholder Will Vicars. The company’s administrator, Deloitte, has recommended creditors vote in favour of a deed of company arrangement that would return between 36 and 58…
Joan Verdon, USA Today Network Published 1:32 p.m. CT March 21, 2018 | Updated 1:39 p.m. CT March 21, 2018 CLOSE Interview with Sheena Henderson of Knoxville outside the Toys “R” Us on Kingston Pike, the day after the company announced plans to close its 800 stores. Jim Gaines, USA TODAY Network – Tennessee This…
The other key arguments Dalmia has made in the affidavit are… – UltraTech’s second resolution plan was submitted after the final submission date set out by the resolution professional. By then Dalmia had already been selected as the winning bidder. – Two plans cannot be submitted by an applicant as per clauses laid down in…
SEBI plans to bring in additional disclosure requirements for listed corporates undergoing insolvency resolution process as well as amend norms pertaining to minimum public shareholding norms and other provisions for such entities, a senior official said. The proposal comes at a time when there are increasing number of cases coming up under the Insolvency and…
By Valentina Za and Simon Jessop A tale of two hotels: Italy’s bad loan sales hang in the balance MILAN/LONDON (Reuters) – The Hotel Dei Dogi, a lagoon-side palazzo in Venice, will be renovated in the autumn for the first time in 20 years after a U.S. investment firm snapped up the debts of its…
While dismissing two applications filed against a resolution professional for wrongful conduct, Judicial Member Jinan K.R of the Kolkata Bench of NCLT has also reflected his views on the exaggerated insolvency resolution cost of a dying corporate debtor. On an application filed by Punjab National Bank, Divyajyoti Sponge Iron Ltd. was placed under the corporate insolvency…
MUMBAI: In a fresh twist to the ongoing takeover battle over Binani Cement, resolution professional (RP) Vijaykumar V Iyer has moved the National Company Law Tribunal (NCLT), Kolkata, alleging fraudulent transactions of about Rs 2,400 crore involving the corporate debtor (Binani Cement) that are undervalued, extortionate, preferential. In his March 13 application, the RP asked…
After trying and failing to find a buyer, the Weinstein Company is officially filing for bankruptcy which is a game changer for Harvey Weinsteins alleged victims. Founded by Weinstein and his brother Bob Weinstein in 2005, the company was already in some financial trouble before the allegations of sexual assault and harassment against Harvey Weinstein…
(Reuters) – Toys R Us heads to U.S. Bankruptcy Court on Tuesday to defend its liquidation plan against an onslaught of objections from creditors, particularly suppliers demanding payment for thousands of toys ranging from Poopeez to Bratz. FILE PHOTO – People pass by Toys R Us store at Times Square in New York, U.S., March…
By Tracy Rucinski Dozens of toy suppliers object to Toys ‘R’ Us liquidation plan (Reuters) – Toys ‘R’ Us heads to U.S. Bankruptcy Court on Tuesday to defend its liquidation plan against an onslaught of objections from creditors, particularly suppliers demanding payment for thousands of toys ranging from Poopeez to Bratz. More than 50 suppliers,…