Beena Parmar Moneycontrol News Bankers will be meeting today to decide on a restructuring plan for debt worth over Rs 42,000 crore owed by Reliance Communications (RCom). After four rating firms recently downgraded the company’s debt, its bad loans are in danger of turning into non-performing assets. Banks are likely to discuss how RCom will use the…
Portland Paints and Products Nigeria PLC (PPPNP), has said the ongoing restructuring exercise has impacted positively on its bottom-line, as it recorded a profit after tax of N8, 597 million. This, according to the firm, is a major reversal from the N232.98 million losses recorded in the previous year.The Chairman of the company, Larry Ettah,…
Managed services provider Novo IT, formerly known as AVC, has entered into voluntary administration after 28 years in business. David Ian Mansfield and Neil Robert Cussen from Deloitte Financial Advisory were appointed voluntary administrators on 23 May. A first meeting of creditors is scheduled for 2 June. The company currently employs approximately 30 people, all…
Mumbai: Lenders to Reliance Communication Ltd (RCom) have convened a meeting on Friday to discuss restructuring proposals for the debt-ridden telecom firm, said two bankers directly involved in discussions. On Thursday, ratings agency Fitch said some kind of default is a real possibility, while cutting RComs debt rating to junk status. The restructuring proposals could…
Viet Nam News HÀ NI US businesses must engage more strongly in Vit Nams economic restructuring, especially in the finance-banking sector and in State-owned enterprise equitisation, Prime Minister Nguyn Xuân Phúc said on Tuesday. He made the remark while attending a round-table talk on the US-Vit Nam investment co-operation in New York. The…
British retailer Arcadia Group has sent a team of executives to Australia to nut out a deal to save the Topshop and Topman business, which collapsed into administration last week, putting stores and jobs at risk. Administrators Ryan Eagle, James Stewart and Jim Sarantinos of Ferrier Hodgson have been in telephone talks with Topshop founder…
Drake & Scull International (DSI), a regional engineering and services leader, said it has won approval from shareholders on the proposed capital restructuring programme which will see the company pursue a two-pronged strategy with additional capital reduction in the first phase and endorsement of Dh500 million ($136 million) capital increase in the second phase. The…
Drake & Scull International (DSI), a regional engineering and services leader, said it has won approval from shareholders on the proposed capital restructuring programme which will see the company pursue a two-pronged strategy with additional capital reduction in the first phase and endorsement of Dh500 million ($136 million) capital increase in the second…
May 25 Subex Ltd * Says proposed group restructuring of co’s business * Says restructuring to result in segregation of co’s business into separate verticals * Says Subex Secure & Analytics Solutions to be transferred to group entity Subex Digital LLP * Says revenue maximization solutions would be transfrerred to subex assurance llp after restructuring…
Forex firm WorldFirst is laying off up to 20 staff over the next two months as it refocuses its business, City A.M. has learned. The company could not confirm exact numbers, but said the job cuts would affect UK employees. WorldFirst is moving away from providing hedging products and plans to focus instead on e-commerce,…