With the Gujarat High Court dismissing Essar Steel’s plea against RBI’s insolvency order, the company today said it should have been given time to complete its debt restructuring. Essar Steel further said it apprehended that bankruptcy proceedings at this stage may lead to deterioration of the company’s operations delay the resolution discussion…
Brian Pfeiffer. Courtesy photo White & Case has lured away Schulte Roth & Zabel partner Brian Pfeiffer as part of an expansion of its global financial restructuring and insolvency practice. Pfeiffer, who joins as a partner at White & Case, will split his time between the firm’s New York and Miami offices. His move…
The company’s existing lenders have agreed to continue to support the company by providing debtor-in-possession (DIP) financing that will be combined with its cash from operations to ensure and support continued business operations. “Beaulieu family members and our board of managers believe pursuing a restructuring through chapter 11 is the best path forward at this…
Sears Canada plans on rewarding select employees with retention payments totalling up to $9.2 million while laying off thousands without severance, a move met with public outcry and criticism from some former employees. The Key Employee Retention Plan (KERP) was approved by the Ontario Superior Court of Justice on June 22, when Sears initially filed…
Image caption Call Connection, which has offices in Ipswich and London, has appointed BDO as its administrators More than 130 people are expected to lose their jobs after a call centre went in to administration. Call Connection, which has offices in Ipswich and London, has appointed BDO as the administrators. The company, which provides call…
Introduction Pentair (NYSE:PNR), a leader in the diversified industrials market, recently entered into a series of transactions that has narrowed down its portfolio of business segments. In August of 2016, it announced its intent to sell its Valves & Controls business – notably its largest segment and biggest foray into the oil and gas market…
As Chinas economy slows down, dispute resolution work for offshore law firms has grown, and a number of them have beefed up their disputes practices. A slowdown of the Chinese economy has hurt a number of international firms in Asia as capital markets work has dwindled. But on the flip side, offshore firms have…
India recently directed lenders to initiate bankruptcy proceedings against 12 of the biggest loan defaulters in an effort to clean up the countrys bad loan mess. But how effective will it be? Last month, Indias central bank asked lenders to initiate bankruptcy proceedings against a dozen companies, including Essar Steel, Bhushan Steel Ltd, Monnet…
Turku, Finland, 2017-07-14 08:00 CEST (GLOBE NEWSWIRE) — TELESTE CORPORATION STOCK EXCHANGE RELEASE 14.7.2017 AT 09:00 PROFIT WARNING: TELESTE RECORDS A GOODWILL IMPAIRMENT AND A RESTRUCTURING PROVISION FOR THE SERVICES BUSINESS IN GERMANY AMOUNTING TO A TOTAL OF EUR 9.3 MILLION AND CHANGES ITS FINANCIAL OUTLOOK FOR 2017 Due to the negative profitability development in…
To give beleaguered Sears Canada a boost in 2014, employee Peter Myers recruited his famous brother, comedian Mike Myers, to star in a commercial for the retailer. The ad was a hit. It featured both Myers brothers using humorous banter to spread the message that, despite rumours, Sears wasn’t shutting down. “I was the face of ‘we’re…