Popular chain Pizza Express said on Monday that creditors had approved restructuring plans that will close 73 of its restaurants and put as many as 1,100 jobs at risk in the UK. In a statement, the company said that 89% of its creditors voted in favour of its proposed company voluntary arrangement (CVA) restructuring deal,…
MUMBAI: The RBIs norms on corporate loan restructuring are likely to exclude a large number of companies as bankers expect advances worth only Rs 2-3 lakh crore will qualify for recast.A five-member committee headed by K V Kamath, constituted by the RBI to look into the parameters within which restructuring can be allowed, has submitted…
RBI set to announce one-time loan restructuring guidelines soon |  Photo Credit: BCCL New Delhi: The Reserve Bank of India is set to announce the financial parameters. In his interview with CNBC Awaaz, RBI Governor Shaktikanta Das said that banks can extend the loan moratorium by 3, 6, or even 12 months under the one-time restructuring.…
Finance Minister Nirmala Sitharaman last week asked banks and NBFCs to roll out one-time loan restructuring scheme for Covid-19 related stress by September 15 TopicsIndian Banks|Bank loans|Aviation industry Banks may restructure loans of more than Rs 10 trillion largely attributed to 5-6 critical sectors, including aviation, commercial real estate and hospitality, that have been severely…
Kolkata: ITC chairman Sanjiv Puri did not rule out the possibility of restructuring the company or buyback of shares to unlock shareholders value at the annual general meeting (AGM) of the conglomerate on Friday.Puri also made it clear that he is keen to see that the new FMCG brands of tobacco-to-FMCG-to-hotel major make significant international…
4th September, 2020 by Rupert Millar Berry Bros & Rudd has announced that following an internal review it will be changing the trade and business model of its wholesale arm Fields, Morris & Verdin. Over the course of this week several other merchants have announced the addition of former FMV-distributed wineries to their own portfolios.…
UK carrier Virgin Atlantic is to cut a further 1,150 jobs after formally securing court approvals for a restructuring plan which will unlock 1.2 billion ($1.6 billion) worth of refinancing. The fresh cuts reflect the continued challenges in restoring international air travel amid the global pandemic, in particular the key transatlantic market, which represents around…
Renault has detailed a plan to revive its fortunes by restructuring the business around four core pillars. One of them is Alpine, which has a new brand boss and a secure future after months of speculation. The new strategy is being deployed by the groups new boss, ex-Seat CEO Luca de Meo. The four core…
In Re PT MNC Investama TBK [2020] SGHC 149, the Singapore High Court provided guidance as to what is sufficient for a foreign company to establish standing to avail itself to the Singapore restructuring regime. Specifically, the factors expressed in the “substantial connection” test under the IRDA1are non-exhaustive and courts will consider other factors involving…
Electric vehicle start-up e.GO Mobile has taken advice from White & Case on a successful restructurin… Electric vehicle start-up e.GO Mobile has taken advice from White & Case on a successful restructuring of its business. With Aprils onset, Aachen, Germany-headquartered e.GO filed an application for personal insolvency procedures under self-administration. e.GO then filed for insolvency…