The country’s largest hot-rolled steelmaker, Sahaviriya Steel Industries Plc (SSI), may be able to move forward with its business rehabilitation plan this month if the Central Bankruptcy Court approves the plan. The court is scheduled to make a ruling on Dec 15. Hot-rolled coil production at the SSI plant in Prachuap Khiri Khans Bang Saphan…
. The Cabinet yesterday agreed to liquidate the Rakna Araksha Lanka Limited following consultations with the Attorney General when President Maithripala Sirisena presented a cabinet paper in his capacity as the Minister of Defense. Parallel to the liquidation, it also proposes to assign the tasks of providing security in land to Civil Security…
John Haddock, CHAMP Private Equity CEO: A non-deal roadshow for CHAMP’s Accolade is underway. Treasury Wines Estates has added a little wrinkle to the potential float of Accolade Wines by terminating a wine bottling deal in the United Kingdom with the ASX aspirant. Treasury has given Accolade notice that it intends to cease a wine bottling…
Masters Home Improvement stock is now up to 95% off as the hardware chain enters its final four days of trading, with Woolworths looking to recoup close to $700 million in the liquidation sale. After a relatively brief five-year journey, Woolworths announced its plans to close Masters in August and GA Australia took control of…
Allegro Funds has acquired West Australian drilling outfit JSW Australia. Street Talk can reveal the Sydney-based private equity group received approval for the purchase at a creditors’ meeting on Thursday JSW, a mine production and specialist drilling services business, is a subsidiary of Hughes Drilling, which went into voluntary administration in September. The company operates a fleet of 18 drill rigs,…
Two recent federal court decisions establish that managers of financially troubled Missouri limited liability companies do not owe a fiduciary duty to creditors of their troubled enterprises. Imperial Zinc Corp. v. Engineered Products Industries, L.L.C., No. 4:14-CV-1015-AGF, 2016 WL 812695 (E.D. Mo. Mar. 2, 2016); Imperial Zinc Corp. v. Engineered Products Industries, L.L.C.,…
The move would allow the second-tier club, founded in 1885 and currently based in Richmond-upon-Thames in south-west London, to re-form as a semi-professional side. “London Welsh has reached a difficult point in its illustrious history,” chairman Gareth Hawkins said in a statement. “Due to a playing budget of 1.7 million pounds and gates at games…
7 December, 2016 The Insolvency and Bankruptcy Code, 2016 (the “Insolvency Code, 2016”) had received the assent of the President of India on May 28, 2016. Since then, there have been discussions among the stakeholders with respect to its implementation and its repercussions on the interested parties, including corporates and individuals. There have been certain material developments…
IRON-ORE product trader Abterra said on Wednesday its controlling shareholder, General Nice Resources (Hong Kong), has been put under liquidation by the High Court of Hong Kong. General Nice Resources has a direct interest of 34.96 per cent in Abterra. “The board is assessing the impact on the company including whether the company is able…
A non-profit co-op health insurance company that was suspended in July by the Connecticut Insurance Department (CID) due to hazardous financial standing will likely face liquidation by the end of the year, it has been reported. In a Superior Court filing, CID commissioner Katharine Wade stated that further attempts to rehabilitate HealthyCT would be futile…
