IFCI, a government company, is enthused over the Insolvency and Bankruptcy Code (IBC) process, stating that its experience so far has been “encouraging”. This company is now making “judicious use” of the IBC to address corporate restructuring issues, which includes recovery, V Satya Ventakata Rao, Executive Director, IFCI told BusinessLine here. As on date, IFCI…
Joan Verdon and Charisse Jones, The (Bergen County, N.J.) Record and USA TODAY Published 6:17 p.m. ET March 8, 2018 | Updated 8:49 p.m. ET March 8, 2018 CLOSE Toys R Us has gone into administration in the UK leaving 3,000 jobs at risk. The U.S. toy chain failed to find a buyer after struggling…
Toys R Us Inc. is making preparations for a liquidation of its bankrupt U.S. operations after so far failing to find a buyer or reach a debt restructuring deal with lenders, according to people familiar with the matter. While the situation is still fluid, a shutdown of the U.S. division has become increasingly likely in…
MUMBAI The fierce competition in India’s telecommunications sector has claimed another victim: Aircel, the Indian unit of Malaysia-based Maxis Communications. Aircel said on Feb. 28 that it had filed for bankruptcy in the local courts. The move by the last surviving small telecom operator signals that the end may be near for industry consolidation. Aircel’s…
THE mining arm of entrepreneur Beny Steinmetzs business interests, BSG Resources (BSGR), has been put into voluntary administration in order to protect its assets ahead of potential legal action it faces, said Reuters citing Dag Cramer, a director of BSGR. BSGR is caught up in legal disputes in relation to the vast Simandou iron ore…
The company, known as SixCap, was placed into insolvent liquidation last month in the British Virgin Islands where it’s incorporated, according to a statement dated Feb. 26 from appointed liquidator Baker Tilly. Investors and creditors were told they’re collectively owed more than $143 million, according to a Wednesday report by Singaporean newspaper The Business Times.…
Binani Cement is currently undergoing a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC). Photo: Bloomberg New Delhi: The Competition Commission of India (CCI) on Wednesday unconditionally approved the proposed acquisition of Binani Cement Ltd by Rajputana Properties, subsidiary of Dalmia Bharat Cement Ltd. Binani Cement is currently undergoing a corporate…
Liberty House, part of Sanjeev Guptas global industrial group GFG Alliance, said it has emerged as the successful highest bidder for Amtek Auto Pvt Ltd., paving the way for the formers entry into the Indian market. Liberty House…is set to make a dramatic entry into India after being chosen as preferred H1 bidder for Amtek…
Simon Mundy March 7, 2018 Tata Steel said it had been selected as the winning bidder for troubled rival Bhushan Steel, in one of the largest cases to be dealt with under Indias new insolvency system. Bhushan, a mid-sized Indian steelmaker with annual revenue of around $2bn, was put into bankruptcy proceedings last year after…
Customers who ordered products from failed reseller Warehouse1 may not receive refunds after the company entered liquidation two weeks ago with $3.8 million in claimed debts. The company, which operated an online store as well as a brick-and-mortar retail store in Melbourne, entered liquidation on 20 February, appointing SV Partners as liquidators. In the weeks leading up…