Telecom operator Aircel said onWednesday it has filed for bankruptcy as the company has been facing troubled times in highly financially stressed industry. In a statement in New Delhi, Aircel said that intense competition following the disruptive entry of a new player, legal and regulatory challenges, high level of unsustainable debt and increased losses had…
Feb 28 (Reuters) – Aircel : * AIRCEL FILES FOR BANKRUPTCY * FILED APPLICATION FOR UNDERTAKING CORPORATE INSOLVENCY RESOLUTION PROCESS FOR AIRCEL CELLULAR, DISHNET WIRELESS AND AIRCEL LTD * ACKNOWLEDGED HAS BEEN FACING TROUBLED TIMES OWING TO INTENSE COMPETITION FOLLOWING DISRUPTIVE ENTRY OF A NEW PLAYER, LEGAL, REGULATORY CHALLENGES * REQUESTS CONTINUED SERVICES FROM SUPPLIERS…
Several Bunbury businesses are hundreds of thousands of dollars out of pocket after the company in charge of work at the former Department of Parks and Wildlife headquarters site went into liquidation. A Department of Finance spokeswoman confirmed to the Bunbury Herald that civil engineering and earthworks company BCL Group has suspended trading. In the…
A QUEENSLAND owned and operated organic retailer has gone into liquidation, owing $2.8 million to more than 200 creditors. Wray Organic Pty Ltd, which operates stores under the Wray Organic banner in Toowoomba, Ipswich, and Newmarket, was established by owner Deborah Wray and her partner Gary Davis at Palm Beach on the Gold Coast in…
About 70 creditors, many from the Peel region, are claiming to be owed money by a Mirabooka building company that has been placed in the hands of liquidators. Cole Building Pty Ltd, trading under the name Colista Homes, was entrusted to administrator Steven Kugel of The Insolvency Experts on January 31. The shareholders placed the company into…
SUBCONTRACTORS and new home clients are counting the costs after another Gold Coast builder collapsed this week. Future Urban Residential, a Varsity Lakes-based business, went into liquidation late on Monday, leaving homes unfinished and subbies bills unpaid. The Queensland Building and Construction Commission is investigating the collapse and has referred the case to Federal regulator…
A QUEENSLAND owned and operated organic retailer has gone into liquidation, owing $2.8 million to more than 200 creditors. Wray Organic Pty Ltd, which operates stores under the Wray Organic banner in Toowoomba, Ipswich, and Newmarket, was established by owner Deborah Wray and her partner Gary Davis at Palm Beach on the Gold Coast in…
A QUEENSLAND owned and operated organic retailer has gone into liquidation, owing $2.8 million to more than 200 creditors. Wray Organic Pty Ltd, which operates stores under the Wray Organic banner in Toowoomba, Ipswich, and Newmarket, was established by owner Deborah Wray and her partner Gary Davis at Palm Beach on the Gold Coast in…
Debt-laden Monnet Ispat and Energy Ltds creditors have approved an offer made by a consortium of distressed asset fund AION Capital Partners and billionaire Sajjan Jindal-led JSW Steel, The Economic Times reported, citing a person aware of the development. The offer includes a payment of Rs 2,450 crore to the lenders and equity funding of…
Calcutta: Numetal’s partners may buy out Rewant Ruia’s stake in the consortium pitching for Essar Steel if the latter is found to be ineligible to bid for stressed assets under the provisions of the Insolvency and Bankruptcy Code (IBC). Rewant, the younger son of Essar Group founder and promoter Ravi Ruia, holds a 25 per…