Distressed Chinese developer Powerlong Real Estate Holdings unveiled the preliminary terms of a restructuring agreement with an ad hoc group (AHG) of creditors late on Thursday, a deal which is expected to give the Shanghai-based company a brief respite from the ongoing debt crisis. The builder said it had agreed with the AHG on restructuring…
DetailsThe International Supply Chain (ISC) business will be demerged into a separate entity, Allcargo ECU Limited and will include the India part of International Supply Chain business along with the international subsidiaries and Contract Logistics business would come under Allcargo Logistics. In Q2FY24, Allcargo Logistics reported a revenue of Rs 3,307 crore, a 35 percent…
DetailsAllcargo Logistics share price jumped 9.5% on Friday’s session after Allcargo Logistics Ltd and Allcargo Gati boards approved business restructuring on Thursday, as per the company’s exchange filing. Allcargo Logistics share price today opened at 299.55 apiece on BSE today. Allcargo Logistics stock price touched an intraday high of 312.05 and an intraday low of…
DetailsThe boards of Allcargo Logistics Ltd and Allcargo Gati Ltd have approved the composite scheme of arrangement for restructuring of businesses under Allcargo Ltd and Allcargo Gati Ltd (formerly Gati Ltd). As per the scheme, the International Supply Chain (ISC) business will be demerged into a separate entity, Allcargo ECU Limited. This would include the…
DetailsBURLINGTON, ON, Dec. 21, 2023 /CNW/ – Element Nutritional Sciences Inc. (CSE: ELMT) (OTC: ELNSF) (FRANKFURT: 93X) (the “Company” or “Element”) announces it has entered into an agreement to extend the engagement of an arm’s-length corporate advisor (the “Service Provider”) for an additional 12-month term. Pursuant to the terms of the agreement, the Service Provider will…
DetailsBird Global, Inc., an environmentally friendly electric transportation company, has announced its entry into a financial restructuring process aimed at strengthening its balance sheet and better positioning the company for long-term, sustainable growth. Bird will operate as usual during this process, maintaining the same service for its riders and upholding its commitments to partner cities,…
DetailsNational company law tribunal (NCLT) has admitted a personal insolvency application filed by Indian Bank against realtorPranav Ansal, the promoter of Ansal Properties and Infrastructure, as per the contents of a court order.NCLT’s has directed the appointment of Roshan Lal Jain as the resolution professional to verify the claims made by Indian Bank against Ansal.…
DetailsSMEs dominate the latest annual insolvency statistics and highlight the lagging impact of Covid on small business, ASIC says. Its series 3 data, based on liquidators reports, shows more than eight out of 10 companies entering administration in FY23 had assets of $100,000 or less while just one in 20 had $1 million or more.…
DetailsAgilent Technologies has begun implementing a plan to cut approximately 400 jobs and close a number of its facilities by the end of the 2024 fiscal year, according to a 10-K form the company filed with the U.S. Securities and Exchange Commission (SEC). In the SEC report, available on the firms website, the company said…
Details[embedded content] For In-house Counsel or HR professionals in Asia, what are some key issues to be aware of when implementing a business restructure? There are some key areas you will want to focus on when restructuring a business operation in the APAC region. First, consider the jurisdiction and its challenges. People often think that…
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