Byju’s plans to cut as many as 5,000 jobs in the coming weeks, a person familiar with the matter said, as the Indian edtech giant looks to pare down costs amid a broader restructuring of its business following a delayed IPO and pressure from lenders. The Bengaluru-headquartered startup, which recently appointed a new head for…
DetailsReuters. The Supertech ORB project, managed by the indebted Supertech group, has been admitted into the Corporate Insolvency Resolution Process (CIRP) by the Prayagraj National Company Law Tribunal (NCLT). This decision follows a plea from Assets Care and Reconstruction Enterprises Limited (ACRE) regarding a defaulted debt repayment of Rs. 482 crore, including both principal and…
DetailsVital Metals, Canadas only rare earths producer, declared bankruptcy at its Canadian subsidiary following a review of its semi-finished processing plant in Saskatoon, which worth $55 million. The company suspended construction of the Saskatoon plant in April, citing rising plant costs and falling rare earth prices that reduced the viability of refining ore at the…
Details(l-r): Lizzy Wood, Craig Scott (Business Group leader), Lemi McAuley, Molly Rowell (Image credit: Hill Dickinson) Law firm Hill Dickinson has established a full restructuring practice at its Leeds office following a double appointment. Lizzy Wood and Molly Rowell have reunited with restructuring partner Lemi McAuley, who joined the firm earlier this year, completing a…
DetailsSMSF members facing bankruptcy have the potential to seek permission from the Federal Court to retain their roles as directors of an SMSF corporate trustee, provided the funds administration remains in good standing, according to an SMSF legal expert. Traditionally with bankruptcy there was really only two choices: if the member of an SMSF went…
DetailsIf a business experiences financial difficulty and becomes insolvent, the appointed officeholder scrutinises the companys financial affairs to identify whether antecedent transactions have been made. These are transactions conducted before, or at the time of insolvency, and are typically associated with fraudulent activity or attempts to avoid repaying the companys creditors the monies they are…
DetailsDessert brand Sara Lee has entered voluntary administration, only a year after celebrating 50 years in Australia. Vaughan Strawbridge, Kathryn Evans, and Joseph Hansell of FTI Consulting were appointed as receivers. The appointment aims to seek restructuring and sale of the business while continuing its operations in the country. While it has not been stated…
DetailsBurt Young, who played Paulie in the “Rocky” film franchise, has died at 83. October 18, 2023, 10:34 PM Burt Young, the Academy Award-nominated actor known for his timeless role as Paulie in the “Rocky” film franchise, has died at 83, his manager confirmed to ABC News. “Burt was an actor of tremendous emotional range.…
DetailsSara Lee Holdings, a company well-known for its frozen desserts such as cheesecakes, pies and ice cream, has gone into voluntary administration. While there’s uncertainty around the future of the dessert brand, the factory appeared to be in full swing this morning. Let’s unpack what we know and who the brand got its now-famous name from. Who owns…
DetailsOct 18 (Reuters) – Walt Disney (DIS.N) will break out its sports programming revenue from the fourth quarter onwards following a restructuring of the company announced earlier this year, the media firm said on Wednesday. Results from Disney’s media and entertainment business will be reported in two segments: entertainment and sports. Sports will include ESPN…
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