NEW DELHI: Creditors of debt-ridden Videocon Industries Ltd will be taking nearly 96 per cent haircut on their loans and the bidder is “paying almost nothing” for the company, NCLT has observed while approving Anil Agarwal’s Twin Star Technologies’ Rs 2,962.02 crore-bid under the insolvency resolution process.Videocon Industries and its 12 group companies had a…
DetailsA GAMBLING addict has been jailed for embezzling 223,000 from the law firm where he worked. Trainee paralegal Callum Scott, 23, was sentenced to 16 months after he admitted redirecting customer refunds, repayments or overpayments to his own bank account, to pay off mounting payday loans. 1 Callum Scott has been jailed for 16 monthsCredit:…
DetailsThe process, known in German as Schutzschirmverfahren (SSV) literally translates to restructuring under protection of the insolvency laws. This method permits management to restructure the business in an efficient manner, thereby increasing productivity and flexibility in the production process. Reorganising in such a manner also allows for an increased stabilisation of the company, creating a…
DetailsThe FTSE 100 index closed higher on Tuesday, with Associated British Foods PLC leading the sessions risers list and Antofagasta PLC the fallers. “The FTSE is edging higher, lifted by large dollar-earning companies such as Diageo, Unilever and British American Tobacco as the pound falls. However, gains in the index are being capped by delays…
DetailsBellway’s Share Price Looks Well Supported House builder Bellway’s share price should be well underpinned by the expected delivery of growth over the medium term and a decent dividend payout, Canaccord Genuity says. Bellway has guided for a higher average selling price for fiscal 2021 and pretax profit consensus forecasts for the year are likely…
DetailsThe fight for the crown jewel of the Australian gambling scene is heating up. Even more could jump into the fray. A bidding war for Crown Resorts CWN -0.57% has been brewing Down Under ever since an inquiry report, released by regulators in February, alleged that the casino operator has links with money laundering and…
DetailsQueenslands total debt will now be $122.7 billion in 2023-24 about $7 billion better off than initially forecast. Debt, at this stage, will top out at $127.4 billion by 2024-25, as the governments budgetary outlook improves courtesy of increased revenue from a recovering economy and a reduction in government expenditure. The economy has bounced back…
DetailsA debt consolidation loan can be an effective tool to help you pay off high-interest debt, but its not right for everyone. Make sure to weigh the pros and cons and consider alternative strategies. (iStock) A debt consolidation loan is a borrowing tool that allows you to combine existing unsecured debts into a single personal…
DetailsMember Article May 2021 insolvency statistics, R3 response Corporate insolvencies increased by 8.8% to 1,011 in May 2021 compared to Aprils figure of 929, and increased by 6.9% compared to May 2020s figure of 946. Personal insolvencies fell by 14% to 8,482 in May 2021 compared to Aprils figure of 9,864, and were 38.7% lower…
DetailsSINGAPORE (BLOOMBERG) – Asset sales in a liquidation process at Hyflux, Singapore’s highest-profile distressed company, would likely bring in less than $200 million, a person familiar with the matter said, a fraction of the amount creditors are claiming. Hyflux’s judicial manager Borrelli Walsh filed a court application earlier this month to wind up the water…
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