By World Oil Staff on 5/13/2019 Photo: Weatherford President and CEO Mark McCollum. HOUSTON One of the worlds largest oilfield services companies filed for Chapter 11 Bankruptcy protection on Friday, and the move may finally give Weatherford International plc enough room/time to turn around its struggling operations. The firm announced…
DetailsNEW DELHI: Lenders of debt-ridden dairy firm Kwality on Monday decided to carry out voting on extending the May 15 deadline for submitting the resolution plan by interested bidders, including Haldiram and Kotak group firm, sources said. The lenders would also vote on seeking extension of insolvency proceedings by 90 days, they said. As many…
DetailsNew Zealand-based CBL Corporation has been placed into liquidation by the High Court, as directors of the failed insurer withdrew their opposition to liquidate the group. CBL Corporation directors Alistair Hutchison and Peter Harris said they decided not to oppose the liquidation application after failing to obtain the agreement of the companys bankers to the…
DetailsThe latest insolvency statistics published by Deloitte show that the total number of corporate insolvencies in Q1 2019 was 195, a marginal increase when compared to Q1 2018 when 188 corporate insolvencies were recorded. Further analysis of the insolvencies in the first quarter of the year reveals that eight out of ten companies (154, 79%)…
DetailsPursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, kindly note that the sixth meeting of CoC of Kwality Limited is schedule on 13th May, 2019 at 03:00 PM at The Claridges, Viceroy Hall, 12 Dr. A P J Abdul Kalam Road, New Delhi – 110011 as per the…
DetailsLaxman Pai May 13, 2019 Image: Weatherford International Irish-domiciled multinational oil and natural gas service company Weatherford International has entered into an agreement with its top creditors that will allow the company to file for a “prepackaged” Chapter 11 bankruptcy – after more than four years without making a profit. Weatherford expects…
DetailsBy Express News Service Corporate insolvency and resolution is a work in progress. To smooth out its kinks, the Insolvency and Bankruptcy Board of India (IBBI) had, last week, proposed additional changes, allowing companies to withdraw an application from undergoing the insolvency process. Such an option doesnt exist now, and as a result though, several…
DetailsNEW DELHI: Small borrowers with annual income up to 60,000 are likely to get automatic relief for any unsecured loans they are unable to repay, according to a new scheme for personal insolvency resolution that the government has prepared. The new scheme that will replace colonial era laws dealing with personal bankruptcy will also give…
DetailsSTUFF Lights blazed late into the night as CBL Insurance staff attempted to save the company in 2018. The failures of CBL Insurance has led to a review at the Reserve Bank. CBL Corporation, which was once valued at $750 million, has been placedintoliquidation by the HighCourt in Auckland. CBL Corporation was a feature of…
DetailsA FEDERAL agency chased a Gladstone man for nearly two years to fill out a form a magistrate said would take just five minutes. Former business owner Michael Rodney Stark pleaded guilty in Gladstone Magistrates Court last week to one count of fail to make out and file statement of affairs and furnish a copy…
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