Anima, the parent company that created Kronaby watches, has declared itself insolvent and filed for bankruptcy in its native country of Sweden. The company is now in the hands of a trustee appointed by the court, and continues to trade. CEO Pl Borge told WatchPro today that they have been working to find a new…
DetailsUnum, a Tennessee-based insurance company, is allowing its US employees to exchange unused vacation days for help with student loan payments. Unum employees are allotted at least 28 paid vacation days a year; they can forfeit up to five days and receive up to $US250 a month cash toward their student loans. An increasing number…
DetailsPublished 7 February 2019 High Court Permanent TSB (PTSB) has lost an appeal against a Personal Insolvency Arrangement (PIA) which was confirmed in the Circuit Court in 2017. PTSB had voted against the terms of the PIA, in which the Personal Insolvency Practitioner proposed that the mortgage debt be written down, and the remaining…
Details– Company cost structure expected to be reduced by $70 to $75 million in 2019 – Approximately $100 million in cash and marketable securities at December 31, 2018 DUBLIN, Ireland, Feb. 07, 2019 (GLOBE NEWSWIRE) — Avadel Pharmaceuticals plc (Nasdaq: AVDL), today announced a corporate restructuring to assure the financial health required to maximize the…
DetailsVarun Marwah February 7 2019 The Supreme Court in a recent judgment has categorically held that commercial wisdom of the Committee of Creditors (CoC) is sacrosanct and not subject to judicial review. Besides, the commercial wisdom of the CoC has been given paramount status without any judicial intervention, for ensuring completion of the stated processes…
DetailsIn a bid to facilitate resolution process under insolvency law, the RBI Thursday proposed to permit bidders to raise funds through external commercial borrowing for repayment to the existing lenders. As per the existing guidelines, the proceeds of External Commercial Borrowing (ECB) denominated in either foreign currency or Indian Rupee, are not permitted to be…
DetailsPhil Chronican, a non-executive director who has been appointed acting CEO, is a safe pair of hands, having had a lengthy career at Westpac before ending his executive career running ANZs Australasian businesses. Having a temporary CEO and a chairman simply warming the chair until the new CEO is found is, however — at this…
DetailsMUMBAI: The Reserve Bank of India (RBI) has made a special provision for companies bidding for stressed firms under the insolvency and bankruptcy code (IBC) with a view to make funds cheaper for such companies. RBI said bidding companies can now raise foreign currency funds through foreign banks abroad and use these proceeds to repay…
DetailsGordon Currie Aaron Fleming tried to extort 500 from the man he met on the dating appALAMY A blackmailer who threatened to expose a married man to his unsuspecting wife after meeting on a gay dating app was ordered to carry out 240 hours of unpaid work yesterday. Aaron Fleming used the Grindr app to…
DetailsA retail chain in the midst of voluntary administration has had half of its store network closed down with the stroke of a pen, citing a need to rightsize the business for sale. Administrator Worrells Solvency & Forensic Accountants announced that 28 of the 56 Napoleon Perdis stores had closed their doors permanently as of…
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