National Australia Bank has flagged $755 million of pre-tax restructuring costs, putting the hit close to the upper end of its first-half guidance. NAB previously outlined a cost of between $500 million and $800 million, largely related to redundancies. The lender in November announced it will slash 4,000 jobs over the next three years as…
DetailsMUMBAI: With Alok Industries heading into likely liquidation, about 12,000 permanent employees of the company are set to lose jobs in what could be the biggest labour casualty since the implementation of the bankruptcy code. These employees earned an average salary of Rs 1.45 lakh a year, show data compiled by Corporate Professionals that used…
DetailsControversial property developer Salim Mehajer has launched a Federal Court bid to overturn his bankruptcy while he awaits a court ruling on whether he will be jailed for electoral fraud. At an urgent hearing on Monday, the former deputy mayor of the now-defunct Auburn Council is expected to ask Justice Michael Lee to annul the…
DetailsToday’s City Moves cover the insolvency sector, insurance and legal eagles. Take a look at these movers and shakers: R3 Stuart Frith, a Partner at Stephenson Harwood LLP, is taking over as the new president of R3, the insolvency and restructuring trade body. His year-long term starts today. With over 30 years experience in the…
DetailsImage Source: baltictimes x DOWNLOAD British Steel consortium to acquire KVV Liepajas Metalurgs in Latvia – Report British Steel consortium to acquire KVV Liepajas Metalurgs in Latvia – Report The Baltic Times reported that British Steel consortium has repeatedly voiced a wish to purchase Latvias insolvent KVV Liepajas Metalurgs steelworks as a whole, according to…
DetailsArcelorMittal and Nu Metal will get another chance to prove their credentials to take over Essar Steel, facing insolvency proceedings in bankruptcy court. The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Thursday declared invitation of the second round of bids for Essar Steel as invalid, brightening the chances for these two companies…
DetailsCarson’s Fort Wayne location is shown. Copyright 2018 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Carson’s Fort Wayne location is shown. MILWAUKEE (AP) – The Bon-Ton Stores, which operates 260 department stores in the U.S. including Carson’s, is expected to go out of business after two…
DetailsLoading A horror story is coming The IMF does not take into account the near certainty of a global downturn at some point over the next five years. A deep recession would push the deficit into double digits, and send the debt ratio spiralling towards 140 per cent in short order. There is no justification…
DetailsThe Tata groups plan to exit the hydrocarbon sector as part of its business restructuring plan, and has thus put up Tata Petrodyne assets for sale. Photo: Bloomberg Mumbai: Tata Petrodyne Ltd, which has put up its six oil and gas blocks for sale, is yet to find interest from buyers, two people aware of…
DetailsArcelorMittal and Nu Metal will get another chance to prove their credentials to take over Essar Steel, facing insolvency proceedings in bankruptcy court. The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Thursday declared invitation of the second round of bids for Essar Steel as invalid, brightening the chances for these two companies…
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