NEW DELHI: Top officials at leading banks fear that the insolvency resolution process at three companies with dues of about Rs 1 lakh crore is likely to fail, leading inevitably to liquidation. Lenders are unwilling to accept offers for Lanco Infratech, ABG Shipyard and Alok Industries that involve substantial haircuts over concerns that such deals…
DetailsRIGA The British Steel consortium has repeatedly voiced a wish to purchase Latvias insolvent KVV Liepajas Metalurgs steelworks as a whole, according to a letter written by British Steel at the disposal of LETA. A consortium that includes British companies British Steel and Greybull Capital and Estonian company Baltic Metal Holding in a letter dated…
DetailsMIAMI TOWNSHIP, Ohio (WDTN) – More than 100 people at the Dayton Mall’s Elder-Beerman Department store could be out of a job in a matter of months. Elder-Beerman’s parent company, Bon Ton, announced today: the company is going into liquidation. Loyal customers of the department store say the news comes as a shock. “I didn’t…
DetailsLegal Aid NSW’s Patricia Simpson (left) and Heidi Campbell where providing advice at Glen Innes court house last month, and now the ‘Fines Fare’ is coming to Tenterfield. Do you fear getting another demand notice in the mail or online for an unpaid bill? Are you a disqualified driver who cant get to work to…
DetailsThe future looks bleak for Bon-Ton Inc., the parent company of Herbergers department stores. A court-supervised auction of the bankrupt business started Monday. According to the Reuters news agency, sources familiar with the matter said that liquidation firms Great American Group and Tiger Capital Group won the auction with a $775.5 million bid. If the…
DetailsLegal Aid NSW’s Patricia Simpson (left) and Heidi Campbell where providing advice at Glen Innes court house last month, and now the ‘Fines Fare’ is coming to Tenterfield. Do you fear getting another demand notice in the mail or online for an unpaid bill? Are you a disqualified driver who cant get to work to…
DetailsA black wrecking ball, with the word DEBT written on it, on top of a floor that it has obviously broken upon landing Getty Images When your credit card bills are piling up and youve got little hope of ever paying them down, the option that comes with the most risk can feel like the…
DetailsA FORMER Noosa businessman who told a jury he “can’t even spell” has denied claims he was involved in the defrauding of a Hervey Bay company. Dimitrios Pagonidis gave evidence at his own trial at the Maroochydore District Court yesterday and told the jury he never owned the business, DNA Spray Booths and DNA Panel…
DetailsTelecom service provider Aircel’s committee of creditors (CoC) is reportedly considering an option to restart the firm’s mobile phone operations, in some circles, and the CoC is scouting for investors. According to The Economic Times, Aircel’s lenders, led by the State Bank of India (SBI), representatives from the firm’s management and an insolvency professional from Deloitte…
DetailsSolarWorld’s Hillsboro factory will survive and perhaps expand after its sale Wednesday to a rival company, SunPower. Though based in California, SunPower makes most of its solar panels overseas and it had lobbied unsuccessfully against new tariffs that SolarWorld sought on imported solar panels. With Wednesday’s deal, SunPower now has a domestic manufacturing source that…
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