The National Company Law Tribunal’s (NCLT) Kolkata bench on Monday approved Vedanta Ltd’s resolution plan for the insolvent Electrosteel Steels Ltd. During the insolvency proceedings, the debt-laden company’s resolution professional had submitted Vedanta’s resolution plan before the bench for final disposal after lenders declared it as “successful resolution applicant”. …
DetailsGoing into administration means there is no guarantee workers will receive their entitlements at all, or that suppliers will have their invoices paid. The employee, who asked not to be named, said the restaurant had about 35 casual staff and 13 full-time workers, including some who the company had sponsored on work visas. A spokeswoman…
DetailsThe battleground for Binani Cement Ltd.s insolvency process has shifted back to the National Company Law Tribunal, Kolkata. Last week, Binani Industries Ltd. withdrew its petition seeking termination of the insolvency process for its debt-ridden cement unit that would have allowed an out-of-court settlement with UltraTech Cement Ltd. At the hearing before the Kolkata bench…
DetailsWILMINGTON, Del./NEW YORK (Reuters) – Bon-Ton Stores Inc, a bankrupt chain of 200 regional department stores, will go out of business after the only bidders competing at the Monday start of its court-supervised auction were liquidators, two sources familiar with the matter told Reuters. Bon-Ton had been working with U.S. mall owners Namdar Realty Group…
DetailsFranchisees of Aussie Farmers Direct say they have zero faith in seeing any money owed to them by the business, as the administrators of the grocery delivery chain say winding up the company is the most viable option. The grocery delivery operator fell into voluntary administration in March and franchisees were left shell-shocked by an…
DetailsApril 16 (Reuters) – Ideal Power Inc: * IDEAL POWER ANNOUNCES EXECUTIVE MANAGEMENT TEAM CHANGES AND CORPORATE RESTRUCTURING TO SUPPORT RECENT PROGRESS WITH PPSA AND B-TRAN TECHNOLOGIES * IDEAL POWER INC – EFFECTIVE TODAY, IDEAL POWER HAS REALIGNED INTO TWO SEPARATE OPERATING DIVISIONS; POWER CONVERSION SYSTEMS AND B-TRAN * IDEAL POWER INC – FORMER CHIEF…
DetailsFladgate LLP has advised Alyssum Group Ltd and its principal subsidiary Fly Victor Ltd on its corporate restructuring. Victor is a leading on-demand B2C jet charter platform driving disruption across the private aviation industry. Launched in 2011, the companys B2C offering rewrote the jet charter rulebook with a fully-transparent, subscription-free, globally on-demand marketplace allowing members…
DetailsA Bon-Ton storefront. Courtesy Photo At press time, the bankruptcy court-approved auction for The Bon-Ton Stores Inc. on Monday was headed toward a liquidation. The company on Friday selected a bid by Hilco Merchant Resources and Gordon Brothers Retail Partners as the baseline for the court auction. The dollar amount of the bid was not…
DetailsOne of his flagship restaurants closed after falling into administration, and the Jamies Italian division closed outlets in a bid to stem heavy losses. The UK Jamies Italian business was a sea of red ink, and Oliver had begged landlords of his underperforming restaurants to cut rents in an attempt to stop the chain going…
DetailsAUSTIN, Texas, April 16, 2018 (GLOBE NEWSWIRE) — Ideal Power Inc., (NASDAQ:IPWR), an innovative power conversion technology company, has announced new executive management team changes as part of a strategic restructuring to support operational progress with the companys two primary technologies. Effective today, Ideal Power has realigned into two separate operating divisions: Power Conversion Systems…
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