Lenders to Binani Cement Ltd. are not enthused with UltraTech Cement Ltd.s latest bid, a banker with direct knowledge of the matter said. The Birla group company would have to pay over Rs 8,000 crore including admitted claims worth Rs 7,600 and interest accumulated since initiation of insolvency worth Rs 400 crore to be considered…
DetailsAmericas teens may have to find somewhere else to get their ears pierced. Claires, the chainstore known for its tween jewelry and ear piercing, declared bankruptcy on Monday, the latest retailer to succumb to the online shopping revolution. Claires made the move as it announced it was looking to restructure $1.9bn in debts it built…
DetailsUltraTech Cement Ltd. has signed an in-principle pact with Binani Industries Ltd. to buy its holdings of a distressed unit as Indias largest cement maker attempts to beat out a Bain-backed consortium, which earlier made the winning bid in ongoing bankruptcy proceedings. UltraTech, controlled by billionaire Kumar Mangalam Birla, said it had agreed to pay…
DetailsThe Company’s management is confident that, through the restructuring process, Claire’s will cement its position as one of the world’s leading specialty retailers of fashionable jewelry, accessories, and beauty products for young women, teens, “tweens” and kids for many years to come. Unlike other retailers that have come before it, Claire’s has commenced its restructuring…
DetailsUltraTech Cement today said it has entered into an agreement with Binani Industries to buy 98 per cent stake in its debt ridden subsidiary Binani Cement Ltd (BCL) which is going through insolvency proceedings. In a filing to the stock exchange, UltraTech said it will issue a comfort letter to provide Rs 7,266 crore to…
DetailsHOFFMAN ESTATES, Ill., March 19, 2018 /PRNewswire/ — Claire’s Stores, Inc. (“Claire’s” or the “Company”) announced that it is pursuing a financial restructuring in order to eliminate a substantial portion of debt from the Company’s balance sheet and position Claire’s for long-term success pursuant to a chapter 11 reorganization process commenced in the United States Bankruptcy…
DetailsDamian Griffiths, the deeply, deeply embattled founder of the previously-swiftly-expanding Doughnut Time chain, owes the ATO a cool $1 million, according to a statement from Worrells Solvency and Forensic Accountants. Raj Khatri had been appointed as trustee of Griffiths bankrupt estate by the debtors. The statement notes that the ATO is Griffiths single biggest creditor: The…
DetailsBinani Cement’s journey towards insolvency resolution can be summed up as one step forward, two new speed-breakers ahead. Last week, after the Committee of Creditors (CoC) for the beleaguered firm voted in favour of the resolution plan submitted by the Dalmia Bharat-Bain Piramal Resurgence Fund consortium, two fresh petitions were filed with the National Company…
DetailsThe trustee appointed to oversee the bankrupt estate of Doughnut Time founder Damian Griffiths says the Australian Taxation Office (ATO) is owed $1 million and other creditors have contributed to loans in the vicinity of $2 million. Raj Khatri of Worrells Insolvency confirmed this afternoon he has been appointed by debtors petition to oversee Griffiths…
DetailsGiven the fast pace of the media, and the businesses behind the news, TV and content you consume every day, nine.com.au brings you Red Ink your ears and eyes behind the big decisions, the gossip and spin. Each week we’ll unpack the manoeuvres behind the scenes of the dramatic moments of the media world. Gay…
Details