Shares of GTL Infrastructure slumped as much as 20 per cent in morning trade today after it said the impact of Aircel’s insolvency will be materially adverse for the company. Shares of the company plunged 19.85 per cent to a low of Rs 3.11 on the BSE. On the NSE, the…
DetailsMelanie Gerlis March 9, 2018 Potential shenanigans involving art in the spotlight once again. London art dealer Matthew Green is among the defendants in the case against Beaufort Securities, three other corporations and five other individuals, accused by the US Department of Justice of a multiyear $50m-plus securities fraud and scheme to launder money, partly…
Detailsby Rigzone Staff | Friday, March 09, 2018 Aberdeen-headquartered energy services firm Proserv enters into a restructuring agreement with its principal lenders, which it says will ‘strengthen the long term financial structure of the company’. Aberdeen-headquartered energy services firm Proserv has entered into a restructuring agreement with its principal lenders, which it says will strengthen…
DetailsJoan Verdon and Charisse Jones, The (Bergen County, N.J.) Record and USA TODAY Published 6:43 a.m. ET March 9, 2018 CLOSE Toys R Us plans to shutter about 20% of its U.S. store fleet, saying “tough decisions” are needed to reinvent their brands. USA TODAY Empty shopping trolleys outside a closing Toys R Us store…
DetailsThe endless trials and tragic tribulations of Liepja’s shuttered KVV Liepajas Metalurgs steelworks are continuing with news that the insolvency administrator supposed to be taking care of the company’s assets has lost his license after flunking a re-certification exam, the LETA news agency reported March 9. Guntars Koris told LETA that he lost his license on March 1 because…
DetailsIFCI, a government company, is enthused over the Insolvency and Bankruptcy Code (IBC) process, stating that its experience so far has been “encouraging”. This company is now making “judicious use” of the IBC to address corporate restructuring issues, which includes recovery, V Satya Ventakata Rao, Executive Director, IFCI told BusinessLine here. As on date, IFCI…
DetailsJoan Verdon and Charisse Jones, The (Bergen County, N.J.) Record and USA TODAY Published 6:17 p.m. ET March 8, 2018 | Updated 8:49 p.m. ET March 8, 2018 CLOSE Toys R Us has gone into administration in the UK leaving 3,000 jobs at risk. The U.S. toy chain failed to find a buyer after struggling…
DetailsTelecom tower firm, GTL Infrastructure, has warned that its operations will be hit with the shutdown of multiple telecom players and filing of bankruptcy petition by Aircel early this month. The company said it might lose 9,000-11,000 tenants over the next one year but will continue to remain a standard asset with the…
DetailsHenry Zeffman, Political Reporter | Gareth Davies Somerset county council has announced plans to close two thirds of its childrens centres in a bid to save cash Three Conservative-run counties have been added to the list of those showing signs of financial stress because of funding cuts. Somerset, Norfolk and Lancashire county councils are exhibiting some of the…
DetailsToys R Us Inc. is making preparations for a liquidation of its bankrupt U.S. operations after so far failing to find a buyer or reach a debt restructuring deal with lenders, according to people familiar with the matter. While the situation is still fluid, a shutdown of the U.S. division has become increasingly likely in…
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