This was after RBI refused to a proposal from the banks to relax the rules in this regard for those companies which are close to a resolution. Videocon Industries, Jaiprakash Associates and Jayaswal Neco Industries are now among those to face NCLT proceedings for resolution of their loans. These three were recommended…
DetailsThe much-awaited Insolvency & Bankruptcy Code (Amendment) Bill which will tighten norms on willful defaulters, was passed by Lok Sabha. Amendment in IBC, excludes willful defaulters and existing promoters from bidding to purchase stressed asset of companies, which are under going insolvency proceedings. Union Finance Minister Arun Jaitley during the discussion on IBC, said, “The government…
DetailsFRANKFURT (Reuters) – British Airways’ owner IAG <ICAG.L> said on Friday it would buy Niki, Air Berlin’s <AB1.DE> insolvent Austrian holiday airline, for 20 million euros ($24.01 million) and provide additional liquidity to the company of up to 16.5 million euros. The sale to IAG, which had been in exclusive talks for the airline, is…
DetailsALBANY Gov. Cuomo on Friday unveiled set of measures intended to aid New Yorkers struggling with exploding student loan debt. The proposals, which will be part of Cuomos State of the State Address next week, include new financial disclosure requirements for colleges and universities, and new consumer protection standards for the loan…
DetailsNavigating complexities of two legal systems requires some expertise Michael J. Venditto, Reed Smith, New York City and Alonso Gómez del Campo, Rodríguez Dávalos Abogados, Mexico City Markets and financial distress do not respect national borders. With no border wall to protect Mexico’s nascent oil and gas industry, it is susceptible to the same economic…
DetailsEmpty Niki check-in counters are seen at Vienna International Airport in Schwechat Thomson Reuters FRANKFURT (Reuters) – British Airways’ owner IAG said on Friday it would buy Niki, Air Berlin’s insolvent Austrian holiday airline, for 20 million euros ($24.01 million) and provide additional liquidity to the company of up to 16.5 million euros. The sale…
Details(Adds details, quotes, context) MOSCOW, Dec 29 (Reuters) – Russian coal and steel producer Mechel said on Friday that talks with banks on restructuring a $1 billion syndicated loan had concluded successfully. Mechel, which is controlled by businessman Igor Zyuzin and came close to bankruptcy last year, had circulated the final draft of a restructuring…
DetailsNew Delhi: The government has no plans to waive off corporate loans and banks while banks have advised to either resolve their issue of non-performing assets (NPAs), or stressed loans speedily, or start insolvency proceedings in this regard, Parliament was informed on Friday. In a written reply to the Lok Sabha, Minister of State for…
DetailsAfter a few weeks of public turbulence with its board threatening with a total shutdown of operations, the troubled SEKAP tobacco company received a short stay in debt collection by a Greek court. The company was granted a temporary stay in collection measures until January 17, after a decision taken in the administrative court of…
Details(Adds details, quotes, context) MOSCOW, Dec 29 (Reuters) – Russian coal and steel producer Mechel said on Friday that talks with banks on restructuring a $1 billion syndicated loan had concluded successfully. Mechel, which is controlled by businessman Igor Zyuzin and came close to bankruptcy last year, had circulated the final draft of a restructuring…
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