Mumbai, September 28: State-owned Indian Overseas Bank has sold its bad debt exposure of 1,500 crore in Essar Steel to Edelweiss Asset Reconstruction Company at a 50 per cent discount to its book value, said sources close to the development. The deal comes even as the National Company Law Tribunal declared Essar Steel insolvent and…
DetailsOn Sep 26, we issued an updated research report on internet-based social expression and personal publishing service provider, Shutterfly, Inc.SFLY . Efforts to Improve Operational Efficiency Shutterfly has undertaken various structural changesas announced in fourth-quarter 2016. In fact, the company plans to retire many of its other brandsin order to focus more on profitable and…
DetailsBy Christopher Spink LONDON, Sept 28 (IFR) – The long-awaited restructuring of Norske Skog, which seemed to be reaching consensus earlier this week, looks like being disrupted again after junior creditors objected to the rescue plan put out by the Norwegian pulp and paper company, and since backed by two-thirds of secured creditors. The committee…
DetailsBeena Parmar Moneycontrol News Lenders to Lavasa Corporation Limited, unit of Hindustan Construction Company (HCC) group, have invoked the strategic debt restructuring (SDR) plan to resolve the stressed assets of the firm. Additionally, SDR has also been invoked on Lavasas two wholly owned subsidiaries Warasgaon Assets Maintenance Limited and Warasgaon Power Supply Limited, HCC informed…
DetailsLONDON, Sept 28 (IFR) – The long-awaited restructuring of Norske Skog, which seemed to be reaching consensus earlier this week, looks like being disrupted again after junior creditors objected to the rescue plan put out by the Norwegian pulp and paper company, and since backed by two-thirds of secured creditors. The committee of unsecured noteholders,…
DetailsMan of many names, debts, tries to open Far South Coast real estate agencies NEW MOVE: Dene Broadbelt during his time as a country radio presenter. Under the name Luke Hemmings, he has tried to open real estate agencies on the Far South Coast. The ASIC listing in mid-September, 2017, showed the ABN for the…
DetailsUPDATE: Former One Nation senator Rod Culleton has apologised to a Perth magistrate after an angry outburst saw him escorted from a courtroom during his stealing trial today. Mr Culleton allegedly surrounded a $27,000 hire car with hay bales in March 2015, forcing bank-appointed receivers to leave it at Bruce Dixons Cuballing farm where they…
DetailsThe principle view in filing the instant petition is that lakhs of homebuyers in thousands of projects can lose their life-savings, hard-earned money and moneys obtained through bank/institutional loans due to the operation of Insolvency and Bankruptcy Code, the plea said At a time when home buyers Vs builders cases are piling up in the…
DetailsAdvertisementThe U.S. Bankruptcy Court issued a revised order converting Constellation Enterprises Chapter 11 reorganization case to a liquidation under Chapter 7. Advertisement The order states, The Debtors chapter 11 cases shall be convertedto cases under chapter 7 of the Bankruptcy Code, effective on October 2, 2017 at 5pm. (the Conversion Dat……
DetailsUPDATE: FORMER One Nation senator Rod Culleton has apologised to a Perth magistrate after an angry outburst saw him escorted from a courtroom by police during his stealing trial today. Mr Culleton allegedly surrounded a $27,000 car hired by bank-appointed receivers with hay bales in March 2015, forcing them to leave it at Bruce Dixons Cuballing…
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