As on 31 March, the consolidated debt of Jaypee Infratech was over Rs7,922 crore with a negative interest coverage ratio. Graphic: Ajay Negi/Mint Mumbai: The Allahabad bench of the National Company Law Tribunal (NCLT) on Wednesday admitted insolvency proceedings against Jaypee Infratech Ltd, one of the 12 companies referred to the tribunal following the Reserve…
DetailsHyderabad: In a setback for city-based infra player Lanco Infratech, that has been saddled with a humungous debt of around Rs 43,000 crore, the National Company Law Tribunal (NCLT) has given its nod for initiating insolvency and bankruptcy proceedings against the company. Lanco Infratech on Wednesday informed the bourses that the NCLT, Hyderabad Bench, vide…
DetailsThe worlds largest generic drug maker, Teva Pharmaceutical Industries Ltd. (NYSE: TEVA), is looking to sell its Medis business branch in order to help cut debts. After a poor second quarter results, which resulted in shares plummeting the past week, Teva is preparing to cut its debts down. Teva acquired Medis last year in a…
DetailsThe once high-flying algae-based materials firm TerraVia has declared bankruptcy and plans to auction itself off. The only bidder to come forward so far is the Dutch food ingredients maker Corbion, which has made an offer of $20 million for the company. TerraVia began life in 2003 as Solazyme, aiming to commercialize biofuels made from…
DetailsAdvertisementThe U.S. Bankruptcy Court issued an order converting Westech Capitals Chapter 11 reorganization to a liquidation under Chapter 7. The order states, The Court finds that it is in the best interests of the estate and creditors for this case to be converted to one under chapter 7 and that no party in interest objected.…
DetailsJSPL Pins Hopes on Better Earnings to Pare Debt by Q4Naveen Jindals flagship company JSPL is pinning its hopes on improvement in earnings in its steel and power businesses to pare its Rs 46,000-crore debt burden by the fourth quarter of this year. We have put a single-minded focus on restructuring our debt. We expect…
DetailsFashion chain Tuunte was declared bankrupt by the court in Zutphen on Tuesday, director Louis van Andel announced. He already informed the 250 employees working in the 45 Tuunte stores. The stores will likely remain open for the time being, and a bankruptcy administrator will investigate whether a restart is possible, ANP reports. Tuunte’s stores…
DetailsWhat happens when fresh talent meets a business opportunity? Although we hope this would result in a brilliant and fruitful business venture, it rarely plays out that way. More often, we see young entrepreneurs stuck in an impossible financial mess. Part of it comes from inexperience, and part of it originates from the negative impression…
DetailsHuman Services Minister Alan Tudge is confident sweeping reforms will pass parliament, banning online gambling sites operating in Australia from offering lines of credit to their customers. The legislation is expected to pass the Senate on Wednesday. “Importantly (it) bans the online gambling companies from offering lines of credit to their customers which gets people…
DetailsBy Bhuma Shrivastava, P R Sanjai and George Smith Alexander Nearly six months after his turbulent elevation to run Indias biggest conglomerate, Natarajan Chandrasekaran is assembling a team of dealmakers to refocus some of the groups biggest businesses, expand its financial services and consumer businesses and sell or merge dozens of smaller units, according to…
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