Page 5 - Bankruptcy

As business bankruptcies surge around the world, next wave could be bigger

Large defaults add to the risk of a vicious cycle of suppliers not being paid, workers losing their jobs, banks further tightening lending criteria and then more companies going bust

Go Airlines invites Expression of Interest for possible sale of carrier

The last date for receipt of interest for the airline is set for Aug. 9, according to a advertisement

Lenders ask SpaceMantra to sweeten Rs 550 cr offer for Future Retail

The lender will have to take a massive 97 per cent haircut on their claims worth Rs 19,400 crore that were admitted against the bankrupt company

Go First revival plan: DGCA to conduct audit before restarting operations

Aviation regulator DGCA will examine documents submitted by Go First related to the revival plan and will also conduct an audit on operational preparedness before allowing the carrier to restart operations, according to sources. Senior representatives of the current management of Go First, which has stopped flying since May 3, discussed various aspects of the revival plan with officials of the Directorate General of Civil Aviation (DGCA) in the national capital on Wednesday, they said. The budget carrier, which was owned by the Wadia family, is in voluntary insolvency resolution proceedings. According to the sources privy to the development, the airline's EY-backed Resolution Professional Shailendra Ajmera and Interim CEO Kaushik Khona made a detailed presentation to the DGCA officials on the revival plan. DGCA will also conduct an audit to assess the airline's operational preparedness once it completes the scrutiny of the documents. The audit is expected to take place next week,

Bharat Petroleum exercises RoFR to buy Videocon Oil's Brazil assets

Earlier, lenders had given conditional nod to sell 3 basins to Eneva, PetroRio

Future Enterprises invites expression of interest for assets across India

The last date of receipt of interest is set at June 25 and the provisional list will be out on July 5. The last date of submissions for objections of the provisional list is July 10

Returning aircraft to lessors will render Go First 'dead': NCLT's IRP to HC

From denying bail to Manish Sisodia in the excise policy case to hearing a plea of the bankrupt Go First, here are important cases heard by the Delhi High Court today

Future Retail receives bids from 6 applicants in bankruptcy resolution

Debt-ridden Future Retail Ltd said on Wednesday it had received bids from six applicants in its insolvency resolution process

Wipro is largest unsecured creditor of crisis-hit Vice Media, says report

The media group owes Wipro $9.9 million after the latter won an arbitration award

Vice Media files for bankruptcy, the latest digital media setback

Vice Media is filing for Chapter 11 bankruptcy protection, the latest digital media company to falter after a meteoric rise. Vice said on Monday that it has agreed to sell its assets to a consortium of lenders Fortress Investment Group, Soros Fund Management and Monroe Capital in exchange for USD 225 million in credit. Other parties will also be able to submit bids. The bankruptcy filing arrives just weeks after the company announced it would cancel its flagship Vice News Tonight program amid a wave of layoffs which was expected to impact more than 100 employees in the company's 1,500-person workforce, the Wall Street Journal reported. The company also said it would end its Vice World News brand, making Vice News its only brand worldwide. Monday's filing comes amid a wave of media layoffs and closures including job cuts at Gannett, NPR, the Washington Post and more over recent months. In April, BuzzFeed Inc. announced that its Pulitzer Prize winning digital media outlet BuzzFeed

George Soros's firm among top bidders to acquire Vice out of bankruptcy

Vice's rapid downfall underscores the challenges facing digital media companies, which are struggling as advertisers cut spending during an uncertain economy

Pratt & Whitney faces higher risks after Go First filed for bankruptcy

NEW YORK/BENGALURU (Reuters) -Pratt & Whitney on Thursday opposed Go Airlines (India) Ltd's push to enforce an arbitration ruling in an engine dispute, with the U.S. company arguing in a Delaware court that the Indian airline's bankruptcy filing has raised risks for it.

Risky jurisdiction: Aircraft lessors raise alarm over Go First crisis

India is a critical market for lessors, in which sale-and-leaseback deals accounted for 75% of plane deliveries from 2018 to 2022, compared with a global average of 35%

'Risky jurisdiction': Aircraft lessors raise alarm over Go First crisis

SMBC, along with firms such as Jackson Square Aviation and Bank of China Aviation, raised the alarm after a tribunal gave Go Airlines (India) Ltd bankruptcy protection to allow it to revive itself

With bankruptcy protection, can Go Airlines return to the air in two weeks

Getting bankruptcy protection, can the Wadia group's low cost carrier Go Airlines Ltd send its fleet back into the air in two weeks -- as it said earlier -- is the question that needs to be answered

Govt to decide on Go First bankruptcy, lessors seeking planes fear impact

This is the first time an Indian airline has voluntarily sought bankruptcy protection to renegotiate its contracts and debts

IIIPI forms committee to recommend measures for growth of IBC ecosystem

The Indian Institute of Insolvency Professionals of ICAI (IIIPI) has constituted a committee to recommend measures to prepare the IBC ecosystem for the next phase of growth. "After over six years since inception of IBC, there is a need to consider futuristic challenges and recommend to IBBI and other authorities, changes required in the ecosystem and for preparing IIIPI and insolvency professionals to support these," IIIPI Chairman, Ashok Haldai said. IIIPI has constituted a board-level committee of its directors to recommend measures for preparing the IBC ecosystem for the next phase of growth by envisioning future changes and imperative requirements, according to a release on Tuesday. Haldai welcomed IBBI's initiative to seek public comments on changes needed in regulations under IBC 2016. IIIPI, promoted by the Institute of Chartered Accountants of India (ICAI), is the largest Insolvency Professional Agency (IPA) and frontline regulator under the Insolvency and Bankruptcy Code .

Crypto exchange Bittrex files for bankruptcy, no impact on global business

Bittrex denied the SEC's allegations, saying the crypto assets on its platform were not securities or investment contracts

NCLT issues notice to SpiceJet on aircraft lessor's bankruptcy petition

The National Company Law Tribunal on Monday issued a notice to SpiceJet on a petition filed by an aircraft lessor seeking initiation of insolvency resolution proceedings against the budget carrier and the next hearing is scheduled for May 17. The petition was filed by Aircastle (Ireland) Ltd. A two-member Principal bench of the NCLT headed by President Ramalingam Sudhakar issued the notice to SpiceJet and directed to list the matter on May 17 for the next hearing. A SpiceJet spokesperson said that in the Aircastle issue, notice was issued in normal course. " There was no adverse ruling against SpiceJet. The court has recognised the fact that parties are under settlement discussions and they can continue to pursue the same," he said. The latest development also comes at a time when crisis-hit rival Go First has filed for voluntary insolvency resolution proceedings. Aircastle filed the petition against SpiceJet on April 28. Last week, SpiceJet said there were no aircraft from Airc

Go Airlines asks firms's tribunal to urgently pass order on bankruptcy plea

Go Airlines asked country's company law tribunal to urgently pass an order on its insolvency plea, citing lessors' efforts to take back planes, per the court hearing