Allahabad Bank Ltd will divest bad loans worth ₹922 crore as the state-run lender strives to clean up its balance sheet ahead of a merger with Indian Bank Ltd. In a public notice on Wednesday, Allahabad Bank said it has...
Nithia Capital identifies Indian stressed steel assets for acquisition
Nithia Capital, a UK-based alternative investment manager that specialises in turning around underperforming facilities, has identified around 15 stressed steel assets in India for acquisition. While Nithia has zeroed...
Aurubis buys recycler Metallo in move beyond copper
Aurubis, Europe’s biggest copper smelter, said on Wednesday it had agreed to buy Belgian-Spanish recycling company Metallo Group for 380 million euros ($424 million) as part of an acquisition-led shift into other metals...
Kotak Mahindra Bank moves NCLT against BILT unit
Kotak Mahindra BankNSE 0.91 % has approached the dedicated bankruptcy court against Ballarpur IndustriesNSE 1.89 % Ltd subsidiary – BILT Graphic Paper Products – for default of Rs 218 crore. The company owes about Rs...
After KSS Petron, Royale Partners bids for Lavasa
After bidding for engineering, procurement and construction (EPC) company KSS Petron Pvt. Ltd, Mauritius-based Royale Partners Investment Fund (RPMG Investment) has thrown its hat in the ring to acquire debt-laden...
Bank of Baroda looks to sell subsidiaries in Ghana, Trinidad and Tobago
Bank of Baroda is looking to sell its offshore subsidiaries in Ghana and Trinidad and Tobago, as part of a strategy to rationalize international operations, according to two bankers familiar with the matter. This is the...
Seadrill gets U.S. court approval for bankruptcy exit plan
A U.S. judge said on Tuesday he would approve Seadrill Ltd’s (SDRL.OL) (SDLP.N) plan to exit its Chapter 11 bankruptcy, in which the global offshore oil and gas drilling company would shed billions of dollars of debt...
Monnet Ispat’s creditors approve resolution plan by AION and JSW Steel
The Committee of Creditors has approved the resolution plan for Monnet Ispat & Energy submitted by the JSW-AION combine. The letter of intent will be issued shortly, sources close to the development said. The...
NCLT initiates insolvency resolution for Lanco Teesta Hydro Power
The Hyderabad Bench of National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Lanco Teesta Hydro Power in a petition filed by the company’s lead bank ICICI Bank under Section 7 of the...
IBC tweaking: List of offences likely to bar offenders from bidding
A 14-member committee on reviewing the insolvency and bankruptcy code has recommended that a list of offences be prepared and those who fall in the list be barred from sending resolution plans, say sources. This would...
Uttam Galva offers 51% of outstanding loan to avoid asset auction
Uttam GalvaBSE 2.00 % Steels Ltd has offered to settle the Rs 5,654 crore loan default by paying 51 percent the amount upfront to public sector banks so as to abort the auctioning of the company’s assets. The...
GTL Infrastructure cuts outlook on Aircel bankruptcy filing
GTL Infrastructure has lowered its revenue and earnings before interest, tax, depreciation and amortisation, by 12% and 28% respectively for the year ending March 2018, hurt by the impact of Aircel filing for...