Headlines

Greek jewelry maker Folli Follie’s Links of London appointed Deloitte as an administrator on Wednesday, putting about 350 jobs at risk and adding to the list of high-profile retailers to run into trouble on Britain’s high street, Reuters reported. Links of London was founded in 1990, offering unisex jewelry and lifestyle accessories, with luxury products designed after London’s art, music, and film scenes at the time. Links of London said on its website it was unable to process any online sales, but directed people to its stores.

The High Court this week ruled a vulture fund could not enforce a repossession order, pending insolvency proceedings, The Sun reported. Ex-model Flood and restaurateur hubby Ronan Ryan have been locked in a long legal battle to keep the €900,000 house in Clontarf, Dublin. But after facing down the eviction threat, Pamela last night told the Irish Sun of her relief at keeping the family pad. The 48-year-old mum-of-four beamed: “It’s much better news than before. We’re better, it’s a lot better than it was.

Boris Johnson can seize on Germany’s impending recession to make the most life outside the European Union, a senior financial advisor has said, the Daily Express reported. And Nigel Green, founder and CEO of deVere Group, which claims to be the world’s largest independent financial advisory organisation, also said the UK leaving the EU without a deal could also send the Eurozone into a tailspin.

The Colombian Synergy Group, the sole entity interested in Jet Airways, has sought time till November 30 to complete its due diligence and put in a formal bid for the grounded airline, sources said. The committee of creditors (CoC) for Jet Airways may give the group time till the end of October, The Financial Express reported. The resolution of the airline will consequently get delayed further. “The Synergy Group has not yet found an Indian partner. They are also taking time to complete due diligence and prepare a business plan.

Federal Bank, invoking provisions in the Insolvency Code 2016, has taken possession of a sea plane by using the services of an insolvency professional for recovery of a defaulted loan, The Hindu reported. A statement from the bank said that the seaplane company owed more than 6 crore to the bank and as the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act did not envisage action on assets such as aircraft, the bank invoked provisions of the Insolvency and Bankruptcy Code 2016 to recover the loan dues.

In a related story, Reuters reported that talks with potential strategic and private equity investors to rescue Thomas Cook’s German tour business going well and many investors have expressed interest in the company as a whole or in its branches, the insolvent company’s liquidator said. “The investor talks are in full swing, running well and giving hope,” Julia Kappel-Gnirs, a liquidator of Thomas Cook Germany’s Bucher Reisen and Oeger Tours units, said in a statement on Wednesday. The travel firm on Wednesday said it was cancelling all travel operations until Dec.

Hays Travel will buy all Thomas Cook's British travel agent shops, potentially saving up to 2,500 jobs, Britain's insolvency agency said on Wednesday, in a rare reprieve for high streets across the country, Business Insider reported. Thomas Cook, the world's oldest travel company whose shops have been a feature of British town centers for generations, collapsed last month, and its UK business went into liquidation. Hays Travel will acquire all 555 stores and look to re-employ former employees from Thomas Cook's retail operations, Britain's Insolvency Service said in a statement.

Bank of India has filed a petition for insolvency against Dharani Sugars and Chemicals, a flagship company of the PGP Group of Companies with the National Company Law Tribunal (NCLT), The Times of India reported. Dharani Sugars said that consequent to its debts being classified as non-performing in August 2018, the company submitted a resolution plan to its lenders, and also put forward a proposal for One Time Settlement (OTS) to the banks, both of which are under consideration.

Mainboard-listed Koon Holdings and its subsidiary Koon Construction & Transport (KCT) have applied for a 90-day debt moratorium as they intend to propose and implement a scheme of arrangement with their creditors, the Business Times reported. On Tuesday, the two companies filed the applications with the High Court of Singapore to obtain an order, among other things, that no legal action or proceedings against them be commenced or continued.

German industrial production rose 0.3 per cent in August, surpassing economists’ forecasts and providing a glimmer of hope that the sharp contraction in the engine room of the eurozone’s biggest economy may be less severe than feared, the Financial Times reported. Excluding the typically volatile energy and construction sectors, production increased by a healthy 0.7 per cent from the previous month, as an increase in intermediate and capital goods more than offset a decline in consumer goods.