Headlines

Mumbai-based Tikona Infinet Pvt Ltd moves to settle its dues related to Series 'E' Compulsorily Convertible Debentures (CCDs) with L&T Finance Ltd, bringing closure to the insolvency resolution process against the broadband services provider, the Economic Times of India reported. The process for formal withdrawal of the insolvency petition from the NCLT is currently underway, said the company in its release. “It was a dispute amongst the shareholders about Coupon Rights,” said Prakash Bajpai, founder and chief executive of Tikona Infinet, in a statement.

Creditors have realised ₹3.89 lakh crore under resolution plans till March, accounting for 32 per cent of the admitted claims by them, a senior official from the Insolvency & Bankruptcy Board of India said on Saturday, TelegraphIndia.com reported. A total of 1,194 cases have been resolved under the Insolvency & Bankruptcy Code, 2016 till that period and the realised recovery represents 170.02 per cent of the liquidation value and 93.36 per cent of the fair value, Jithesh John, executive director of the IBBI, informed.

The United States and China have agreed to temporarily slash reciprocal tariffs in a deal that surpassed expectations as the world's two biggest economies seek to end a damaging trade war that has stoked fears of recession and roiled financial markets, Reuters reported. The U.S. will cut extra tariffs it imposed on Chinese imports in April this year to 30% from 145% and Chinese duties on U.S. imports will fall to 10% from 125%, the two sides said on Monday. The new measures are effective for 90 days.

Amigo Holdings PLC on Monday said it needs funding by early July to avoid insolvency as Chief Executive Officer Kerry Penfold steps down, Alliance News reported. Amigo is a Bournemouth, England-based former mid-cost credit provider now in an orderly solvent wind-down. The company said Kerry Penfold will immediately step down as CEO of the public limited company, but will remain CEO of the firm's subsidiaries until the end of May. Chief Restructuring Officer Nicholas Beal will join the board as an executive director and will take on Penfold's responsibilities alongside his existing role.

Britain’s £60bn textile industry faces a wave of insolvencies because of the Government’s new trade deal with India, an insurer has warned, The Telegraph reported. A free trade agreement unveiled last week means factories will be forced to compete with imports from Indian businesses who have cheaper labour costs and can undercut domestic UK manufacturers, trade insurance company Coface warned. Textile imports from India currently face 10pc to 20pc tariffs – meaning that British firms with tight margins will struggle to keep up once these are slashed to zero.

Australian hospital operator Healthscope Ltd., owned by a unit of Brookfield Corp., is trying to avoid company receivership by asking lenders to support a plan that will give them board control, after struggling to pay interest on an outstanding A$1.6 billion ($1 billion) loan. Under the plan, lenders have the ability to appoint their own board nominees as soon as they’re in a position to do so, Healthscope said in a Monday statement, adding that it has sent all financiers a letter detailing and committing to the transition of control.

A company with two London art galleries which marketed itself as selling works by famous artists such as Banksy, Andy Warhol and Tracey Emin has been shut down, MirageNews.com reported. Artwork Holdings Ltd traded under the banner of Yield Gallery, which described itself as an internationally established "reputable and respected" contemporary and modern art gallery with two locations in London.

A finance company which funded loans to entities associated with Patrick McKillen junior is seeking judgment of some €8.7 million against the businessman, the Commercial Court has heard, the Irish Times reported. Cabriz Finance Ltd, of Riverside Road, Carrickmacross, Co Monaghan, claims that Mr McKillen, with an address for communication at Ely Place, Dublin, provided various guarantees and indemnities for four loans to four companies.

Abu Dhabi and the UAE federal government will issue more than $8 billion of local currency debt this year to support the establishment of a domestic yield curve, a new report suggests, EconomyMiddleEast.com reported. S&P Global Ratings anticipated anticipated that Abu Dhabi is preparing to issue local currency debt as part of an ongoing initiative to develop the UAE domestic debt capital markets.

The number of insolvencies of joint partnerships and corporations in Germany has reached its highest level in 20 years, data published on Thursday by the Halle Institute for Economic Research (IWH) showed, DPA International reported. It reported there were 1,626 insolvencies of business partnerships and corporations in April. This was 11% more than in the previous month and 21% more than a year ago. The April figures even exceeded the figures from the time of the 2008/2009 financial crisis, it said.