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The National Company Law Tribunal on Monday extended the timeline for Go First's corporate insolvency resolution process (CIRP) beyond the April 4 deadline by 60 days, the Economic Times of India reported. Seeking the extension, the counsel for resolution professional (RP) informed the tribunal that the CIRP was in the final stage, with the committee of creditors (COC) deliberating over two resolution plans received by the grounded airline.
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A group of creditors of Thames Water’s operating company have picked advisers for potential restructuring talks, Bloomberg News reported. The investors chose Jefferies Financial Group Inc. as a financial adviser and Akin Gump Strauss Hauer & Feld LLP for legal representation, said people familiar with the matter, who spoke to Bloomberg on the condition of anonymity. The creditors own private and public bonds from Thames Water Utilities Ltd. The moves comes as parent company Kemble Water Finance Ltd.
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Atos said that it reached an agreement in principle with a group of banks, bondholders and the French State for much-needed liquidity until the troubled French IT company strikes a definitive agreement with creditors to trim its debt pile and restore profitability, the Wall Street Journal reported. The group said yesterday that it would receive 450 million euros ($488.8 million) in financing to keep operations going while it aims to strike a deal with creditors on a new capital structure by July.
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A consortium including Hudson's Bay Company CEO Richard Baker's investment firm NRDC Corp is set to take over German department store chain Galeria Karstadt Kaufhof, two sources familiar with the matter told Reuters on Tuesday. Galeria, Germany's most prominent retailer, earlier this year filed for insolvency following the collapse of its parent Signa, the Austria-based property empire that has become the biggest casualty so far in Europe's real-estate crisis. Baker's Hudson's Bay Company had owned Galeria Kaufhof for several years before a sale to Signa and the chain's merger with Karstadt.
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Office landlords, battered by a global crash, have been clinging to the hope that new buildings with strong green credentials will still demand top rents and prices. Dublin is emerging as a cautionary tale that such optimism may not hold up, Bloomberg News reported. In the city’s North Docks district, new buildings are falling into bankruptcy protection after US tech firms scaled back the amount of new space they leased and borrowing costs rose.
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The Swiss National Bank sees no need for a central bank digital currency (CBDC) to be issued to the general public, Chairman Thomas Jordan said on Monday, Reuters reported. "Consumers and businesses already have access to a wide range of efficient and innovative payment instruments offered by the private sector," Jordan told an event in Zurich, in remarks that addressed a product known as a retail CBDC.
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The socialist government of Venezuela is discussing compensation with at least two Colombian companies whose assets were seized under late President Hugo Chávez, Bloomberg News reported. Colombia’s largest cement maker, Cementos Argos SA, is in talks involving the possible takeover of a state-owned cement plant near Venezuela’s Caribbean coast, according to German Umaña, Colombia’s minister of commerce, trade and tourism. An expropriated subsidiary of Cali-based sugar exporter Comercializadora Internacional de Azúcares y Mieles, Ciamsa, is also in negotiations for compensation, Umaña said.
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About 15 Ted Baker stores in the UK will be shut down, including shops in London Bridge and Milton Keynes, leading to nearly 250 job losses, joint administrators of the collapsed British fashion retailer said on Monday, Reuters reported. Ted Baker, a popular brand name in the UK, fell into administration last month, after more than a year of being sold to U.S.-based Authentic Brands Group. Authentic Brands is looking for a new operating partner for the retail and e-commerce business in the UK and across Europe.
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Shimao Group shares fell sharply after a Chinese state-run bank, in a rare case, filed a liquidation petition against the heavily indebted developer in Hong Kong, adding uncertainty to a proposed restructuring of billions of dollars of offshore debt, the Wall Street Journal reported. Shares were 14% lower at 39 Hong Kong cents after Shimao said Monday that Construction Bank (Asia) Corp. filed a winding-up petition with a Hong Kong court on April 5 related to a financial obligation of around HK$1.58 billion (US$201.8 million).
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The National Company Law Appellate Tribunal (NCLAT) on Friday reserved its judgment in a plea filed by Bhavit Sheth, cofounder and COO of Dream11, challenging a bankruptcy court order initiating insolvency resolution against its parent Sporta Technologies, the Economic Times of India reported. The tribunal gave parties three days' time to file written submissions.
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