Latest News for: Insolvent bank

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Reliance Retail, 6 others give EoIs for Future firm

Financial Express 05 Jun 2023
Earlier on June 2, Future Lifestyle Fashions (FLFL), another Future Group firm that is under insolvency proceedings, received claims totalling Rs 2,155.53 crore from 12 financial creditors including from the State Bank of India ... filed by Bank of India after payment defaults.
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Encourage acquisition, mergers of banks and NBFIs if needed – IMF tells government

Joy Online 05 Jun 2023
According to the IMF, countries with weak banks and non-bank financial institutions are at risk of insolvencies when they experience significant fluctuations in real interest rates, risk premia, and asset prices.
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US vs China: What do Elon Musk, Bill Gates, JP Morgan say?

The Manila Times 03 Jun 2023
China's economy is growing at a multiple of the US, the World Bank and other economists forecast ... "Most US banks are technically near insolvency and hundreds are already fully insolvent," world famous analyst, a predictor of the 2008 crisis, Nouriel Roubini said in March 2023.
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Future Lifestyle gets claims of Rs 2,156 cr from 12 creditors

Financial Express 03 Jun 2023
Future Lifestyle Fashions, a Future Group firm that is under insolvency proceedings, has received claims totalling Rs 2,155.53 crore from 12 financial creditors, including State Bank of India ... Future Lifestyle Fashions, a Future Group firm that is under insolvency proceedings, has ...
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GAIL infuses Rs 2,100 crore in JBF Petrochemicals

Financial Express 02 Jun 2023
GAIL had outbid a consortium of Indian Oil Corporation (IOC) and Oil and Natural Gas Corporation (ONGC) in the insolvency process run by IDBI Bank to recover Rs 5,628 crore of dues to financial and operational creditors ... The default led to the lenders dragging it to corporate insolvency and bankruptcy (IBC).
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ITC, 2 others submit resolution plans for Shakti Bhog

The Economic Times 02 Jun 2023
Vidya Polymer and Shanti GD Ispat and Power are the two other bidders; Shakti Bhog foods has defaulted on Rs 7,000 crore of bank loans and is undergoing insolvency proceedings ... .
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Essar 2.0: Ruias script zero debt, asset-light business model

Financial Express 02 Jun 2023
The Ruias, promoter of the group also had to sell Essar Oil to Rosneft of Russia to come out of the mountain of debt. Follow Us ... The latter was one of the 12 firms identified by the Reserve Bank of India for initiation of insolvency proceedings due to its high level of debt ... Also ReadEssar to develop Stanlow Terminals in UK to import green ammonia ... .
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Lenders reject Go First’s pleas for undrawn funds

The Times of India 01 Jun 2023
the company citing processes to be followed under the Insolvency and Bankruptcy Code (IBC) ... “As far as banks are concerned, this company has now entered insolvency and hence is not a standard account,” a person familiar with the process told ET ... But banks are not inclined to give in,” the person said.
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The Debt Panel: 'I owe $13,600 on five credit cards'

The National 01 Jun 2023
By then, however, I had already started receiving late payments and defaults from the bank ... Should I file for insolvency/bankruptcy? HN, DubaiDebt Panellist 1 ... 'Can a bank use my gratuity to pay off a loan?' ... To initiate the process, it is advisable to contact your bank and explain your current situation.
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Loopstra Nixon Welcomes New Partner Maurice Fleming

Victoria Advocate 01 Jun 2023
TORONTO, June 1, 2023 /CNW/ - Loopstra Nixon LLP announced that, effective June 1, 2023, Maurice Fleming, a leading corporate and commercial banking/financial services and insolvency/restructuring lawyer, has joined the firm as a partner ... said Graham Phoenix, head of LN's insolvency/restructuring practice.
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Bolivian government: Bankrupt bank trustee died by suicide, no foul play detected

The Associated Press 01 Jun 2023
Bolivia's government last month ordered Fassil Bank be placed under a trusteeship after it became insolvent following a massive withdrawal of funds by its clients, and appointed Colodro as the one to take control of the bank’s operations and investigate what happened.
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Bolivia: Trustee probing bankrupt bank died by suicide, no foul play found in fall from building

Killeen Daily Herald 01 Jun 2023
Bolivia's government last month ordered Fassil Bank be placed under a trusteeship after it became insolvent following a massive withdrawal of funds by its clients, and appointed Colodro as the one to take control of the bank’s operations and investigate what happened.
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Bolivia government says trustee probing bank died by suicide, but some demand new investigation

Killeen Daily Herald 01 Jun 2023
Colodro's death came after last he was appointed last month to take control of Fassil Bank ... After the government took control of the bank, allegations emerged of million-dollar loans to insolvent borrowers and alleged financial connections with powerful real estate groups in the lowland Bolivian city of Santa Cruz.
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US banks report biggest capital outflow in 40 years

Russia Today 01 Jun 2023
Banks in the US saw total deposits decline by a record 2.5% in the first quarter of the year, the Federal Deposit Insurance Corporation (FDIC) reported on Wednesday ... The report did not cover First Republic Bank, which collapsed on May 1, becoming the third US lender to fail this year ... Over 2,000 US banks are insolvent – Telegraph.
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Capital markets stable amid global volatility

Taipei Times 01 Jun 2023
In the US banks, it was purely just interest rate risks ... The reason the bank run seemed to be spreading this time was not so much because banks have illiquid or bad assets, but because people think that the banks’ supervisors have not done their job well and there might be some insolvent banks out there, Diamond said.

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In this aerial image, an aircraft, center, flies near a wildfire burning near Barrington Lake in Shelburne County, Nova Scotia, on Wednesday, May 31, 2023.
AP / Communications Nova Scotia/The Canadian Press
In this photo provided by the U.S. Navy, the USS Chung-Hoon observes a Chinese navy ship conduct what it called an "unsafe” Chinese maneuver in the Taiwan Strait, Saturday, June 3, 2023, in which the Chinese navy ship cut sharply across the path of the American destroyer, forcing the U.S. ship to slow to avoid a collision.
AP / Mass Communication Specialist 1st Class Andre T. Richard/U.S. Navy via AP
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