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Business Standard
5 days ago
- Business
- Business Standard
Rajeswari Sengupta Rajeswari Sengupta
Rajeswari Sengupta India's overzealous anti-dumping response may gradually fuel protectionism Its liberal use of anti-dumping duties risks turning into protectionism - and may do more harm than good Bhushan Power and Steel case: A test for India's insolvency regime In a major reversal, the Supreme Court ruled that the resolution plan for BPSL, approved by the committee of creditors (CoC) and cleared by both the insolvency and the appellate tribunals Updated On : 19 May 2025 | 11:09 PM IST India must watch out for GDP growth with third chance at doorstep Having missed two chances to boost manufacturing, India can't afford to miss the third one now at its doorstep Updated On : 14 Apr 2025 | 11:09 PM IST Updated On : 18 Mar 2025 | 3:20 PM IST Budget 2025: Balancing reforms and fiscal consolidation to revive growth The two key questions are: What is the diagnosis of the economic slowdown? And what can the Budget do to address it? Updated On : 20 Jan 2025 | 11:37 PM IST Rajeswari Sengupta & Anirudh Burman: Ushering in insolvency professionals Countries such as the United Kingdom and Canada have a well-developed cadre of self-regulated insolvency professionals Updated On : 20 Nov 2016 | 9:30 AM IST GDP conundrum: Is India booming? While CSO insists India is the world's fastest-growing large economy, private economists say the country is struggling to recover from its post-2010 downturn Updated On : 17 Nov 2016 | 4:19 PM IST Anirudh Burman & Rajeswari Sengupta: Clear the air before enforcing Bankruptcy Code Poor regulation of the insolvency professional industry will lead to poor bankruptcy outcomes Updated On : 09 Oct 2016 | 9:59 PM IST Pratik Datta & Rajeswari Sengupta: RBI should not regulate asset reconstruction companies Banking and stressed asset management are two separate businesses Updated On : 02 Jul 2016 | 10:02 PM IST
Business Wire
28-05-2025
- Business
- Business Wire
Everstream Reaches Agreement for Sale of Business to Bluebird Fiber
CLEVELAND--(BUSINESS WIRE)--Everstream (the 'Company'), a business-only fiber network, today announced that it has reached an agreement to sell substantially all of its operations to an affiliate of Bluebird Fiber ('Bluebird'), a regional provider of fiber-based connectivity solutions for businesses. The transaction will enable the Company to advance its core market optimization strategy from a strengthened financial position. This step follows Everstream's sale of its Illinois and St. Louis metropolitan area networks and its previously announced plan to wind down its Pennsylvania operations. 'Over the last decade, Everstream has established itself as a leading provider of fiber connectivity across the Midwest and Mid-Atlantic, distinguished by our speed, reliability, and expert support,' Everstream CEO Ken Fitzpatrick said. 'As we focus on advancing our core market optimization strategy, we have determined that a sale of our business is the best path to ensure Everstream meets the evolving connectivity needs of the businesses we serve for years to come. Under new ownership, we can continue to invest responsibly across our core markets for the benefit of our valued customers, employees, and other stakeholders.' 'We share Everstream's passion for providing mission-critical, high-quality business fiber services and putting our customers at the center of everything we do,' Bluebird CEO Jason W. Adkins said. 'We are excited about the opportunity to benefit from Everstream's best-in-class network, complementary footprint, and talented team members.' To complete this value-maximizing transaction in an efficient manner, Everstream and certain of its affiliates commenced voluntary chapter 11 proceedings in the United States Bankruptcy Court for the Southern District of Texas (the 'Court'). During these proceedings, Everstream will operate as usual, serving its valued enterprise, wireless, and wholesale customers without interruption. The Company has secured a commitment for $55 million of new money debtor-in-possession (DIP) financing from certain of its existing lenders, which, subject to Court approval and when combined with cash on hand, will fund the business through completion of the sale. The 'stalking horse' agreement with Bluebird was reached following an extensive marketing process and provides for the purchase of substantially all assets as well as the assumption of certain liabilities. The Company is seeking approval of this agreement pursuant to section 363 of the Bankruptcy Code, thereby making it subject to higher or otherwise better offers from other interested parties. If Bluebird is ultimately the successful bidder, it intends to retain the vast majority of the Company's employees across Everstream's markets at close. Completion of the sale to Bluebird, if the successful bidder, is targeted by year end, subject to satisfaction of all closing conditions, including regulatory approvals. The Company is also filing with the Court a series of customary motions to maintain business-as-usual operations and uphold commitments to its stakeholders during the process. These 'first day' motions include requests to continue to pay wages and provide benefits to employees in the ordinary course as well as maintain existing customer programs. Suppliers and contractors will be paid in the ordinary course for authorized goods received and services rendered after the filing. Additional information about the chapter 11 cases and proposed sale can be found at Suppliers and contractors with questions can call (855) 761-1230 (toll-free) or +1 (725) 240-7006 (international) or email EverstreamInquiries@ Weil, Gotshal & Manges LLP is serving as legal advisor, Alvarez & Marsal North America, LLC is serving as restructuring advisor, Bank Street Group is serving as M&A advisor, PJT Partners LP is serving as investment banker, and Kekst CNC is serving as strategic communications advisor to the Company. Kirkland & Ellis LLP is serving as legal advisor, Leo Berwick is serving as financial due diligence and tax advisor, and TD Securities is serving as sole financial advisor to Bluebird Fiber. About Everstream® Everstream has raised the bar for business connectivity, delivering a business-only fiber network with the speed, reliability, scale and performance that today's enterprises demand. With approximately 24,000 route miles of fiber and speeds up to 100 Gbps, Everstream's enterprise-grade network delivers robust business fiber services, including dedicated internet access, dark fiber, Ethernet and data center solutions. Through its 'Do What You Say You Will Do' approach, Everstream is a valued partner dedicated to the success of business customers. For more information, visit About Bluebird Fiber Bluebird Fiber is a communications infrastructure provider and data center operator. Since 1999, Bluebird Fiber, headquartered in Missouri, has provided internet and transport services, via its fiber infrastructure, to Carriers and Enterprises in Missouri, Illinois, Kansas, Iowa, and the surrounding states. Bluebird owns two data centers: an underground facility in Springfield, MO, and a facility in the Quad Cities. Bluebird operates more than 11,000 fiber route miles of high-speed broadband and fiber-optic connections with over 82,000 on-net and near-net buildings and 163 Points of Presence (PoP) sites spanning the Midwest, including the major cities of Chicago, St. Louis, Kansas City, Springfield (MO and IL), Tulsa, Peoria, Bloomington, Normal and the Quad Cities. To learn more, please visit our website and follow us on LinkedIn, Facebook and X (formerly, Twitter).
Yahoo
28-05-2025
- Business
- Yahoo
Everstream Reaches Agreement for Sale of Business to Bluebird Fiber
Provides Strengthened Financial Position to Advance Strategy of Core Market Optimization Customers to Continue Receiving Same Speed, Reliability, and Expert Support Commences Chapter 11 Proceedings to Complete Value-Maximizing Transaction Secures $55 Million in New Money DIP Financing to Support Ongoing Ordinary Course Operations CLEVELAND, May 28, 2025--(BUSINESS WIRE)--Everstream (the "Company"), a business-only fiber network, today announced that it has reached an agreement to sell substantially all of its operations to an affiliate of Bluebird Fiber ("Bluebird"), a regional provider of fiber-based connectivity solutions for businesses. The transaction will enable the Company to advance its core market optimization strategy from a strengthened financial position. This step follows Everstream's sale of its Illinois and St. Louis metropolitan area networks and its previously announced plan to wind down its Pennsylvania operations. "Over the last decade, Everstream has established itself as a leading provider of fiber connectivity across the Midwest and Mid-Atlantic, distinguished by our speed, reliability, and expert support," Everstream CEO Ken Fitzpatrick said. "As we focus on advancing our core market optimization strategy, we have determined that a sale of our business is the best path to ensure Everstream meets the evolving connectivity needs of the businesses we serve for years to come. Under new ownership, we can continue to invest responsibly across our core markets for the benefit of our valued customers, employees, and other stakeholders." "We share Everstream's passion for providing mission-critical, high-quality business fiber services and putting our customers at the center of everything we do," Bluebird CEO Jason W. Adkins said. "We are excited about the opportunity to benefit from Everstream's best-in-class network, complementary footprint, and talented team members." To complete this value-maximizing transaction in an efficient manner, Everstream and certain of its affiliates commenced voluntary chapter 11 proceedings in the United States Bankruptcy Court for the Southern District of Texas (the "Court"). During these proceedings, Everstream will operate as usual, serving its valued enterprise, wireless, and wholesale customers without interruption. The Company has secured a commitment for $55 million of new money debtor-in-possession (DIP) financing from certain of its existing lenders, which, subject to Court approval and when combined with cash on hand, will fund the business through completion of the sale. The "stalking horse" agreement with Bluebird was reached following an extensive marketing process and provides for the purchase of substantially all assets as well as the assumption of certain liabilities. The Company is seeking approval of this agreement pursuant to section 363 of the Bankruptcy Code, thereby making it subject to higher or otherwise better offers from other interested parties. If Bluebird is ultimately the successful bidder, it intends to retain the vast majority of the Company's employees across Everstream's markets at close. Completion of the sale to Bluebird, if the successful bidder, is targeted by year end, subject to satisfaction of all closing conditions, including regulatory approvals. The Company is also filing with the Court a series of customary motions to maintain business-as-usual operations and uphold commitments to its stakeholders during the process. These "first day" motions include requests to continue to pay wages and provide benefits to employees in the ordinary course as well as maintain existing customer programs. Suppliers and contractors will be paid in the ordinary course for authorized goods received and services rendered after the filing. Additional information about the chapter 11 cases and proposed sale can be found at Suppliers and contractors with questions can call (855) 761-1230 (toll-free) or +1 (725) 240-7006 (international) or email EverstreamInquiries@ Weil, Gotshal & Manges LLP is serving as legal advisor, Alvarez & Marsal North America, LLC is serving as restructuring advisor, Bank Street Group is serving as M&A advisor, PJT Partners LP is serving as investment banker, and Kekst CNC is serving as strategic communications advisor to the Company. Kirkland & Ellis LLP is serving as legal advisor, Leo Berwick is serving as financial due diligence and tax advisor, and TD Securities is serving as sole financial advisor to Bluebird Fiber. About Everstream® Everstream has raised the bar for business connectivity, delivering a business-only fiber network with the speed, reliability, scale and performance that today's enterprises demand. With approximately 24,000 route miles of fiber and speeds up to 100 Gbps, Everstream's enterprise-grade network delivers robust business fiber services, including dedicated internet access, dark fiber, Ethernet and data center solutions. Through its "Do What You Say You Will Do" approach, Everstream is a valued partner dedicated to the success of business customers. For more information, visit About Bluebird Fiber Bluebird Fiber is a communications infrastructure provider and data center operator. Since 1999, Bluebird Fiber, headquartered in Missouri, has provided internet and transport services, via its fiber infrastructure, to Carriers and Enterprises in Missouri, Illinois, Kansas, Iowa, and the surrounding states. Bluebird owns two data centers: an underground facility in Springfield, MO, and a facility in the Quad Cities. Bluebird operates more than 11,000 fiber route miles of high-speed broadband and fiber-optic connections with over 82,000 on-net and near-net buildings and 163 Points of Presence (PoP) sites spanning the Midwest, including the major cities of Chicago, St. Louis, Kansas City, Springfield (MO and IL), Tulsa, Peoria, Bloomington, Normal and the Quad Cities. To learn more, please visit our website and follow us on LinkedIn, Facebook and X (formerly, Twitter). View source version on Contacts Media Contacts:For EverstreamKekst CNCJeremy Fielding / Sherri L. Toub / Daniel HoadleyEverstreamMedia@ For Bluebird FiberJill Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hindu
21-04-2025
- Business
- The Hindu
Chargesheet in National Herald case against Gandhi family a 'pure political witch-hunt': Amitabh Dubey
Terming the chargesheet field by the Enforcement Directorate against Congress Parliamentary Party Chairperson Sonia Gandhi and Leader of Opposition Rahul Gandhi in the National Herald Case as 'pure political witch-hunt' by the Bharatiya Janata Party(BJP), Amitabh Dubey, in-charge of Research and Monitoring, Communications Department, Indian National Congress, said in Coimbatore on Monday that the BJP, in a state of 'scare', had resorted to the act to divert public attention from crucial issues facing the nation. 'Fabricated cases' against the Gandhi family was nothing short of 'grotesque abuse of state machinery'. Charges of money-laundering has been made in a case where not a single penny or asset had been transferred. Originally founded as a public limited newspaper company, the objective of the Associated Journals Limited (AJL) was to be the mouthpiece of freedom struggle and not to make profits. The immovable properties held by AJL in Delhi, Panchkula, Mumbai, Patna and Indore were leased and allotted to publish newspapers, and can't be sold. The only freehold property was in Lucknow. Hence, the allegation that AJL holds real estate of the value of thousands of crores of rupees was baseless, Mr. Dubey told mediapersons. As the AJL had incurred losses and accumulated debts resulting in suspension of its operations, the Congress party had stepped in between 2002 and 2011 by extending loans in 100 small tranches totalling ₹90 crore, for payment of salaries, provident fund, retirement benefits, gratuity, and pending electricity bills. After obtaining legal advice, Young Indian was formed as a charitable not-for-profit company, with four shareholders, all senior-most office-bearers: Ms. Sonia Gandhi (the then president of AICC), late Motilal Vora (then treasurer), late Oscar Fernandes (then general secretary of AICC), and Mr. Rahul Gandhi (then general secretary). Since AJL was in distress, the ₹90 crore loan was converted to equity through Young Indian. The entire Bankruptcy Code is based on this principle and is a well-established global practice, Mr. Dubey said, citing the instances of purchase of Ruchi Soya's debt by Baba Ramdev's Patanjali, and the Modi Government's waiver of ₹36,000 crore owed by Vodafone by taking over ownership by increasing the government's holding to 49.99 % from 22.6%. No director or shareholder of Young Indian has gained financially. 'No salary, dividend, or profit can be accrued, even if Young Indian were to shut down,', Mr. Dubey said, adding: 'There was not a single rupee that either Ms. Sonia Gandhi or Mr. Rahul Gandhi or any other Director of Young Indian Ltd. Got.' During August 2015, the ED had closed the file on record. In 2023, the ED issued a provisional attachment order, which was confirmed by a tribunal on April 10, 2024. On the 365th and final day - April 9, 2025 - the ED filed a chargesheet, but the contents are not yet public. The delay shows the case was on a 'very frivolous footing' and also reeks of the moral-political bankruptcy of the Modi Government, Mr. Dubey pointed out. A new false controversy is being created by the BJP about government advertisements in the National Herald newspaper. 'The Congress party will pursue the matter in courts, but we refuse to be intimidated by the Modi Government,' Mr. Dubey said.
Yahoo
17-04-2025
- Business
- Yahoo
Kansas school halts electric bus use over student safety concerns
Context: Video originally aired in December 2022 after Wabaunsee USD 329 received its first electric school buses. WABAUNSEE COUNTY (KSNT) – A Kansas school has stopped using its electric school buses out of an abundance of caution after reports of the buses losing steering and braking, posing a threat to student safety. Working for you, 27 News reached out to the six school districts that initially received federal funding to purchase electric school buses. While some districts report the buses are functioning well, Wabaunsee USD 329 said it removed buses from service 'in line with our highest priority of student safety.' In December 2022, Wabaunsee USD 329 Superintendent Dr. Troy Pitsch announced the district would be the first in Kansas to receive electric school buses from Canadian company Lion Electric. The school was one of the first four in the nation to receive the electric school buses and one of six districts in Kansas to get initial funding. $80 million plan approved for KBI to move out of problematic area in Topeka to new home In May 2024, the Winthrop school district in Maine reported it took four of the Lion Electric school buses out of commission after a bus suddenly stopped working while driving. Another superintendent in Maine reported the buses can have critical battery failures, blown compressors or loss of power. In its Q3 2024 financial report, Lion Electric reported it had nearly $500 million in debt and liabilities. In December 2024, the company filed for creditor protection under the Canadian Companies Creditor's Arrangement Act. The company also announced it would seek recognition of those proceedings in the USA under Chapter 15 of the Bankruptcy Code. 'No significant improvements': Hotel Topeka appraised On January 3, 2025, the company announced it would lay off about 150 employees in Canada and the USA. The company said its remaining workforce of about 160 employees would focus on the maintenance and service of school buses and trucks. Wabaunsee USD 329 purchased two electric buses from Lion Electric as part of the EPA grant opportunity. From the start, we were excited to pilot emerging technology in school transportation, especially through a federal program designed to promote sustainable practices. While the buses showed early promise, we encountered ongoing operational issues that ultimately led us to pause their use. Out of an abundance of caution, and in line with our highest priority of student safety, we made the decision to remove the buses from active service while we work with the manufacturer toward resolution. Wabaunsee USD 329 Superintendent Dr. Troy Pitsch Pitsch told 27 News the district was required to trade in its diesel buses as part of the EPA requirements. Ad Astra Space Celebration event coming to Washburn Lion Electric describes itself as the leading medium and heavy-duty urban electric vehicle platform in the USA and Canada. The company claims to have a combined manufacturing capability of 5,000 vehicles per year. The Washington Free Beacon reported the Biden administration had awarded Lion Electric nearly $160 million to produce electric school buses. According to the Financial Post, the Quebec government has invested $177 million and the Canadian government has invested $30 million into the company. The company reported it had more than 2,200 vehicles on the road with an order book of 1,590 all-electric medium and heavy-duty urban vehicles as of Nov. 6, 2024, which included 1,455 buses. The company said the total order value of those vehicles was about $420 million. According to the KSDE, the first districts in Kansas to receive electric school buses were: Southern Lyon County, four buses, $372,500 per bus, a total amount of $1,490,000. Waconda USD 272, four buses, $395,000 per bus, a total amount of $1,580,000. Wabaunsee USD 329, two buses, $395,000 per bus, a total amount of $790,000. Sterling USD 376, two buses, $395,000 per bus, a total amount of $790,000. Caney Valley USD 437, two buses, $395,000 per bus, a total amount of $790,000. Halstead USD 440, three buses, $395,000 per bus, a total amount of $1,185,000. USD 252 Superintendent Ryan Muhlig told 27 News the school buses the district purchased from another company, Thomas Built Buses, have been performing very well, even in the extreme cold. He said his district had to trade in diesel buses as part of the deal with the EPA. Why legalizing weed in Kansas isn't working 'While we originally hoped for four electric buses, we received three as part of the final arrangement,' Muhlig said. In Topeka, USD 501 is anticipating a delivery of 25 electric school buses from Thomas Built Buses in 2025, according to General Director of Transportation and Campus Police Bill Cochran. 27 News has reached out to Lion Electric and the EPA for comment but has yet to receive a response. For more local news, click here. Keep up with the latest breaking news in northeast Kansas by downloading our mobile app and by signing up for our news email alerts. Sign up for our Storm Track Weather app by clicking here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
