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<ul><li>Last month, <keyword id="47654" type="COMPANY" weightage="20" keywordseo="ArcelorMittal">ArcelorMittal</keyword> raised its bid for the bankrupt steelmaker from ₹310 billion to ₹420 billion, which included an additional offer to clear the dues of its subsidiaries on the condition that its bid was accepted. </li><li>However, on 4 October, the Supreme Court directed the Luxembourg-based steelmaker to clear all its subsidiaries’ outstanding dues in order to be considered eligible for bidding. </li><li>In response, ArcelorMittal has offered to pay around ₹45.5 billion, well below its subsidaries’ estimated total dues of ₹70 billion. </li></ul>The bidding process for the <keyword id="6357251" type="COMPANY" weightage="20" keywordseo="essar-steel">Essar Steel</keyword> - which was one of the first 12 accounts identified by the RBI for resolution last year - has met with another twist. Last month, ArcelorMittal raised its bid for the bankrupt steelmaker from ₹310 billion to <a href="https://www.businessinsider.in/arcelormittal-submits-a-higher-bid-for-bankrupt-essar-steel-but-on-one-condition/articleshow/65769020.cms">₹420 billion</a>, which included an additional offer to clear the dues of its subsidiaries. This was well above <keyword id="6235176" type="ORGANIZATION" weightage="20" keywordseo="numetal">Numetal</keyword>’s ₹370 billion offer. However, ArcelorMittal’s bid was subject to one condition - it said it would only pay the outstanding loans of Uttam Galva and KSS Petron - which are estimated to be around ₹75 billion excluding interest- if its bid for Essar Steel was accepted. The company took the matter to the Supreme Court, which directed the company <a href="https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/arcelormittal-ready-to-clear-uttam-galva-kss-petron-debt-for-essar-steel-bid/articleshow/66254119.cms">earlier this month</a> to clear the loans of its subsidiaries first, despite the fact that it had sold down its stakes in them in February 2018 before the bidding process commenced. The directive extended to Numetal as well, which is also dealing with outstanding dues of its own. The the Luxembourg-based steelmaker was deemed ineligible to bid for Essar Steel in the first round earlier this year because its two aforementioned subsidiaries had defaulted on their loans. Under the rules of the Indian <keyword id="43550" type="EVENT" weightage="20" keywordseo="Bankruptcy">bankruptcy</keyword> code, wilful defaulters or entities associated with wilful defaulters cannot bid for bankrupt firm. Now, as per a letter sent last week to the Essar Steel’s creditors seen by media outlets, ArcelorMittal has agreed to pay a portion of the estimated outstanding dues of its subsidiaries- specifically ₹45.5 billion - based on its own calculations of the principal and interest owed on its subsidiaries’ loans. This includes nearly ₹40 billion worth of loans and external commercial borrowings on Uttam Galva’s books with the rest coming from KSS. If the proposal, which is still pending the approval of ArcelorMittal’s board, is accepted by the committee of creditors, then the Luxembourg-based steelmaker will no longer have to worry about the eligibility of its bid. However, it is taking a large gamble given the possibility that it could lose the bid to Numetal. The deadline for the payment of the outstanding dues is 18 October.

ArcelorMittal isn’t giving up on its bid for Essar Steel without a fight

<ul><li><keyword id="47654" type="COMPANY" weightage="20" keywordseo="ArcelorMittal">ArcelorMittal</keyword>, the world’s largest steelmaker, has submitted a revised bid of ₹420 billion, which is well above <keyword id="6235176" type="ORGANIZATION" weightage="20" keywordseo="numetal">Numetal</keyword>’s ₹370 billion offer. </li><li>However, the Luxembourg-based steelmaker has yet to clear the dues owed by its local subsidiaries, Uttam Galva and KSS Petron, which calls into question its eligibility to bid. </li><li>It will only pay the outstanding dues on the condition that its bid is accepted by <keyword id="6357251" type="COMPANY" weightage="20" keywordseo="essar-steel">Essar Steel</keyword>’s creditors. The matter is being heard by the Supreme Court. </li></ul>A fresh round of bidding for the indebted Essar Steel - which was one of the first 12 accounts identified by the RBI for resolution last year - began this week. Just like the first round, ArcelorMittal, the world’s largest steelmaker, will face off against Russia’s Numetal. Vedanta is also participating but its bid is much lower. The two companies were deemed to be ineligible to bid for Essar Steel in the first round. On one hand, two local subsidiaries of ArcelorMittal, Uttam Galva and KSS Petron, had defaulted on their loans. This went against the rules of the Indian <keyword id="43550" type="EVENT" weightage="20" keywordseo="Bankruptcy">bankruptcy</keyword> code, which prevents wilful defaulters or entities associated with wilful defaulters from bidding for bankrupt firms. Meanwhile, it was revealed that Numetal bid was partnering with the former promoters of Essar Steel for its bid, the Ruia family, which was also a contravention of the bankruptcy code. However, last week, the the National Company Law Appellate Tribunal (<keyword id="6396355" type="ORGANIZATION" weightage="20" keywordseo="nclat">NCLAT</keyword>) allowed Numetal to participate in the bidding after the 25% stake owned in it by the Ruias was bought by JSW Steel. It also approved ArcelorMittal’s eligibility on the condition that it paid the ₹70 billion outstanding dues of Uttam Galva and KSS Petron by September 11th. Second act drama On September 10th, ArcelorMittal, which is partnering with Japan’s Nippon Steel &amp; Sumitomo Metal for the bid, submitted a revised offer of ₹420 billion for Essar Steel, which includes an offer to clear the dues of its subsidiaries. This was well above its original offer of ₹310 billion and Numetal’s ₹370 billion bid. If the bid is accepted, it will mark a significant win for India’s new bankruptcy regime. However, there’s one large hurdle standing in ArcelorMittal’s way. Despite selling its shares in its local subsidiaries, the Luxembourg-based steelmaker has not yet cleared the dues owed by them, which calls into question its very eligibility to bid as today is the deadline to do so. More importantly, in a letter to sent to Essar Steel’s creditors, it has said it will only pay the outstanding loans of Uttam Galva and KSS Petron if its bid for Essar Steel is accepted. Third act resolution? Given the NCLAT’s refusal to recognise its eligibility, ArcelorMittal has now taken the case to the Supreme Court. Essar’s creditors will obviously go for the higher bid, but will want to avoid any further litigation. Essar, which is India’s fourth-largest steelmaker, has outstanding dues of ₹490 billion. Unless Numetal is able to match ArcelorMittal’s bid, it seems certain that that Essar’s creditors will pick the latter as their secured debt claims will be covered. However, the final decision rests with the Supreme Court. ArcelorMittal’s appeal will be heard tomorrow. A ruling on the matter is expected soon. The outcome will set an important precedent for Section 29A of the Insolvency and Bankruptcy Code, which determines the eligibility of bidders.

ArcelorMittal submits a higher bid for bankrupt Essar Steel but on one condition

<ul class="summary-list"><li>Olivia Rodrigo and Gwen Stefani performed No Doubt's "Bathwater" at Coachella.</li><li>Rodrigo has long credited Stefani as a major influence in her music.</li></ul><a target="_blank" href="https://www.businessinsider.com/olivia-rodrigo-guts-tour-free-morning-after-pills-missouri-concert-2024-3">Olivia Rodrigo</a> ran onto the <a target="_blank" href="https://www.businessinsider.com/coachella-denim-jeff-bezos-lauren-sanchez-watched-lana-del-rey-2024-4">Coachella stage</a> Saturday in a red bralette and cropped white tank top bedazzled with "I love ND" — an outfit that screamed 1995.The ND was for <a target="_blank" href="https://www.businessinsider.com/gwen-stefani-no-doubt-songs-make-her-feel-sick-memories-2024-2">No Doubt</a>, which reunited on the festival stage for the first time in nine years. Rodrigo and singer <a target="_blank" href="https://www.businessinsider.com/gwen-stefani-cultural-appropriation-timeline-harajuku-girls-2023-1">Gwen Stefani</a> performed the band's 2000 hit "Bathwater."It was a dream come true for one of <a target="_blank" href="https://www.businessinsider.com/gen-z-disconnected-youth-retirement-no-income-buy-home-anxiety-2024-4">Gen Z</a>'s pop-punk princesses, who recently told Nylon Magazine she heard the band for the first time at 15 years old when she came across No Doubt's 2000 album, "Return of Saturn." It's not the first time the 21-year-old has gushed over Stefani and No Doubt — during the release of her first album, <a target="_blank" href="https://www.businessinsider.com/olivia-rodrigo-sour-review-tracklist-breakdown-2021-5">"SOUR,"</a> Rodrigo called Stefani her "hero.""I remember hearing 'Bathwater' for the first time when I had just started writing songs," <a target="_blank" href="https://www.instagram.com/p/C5wSrAgyjvo/?utm_source=ig_web_copy_link&amp;igsh=MzRlODBiNWFlZA==">Rodrigo wrote on Instagram</a> Sunday. "it totally turned my world on its head and inspires me to this day. was the coolest honor to sing it with @nodoubt and @gwenstefani this weekend at @coachella !!!! they're out of this world!!!!"Clearly, she takes inspiration from <a target="_blank" href="https://www.businessinsider.com/gen-x-age-income-debt-forgotten-middle-child-struggling-financially-2023-12">Gen X </a>icons — Rodrigo has often been accused of ripping off <a target="_blank" href="https://www.instagram.com/reel/CqEepP7Ae9E/?utm_source=ig_web_copy_link&amp;igsh=MzRlODBiNWFlZA==">Radiohead</a> — and she and Willow (daughter to short-lived nu-metal singer Jada Pinkett-Smith) are frequently credited with making pop-punk cool again in the 2020s.Rodrigo has long paid dues to her Gen X predecessors, calling them a huge inspiration to her music. <a target="_blank" href="https://www.businessinsider.com/dave-coulier-alanis-morissette-you-ougha-know-2022-7">Alanis Morissette</a>'s "Jagged Little Pill" inspired the lyrics to Rodrigo's angsty "Deja Vu," which features a montage of memories about an ex-lover, she said in 2022. Rodrigo also revealed she was "obsessed" with singer <a target="_blank" href="https://www.businessinsider.com/fiona-apple-grammys-dr-luke-nomination-say-so-2020-12">Fiona Apple</a> while discussing her own song "jealousy, jealousy."On her most recent album, <a target="_blank" href="https://www.businessinsider.com/olivia-rodrigo-guts-album-review-tracklist-breakdown-2023-9">"GUTS,"</a> the singer told Rolling Stone that she tapped into tunes from the all-woman ensemble Babes in Toyland to help craft "All-American Bitch" — a song questioning misogynistic expectations.It's clear that she's gaining some street cred among Gen X: Of course, she is buddies with Stefani. And Billie Joe Armstrong of Green Day told Vulture it "would be fun" to collaborate with Rodrigo. <a target="_blank" href="https://www.businessinsider.com/jack-white-auctioning-tesla-after-slamming-elon-musks-twitter-role-2023-7">Jack White of The White Stripes,</a> who met Rodrigo, praised her love of vinyl records and gave her his stamp of approval."I had the chance to meet a talented singer and musician today named @OliviaRodrigo," White wrote in 2022. "she's very cool, very real and very much a lover of music. She's also introducing another set of youth to the love of vinyl records as well. Respect." Rodrigo and Stefani did not immediately respond to a request for comment.

Olivia Rodrigo's guest appearance with No Doubt at Coachella proves the Gen Z artist is carrying a torch for Gen X

<ul class="summary-list"><li>As Gen Alpha memes dominate the internet, many have ridiculed them for being too inane.</li><li>Gen Zers are now reminding each other their memes have been equally as ridiculous as <a target="_blank" href="https://www.insider.com/skibidi-toilet-is-good-actually-2023-10">"Skibidi Toilet."</a></li></ul>When <a target="_blank" href="https://www.insider.com/skibidi-toilet-is-good-actually-2023-10">"Skibidi Toilet,"</a> a Gen Alpha meme about a man's disembodied head popping out of a toilet, first went viral earlier this year, it was met with widespread bafflement. Older generations — <a target="_blank" href="https://www.insider.com/skibidi-toilet-gen-z-alpha-memes-internet-culture-outdated-old-2023-7">particularly Gen Z</a> — worried they were falling out of touch since they didn't understand its nonsensical humor. The feeling has only worsened as new puzzling memes have emerged (like, <a target="_blank" href="https://www.insider.com/fanum-tax-gen-alpha-gen-z-millennials-confusing-slang-2023-10">what's "Fanum tax?"</a>).While people have widely criticized Gen Alpha for having a <a target="_blank" href="https://www.tiktok.com/@mr_gigglesw0rth/video/7294086431289511211?_r=1&amp;_t=8hpZy4YU63S">"brainrot"</a> sense of humor, some are now rushing to the young generation's defense. Gen Z users specifically are going viral with videos reminding each other of the ridiculous memes they grew up loving and coming to the realization that perhaps brainrot humor is universal.<a target="_blank" href="https://www.tiktok.com/@anthonyboiiiiiii/video/7299949522304683295?_r=1&amp;_t=8hp8rUQHDx8">Three of</a> the most <a target="_blank" href="https://www.tiktok.com/@general5001/video/7299868042186575150">popular TikToks</a> over the last few weeks feature chaotic <a target="_blank" href="https://www.tiktok.com/@ozzyosbournelover5567/video/7299753693413461291?_r=1&amp;_t=8hpZxaYvkoo">montages</a> recalling popular Gen Z memes. Most memes are from the mid-2010s and include references to Snoop Dogg smoking weed, explosions, and jokes about major league gaming (MLG) culture set to electrifying dubstep. The TikToks feature hypothetical quotes on-screen about people saying Gen Alpha "is literally watching brainrot," and then include a statement insinuating that what Gen Z watched wasn't any better.The clips made some commenters come to terms with the fact that most young people tend to enjoy absurdist, and sometimes cringeworthy, content."Every generation had a brainrot moment," one comment with over 39,000 likes said on the user @anthonyboiiiiiii's montage parody video."Y'all are blinded by nostalgia this is literally just as bad as skibidi toilet and these new trends," another person wrote on the video.Other Gen Zers didn't agree and wished they could relive the glory days when montage parodies were ascendant."This was peak culture and y'all just can't accept it," a user wrote. <a target="_blank" href="https://www.tiktok.com/@aymj13/video/7288097115471891743">One video</a> with over 840,000 views featured a person reciting a bunch of internet slang that was popular a decade ago when Gen Z was first taking over the internet: "Hashtag, LOL, yolo, get shrekt scrub, 1v1 me mlg, 360 noscope," they said."Literally all of Gen Z in like 2011," the creator, @aymj13, wrote on-screen.Another video resurrected <a target="_blank" href="https://www.tiktok.com/@cookiesncreampuffz/video/7303998045333490975?_r=1&amp;_t=8hp8tpjkwd4">Ugandan Knuckles</a> — a meme based around a poorly drawn version of the red Sonic character saying things like "do you know the way." The meme was hugely popular around late 2017 and early 2018, but it quickly faded after it <a target="_blank" href="https://knowyourmeme.com/memes/ugandan-knuckles">was accused</a> of promoting racist stereotypes.Many commenters said they came to realization that Ugandan Knuckles is equally, if not more distasteful and bizarre, than Skibidi Toilet, and they wondered if they would have appreciated Skibidi more if they were younger."I have a conspiracy theory that the reason we hate skibidi toilet is that it came out in the wrong era," one person with over 900 likes said.

While some are making fun of Gen Alpha's 'brainrot' memes, Gen Zers are reminding each other of the ridiculous memes they grew up with

<ul><li>On 19 October, <keyword id="47654" type="COMPANY" weightage="20" keywordseo="ArcelorMittal">ArcelorMittal</keyword>, the world’s largest <keyword id="34570" type="COMPANY" weightage="20" keywordseo="steel">steel</keyword>maker, announced that it had been selected as the preferred bidder for Essar Steel by the bankrupt company’s committee of creditors. </li><li>While the Luxembourg-based steelmaker submitted a joint bid of ₹420 billion with Japan’s Nippon Steel &amp; Sumitomo Metal, negotiations for a final price will commence shortly. </li><li>The acquisition of Essar Steel - which includes a production facility in Gujarat capable of producing 10 million tonnes of steel a year - will give ArcelorMittal a significant competitive advantage in India’s steel industry. </li></ul> India’s domestic steel giants must be on high alert. On 19 October, ArcelorMittal, the world’s largest steelmaker, <a href="https://corporate.arcelormittal.com/news-and-media/press-releases/2018/oct/19-10-2018?lang=english">announced</a> that it had been selected as the preferred bidder for Essar Steel by the bankrupt company’s committee of creditors. While the Luxembourg-based steelmaker submitted a joint bid of <a href="https://www.businessinsider.in/arcelormittal-submits-a-higher-bid-for-bankrupt-essar-steel-but-on-one-condition/articleshow/65769020.cms">₹420 billion</a> with Japan’s Nippon Steel &amp; Sumitomo Metal, negotiations for a final price will commence shortly. A decision is expected within the next few weeks. The decision caps an eight-month long saga which saw the company vy for the prized assets of Essar with Russia’s Numetal, which had to bow out of the bidding owing to its inability to pay back the outstanding dues of its affiliates, and Vedanta. The acceptance of the bid marks a win for India’s new <keyword id="43550" type="EVENT" weightage="20" keywordseo="Bankruptcy">bankruptcy</keyword> regime. The bid value represents around 85% of Essar Steel’s outstanding dues. The steelmaker was one of the 12 large non-performing accounts shortlisted for resolution by the Reserve Bank of India in June last year. Earlier this month, on 4 October, ArcelorMittal was ordered to clear the loans of its local subsidiaries first in order to be considered eligible for bidding. The two subsidiaries- Uttam Galva and KSS Petron - had outstanding loans of ₹75 billion. In response, last week, the steelmaker agreed to pay only a portion of the estimated outstanding dues of its subsidiaries- specifically <a href="https://www.businessinsider.in/arcelormittal-isnt-giving-up-on-its-bid-for-essar-steel-without-a-fight/articleshow/66257606.cms">₹45.5 billion</a>. However, the following day, which was incidentally a day before the deadline for the clearing of the loans, ArcelorMittal gave in and decided to pay <a href="https://www.livemint.com/Companies/dKKDpJF1eTazDYzsEkRd7J/ArcelorMittal-to-make-1-billion-creditor-payment-to-bid-for.html">the full amount</a>. A shakeup for the industry The acquisition of Essar Steel will give ArcelorMittal a significant competitive advantage in India’s steel industry. The debt-laden steel maker has a facility in Gujarat that is capable of manufacturing 10 million tonnes a year, making it the largest such plant in India. The complex also includes a natural gas-fuelled power plant and a dry bulk port. It also marks ArcelorMittal’s second stab at the Indian market following the failure of Uttam Galva, which it was forced to exit in order to bid for Essar Steel. The Luxembourg-based steelmaker’s big entry is expected to spur India’s domestic steelmakers, the likes of which include Tata Steel and JSW Steel, to cut costs, speed up operations and price their product offering more competitively. The company, which is owned by <keyword id="29201" type="PERSON" weightage="20" keywordseo="Lakshmi-Mittal">Lakshmi Mittal</keyword>, has a track record of buying up steel mills and turning them around by accelerating production. The acquisition of Essar Steel will enable ArcelorMittal’s expansion and eventual consolidation in the Indian market.

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ArcelorMittal isn’t giving up on its bid for Essar Steel without a fight

Dilsher Dhillon

ArcelorMittal submits a higher bid for bankrupt Essar Steel but on one condition

Dilsher Dhillon

Olivia Rodrigo's guest appearance with No Doubt at Coachella proves the Gen Z artist is carrying a torch for Gen X

Hannah Getahun

While some are making fun of Gen Alpha's 'brainrot' memes, Gen Zers are reminding each other of the ridiculous memes they grew up with

Kieran Press-Reynolds

India’s steel industry is set for a shakeup after ArcelorMittal finally emerges as the winning bidder for Essar Steel

Dilsher Dhillon

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