(Recasts with loan helping to pay 2016 debt) By Jeb Blount Feb 26 China’s loan to Brazil’s Petrobras announced Friday is for $5 billion to $10 billion and can be paid in cash or oil at China’s request, and may help pay the bulk of the $12 billion in debt the state-run oil company must…
Greek banks appear to have found a way to restructure dairy company Mevgal, which is currently unable to repay its large loans, and to possibly help the northern Greek firm to survive. Mevgals management will be taken on by two investment funds that could be awarded a performance-related bonus, while the companys existing loans will…
If youre struggling to pay credit card bills every month but cant seem to get any traction, a debt management plan might help. You make a single payment to a credit counseling agency, which then pays your creditors on your behalf. A debt management plan wont cut the amount you owe, but it might result in…
WILLEMSTAD Recently the court declared former Minister of Economic Development, Nasser el Hakim bankrupt. The former Minister has nearly 4 million guilders in debt. Last week Fridays the court handled the bankruptcy request. The bankruptcy was requested by Giro Bank on November 13 last year, after the former minister stopped paying. The bank demanded about…
A Greater Manchester law firm has been closed by the Solicitors Regulation Authority (SRA) after being declared insolvent. Mendell Solicitors Ltd, based in Didsbury, appointed liquidators from insolvency specialist Leonard Curtis in late January. A statement from the SRA said it was satisfied it needed to intervene to protect former clients’ interests. The regulator’s panel…
It will be on a much-reduced basis over where they were operating when it closed last year, said acting board chairman Peter Hough. This year, were just trying to keep the operation running on a reduced basis but at the same time do some planning to try and look at creating a long-term vision…
(Adds Abengoa comment, details on staff, state of play of negotiations with creditors) By Julien Toyer and Jose Elías Rodríguez MADRID Feb 26 Indebted Spanish energy firm Abengoa, on the brink of becoming the country’s largest ever bankruptcy, does not have enough cash to pay February wages, its chairman told local employees in an emailed…
NEW DELHI: The Joint Committee of Parliament examining the Insolvency and Bankruptcy Code, which seeks to provide an easy exit option for insolvent and sick companies, was today given an extension till the begining of the second part of the budget session to present its report. A motion in this regard was moved by B…
INDEPENDENCE, Ohio–(BUSINESS WIRE)–GrafTech International Ltd. today announced financial results for the fourth quarter and full year ended December 31, 2015. On August 17, 2015, GrafTech became an indirect wholly-owned subsidiary of Brookfield Asset Management Inc. (NYSE:BAM) (TSX:BAM.A) (Euronext:BAMA). In accordance with GAAP and using business combination accounting guidelines, results for the full year 2015 are…
Europes conflicting insolvency rules create uncertainty among investors, discourage cross-border investment and delay the restructuring of companies facing financial difficulty, writes Paul McGhee. Ironing out these inconsistencies will give businesses a better chance of bouncing back and deliver growth to the real economy, he argues. Paul McGhee is Director of Strategy at the Association for…