Arrium administrator Grant Thornton to be replaced – The Australian Financial Review

Liquidation

Why Arrium collapsed The union representing 2000 workers at collapsed steelmaker Arrium has joined forces with aggrieved lenders to dump the troubled group’s administrator Grant Thornton and install rival corporate undertaker KordaMentha to oversee a painful restructuring. Federal Court Justice Jennifer Davies issued orders appointing KordaMentha’s Mark Mentha, Bryan Webster, Martin Madden and Cassandra Matthews as administrators following Grant Thornton’s resignation a… Read the…

India Ratings Puts Tata Steel On Watch Post Business Restructuring – NDTV

Restructuring

New Delhi: India Ratings and Research has placed Tata Steel on ‘rating watch’ following its announcement of restructuring European operations. “While cutting down losses by curtailing overseas operations would be a credit positive for TSL, the uncertain timelines associated with this goal could delay the expected recovery in its credit profile,” Ind-Ra said in a…

Administrators say Clive Palmer’s Queensland Nickel should be liquidated – Business Insider Australia

Liquidation

A report by administrators FTI Consulting into the solvency of Clive Palmers Queensland Nickel refinery near Townsville has recommended the company be liquidated, ahead of a creditors meeting next Friday. The creditors will meet on April 22 to decide whether to place the company into liquidation with debts in excess of $100 million, including more…

Arrium placed in voluntary administration | The Border Mail – The Border Mail

Liquidation

File pic RELATED: Australian Workers’ Union to fight for Whyalla Steelworks READ THE STATEMENT: Scroll down Embattled steel and mining group Arrium has been placed into voluntary administration, following discussions with its lenders. The appointment comes just days after Arrium’s banking syndicate rejected a recapitalisation proposal from US group GSO and follows prolonged talks between the…

Maine Senate OKs bills to help students graduate, pay debt – Bryan-College Station Eagle

Debt Help

AUGUSTA, Maine (AP) The Maine Senate has signed off on bills that seek to ease student debt load and help schools retain students until graduation. One of the bills would allow students to claim the Educational Opportunity Tax Cr… Read the full article at: http://www.theeagle.com/news/nation/maine-senate-oks-bills-to-help-students-graduate-pay-debt/article_67b4d4e1-caf4-55bd-b89c-4af8c78d2fb9.html

Rise of the non-banks will generate competition – The Australian Financial Review

Bankruptcy

Non-banks have competitive advantages and disadvantages vis-a-vis licensed deposit-takers. Tanya Lake One of the most attractive investment opportunities in the years ahead could be non-bank lending in its various guises, including technology-enabled peer-to-peer (P2P) lenders. As regulators sensibly shrink excess leverage and risk-taking in the banking sector, they will inevitably open the door to heightened competition from…