TOKYO: Toshiba Corp on Friday said extensive restructuring helped the Japanese conglomerate swing to its first operating profit in six quarters, signalling recovery from a US$1.3 billion accounting scandal that unmasked underperforming operations. Toshiba, whose output is as diverse as consumer electronics and nuclear power reactors, reported profit of 20.1 billion yen (US$196.90 million) for…
May divest stake in road project, to conclude BIAL deal soon Hyderabad, Aug 12: GVK Power & Infrastructure Ltd today highlighted that the company plans to focus on consolidating its existing business and reducing its debt, even as it steps up efforts to secure fuel supplies for its coal and gas-based projects. GVK Reddy, Chairman,…
5176357 Solar company SunEdison is on the verge of complete collapse, as the company was forced to stiff shareholders as its debts outweigh assets by at least $1 billion. The company is hopelessly insolvent, Judge Stuart Bernstein said in a Thursday decision announcing SunEdisons shareholders wont get an official voice in the bankruptcy. The judges…
August 12, 2016|7:34 am To learn Biblical answers to your financial questions, you can #AskChuck @AskCrown your questions by clicking here. Questions used may be lightly edited for length or clarity. Dear Chuck, I have a rather unique problem; I feel like I’m drowning in debt, but I’m told I’m not in deep enough to get…
Bengaluru: Bengaluru-based real estate firm Prestige Estates Projects Ltd (PEPL), Indias third-largest developer by market value, has formed a committee to explore an exercise of restructuring the businesses of the group, the developer informed the BSE on Friday morning. A board meeting on 12 August discussed the merits and business case for exploring a restructuring…
Business Netherlands Fashion goliath MS Mode declared bankrupt The Dutch parts of fashion chain MS Mode was declared bankrupt by the court in Amsterdam on Thursday. Administrator Frits Kemp also announced that the 130 Dutch branches will be closed for the time being, ANP reports. Kemp announced earlier on Thursday that theyve filed for bankruptcy…
Prestige Estates Projects Ltd., a Bengaluru-based real estate company, informed the Bombay Stock Exchange (BSE) on Friday that it will be exploring ways and means to restructure its lines of business. The decision, taken at the company’s board meeting on Thursday, was communicated in a regulatory filing to the BSE. “Prestige Estates Projects Ltd has…
A former Kleenmaid director convicted of fraud and insolvent trading will have to spend more than six years behind bars. Bradley Wendel Young, 49, was last week found guilty of the charges following a marathon eight-week trial. Kleenmaid, a Maroochydore-based whitegoods company, collapsed in 2009 following a turbulent 17-month period. Photo: Tanya Lake He had pleaded…
THE judge sentencing former Kleenmaid director Bradley Wendell Young says “Blind Freddy could see this company was insolvent”. “I had no difficulty whatsoever concluding your client was, at all relevant times, aware of the true financial position,” Judge Brad Farr said. “To suggest otherwise flies in the face of the evidence.” Young, 49, was found…