Perth-based Iluka Resources plans to put its Hamilton mineral separation plant in Victoria on care and maintenance status resulting in an $150 million pre-tax impairment charge in its half-year accounts. The mineral sands miner will also record redundancy and restructure costs of $14 million in the half-year results, with the plant expected to suspend operations…
Its not unusual for channel companies to collapse, especially when that business finds itself unable to meet its obligations to creditors. Its also not entirely unusual to see other businesses springing up to take their place. Where things start to get odd however is when those new businesses are eerily similar to the ones they…
It is a good thing the RBI and the banks have started identifying big loan defaulters, to resolve these bad loans. True, the new bankruptcy code offers a finite window for the resolution of bad loans, far swifter than under the erstwhile Board for Industrial and Financial Reconstruction. However, it would be naïve to expect…
by Jonathan Rochford Why should poorly run companies be given more time to steal from their employees, taxpayers and trade creditors? Why should management and directors be allowed to gamble with other people’s money when they won’t put their own money into a failing venture? How is Australia being innovative by backing businesses with a…
AP Published 9:00 a.m. ET June 21, 2017 | Updated 2 hours ago FILE – This is a June 29, 2016, file photo showing Boris Becker at the Wimbledon Tennis Championships in London. Becker has been declared bankrupt by a British court after he failed to pay a long-standing debt. (AP Photo/Ben Curtis, FIle)(Photo: The…
Less than a week after a 2014 SBA restructuring came under fire during a House committee hearing, the agency’s chief operating officer presented Administrator Linda McMahon with recommendations meant to correct many of the problems. As part of a larger reorganization, the SBA is targeting work force skills and knowledge transfer issues largely ignored by…
Its been a long and winding road toward the resolution of the Puerto Rico Electric Power Authority bonded debt. It totals $9 billion, the largest single component of Puerto Ricos overall debt of about $70 billion. The commonwealths top officials, the power authority and the bondholders recognize that the power authority cannot service this debt…
MUMBAI: Banks led by State Bank of India will decide on Thursday the fate of three large defaulters Essar Steel, Bhushan Steel and Electrosteel Steels which constitute nearly half the loans of the top 12 defaulters identified by the Reserve Bank of India, thus marking a significant phase in the effort of lenders to clean…
Nearly a year after the Israel Tax Authority sought it, fallen tycoon Eliezer Fishman on Wednesday was formally declared bankrupt by the Tel Aviv District Court. Judge Eitan Orenstein appointed attorney Joseph Benkel as trustee with the power … Read the full article at: http://www.haaretz.com/israel-news/business/1.797147