(Adds details, background) By Jan Schwartz German shipping firm Rickmers filed for insolvency on Thursday, a day after its largest lender HSH Nordbank rejected a restructuring plan, the company said. Rickmers is the most high-profile casualty in Germany’s shipping sector and another example of the deepening turmoil in a global container industry struggling with an…
Greece’s massive debt pile is undermining confidence so European officials need to reach a deal on June 15 to cut it and kick-start the only economy in the eurozone still contracting, European Central Bank board member Benoit Coeure has said. “Discussions are ongoing, but in my view it is important that an agreement is reached…
THE resounding success story of Hans Cafe has ended in heartache with the management company going into liquidation amid unpaid tax, staff underpayments and claims of domestic violence. Ian and Tram Hoang Han, who met in a Thai refugee camp, built Perths most successful chain of Asian restaurants which at one stage had 20 cafes.…
Mumbai: Lenders to Reliance Communication Ltd (RCom) have convened a meeting on Friday to discuss restructuring proposals for the debt-ridden telecom firm, said two bankers directly involved in discussions. On Thursday, ratings agency Fitch said some kind of default is a real possibility, while cutting RComs debt rating to junk status. The restructuring proposals could…
Ashurst partner Ross McClymont has become the first lawyer to be appointed as president of the Australian Restructuring Insolvency and Turnaround Association (ARITA). With over 25 years experience, McClymont leads Ashursts restructuring, insolvency and special situations group in Australia. He is also the firms managing partner in Melbourne. ARITA, which represents 84% of registered liquidators…
CSIRO has still not officially agreed to allow its Data61 analytics unit to become involved in the governments highly contentious welfare drug testing program, a Senate estimates hearing has been told. But the delay appears to be related to difficult contract negotiations for which the research agency is well known rather than the objections of…
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Greece’s massive debt pile is undermining confidence so European officials need to reach a deal on June 15 to cut it and kick-start the only economy in the eurozone still contracting, European Central Bank board member Benoit Coeure has said. “Discussions are ongoing, but in my view it is important that an agreement is reached…
Beijing (AFP) – China has replaced the head coach of its women’s table tennis team at the world championships in Germany following a gambling debt scandal that sparked a social media frenzy back home. Kong Linghui, nicknamed “ping-pong prince”, has been suspended after accusations he borrowed S$1 million in 2015 from a Singapore luxury hotel…
(Adds details, background) By Jan Schwartz German shipping firm Rickmers filed for insolvency on Thursday, a day after its largest lender HSH Nordbank rejected a restructuring plan, the company said. Rickmers is the most high-profile casualty in Germany’s shipping sector and another example of the deepening turmoil in a global container industry struggling with an…