Debt-laden engineer Abengoa said on Thursday it had agreed a draft rescue plan with creditors to cut debt and inject fresh cash, in the latest attempt to avoid what could be Spain’s biggest bankruptcy. Loss-making Abengoa, which started out 70 years ago as an engineering business in Seville and expanded into clean energy by taking…
The Nov. 30 shutdown of Health Republic Insurance of New York, a nonprofit cooperative established in connection with the Affordable Care Act, left policyholders scrambling to find new coverage and health care providers short millions of dollars. And it spurred an investigation into its practices and calls for legislation to protect providers and consumers. On…
The headquarters of KTB in central Sofia. Photo by Christina Dimitrova Lawmakers have voted to approved changes to the Bank Insolvency Act on a first reading which also allow for the publication of a report by UK-based consultancy AlixPartners on insolvent Corporate Commercial Bank (Corpbank/KTB), local media have reported. Until now the text was only…
Eddie Hayson leaves the NSW Racing headquarters after giving evidence at the 2013 inquiry into the More Joyous affair. Photo: Kate Geraghty Tales of the kidnapping of big-time punter and former brothel owner Eddie Hayson reached fever pitch in January with the chronic gambler owing millions of dollars to a raft of characters including drug…
Texas Toll Road Failure Raises Question Of PPP ViabilityThe SH130 public private partnership toll road in Texas has filed for Chapter 11 bankruptcy protection. A toll road in Texas declared bankruptcy last week, raising concern about tolling’s long-term viability. The 41-mile State Highway 130 project was the Lone Star State’s first public private partnership tolling…
Protection granted last month to developer James Nugent of Maple 6 in Dublin in respect of a multimillion euro bank debt was removed at the High Court sitting in Cork yesterday. Danske Bank, which claims that Mr Nugent owes it 9.5m, applied to have the debtor adjudged bankrupt. Last month the Personal Insolvency Practitioner (PIP)…
Ive always wanted a cognitive bias named after me. There is probably already a name for this, but its hard to search for these things on Google. So lets take Japan, for example. Japan does quantitative easing. If it works, it is declared a success and they do more. If it doesnt work, it means…
The ethically questionable practice of nominating industrialists with dubious reputation to Parliament haunted Rajya Sabha on Thursday morning. As House proceedings started on 10 March, Naresh Agrawal of Samajwadi Party raised the issue of UB Group Chairman Vijay Mallya essentially “absconding” from law. Should he continue to be a Parliamentarian? According to Agrawal, the issue…
* Creditors to lend up to 1.8 bln euros under draft plan * Existing creditors would get 35 percent of company * Existing shareholders’ stake would be cut to 5 percent (Adds details, background) By Sonya Dowsett MADRID, March 10 Debt-laden engineer Abengoa said on Thursday it had agreed a draft rescue plan with creditors…
Background In a recent Singapore Court of Appeal case [1] the claimant supplied bunkers to the defendants ship. The terms of the bunker supply contract required payment within 30 days of delivery. Three days before payment fell due, the claimant demanded immediate payment for the bunkers by close of the same business day. The claimant…