A family-owned dessert business operating for more than 20 years is facing an uncertain future after its parent company collapsed into voluntary administration. Cakes Galore appointed external managers earlier this month, with Anne Meagher and Terry van der Velde acting as joint administrators. A creditors meeting was held earlier this week in Toowoomba. Cakes Galore…
Brazils economic quagmire, with an ever-growing corruption scandal on top of the longest and deepest recession in at least a century, is producing an unprecedented era of corporate debt restructuring in the country. Brazilian debt now accounts for 45 percent of Bank of America Corp.s $137 billion index for distressed emerging-market bonds, compared with less…
(The following statement was released by the rating agency) SEOUL/SINGAPORE, March 17 (Fitch) Fitch Ratings has assigned a ‘BBB+(EXP)’ expected rating to South Korea based Shinhan Bank’s (Shinhan; A/Stable) proposed US dollar denominated subordinated unsecured notes. This is Shinhan’s first offshore issue of a Basel III-compliant Tier 2 instrument. Fitch expects the notes to have…
(Recasts to focus on timetable, liquidity needs) By Jose Elías Rodríguez Struggling energy and engineering firm Abengoa will probably have to ask a court for more time to get lenders to back its debt restructuring, as its race to avoid becoming Spain’s first ever bankruptcy goes down to the wire. The company said on Wednesday…
Abengoa SA lined up international investors including Elliott Management Corp., KKR Co. LP and Oak Hill Advisors LP to inject as much as 1.8 billion euros ($2 billion) of new liquidity to help the renewable energy producer avoid insolvency. The investing companies together with Attestor Capital LLP, Centerbridge Partners LP, D.E. Shaw & Co. and…
BEGBIES Traynor’s Scottish insolvency team has won a major contract for the Northern Ireland government’s Department of Enterprise, Trade and Investment (DETI). Headed by the firm’s regional managing partner for Scotland and Northern Ireland, Ken Pattullo, the team will help the DETI manage the province’s historically high levels of both individual and corporate insolvency levels.…
Cape Town – Madame Zingara dinner theatre is at the centre of a tug-of-war between shareholders, who want to liquidate the company, and its former managing director, who is hell-bent on saving its reputation. Notices have been issued to the creditors of the entertainment division of Madame Zingara Holdings, MZ Entertainment (SA) (Pty) Limited, to…
THE Scottish insolvency team of corporate recovery specialist Begbies Traynor is to help Northern Irelands government tackle unprecedented personal and corporate insolvency levels. Headed by regional managing partner Ken Pattullo, the team will work with colleagues in Northern Ireland on the new contract win with Stormonts Department of Enterprise, Trade and Investment. Share article Insolvencies…
DEAN KOZANIC/FAIRFAX NZ Black Marlin Limited, which trades as Urban Construction, is in liquidation. A Christchurch construction firm has gone bust owing about $1.5 million and leaving nearly 150 unsecured creditors unlikely to see a cent. Urban Construction went into liquidation on February 9 with estimated debts of $729,708 to unsecured creditors. It also owed $498,922 to ASB Bank,…
Septic Solutions Taranaki Limited has been placed into liquidation. A company in which Taranaki iwi Ngati Tama invested money into has been placed into liquidation. In the High Court at New Plymouth on Tuesday, lawyer Jacob Bourke, who appeared on behalf of the Inland Revenue Department (IRD) sought a liquidation order against Septic Solutions Taranaki Ltd. According to the statement…