Alberta has seen an 18.5% spike in personal insolvency over this last year. Thats according to Zaki Alam, a Senior VP with MNP Limited, where he specializes in consumer and corporate insolvency. Alam says a series of lay-offs in the oil-patch is much to blame, but the downturn in the price of oil has had…
The focus on streamlining arbitration methods is necessary but not sufficient. Conciliation needs more play The past several months have seen a flurry of policy making. Parliament has made laws amending the 2013 Companies Act, the Arbitration and Conciliation Act, and introduced the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act,…
March 6, 2016 9:43 a.m. ET BERLIN Commerzbank AG CRZBY 0.51 % Sunday said the head of its retail unit will become its new chief executive, succeeding one of the very last acting leaders of a European bank that tapped taxpayers in the financial crisis. The supervisory board of Germanys second largest lender named Martin…
Summary Given Weatherford’s declining EBITDA and high debt load, liquidation value may be a better metric. I believe Weatherford’s inventory ($1.1B), PP&E ($5.7B), intangibles and non-current assets ($3.5B) are higher than their liquidation value. Even with its $565 million equity raise, based on liquidation value Weatherford is insolvent. WFT remains a great short play. Click…
Dan Carney 12:04 a.m. EST March 6, 2016 A columnist believes Sen. Bernie Sanders is having a polarizing effect that is damaging Democrats message.(Photo: ~File photo) While they might not say it publicly, most establishment Democrats would view a Bernie Sanders nomination with as much enthusiasm as bungee jumping off the Washington Monument without a…
Albany During the trial of ex-Senate Majority Leader Dean Skelos last year, medical malpractice insurance executive Anthony Bonomo told jurors how Skelos had pressured him to hire the lawmaker’s son, Adam, to what amounted to a no-show job. Prosecutors successfully argued that Skelos, in turn, pushed through legislation favorable to Bonomo’s company, Physicians’ Reciprocal Insurers,…
International finance of ocean-going vessels and other maritime assets such as off-shore oil and gas equipment is currently experiencing what could be described as a perfect storm: Many owners looking to refinance newer assets in their fleet ordered their construction and locked into efficient funding before the global financial crisis of 2007/8. And according to…
Melbourne-based maker of antipasto products Pronto e Fresco entered voluntary administration on Wednesday and is up for sale. Smart Company reports that the 100 per cent Australian-owned company, which was established in 2000, produces vegetable products including semi-dried tomatoes, roasted peppers, grilled mushrooms, grilled eggplant, grilled pumpkin and other unique char-grilled and marinated vegetables. Pronto…
Abengoa SAs majority shareholder sweetened its offer to creditors in talks aimed at avoiding bankruptcy, agreeing to further reduce its stake in the Spanish renewable-energy developer, according to three people familiar with the matter. Inversion Corporativa IC SA, controlled by the family of Abengoas founder Javier Benjumea, told creditors it would cut its holding to 5 percent…
March 3, 2016 6:35 p.m. ET Retailer Sports Authority Holdings Inc. received court approval on Thursday to use a portion of its $595 million bankruptcy loan and to begin liquidating a number of its stores. At a hearing in U.S. Bankruptcy Court in Wilmington, Del., Judge Mary Walrath said the company could use up to $275 million of its…