(Adds Abengoa comment, details on staff, state of play of negotiations with creditors) By Julien Toyer and Jose Elías Rodríguez MADRID Feb 26 Indebted Spanish energy firm Abengoa, on the brink of becoming the country’s largest ever bankruptcy, does not have enough cash to pay February wages, its chairman told local employees in an emailed…
NEW DELHI: The Joint Committee of Parliament examining the Insolvency and Bankruptcy Code, which seeks to provide an easy exit option for insolvent and sick companies, was today given an extension till the begining of the second part of the budget session to present its report. A motion in this regard was moved by B…
INDEPENDENCE, Ohio–(BUSINESS WIRE)–GrafTech International Ltd. today announced financial results for the fourth quarter and full year ended December 31, 2015. On August 17, 2015, GrafTech became an indirect wholly-owned subsidiary of Brookfield Asset Management Inc. (NYSE:BAM) (TSX:BAM.A) (Euronext:BAMA). In accordance with GAAP and using business combination accounting guidelines, results for the full year 2015 are…
Europes conflicting insolvency rules create uncertainty among investors, discourage cross-border investment and delay the restructuring of companies facing financial difficulty, writes Paul McGhee. Ironing out these inconsistencies will give businesses a better chance of bouncing back and deliver growth to the real economy, he argues. Paul McGhee is Director of Strategy at the Association for…
NEW DELHI: The Economic Survey 2015-16 invokes the legend of the Charkravyuha from Mahabharata describing the ability to enter but not exit, with seriously adverse consequences. The Indian economy has made great strides in removing barriers to entry for firms, talent, and technology but less progress has been made in relation to exit, says the…
GEORGE HEARD/FAIRFAX NZ While creditors of Stonewood Homes anxiously wait to hear whether they will be paid, the case is being cited as a reminder of directors’ responsibilities. In the wake of the Stonewood Homes collapse directors are being reminded that they face tough financial penalties if they fail to meet their legal responsibilities. Gerard Dale, a corporate…
MUMBAI: Indian government action to increase spending on irrigation and crop insurance is not enough to end a cycle of indebtedness that has led to thousands of farmer suicides, and a complete overhaul of credit and subsidies to farmers is needed, activists said. Drought in many parts of the country has hit rice, cotton and…
GEORGE HEARD/FAIRFAX NZ While creditors of Stonewood Homes anxiously wait to hear whether they will be paid, the case is being cited as a reminder of directors’ responsibilities. In the wake of the Stonewood Homes collapse directors are being reminded that they face tough financial penalties if they fail to meet their legal responsibilities. Gerard Dale, a corporate…
A transport company that has been operating for more than 25 years has been placed into voluntary administration. Longfords Southern Deliveries, which is based on the south coast of New South Wales south coast, appointed external managers on February 18. Sean Wengel and Robert Whitton from William Buck have been appointed as voluntary administrators. Longfords…