Bank chiefs have launched a loan-restructuring scheme for indebted businesses where lenders work together to help firms to reduce their debt burden. The UAE Banking Federation (UBF) revealed the plan yesterday aimed at struggling small and medium-sized enterprises (SMEs). The move comes as progress on the countrys long-awaited insolvency law, which contains a similar framework…
In mythology, Cerberus was the multi-headed dog that guarded the underworld, whom Hercules subdued and brought into the daylight. It may not be a giant guard dog, but the US fund Cerberus Capital Management has grown to become a very big beast indeed in Irish affairs over the last two years. In that time, it…
The bankruptcy filing by a company that owns shuttered ethanol plants at Ravenna and York lists millions of dollars in debts to Nebraska companies and local governments that may not be repaid. Spanish company Abengoa S.A.’s U.S. subsidiary, Abengoa Bioenergy U.S. Holding LLC, filed for Chapter 11 bankruptcy last month. In bankruptcy documents, it lists…
An energy efficient home built by Horvath Homes. A large Hawke’s Bay building company behind major subdivisions in Napier is facing possible liquidation over unpaid taxes. Inland Revenue has filed an application in the High Court in Napier to liquidate Horvath Construction. A statement of claim filed by the department stated that the company had…
STAMFORD, Connecticut and LUCCA, Italy, Mar 08, 2016 (PR Newswire Europe via COMTEX) — STAMFORD, Connecticut and LUCCA, Italy, March 8, 2016 /PRNewswire/ — Solution Addresses All Solvency II Standards, Including 2016 Pillar 3 Reporting Requirements Tagetik [http://www.tagetik.com/?utm_source=PR&utm_medium=PRNewswire&utm_campaign=PR ], a visionary leader in global performance management software solutions, announced today that 265 insurance companies and…
March 7, 2016 10:59 p.m. ET SHANGHAIExactly a year ago, Premier Li Keqiang set out the case for difficult industrial overhauls. This is not nail-clipping, he warned, its like taking a knife to ones own flesh. The comments recalled his fearsome predecessor Zhu Rongji who eliminated 30 million jobs practically in one go in a…
Steven Agran has been promoted to principal and shareholder at turnaround firm MorrisAnderson, and Mark Briden has been promoted to director. Mr. Agran, who is based in New York City, was previously managing director. He has experience leading restructurings, turnarounds and interim management projects for distressed companies in industries including trucking and food services. Chicago-based Mr. Briden, previously associate…
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here. Brooks Automation, Inc. (Nasdaq: BRKS) announced a restructuring today intended to streamline its business operations, advance its market responsiveness, and achieve approximately $15 million of annualized cost savings. As part of the restructuring, Brooks announced that it will be reorganizing its business…
Two companies which mislead nearly 100 firms into paying for services to challenge business rate valuations, have been ordered into liquidation. Harrison Black Associates, which was registered at 83 Ducie Street, Manchester, and its London branch, Hayden Moss Associates, were ordered into liquidation by the High Court on 1 March. The winding-up of the two…
A company in Manchester and another in London have been ordered into liquidation by the High Court for misleading almost 100 small businesses into paying for services to challenge business rate valuations. The winding-up of Harrison Black Associates Ltd and Hayden Moss Associates Ltd follows an investigation by the Insolvency Service, which found that the…