Turkeys parliament will consider a measure allowing companies to restructure or reduce large swathes of debt with banks, local media reported on Tuesday. The scheme will resemble the Istanbul Approach, the pro-government Sabah newspaper said. The three-year plan was introduced after Turkeys financial crisis in 2001 and helped thousands of large and small-scale enterprises avoid…
DetailsThe boost in revenues helped deliver higher pre-tax profits of 3.5m, up from 2.3m in 2018. The results for the year to 30 April 2019 show continued growth for the company which has achieved compound annual growth in adjusted earnings per share of 14% over the past four years. The board is recommending an increase…
DetailsWyoming is in crisis. Coal mines have shut down, hundreds of people are out of work, unemployment offices are overwhelmed, and there appears to be worse to come. The coal industry, long seen as a friend and economic linchpin in the state, is falling apart, and the very communities that have supported it most are…
DetailsSANTA ANA, Calif.–(BUSINESS WIRE)–Stearns Holdings, LLC (Stearns or the Company), the parent company of Stearns Lending, LLC, a leading provider of residential mortgage lending services in Wholesale, Retail and Strategic Alliances sectors, today announced that it has reached an agreement with its majority equity holder, funds affiliated with Blackstone (Blackstone, NYSE: BX), on the terms…
DetailsDeutsche Bank to cut 18,000 jobs Deutsche Bank has been the big story of the morning, as a new week starts to the news that the struggling German bank will cut a colossal 18,000 jobs in a bid to become profitable once again. Much of this can be attributed to the shift out of the…
DetailsCAMBRIDGE, Mass. A German company that is developing a lunar lander has filed for insolvency, citing a shortfall in funding, but vows to continue development of its spacecraft. Berlin-based PTScientists announced July 8 that it had filed for preliminary insolvency under the German Insolvency Code in a local court July 5. That court has appointed…
DetailsBy Chris Robertson, news reporter German tennis legend Boris Becker is auctioning off items from his illustrious career to pay off the debts he owes after being declared bankrupt two years ago. The 82 items include trophies from his illustrious career, shoes and clothes that he wore on the court, and even a watch gifted…
DetailsA well known Tasmanian businessman and a wine industry identity are the new owners of Winemaking Tasmania. The Cambridge facility was placed into voluntary administration in May and the assets have been sold to Tasmanian Vintners. Rod Roberts and Peter Fogarty are equal partners in the company which has offered all employees ongoing jobs. Read…
DetailsFortress Investment Group is buying bitcoin (BTC) claims from Mt. Gox creditors, according to a report by CoinDesk on July 8. The Japan-based cryptocurrency exchange Mt. Gox filed for bankruptcy in 2014 after losing $473 million worth of bitcoin at the time due to an apparent hack. Bitcoin reportedly experienced a subsequent decline in value,…
DetailsWith the UK-based Liberty House Group failing to implement its resolution plan, the Cuttack Bench of the National Company Law Tribunal (NCLT) on Monday passed order for liquidation of Adhunik Metaliks Ltd and group company Zion Steel. The Bench, comprising Justice M B Gosavi, Member (Judicial), cancelled the resolution plan of Liberty House and ordered…
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