The Republic of Congos plan to restructure its debt wont affect holders of its Eurobonds, Prime Minister Clement Mouamba said. Yields on the notes fell for the first time in four days. The oil-producing central African nation owes creditors at least $9.14 billion and sought support from the International Monetary Fund last year. A three-year…
DetailsThe UK’s corporate governance regime has been stress-tested in the past decade and in many respects it has done well. However, in response to certain high profile corporate collapses which have caused heavy losses for creditors, in particular individuals and suppliers with little opportunity to protect themselves against losses, and in the spirit of continual…
DetailsThe British Steel consortium has repeatedly voiced a wish to purchase Latvias insolvent KVV Liepajas Metalurgs steelworks as a whole, according to a letter written by British Steel at the disposal of LETA. A consortium that includes British companies British Steel and its owner, Greybull Capital, plus Estonian company Baltic Metal Holding in a letter dated…
DetailsQualcomm has begun axing employees in an attempt to cut annual operating costs by up to $1 billion. what’s hot on zdnet As reported by Reuters, a spokesperson for the US chipmaker said on Wednesday that “Qualcomm is conducting a reduction of our full-time and temporary workforce.” However, the company would not disclose how many…
DetailsWhen Andrew Purcell is asked how serious a breach of directors’ duties it would be for a director to seek a secret, personal benefit in return for supporting a deal in the interest of shareholders, he answers with a vigorous nod. “That would be against directors’ duties, yes,” he agrees. That conduct is precisely…
DetailsDebt consolidation maximises the potential for big savings on monthly repayments and interest charges. Read on below to know how to begin an effective debt consolidation. Debt consolidation is the combination and integration of debts into a single loan to lower overall interest rate. With debt consolidation, business owners can be able to deal with…
DetailsMUMBAI : Liberty House and Deccan Value have bid for bankrupt Castex Technologies, a subsidiary of Amtek Auto, with both offering about 20 per cent of overdues, said two senior bank officials who did not want to be identified. We have received two binding bids and both the offers are in the range of Rs…
DetailsSweeping reforms to insolvency laws and regulations are set to benefit distressed companies that are attempting to negotiate a sale and avert going into administration. Local lawyers are of the view that draft regulations released this week by Minister for Revenue and Financial Services Kelly O’Dwyer are largely positive for lenders, struggling companies and the restructuring industry. “These…
DetailsThe British Steel consortium has repeatedly voiced a wish to purchase Latvias insolvent KVV Liepajas Metalurgs steelworks as a whole, according to a letter written by British Steel at the disposal of LETA. A consortium that includes British companies British Steel and Greybull Capital and Estonian company Baltic Metal Holding in a letter dated with…
DetailsNEW YORK (AP) The end is near for department store operator The Bon-Ton Stores. Two liquidation firms are the victors of an auction for the bankrupt company’s assets, after the retailer failed to find a bidder willing to continue operating the business. A bankruptcy court hearing is scheduled for Wednesday to approve the sale and…
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