by ValuePenguin In 2017, the Association of Banks in Singapore introduced a new financial instrument called debt consolidation plan (DCP) to help consumers rein in their bloating debt problem. Essentially, this was meant to help individual borrowers combine their high interest loans into one that could be gradually managed down over 1 to 10 years. But, it also had some…
DetailsThe Jeonnam Yeosu Coast Guard on Monday arrested seven Vietnamese men on suspicion of kidnapping and murdering another Vietnamese citizen over an unpaid gambling debt. Maritime police officers said the 31-year-old victim was beaten to death after being kidnapped and taken to Balpo Beach, South Jeolla Province, at 8:30 p.m. on Feb. 24. (Yonhap) The…
DetailsSINGAPORE (Reuters) – Embattled commodities trader Noble Group has opted not to pay the coupon on a $750 million bond, but said on Monday that it was very close to reaching final terms with a group of senior creditors over a proposed restructuring of its debt. FILE PHOTO: The company logo of Noble Group is…
DetailsNumerous employees of the once-hugely popular doughnut franchise Doughnut Time were notified on Friday evening that the company would be put into liquidation after a deal between owner Damian Griffiths and former CEO of the company Dan Strachotta allegedly fell through. The company’s internal message board erupted with confused and angry messages from employees, many…
DetailsThe troubled real estate group founded by John McGrath has issued another profit warning, after new management reassessed the financial pain inflicted by agent exits. The latest downgrade follows the appointment of a fresh board and chief executive last month. McGrath said it now expects underlying earnings for the financial year to come in…
DetailsThe belief in an “implicit guarantee” from the Chinese government on debt is a big problem, said a finance professor on Monday. “I’m concerned with what a lot of people believe, [that] the government is going to take care of investment losses. Under that impression, they are going to take up lot of leverage because…
DetailsMcGrath Ltd (ASX:MEA) expects to generate underlying EBITDA for the June 2018 financial year in the range of $5.0 million to $5.5 million. The share price is largely unchanged, down 0.5 cents to $0.425, albeit on low volume ($30,000 shares traded at around midday). During January 2018, McGrath told the market its…
DetailsMUMBAI: Old habits die hard and Indian promoters and companies are proving just that when it comes to bankrupt firms and those bidding for them. They are pursuing legal options that may end up delaying or even disrupting the insolvency resolution process. While bankrupt companies such as Videocon Industries and BILT Graphic Paper are using…
DetailsEmbattled property group McGrath Limited (ASX: MEA) has issued another profit warning, saying its full year guidance will be cut by half because of lower sales volumes. The company says it expects underlying full-year earnings of between $5 million and $5.5 million, which is down significantly from its January forecast of between $10.6 million and…
DetailsMUMBAI: Homebuyers could be treated on a par with unsecured financial creditors at insolvency proceedings for real estate companies. If adopted, the move will cheer those who have acquired residences from companies such as Jaypee Inftratech, Unitech and Amrapali and find themselves at the back of the queue when it comes to seeking recompense. This…
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