General Electric nominated top aviation and industrial executives and an accounting expert to its board on Monday, as it seeks to restructure its business and restore investors’ confidence in one of the largest U.S. industrial conglomerates. The Boston-based multinational, which racked up a $10 billion loss in the fourth quarter, was the worst-performing stock on…
DetailsNevin John New Delhi Last Updated: February 26, 2018 | 22:20 IST Finding resolution in bankrupt companies through insolvency proceedings is becoming murkier after the estranged promoters and the rivaling bidders take the legal routes to put spanner in the process. When the UK-based Liberty House questioned the rejection of its bid for Bhushan Power and Steel, the…
DetailsLITTLE ROCK, Ark.–(BUSINESS WIRE)–Stephens Inc., an independent financial services firm, today announced that Dallas-based Blackhill Partners (Blackhill) has joined the firm to lead its new North American restructuring advisory business. We have experienced a strong appetite for restructuring expertise in our Stephens Europe Limited operation, and the addition of Blackhill better positions us to service…
DetailsAll the happy talk about impending debt relief and a clean exit from Greeces third bailout obscures an uglier truth: the countrys debt bondage is being extended to 2060. Worse, by ossifying Greeces insolvency, while pretending to have overcome it, Europes establishment is demonstrating its refusal to fix the eurozones flaws. ATHENS Greeces never-ending…
DetailsLaura Noonan, Investment Banking Correspondent February 26, 2018 Europes top four investment banks have begun to increase staff numbers for the first time since 2015 to capitalise on improving market conditions after years of restructuring. Credit Suisse, Deutsche Bank and UBS increased staff numbers in the second half of 2017, their full-year results show. Barclays, which reports staff numbers…
DetailsThe Weinstein Companys sales talks failed, and now the one-time revered studio says they are going to pursue bankruptcy. The film industry is currently in a state of turmoil following numerous sexual assault allegations levied against producer Harvey Weinstein, one of the co-founders of The Weinstein Company. As a result, the studio opted either to…
DetailsBy Simbarashe Zishiri After three dark years, Zimbabwe’s biggest agricultural implements maker, Zimplow is back in the black, leaner and more efficient after taking the pain of restructuring and cost cuts. The company, which is also among the largest manufacturers and distributors of farming implements in sub-Saharan Africa region, operates through four divisions, namely, Barzem,…
DetailsAlex Ralph The company has been struggling since it attempted to restructure its doorstep lending businessALAMY The finance boss of Provident Financials consumer credit division has left the troubled company. An internal memo announcing the exit of Phillip McLelland was sent to managers a fortnight ago and was obtained by The Times. The nature of…
DetailsNZX and ASX-listed insurer CBL Corp is in voluntary administration and has appointed KordaMentha “to preserve value in the interest of all stakeholders” after regulatory issues linked to its European businesses escalated. The New Zealand High Court made orders appointing McGrath Nicol interim liquidator of CBL Insurance following an application made by the Reserve Bank of New Zealand, the insurance…
DetailsA Co Galway couple were overcharged 1.23 million by KBC Bank Ireland after they were incorrectly moved to higher interest-rate mortgages on their properties instead of a tracker rate. It is the biggest single case of overcharging by a bank to emerge in the tracker mortgage scandal, which has cost almost 1 billion and so…
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