6.57pm AEDT18:57 Spanish stock market falls after Catalonia chaos Over in Madrid, shares have fallen following yesterdays referendum in Catalonia, and the violent clashes between Spanish police and those trying to take part. Catalonian president Carles Puigdemont has indicated that the region could declare independence after Sundays poll, even though the vote had already been…
DetailsDalian Wanda a fortnight ago began restructuring its business, which includes two $1 billion Australian apartment projects. Ratings agency Moody’s Investor Services has taken the knife to the massive China developer Dalian Wanda’s credit rating, cutting it to Ba1 amid concerns of the company’s weakened liquidity position. The agency said this was “due to inadequate…
DetailsMonarch Airlines, the UK low-cost carrier and tour operator, has been placed in administration, leaving 110,000 holidaymakers stranded overseas and resulting in the cancellation of 300,000 future bookings. The government has asked the Civil Aviation Autrhority to charter more than 30 aircraft to bring Monarch Airlines customers overseas back to the UK in what it…
DetailsMUMBAI: Banks reeling into huge losses due to bad loans are lobbying with the regulators to do away with mandatory `liquidation value’ of companies admitted for insolvency resolution as it automatically brings down the value of bids from potential buyers. `Enterprise value’ might be a better indicator of the value of a company since it…
DetailsOnce the gold-mining heart of Gauteng, Merafong City faces an economic meltdown as Eskom threatens to cut off the municipality’s electricity supply over nonpayment of millions of rands. Eskom announced electricity supply would be interrupted from October 25 if the municipality did not pay its debt. And it is not only Eskom the municipality owes…
DetailsThe Company expects to continue operations as usual and has obtained a commitment for $85 million in new debtor-in-possession (“DIP”) financing from a group of its first lien lenders. Subject to Bankruptcy Court approval, this DIP financing, combined with cash generated by the Company, is expected to provide more than adequate liquidity to support ongoing…
DetailsCAPE TOWN The advertising partner for Western Province Rugby (WPR) has laid criminal charges against it, after directors and its chief executive failed to provide the liquidated companys statement of affairs to the Master of the High Court, as required by the Companies Act of 1973. Aerios chief executive Costas Constantinou said the failure constituted…
DetailsPolice in Laguna rescued a Chinese call center executive who was allegedly kidnapped in Makati City last Friday, Sept. 29, 2017. The victim was intercepted at a checkpoint in Calamba City (map) late Saturday night. WIKIPEDIA MAP SAN PEDRO CITY A Chinese call center executive was rescued by the police from his alleged abductors in…
DetailsAPPLETON, Wis., Oct. 1, 2017 /PRNewswire/ — Appvion, Inc. (the “Company”) today announced that it and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware to facilitate a balance sheet restructuring and better position the business for…
DetailsFollowing two horrible, climate-change-driven hurricanes Irma and Maria, Puerto Rico is facing a humanitarian crisis. Millions of people are without clean water, electricity, walls on some of their houses, passable roads, and many of the basic essentials we take for granted in advanced developed countries. We were given a peek at this type of climate-change-caused…
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