TOKYO Five years after a painful restructuring that saw significant layoffs, staggering losses and a not-so-surprising exit from the PC market, Sony is back. The giant is riding the recovery of its consumer electronics business towards a nicely balanced profit structure, helped along by its financial services and entertainment operations. For the year ending March…
DetailsBeena Parmar Moneycontrol News Bankers will be meeting today to decide on a restructuring plan for debt worth over Rs 42,000 crore owed by Reliance Communications (RCom). After four rating firms recently downgraded the company’s debt, its bad loans are in danger of turning into non-performing assets. Banks are likely to discuss how RCom will use the…
DetailsIn recent months, a few incidents have come to light where vendors or trade creditors to a company sought criminal action and government intervention when the firm failed to pay their dues. The issue appears to be gaining ground considering that many distressed companies and startups are becoming potential targets for mergers and acquisitions. Vendors…
DetailsTHE operator of a Perth restaurant chain has been fined nearly $40,000 for underpaying the foreign workers she employed. The operator and franchise owner of several well-known Hans Cafe restaurants, Tram Hoang Han, and several companies she was a sole director of, have been fined a total of $37,500 in the Federal Court of Australia. Hans…
DetailsPortland Paints and Products Nigeria PLC (PPPNP), has said the ongoing restructuring exercise has impacted positively on its bottom-line, as it recorded a profit after tax of N8, 597 million. This, according to the firm, is a major reversal from the N232.98 million losses recorded in the previous year.The Chairman of the company, Larry Ettah,…
DetailsManaged services provider Novo IT, formerly known as AVC, has entered into voluntary administration after 28 years in business. David Ian Mansfield and Neil Robert Cussen from Deloitte Financial Advisory were appointed voluntary administrators on 23 May. A first meeting of creditors is scheduled for 2 June. The company currently employs approximately 30 people, all…
DetailsI am really proud of my deep, abiding love for John Legend. I think it’s proof that I do, indeed, have a shred of human decency in me. Because if I recognize all of the goodness in him, I can’t be all bad, can I? Admittedly, he makes it pretty easy to love him. Not…
DetailsAshurst partner Ross McClymont has become the first lawyer to be appointed as president of the Australian Restructuring Insolvency and Turnaround Association (ARITA). With over 25 years experience, McClymont leads Ashursts restructuring, insolvency and special situations group in Australia. He is also the firms managing partner in Melbourne. ARITA, which represents 84% of registered liquidators…
DetailsLivestock exporter Wellard Limited has announced it will sell off one of its vessels to help pay off debts of more than $16 million. The livestock vessel, Ocean Outback, can transport 6,000 cattle and 25,000 sheep, or a combination of both and is one of a fleet of five owned and operated by Wellard. Ocean…
DetailsFRANKFURT AM MAIN: Greece’s creditors should create “clarity” by reaching a deal on debt relief for Athens at a meeting next month, European Central Bank board member Benoit Coeure urged Wednesday. “It is very important that an agreement is reached at the Eurogroup meeting on 15 June,” Coeure told a Frankfurt conference. Any relief measures…
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