Heres the good news: Valeant Pharmaceuticals has raised $US1.1 billion dollars in asset sales it will use to pay down debt. Its also taking this opportunity to refinance more of its $US30 billion outstanding debt load. Thats also the bad news. The stock is down over 4%, adding to its 20% slide over the last…
DetailsROSS GIBLIN/FAIRFAX NZ Duke Carvell’s was a restaurant and bar in Swan Lane, Wellington. The owner of Duke Carvell’s has been made bankrupt – almost a year to the day since he closed the doors on the once popular Wellington restaurant. Michael Taylor Cole was declared bankrupt in the Wellington High Court on Tuesday, following an application by…
DetailsFile photo. A VIETNAMESE-Australian who racked up $220,000 in debt to gambling associates while playing blackjack at Crown Casino claims he started operating a cannabis grow house to help pay back the money. Van Ri Nguyen, 60, pleaded guilty in the Bendigo County Court on Monday to a charge of cultivating a commercial quantity of cannabis,…
DetailsChina will strictly control local government debt quotas and step up checks on illegal debt guarantees, finance minister Xiao Jie said on Tuesday. Government debt risks are generally under control, Xiao said at a news conference during the annual meeting of parliament. China will continue a debt-swap program for local governments to help contain debt…
DetailsThe Islamic College of South Australia has just $1.30 left in the bank and a $200,000 debt, but its new principal will make a last-ditch attempt to save the Adelaide school from closure. Kadir Emniyet has been in the role for five days and says the school at West Croydon has three bank accounts…
DetailsHanjin Shipping, once South Koreas largest shipper, is set to be delisted from the local bourse on March 7, while newly established SM Line Corp. will begin its first service on Mar. 8. Shares of Hanjin Shipping closed at 12 won (US$0.01) on March 6, plunging 68 percent from the previous trading day. It was…
DetailsMAARTEN HOLL/FAIRFAX NZ Helen Marie Kemp, right, at her sentencing in September 2014. Convicted fraudster Helen Marie Kemp is back in court, months after being released from jail. The former bank manager was sentenced to two years and one month in jail in September 2014, for stealing money from elderly clients and friends. Based on…
DetailsCambodian authorities have detained four Chinese nationals accused of a kidnapping and extortion plot involving gamblers whod rung up debts at a local casino. On Monday, Cambodia Daily reported that National Military Police had arrested Ding Chunyaun, the owner of an unidentified casino in Poipet City, along with three accomplices for the kidnapping of three…
DetailsA MARRIED couple who run The Convent have been accused of not paying performers on time, have had dozens of now dissolved or liquidated companies under different names and have both been declared bankrupt, it has emerged. Last year the SNJ reported on claims from former employees at the music venue, boutique hotel and private…
DetailsFour Chinese nationals, including a casino owner, concocted a plan to recover about $1.22 million in unpaid gambling debts by kidnapping and extorting three Chinese gamblers, military police said on Monday. After one of the held men escaped, however, the alleged kidnappers decided to turn the other two over to authorities, then found themselves detained…
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