[SINGAPORE] Rickmers Maritime, a Singapore-listed trust that operates container ships, said investors rejected a debt restructuring plan for its S$100 million note on Wednesday, prolonging uncertainty about its future. Rickmers is among a growing list of companies in Singapore that have been struggling to meet their debt commitments this year and have asked bondholders for…
DetailsALBUQUERQUE, N.M. (KRQE) An Albuquerque Charter School is being forced to close its doors, after racking up hundreds of thousands in debt. But in a last ditch effort, school staff is now asking the community to help bail them out. I started this school in June 2006, said Justina Montoya. Principal Justina Montoya has been at…
DetailsBy: Reuters | Kiev | Published:December 21, 2016 10:15 am On Monday, the government declared the countrys largest lender insolvent and took it under state control, part of an IMF-backed crackdown on lenders with shaky balance sheets. (Source: File) Ukraines parliament approved a budget for 2017 on Wednesday, raising its chance of securing more aid…
DetailsChicago bankruptcy and foreclosure attorney Gregory K. Stern, P.C., announced the launch of its Chapter 7, Chapter 13 and foreclosure legal services. The firm helps individuals protect assets and restructure debt through effective debt relief legal services in Chicago while offering alternatives to the process CHICAGO, IL / ACCESSWIRE / December 20, 2016 / The…
DetailsDespite three strong years of growth and consecutive record macadamia crops, north coast nut company Macaz has stopped processing and is in voluntary administration. More than 40 farmers, dozens of businesses, and three Chinese companies are owed more than $4 million by the Alstonville-based business. Schon Condon from the Condon Associates Group has…
DetailsBREAKING: Smartcity Vocational College accountants met with liquidators six months before the college’s administrative arm, SC Admin Pty Ltd, went bust. The report to creditors distributed to former SC Admin staff and creditors by Worrells Solvency and Forensic Accountants yesterday showed SmartCity accountants and lawyers met with Worrells on June 1 to discuss “solvency concerns…
DetailsTrading suspension might be underway. A new company, COSCO Shipping Heavy Industry Co., Ltd, has been established by China COSCO Shipping Corporation group as it proceeds with the restructuring of its shipyard business, according to a media release at the SGX. China COSCO Shipping Corporation said that the shipyard business restructuring is geared towards centralising…
DetailsChina Construction Bank Corporation (0939) proposed yesterday to spend 12 billion yuan (HK$13.4 billion) to establish a wholly-owned subsidiary, CCB Asset Management Co, that will take charge of converting debts into shares. “CCB AMC is proposed to specialize in market-driven debt-to-equity swap business and will mainly operate and conduct financial business, such as acquisition of…
DetailsAdministrators have recommended a security firm that owes creditors more than $1 million be wound up, as workers at the company face an uncertain Christmas. Voluntary administrators from Mackay Goodwin were appointed to Kudos Australasia Pty Ltd, trading as Kudos Audio Visual and Kudos Security Solutions, on November 9, however, SmartCompany understands employees of the…
DetailsFacts Decision The Supreme Court of Justice’s July 5 2016 decision in Case 6034/13.8TBBRG-N1.S1 examined whether the payment due for the termination of an employment contract as a result of a collective dismissal following an employer’s declaration of insolvency was a debt of the insolvent estate or the insolvent company. Facts An employee brought an…
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