Allegro Funds has acquired West Australian drilling outfit JSW Australia. Street Talk can reveal the Sydney-based private equity group received approval for the purchase at a creditors’ meeting on Thursday JSW, a mine production and specialist drilling services business, is a subsidiary of Hughes Drilling, which went into voluntary administration in September. The company operates a fleet of 18 drill rigs,…
DetailsBabcock & Wilcox executive changes reflect ongoing restructuring at the company – Charlotte Business Journal Please Sign In and use this article’s on page print button to print this article. … Read the full article at: http://www.bizjournals.com/charlotte/news/2016/12/07/babcock-wilcox-executive-changes-reflect-ongoing.html
DetailsTwo recent federal court decisions establish that managers of financially troubled Missouri limited liability companies do not owe a fiduciary duty to creditors of their troubled enterprises. Imperial Zinc Corp. v. Engineered Products Industries, L.L.C., No. 4:14-CV-1015-AGF, 2016 WL 812695 (E.D. Mo. Mar. 2, 2016); Imperial Zinc Corp. v. Engineered Products Industries, L.L.C.,…
DetailsInsolvency firm McGrathNicol has released its report on the financial state of troubled law firm Slater Gordon concluding that a restructure may be required subject to additional forward projections. The report comes as original lenders to the company have offloaded their loans to distressed debt funds and investment banks, amid a growing perception that a “debt-for-equity”…
DetailsUpdated at 12:03 p.m. Generic drugmaker Mylan NV, which has been under fire for its price hikes on the life-saving EpiPen allergy treatment, said on Wednesday that it would restructure and expected to cut less than 10 percent of its global workforce as it integrates acquisitions. Mylan, whose shares were down more than 4 percent…
DetailsThe move would allow the second-tier club, founded in 1885 and currently based in Richmond-upon-Thames in south-west London, to re-form as a semi-professional side. “London Welsh has reached a difficult point in its illustrious history,” chairman Gareth Hawkins said in a statement. “Due to a playing budget of 1.7 million pounds and gates at games…
DetailsAn Armenian court last week declared the state-owned Nairit synthetic rubber plant bankrupt in response to a request by the national power utility Electricity Networks of Armenia, which is owed some 1.24 billion drams ($2.6 million) in unpaid electricity bills by Nairit’s management. The ruling on the shuttered Yerevan plant, a former economic flagship seen…
DetailsGreece just received some short-term relief from the eurozone. In exchange for successfully implementing tough economic reforms and budget constraints, the country will be given some short-term help in the form of smoothing its repayment schedule for EFSF debt and waiving an interest rate increase that was scheduled for 2017. We agreed the primary surplus…
DetailsDec. 5, 2016 11:21 a.m. ET General Mills Inc. said between 400 and 600 jobs would be eliminated in a restructuring as the struggling food giant works to adapt to changing food trends and prepare for an eventual new leader. The round of job cuts is just the latest from General Mills, which has had…
DetailsA bill to promote the establishment of “integrated resorts” featuring casinos in Japan and championed by its backers as a “trigger for regional promotion” is set to pass the current Diet session. However, there are strong worries in Japan’s psychiatric community that legalizing casinos will also result in more gambling addicts. The bill…
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