Earlier this month, the Consumer Financial Protection Bureau proposed rules on the massive payday loan industry. CFPB wants to force lenders to test borrowers ability to actually pay back loans, and limit re-borrowing, which creates a spiral of debt and exorbitant fees. Both supporters and critics of the rule agree that it will probably force…
DetailsLONDON–Hornby PLC (HRN.LN) Wednesday announced a business restructuring plan and refinancing agreement after posting a sharply widened pretax loss for fiscal 2016. The maker of model railway sets and slot car brands including Scalextric, Airfix models, Humbrol paints and Corgi die cast models said pretax loss for the year ended March 31 totaled 13.5 million…
DetailsIT is the end of the road for embattled special-purpose acquisition company (SPAC) Sona Petroleum Bhd as it prepares to be delisted after failing to make its qualifying acquisition (QA). Managing director Datuk Seri Hadian Hashim said the company is identifying liquidators so that it can return shareholders investments. Sona will undertake the process of…
DetailsRomanias largest state-owned electricity producer Hidroelectrica exited insolvency after four years, the Bucharest Court decided yesterday. The court postponed twice the decision on Hidroelectricas insolvency exit due to legal actions by the companys former clients. The producer entered insolvency in June 2012 due to a weakening financial situation caused by the unfavorable contracts with various…
DetailsGetting Greece back on the path to growth is a challenging and multidimensional task. A strong financial sector is an important start and would be the best tool to restore investor confidence and kick-start credit growth, especially for small and medium-sized enterprises (SMEs), which in Greece account for 86 percent of jobs and more than…
DetailsOur intention is to return the money to shareholders as soon as we personally can, but it is driven by the liquidation process and the liquidator. It would be unfair for me to say this month or that month. We have no interest in holding back the money and neither does the liquidator, Hadian said.…
DetailsA New South Wales-based poster manufacturer that was contracted to supply banners for the Labor Partys election campaign banners has collapsed into liquidation. Roller Poster has been in operation since 1994, claiming on its website its still on a roll. The company was in the middle of completing a $100,000 contract to the Labor party to print…
DetailsHillary Clinton mocked Donald Trumps business failings in a major speech arguing that the presumptive Republican nominee would be disastrous for the economy. “Hes written a lot of books about business. They all seem to end at Chapter 11,” Clinton quipped, adding. “He bankrupted his companies not once, not twice, but four times.” We rated…
DetailsHyderabad, June 21: Pokarna Engineered Stone, a wholly-owned subsidiary of Pokarna, has come out of a corporate debt restructuring (CDR), which it had to take in 2012 due to delays and adverse market conditions. Lenders give nod Scripting a turnaround, PESL, which manufactures natural quartz surfaces under the brand name Quantra, earlier this month secured…
DetailsState-owned electricity producer Hidroelectrica exited insolvency on Tuesday for the second time. The decision was taken by the judges at the Bucharest Court. During the four years of insolvency, Hidroelectrica has been through a radical process of restructure and efficiency. Following this process, Hidroelectrica became the most profitable company from Romania, in the last years…
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