There is no good alternative to helping the Greeks in the task before them, writes Mark Mazower ©AP Alexis Tsipras, Greece’s prime minister, in parliament in Athens last week Greeces parliament this week approved reforms to the countrys creaking pensions and tax system by a larger margin than had been anticipated. But significant differences remain,…
DetailsParliament today passed a bill that seeks to create time-bound processes for insolvency resolution of companies and individuals. (Reuters) Parliament today passed a bill that seeks to create time-bound processes for insolvency resolution of companies and individuals. Insolvency is a situation where an individual or a company is unable to repay their outstanding debt.…
DetailsMay 11 India’s upper house of parliament passed a new bankruptcy code on Wednesday, as the opposition swung behind measures to take tougher action against corporate defaulters and help banks recover over $120 billion in troubled loans. Prime Minister Narendra Modi, who completes two years in office this month, had promised to introduce the code…
DetailsTOKYO Japan’s Takata Corp. said it was considering a drastic review of its inflator division and the sale of non-core businesses its first restructuring steps since becoming embroiled in a global recall crisis over potentially deadly airbags. The announcement came as the auto parts maker booked its third annual loss in four years on an…
DetailsIf youre carrying a large amount of high-interest credit-card debt, you should consider a peer-to-peer loan for one simple reason: It can save you lots of money. Peer-to-peer loans wont fix the core issue that draws people into credit-card debt spirals, which boils down to spending more than they have or can repay, leading to…
DetailsThe law firm of an attorney serving as insolvency administrator to German Pellets GmbH has released a statement noting three of the companys pellet plants in Germany have been sold, with negotiations ongoing in the sale of a fourth. According to the statement, a district court in Schwerin, Germany, opened the insolvency proceedings over the…
Details©EPA Eon, Germanys biggest power producer, said it was making progress with a massive corporate restructuring which will see it split in two and announced a 30 per cent rise in first-quarter profit, largely due to a contract renegotiation with Russias Gazprom. Badly hurt by Germanys radical switch from fossil fuels to renewables, Eon is…
DetailsBOSTON (CBS) With an increasing number of college graduates shouldering enormous student loan burdens, consumer protection agencies are warning borrowers about a growing cottage industry of predatory debt relief companies. Amelia Manni remembers getting a phone call from a company that knew she had taken out student loans to attend Boston University. The company, United…
DetailsThe College of Australian Training has gone into voluntary administration, leaving 450 hospitality, hairdressing and beauty students’ education uncertain. The organisation, which has 35 locations across Australia, has blamed recent Federal Government changes to TAFE funding for its downfall. Administrators hope to sell the business, and have been encouraged by the interest shown so…
DetailsFederal officials lambasted Alpha Natural Resources restructuring plan in court documents filed Tuesday, saying the Virginia-based firms proposal lacked sufficient details and was more akin to a liquidation. The objections of the U.S. Trustee present a hurdle in Alphas attempts to emerge from Chapter 11 protection. They come in advance of a hearing next week…
Details