At the beginning of this year Dick Smith went into voluntary administration. Today its receivers have announced that all 363 stores across Australia and New Zealand will be closed over the next eight weeks. 2890 staff members will be affected by the closures. According to the receiver James Stewart, offers received simply werent high enough.…
DetailsMiners in Western Romania fear they will lose their jobs | Photo: GlasulHd.ro Around 50 coal miners on Wednesday, for the third consecutive day, continued their underground protest against government plans to restructure the state-owned energy company, Complexul Energetic Hunedoara, CEH, which was declared insolvent in January. Hundreds of coal miners at the Vulcan…
DetailsA farmer channels water to irrigate his wheat field on the outskirts of Ahmedabad, India, December 15, 2015. Reuters/Amit Dave/Files MUMBAI (Thomson Reuters Foundation) – Indian government action to increase spending on irrigation and crop insurance is not enough to end a cycle of indebtedness that has led to thousands of farmer suicides, and a…
DetailsElectronic equipment manufacturing behemoth Sony Corporation (SNE – Analyst Report) announced a string of small-scale internal restructuring actions, in a bid to achieve a leaner operating structure for accelerating future growth. Despite the companys earnest efforts, investors were unmoved as the share price fell 3.6% to close at $21.51 during the regular trading session on…
DetailsShare this: A Belgrade court postponed to March 16 the hearing of an extradition request, lodged by Bulgaria against Tsvetan Vassilev, former majority shareholder in the insolvent Corporate Commercial Bank (CCB), Bulgarian National Television reported on February 24. The delay comes after Vassilevs lawyer filed a doctors note saying that Vassilev had flu and was…
DetailsA new piece of fantasy sports legislation has surfaced in New York, signaling that the state appears to be ready to get serious about regulating daily fantasy sports. New York, of course, is one of the hotbeds for the legal status of daily fantasy sports, as DraftKings and FanDuel are currently engaged in a court battle…
DetailsWoolworths’ US partner Lowe’s has written down the value of its stake in Masters by $US530 million. Photo: David Mariuz US retailer Lowe’s has set the scene for legal action against Woolworths after writing down the value of its 33 per cent stake in their home improvement joint venture by $US530 million ($737 million). Lowe’s booked a $US530…
DetailsThe ink on the insolvency law passed by the UPA-2 in 2013 was yet to dry up when the NDA, soon after assuming power in 2014, announced the setting up of the Bankruptcy Reforms Commission to propose a new law. Based on the Commissions recommendations, the government introduced the Insolvency and Bankruptcy Code in Parliament…
DetailsTwo parliamentary committees the Public Accounts Committee and the Standing Committee on Finance have meanwhile studied the problem of stressed loans in the banking system and expressed outrage, recommending measures such as forensic audit of bad loans. The Finance Ministry is now reportedly working towards the creation of a public-funded asset Asset Something belonging to…
DetailsBusiness Netherlands Top Stories Perry Sport, Aktiesport declared bankrupt; Many potential buyers The court declared USG, parent company of Perry Sport and Aktiesport, bankrupt on Tuesday afternoon. Many parties are showing interest in taking over the two sporting goods chains. Dozens of potential buyers already made themselves known. This bankruptcy is the result of V&Ds…
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