One of Australias largest digital services companies has collapsed into liquidation after operating for 15 years. Melbourne technology firm Exa Web Solutions, which specialises in website development and digital marketing, called in liquidators earlier this week, according to The Herald Sun. Exa Web Solutions was founded in 2000 and employs around 350 web developers and…
Overall, does claims trading help or hinder the chapter 11 process? Should additional disclosures be required? Claims trading became a big business in the early 1980s. At that time, it mainly involved buying trade creditors claims in order to make a profit under the plan of reorganization. Since then, claims trading has grown exponentially and now involves…
Administrators have moved to sell assets owned by companies belonging to federal MP Clive Palmer, including a Bombardier Global Express aircraft belonging to Palmer Aviation, which owes $26 million. Creditors of Mr Palmer’s aviation company met yesterday in Sydney and decided to put it into liquidation. Liquidators FTI Consulting said the process would start…
McGrath Nicol executive chairman Peter Anderson has been appointed as investigating accountant to the embattled lenders of steel and iron ore group Arrium, sources said on Wednesday. Anderson has specialised in corporate recovery for over 20 years at the restructuring and insolvency firm, assuming operational responsibility for several of Australia’s more prominent listed entities and structured finance projects…
Standard Chartered Bank reported its first annual loss in 26 years on Tuesday, weighed down by heavy restructuring costs and a global slowdown, and warned of a subdued year ahead and the necessity of more painful action to restore growth. The bank lost US$1.5 billion in 2015 after costs of US$1.8 billion to cover restructuring…
ST. PAUL, Minn.–(BUSINESS WIRE)–Ecolab Inc. (NYSE:ECL): FOURTH QUARTER HIGHLIGHTS: Diluted EPS $0.69; includes a deconsolidation charge for the Venezuelan business, restructuring and other charges Adjusted EPS $1.22, +2%, excluding special gains and charges and discrete tax items, as raw material and other cost savings, synergies, and a lower tax rate and shares more than offset…
Lexmark International Inc. narrowed its loss in the final quarter of the year and earnings beat expectations, though revenue fell worse-than-expected as enterprise software growth and margin expansion were offset by the stronger dollar and the company’s exit from its inkjet printing business. Lexmark also announced a restructuring program targeting increased profitability and operations in…
SCOTTSDALE, Ariz.–(BUSINESS WIRE)–STORE Capital Corporation (NYSE: STOR), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, today announced operating results for the fourth quarter and full year ended December 31, 2015. Highlights For the quarter ended December 31, 2015: Total revenues of $79.6 million Net income per share…
Bankruptcy is a cat that every bank and financial institution wants to bell at the earliest to offset losses. Thousands of crores of rupees are written off by banks under the guise of bad loans, when the institutions are unable to recover the outstanding dues from companies and individuals. Recently, even Reserve Bank of India…
Video will begin in 5 seconds. More video Recommended Replay video Palmer believes Queensland Nickel will survive Federal MP and owner of Queensland Nickle, Clive Palmer, has been under fire after events in the timeline of the company have come under question. Vision courtesy ABC News 24. PT2M5S 620 349 Clive Palmer’s aviation company has…