File pic RELATED: Australian Workers’ Union to fight for Whyalla Steelworks READ THE STATEMENT: Scroll down Embattled steel and mining group Arrium has been placed into voluntary administration, following discussions with its lenders. The appointment comes just days after Arrium’s banking syndicate rejected a recapitalisation proposal from US group GSO and follows prolonged talks between the…
XINYU, China & CUPERTINO, Calif.–(BUSINESS WIRE)–LDK Solar CO., Ltd. (in Official Liquidation) (LDK Solar or the Company, OTC Pink:LDKYQ) today announced that on April 6, 2016, subsequent to the filing on February 11, 2016 of a joint creditors petition dated February 5, 2016 (the Petition) in the Grand Court of the Cayman Islands (the Cayman…
SAN JOSE, Calif.–(BUSINESS WIRE)–Pixelworks, Inc. (NASDAQ: PXLW), an innovative provider of video display processing technology, today announced a restructuring to streamline its product offerings and organization, including an approximately 24% reduction in workforce, in the areas of development, operations, sales and marketing. Pixelworks expects the restructuring to result in annualized savings of at least $5.0…
A Quakertown couple fleeced Lehigh University fraternities and sororities and their alumni associations out of nearly $1.5 million meant to pay for upkeep and food services at their Greek houses, federal prosecutors said Thursday. Instead, Albert and Betty Fisher drew large salaries from the funds the groups paid into their company, Bethlehem-based Fraternity Management Association,…
Originally posted in Profit Guide It was an otherwise unremarkable day in mid-February when nascent computer scientist Evan Maynard received some tremendous news. In a meeting with his boss, Maynard, who will graduate from St. Marys University this spring, learned that the company where he had been working part-time for nearly a year wanted to…
India will probably begin merging its 27 public sector banks by next year, with Bank of Baroda among the likely consolidators, its executive chairman Ravi Venkatesan said on Thursday. Speaking to FinanceAsia at Credit Suisses 19th annual Asian Investment Conference in Hong Kong, the former chief executive officer of Microsoft India predicted that the Indian government…
IAIN MCGREGOR/FAIRFAX NZ Stonewood Homes was placed into receivership owing unsecured creditors $15m. Now the IRD wants to liquidate it. Two Stonewood Homes companies owed Inland Revenue (IRD) more than $1 million at the time of their collapse, court documents reveal. The two firms owed more than $330,000 in outstanding PAYE tax a major debt that could result in senior figures being held criminally…
SAN JUAN, Puerto Rico When Puerto Rico attempted to shore up its chronically underfunded public-employee pensions in 2013, Francisco del Castillo knew grown men and women who wept. Under the reform package, retirement ages rose. So did employee contributions. Current and future participants were transferred to less-generous defined-contribution accounts, similar to 401(k) retirement savings plans.…
Collectors have tried all kinds of tactics to get Shawn Andersen to pay off the $28,000 student loan he defaulted on in 2009 as he struggled to find work during the Great Recession. Theyve sent letters to his mothers home and called him to suggest rehabilitation plans he cant afford. One tried to track him…
Walter Energy filed with the U.S. Bankruptcy Court a motion for the entry of an order authorizing and directing the trustee of Walter Industries deferred compensation plan trust to terminate the trust and release the trusts assets to Walter Industries. The motion explains, Because assets of a rabbi trust, by definition, belong to the grantor…