Related Story: Cheap steel glut discussed on international stage ahead of Arrium creditors’ meeting Less than a week into Australia’s most complex corporate restructure, the administrator of failed iron and steel firm Arrium has said the company’s future hangs on the fate of its Whyalla steelworks. The insolvency firm KordaMentha said,…
Latest News Michelle Grattan on Clive Palmer [Video] All of humanity should share in the space mining boom Palmer may have broken the law: Queensland Nickel administrators 2016: First Quarter commodity update [infographic] In a very rare move, the federal government plans to use its position as a creditor to call for the appointment of…
Rogers Communications has reported lower year-over-year profits in the first quarter, citing among other reasons higher restructuring costs and an increase in the adjusted operating loss of its traditional media business. The Toronto-base telecommunications giant said net income in the three months ended March 31 was $248 million or 48 cents per share, down from…
Washington College. (Courtesy of Washington College) Before the class of 2016 receives diplomas from Washington College this May, the liberal arts school in Chestertown, Md., will give them a memorable graduation gift: money to pay off student debt. All graduating seniors who took out federal student loans this semester will receive a grant from the college to repay…
PITTSBURGH–(BUSINESS WIRE)–Allegheny Technologies Incorporated (NYSE: ATI) today announced the next phase in the restructuring of its Flat Rolled Products (FRP) operations with the reduction of approximately one third of FRPs salaried workforce through the elimination of over 250 positions. This workforce reduction will be completed by the end of the second quarter 2016. As a…
The court will decide at the end of the month if the company Euro Insol gets appointed judicial administrator of the Romanian energy company Complexul Energetic Hunedoara (CEH). The Energy Ministry wanted to appoint Euro Insol as the producers judicial administrator. However, the representative of Romanias Tax Agency ANAF voted against this proposal…
Everyone knows it is a good idea to reduce your debt load. With less debt, you save money on interest charges and reduce your risk of financial catastrophe if your income is disrupted and you are unable to make payments. If you don’t have enough to make debt payments, you can fund investments and build…
Australian underground coal gasification (UCG) developer, Linc Energy, has gone into voluntary administration, according to a company announcement. Administratiors from PPB Advisory were appointed effective 15 April. Last month, the company was committed to stand trial over alleged environmental damage caused by its UCG trial in Queensland an accusation the company denies. But an environmental…
Deloitte has released its insolvency report into what exactly went wrong at Powa Technologies, the London payment company that blew up spectacularly in February after blowing through hundreds of millions in investor money. The company autopsy reveals Powas ultimate controlling company raised £143.94 million ($203.7 million) in debt and equity funding from 2013 onwards, as…
David Gest was allegedly £500,000 in debt prior to his death. According to The Sun, his company David Gest Limited equated debts of £474,000 after he became addicted to gambling in his final months. The newspaper also reports that he was left with just £57,629 in the bank after blowing his cash on 50p-a-time slot…