July 20, 2016 - Insolvency Guardian

Garnero Group Acquisition Company Announces Termination of Investment Agreement and Provides Information on … – Business Wire (press release)

LiquidationBy Insolvency Guardian July 20, 2016

SAO PAULO–(BUSINESS WIRE)–Garnero Group Acquisition Company (GGAC) (NASDAQ:GGAC), a public investment vehicle formed for the purpose of effecting a merger, acquisition or similar business combination, announced today that, as a result of certain material breaches by Q1 Comercial de Roupas S.A. (Grupo Colombo) of the agreement between the parties, it has terminated its previously announced…

Top insolvency practitioners to advise Accountant in Bankruptcy – Scottish Daily Record

LiquidationBy Insolvency Guardian July 20, 2016

Two of Scotland’s leading insolvency practitioners has joined the Accountant in Bankruptcy (AiB) advisory board. Bryan Jackson, currently a consultant with Johnston Carmichael, and Laurie Manson, former PwC corporate insolvency and restructuring specialist join as non-executive board members. Both will offer independent challenge and professional expertise to the Executive Agency of the Scottish Government. Jackson,…

Intel profit drops, hurt by restructuring costs – MarketWatch

RestructuringBy Insolvency Guardian July 20, 2016

Intel Corp. said its second-quarter earnings fell sharply as the chip giant booked a hefty charge related to its efforts to restructure and cut costs. In April, the company unveiled cost-cutting plans that aim to free up funds to invest in businesses that are growing. The restructuring includes plans to slash 12,000 jobs, or about…

FT: Turkish Turmoil Could Help Greece Get Debt Relief – Greek Reporter

Debt HelpBy Insolvency Guardian July 20, 2016

An article in the Financial Times makes a case for the current turmoil in Turkey being of benefit to Greece. U.S. Treasury Secretary Jack Lew has said that Greeces creditors should let Greece restructure its debt so that the country can play a role as an anchor of regional stability in…

Intel Profit Drops, Hurt by Restructuring Costs – Wall Street Journal

RestructuringBy Insolvency Guardian July 20, 2016

Updated July 20, 2016 4:49 p.m. ET Intel Corp. INTC 1.54 % s second-quarter earnings fell sharply on charges related to its efforts to restructure and cut operating costs. In April, the Santa Clara, Calif.-based company unveiled cost-cutting plans to free up funds to invest in business areas that are growing. The restructuring includes slashing…

R to ask for support from EU globalisation fund over OKD – Prague Daily Monitor

BankruptcyBy Insolvency Guardian July 20, 2016

TK | 20 July 2016 Prague, July 19 (CTK) – The Czech Republic will in August apply for money from the European Globalisation Adjustment Fund (EGF) in aid of miners to be dismissed from the OKD company, it ensues from a document of the Labour and Social Affairs Ministry which the…

1MDB funds used to pay Las Vegas gambling debt: US investigators – Malaysiakini (subscription)

GamblingBy Insolvency Guardian July 20, 2016

1MDB funds were used to pay for gambling debts in Las Vegas, said US investigators. “Funds were stolen under the pretense of a 1MDB investment in oil exploration. “On paper the US$1 billion was for resource rights, instead (it was) used for personal enrichment…(including) gambling debts in Las Vegas casions, a luxury yacht, interior decorators…

BCCI’s Working Committee could make way for Apex Council – Cricbuzz

BankruptcyBy Insolvency Guardian July 20, 2016

The Supreme Court has said that based on the Lodha committee recommendations, the all-powerful Working Committee of the BCCI will now have to make way for a smaller, more powerful Apex Council. In the next six months, Justice Lodha and his panel with work with the BCCI to set up this council that will define…

Former England youth team footballer RAIDED betting shops after racking up gambling debts – Express.co.uk

GamblingBy Insolvency Guardian July 20, 2016

PA WIRE Nathan Ashton turned to armed robbery when he racked up massive gambling debts Nathan Ashton, 29, who played premiership football on the wing for Fulham before moving to Crystal Palace and Charlton, targeted betting shops across London and the South East. Along with former Scottish Premier League player Ohmar Pike, the pair netted…

FairQuid aims to help Merseyside workers slash their debts – Liverpool Echo

Debt HelpBy Insolvency Guardian July 20, 2016

A new employee benefit loan scheme (EBL) that promotes workers financial wellbeing and acts as an alternative to high-interest payday lenders, is expanding into the Liverpool city region. Following a full trial of its EBL scheme in East Lancashire, FairQuid has targeted Merseyside for the first stage of its roll-out programme. And it has teamed…

Daily Archives: July 20, 2016