November 13, 2016 - Insolvency Guardian

McAleese’s future closer to resolution after new restructuring pitch – The Australian Financial Review

LiquidationBy Insolvency Guardian November 13, 2016

McAleese CEO Mark Rowsthorn is still hopeful of restructuring the trucking group Cole Bennetts McAleese’s administrators, McGrathNicol, have received a new restructuring proposal from Hong Kong’s SC Lowy and plan to discuss the transport group’s options, which include liquidation, with creditors next month. McGrathNicol is reviewing draft deeds of company arrangement from McAleese’s secured creditors, the administrators said on…

US Feds Bust Brooklyn-Based Drugs, Gambling Gang with Alleged Russian Mob Ties – Flushdraw

GamblingBy Insolvency Guardian November 13, 2016

13th November 2016 // Uncategorised US federal agents this week indicted nine members of a Brooklyn gang accused of multiple violations, including illegal drug trafficking and the continuing operation of a private, high-stakes poker game where as much as $150,000 was allegedly wagered. A statement from the Eastern District of New York USAO office described those…

Erickson files for Chapter 11 bankruptcy – Australian Aviation

RestructuringBy Insolvency Guardian November 13, 2016

Erickson, the manufacturer and operator of the S-64 Air Crane fire attack helicopter, have filed for Chapter 11 bankruptcy. (Paul Sadler) The manufacturer and operator of the world renowned S-64 Air Crane fire attack helicopter, Erickson Incorporated, has voluntarily filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Northern District of Texas,…

Elders profit jumps higher on a boom in cattle stations – Business Insider Australia

RestructuringBy Insolvency Guardian November 13, 2016

Elders Limited today posted a 35% rise to $51.6 million in its full year after tax profit as the boom in the cattle industry flows through to the agribusiness. Revenue was up 9% to $1.64 billion. CEO Mark Allison says high cattle prices drove higher livestock earnings and also real estate sales demand for big…

Former Linc Energy executives face charges – NEWS.com.au

LiquidationBy Insolvency Guardian November 13, 2016

Five former Linc Energy executives have been charged by the Queensland government with breaching environmental law over the operation of its underground coal gasification site in Chinchilla. Former chief executive Peter Bond was in September charged with three indictable offences and last week was summonsed on two additional charges of failing to ensure the company…

Day’s unsecured SA creditors lose $4.9m – Yahoo7 Finance Australia – Yahoo7 News

BankruptcyBy Insolvency Guardian November 13, 2016

More than 150 unsecured creditors of former senator Bob Day’s failed building company in South Australia will not be paid the millions of dollars they are owed. These 157 creditors are owed $4.9 million by Homestead Homes and they include subcontractors as well as customers who paid deposits on homes that remain unfinished. “It owes…

Nathan Tinkler to speak at Drayton South hearing – Newcastle Herald

BankruptcyBy Insolvency Guardian November 13, 2016

Human headline: Nathan Tinkler pursued by journalists in Sydney in 2014. BANKRUPTED businessman Nathan Tinkler is expected to support the Drayton South mine as a listed speaker at Wednesdays controversial fourth Planning Assessment Commission hearing into the proposal. Mr Tinkler is listed as fifth speaker on the first day of the two-day Muswellbrook hearing that…

Linc Energy’s former executives charged with environmental offences – ABC Online

LiquidationBy Insolvency Guardian November 13, 2016

The Queensland Government has charged five former executives of Linc Energy with environmental offences over the failed company’s alleged contamination of huge swathes of prime farmland in the state’s south-east. Key points: Charges related to alleged contamination caused by underground coal gasification Four other former Linc executives also summonsed Company has denied the charges…

Administrators eye sale of McAleese units – SBS

LiquidationBy Insolvency Guardian November 13, 2016

The administrators of mining services company McAleese expect to find buyers for large parts of the embattled group’s four business units. McGrathNicol administrators on Monday said they had received interest for McAleese’s specialised transport, oil and gas distribution and aviation refuelling and resources businesses, as well as some profitable depots that form part of the…

Barack Obama calls for ‘meaningful debt relief’ for Greece – The Guardian

Debt HelpBy Insolvency Guardian November 13, 2016

The US president, Barack Obama, has signalled he will use a critical two-day visit to Athens this week to step up calls for the country to be given meaningful debt relief. Weighing in on the potentially explosive issue of how best to revive the European Unions most financially strained member state, the outgoing president said…

Daily Archives: November 13, 2016