Avaya has revealed its steps toward exiting Chapter 11 bankruptcy, including the appointment of a new chief executive, agreements with priority creditors and a debt reduction of more than US$3 billion. The unified communications vendor announced overnight that it had entered into a plan support agreement (PSA) with more than 50 percent of the holders of its…
TWELVE Fraser Coast businesses have declared bankruptcy in the last financial quarter. Four of the businesses were from Hervey Bay and eight were from Maryborough. The figures released by the Australian Financial Security Authority revealed how many new incidences of financial problems occurred in Gladstone between April 2017 and June 2017. In Hervey Bay 18…
In Macau, a resurgence in mini-whale gambling has led to the formation of several mid-sized junkets that have been able to quickly establish partnerships with casinos for VIP operations. With less competition, smaller VIP junket are aimed squarely at the well-heeled, rather than the ultra-wealthy. Smaller VIP junkets, like the Tak Chun Group, which has…
LATEST figures reveal personal insolvency has sky-rocketed in one Coast suburb and continues to climb in another. The total number of debtors in Nambour jumped from 17 in the March Quarter of 2017 to 27 in the June Quarter of this year. Personal insolvency also increased in Maroochy, from 24 debtors to 27 in the…
Sources said it was attended by State Bank of India (SBI) and Punjab National Bank (PNB), among others. (Image: Reuters) A group of top lenders on Monday met officials from the Indian Banks Association (IBA) to review the progress of insolvency proceedings against 12 companies sent to the National Company Law Tribunal (NCLT). Sources said…
NATIONAL transport and logistics specialists Centurion are helping to reshape the Central Queensland landscape. The township has become one of three locations, including Mackay and Brisbane, where the family-owned Western Australian company have expanded in recent months. The timely move follows the liquidation of unassociated transport company McAleese in August last year, and its reincarnate,…
LEROY, Texas (KWTX) It was a Friday, the end of the week, on Aug. 7, 1987 as storm clouds gathered over the uninsured Leroy Bank which on this day announced it was closing. “I had friends that lost everything they had,” Albert Miller, 94, said. The bank was private and not insured by the Federal…
Tesla is turning to the junk bond market to help meet its hefty expansion goals. On Monday, the company announced that its planning to raise $1.5 billion in its first-ever debt offering to fund production of the Model 3 EV sedan and its Nevada battery Gigafactory. Teslas $1.5 billion offering of unsecured senior notes, due…
ECONOMICS lecturer turned national hotel-chain boss Sid Knell plans to “re-birth an iconic Rockhampton location. The Bridge Motor Inn caught the Central Apartment Group CEO’s eye as he looked to expand his Central Queensland footprint. The Bolsover St business went into voluntary administration in March, but Mr Knell said its central location and refurbishment potential…
NEWCASTLE has the highest rate of personal insolvency in regional NSW according to figures released by the Australian Financial Security Authority. Across the Hunter there were 215 cases of personal insolvency in the June quarter of 2017, with Newcastles 43 debtors the largest in the state outside of Sydney. Across Australia there were 7,729 debtors who entered a…