Tata Steel UK (TSUK) has confirmed it had signed documentation for a pact with the Trustees of the £15 billion British Steel Pension Scheme, which will allow the steelmakers pension scheme to be separated from the business, reducing the risks to the company. The deal, which would remove the main obstacle to a potential merger…
SCOTTSDALE, Ariz., Aug. 11, 2017 /PRNewswire/ — Nuverra Environmental Solutions, Inc. (“Nuverra” or the “Company”) announced today that, on August 7, 2017 (the “Effective Date”), the Company and its material subsidiaries emerged from Bankruptcy protection under chapter 11 of the United States Bankruptcy Code. Pursuant to their Amended Joint Plans of Reorganization (collectively, the “Plan”), which…
If youre worrying about debt this summer, you are not alone. We owe a staggering £200billion on credit cards, loans and overdrafts the highest level since the financial crisis in 2008. The average household owes over £7,000 in unsecured debt when you add in mortgages, it shoots up to over £57,000. Alarm bells are beginning…
A COLLAPSED shared-living community at Mt Burrell serves as a warning to potential investors of alternative housing schemes. With its court-ordered dismantling this week, the Bhula Bhula Intentional Community has left in its wake at least 20 financially ruined investors and a litany of complex legal clashes. The NSW Land and Environmental Court ordered the…
Anxiety continues to mount over Ezion Holdings’ chunky debt numbers, with trading in the stock still on hold amid news that the firm is planning to restructure a staggering US$1.48 billion (S$2 billion) in loans. A report by Debtwire on Thursday said that Ezion has appointed RSM Singapore as financial adviser for a planned restructuring…
Tata Steel group executive director Koushik Chatterjee played a key role in negotiating the pension deal that was signed on Friday. As part of the arrangement, the deal will impact 125,000 members of the pension scheme. Chatterjee said the agreement ends months of negotiations and brings finality to Tata Steel’s year-and-a-half long UK business restructuring…
To guide, or not to guide that is the question. One week into the 2017 profit reporting season and this old chestnut about whether companies should provide earnings guidance is, with apologies to William Shakespeare, firmly back on the agenda. Lukewarm guidance issued this week by top performing retailer Nick Scali prompted a near 10…
TWO dozen bankruptcies were filed in Bundaberg during the last quarter. The 24 bankruptcies represented almost half of the 49 insolvency cases in the area during the three months to June. Insolvencies in Bundaberg were up 26.5% on the previous quarter and up 10% on the June quarter last year. Seven of the insolvencies were…
The Insolvency and Bankruptcy Code, 2016 was enacted with the intention of improving the ease of doing business in India, a country perceived to have a weak insolvency framework and where defaulting debtors abuse the law. At the outset, the Code appears to have the interests of business at heart: it aims to overhaul laws…
Houlihan Lokey On of the biggest challenges for Scott Beiser, the CEO of $2.4 billion boutique global investment bank Houlihan Lokey, is making sure the company’s employees stay engaged and energized. The firm which specializes in corporate finance business, restructuring, and financial advisory services has grown significantly since it went public two years ago, boosting revenue…