CONTROVERSIAL Sunshine Coast company Maroochy Sunshine has been declared insolvent. The Federal Circuit Court of Australia, sitting in Brisbane on Friday agreed to declare Maroochy Sunshine insolvent and appoint liquidators after a Federal Government application. Maroochy Sunshine had been accused of underpaying seasonal workers from Vanuata on the Sunshine Coast and Wide Bay to the…
ISLAMABAD: The government on Friday decided to initiate the restructuring process of Pakistan International Airlines (PIA), which has already been converted into a public limited company known as PIACL. Under the PIAC Conversion Act 2016, which was adopted unanimously by the parliament, the government was bound to complete the privatisation process by April 15 this…
A global firm showcased its national and regional capabilities as it helped in the complex restructure of a Western Australia-based uranium producer. King & Wood Mallesons (KWM) advised Paladin Energy and its administrator, KPMG, on the companys balance sheet restructure. KWM provided English law, Hong Kong law, and Australian law advice. It also coordinated local…
The Chapter 11 plan of reorganization (the Plan) filed on the “first day” of the case encompasses a comprehensive restructuring of the Company’s balance sheet and an acquisition of significant revenue-producing assets. Specifically, the proposed restructuring contemplates (a) reducing current debt by approximately $1.6 billion, (b) raising capital of approximately $525 million through an equity…
Video PlayerClose BERLIN, Feb. 16 (Xinhua) — U.S. private equity firms Cerberus and J.C. Flowers are poised to acquire the ailing German financial institution HSH Nordbank, local media reported on Friday. Business publication “Manager magazine” cited an informal agreement between the investors and the state governments of Hamburg and Schleswig Holstein that hold the majority…
The administrator of the collapsed auction house Mossgreen is refusing to return consigned goods to more than 1,000 collectors unless it is paid maintenance fees totalling more than $3.5 million. It comes after Mossgreen, renowned for selling artwork and rare collectables, went into voluntary administration in December. The latest development more than triples the…
Feb 15 (Reuters) – General Electric has reached a deal to sell parts of its overseas lighting business to a company controlled by Joerg Bauer, the former president of GE Hungary, for an undisclosed amount, the Wall Street Journal reported on Thursday. The deal includes GE Lighting in Europe, the Middle East, Africa and Turkey,…
Martin Arnold in London February 16, 2018 The Financial Conduct Authority has handed over to a committee of MPs the full report it commissioned on how the Royal Bank of Scotland systematically mistreated thousands of small business clients after the 2008 banking crisis. Andrew Bailey, chief executive of the FCA, said in a letter to…
BRISTOL, Conn.–(BUSINESS WIRE)–Barnes Group Inc. (NYSE: B), a global provider of highly engineered products and differentiated industrial technologies, today reported financial results for the fourth quarter and full year 2017. Fourth quarter 2017 net sales of $373 million were up 15% from $324 million in the prior year period driven by strong organic sales growth…
The Christ Embassy church in the United Kingdom is in debt and has been declared insolvent by the Charity Commission, the agency that regulates charity organizations in the country. The church owned by popular Nigerian pastor, Chris Oyakhilome, was flagged on the Charity Commission website as charity insolvent. According to the commission, a charity is considered as being…