February 21, 2018 - Insolvency Guardian

Tops Markets Pursuing Financial Restructuring to Reduce Debt and Strengthen Competitive Position – Business Wire (press release)

RestructuringBy Insolvency Guardian February 21, 2018

WILLIAMSVILLE, N.Y.–(BUSINESS WIRE)–Tops Markets, LLC (Tops or the Company) today announced that it is pursuing a financial restructuring in order to eliminate a substantial portion of debt from the Companys balance sheet and position Tops for long-term success. Tops stores across the Companys portfolio in Upstate New York, Northern Pennsylvania and Vermont are continuing to…

McGrath appoints Sydney lawyer Andrew Robinson to new board – Business News Australia

GamblingBy Insolvency Guardian February 21, 2018

John McGrath has revealed Sydney lawyer Andrew Robinson wil be one of the two two new directors who will join the board of his struggling listed real estate business McGrath (ASX: MEA) tasked with the job of turning the company around. The other appointee is Peter Lewis, Kerry Stokes’s former chief financial officer, who…

Citigroup Drove Puerto Rico Into Debt. Now It Will Profit From Privatization on the Island. – The Intercept

Debt HelpBy Insolvency Guardian February 21, 2018

One of the same banks that drove the Puerto Rico Electric Power Authority, or PREPA, into the red will now be paid to help auction it off to the highest bidder. Citigroup Global Markets Inc., or Citi, will be the main investment bank consultant in the restructuring and privatization of PREPA, the Washington-appointed Fiscal Control…

/ Allahabad Bank has Rs 517cr exposure to Rotomac – India Today

LiquidationBy Insolvency Guardian February 21, 2018

New Delhi, Feb 21 (PTI) State-owned Allahabad Bank today said it has an exposure of Rs 516.79 crore to crisis-hit Rotomac group and the lender has made required provisioning for the same as per RBI norms. Responding to a clarification sought by exchanges on news article “Rotomac owner flee New Delhi, Feb 21 (PTI) State-owned…

Melbourne tech retailer enters liquidation – ARNnet

LiquidationBy Insolvency Guardian February 21, 2018

Melbourne-based online technology retailer, Warehouse1, has been placed into liquidation. The company, which claims a physical retail outlet in Melbournes Docklands along with an online store, made a name for itself selling equipment from a number of vendors, including Acer, Dell, Apple, HP and Seagate, among others. Warehouse 1 sold tech items across a number…

Failed Sydney predictive analytics vendor Veriluma gets $660000 lifeline – CRN Australia

LiquidationBy Insolvency Guardian February 21, 2018

Creditors of capsized Sydney analytics software vendor Veriluma have accepted a $660,000 acquisition proposal from wholesale investor Canary Capital. Canary was one of several potential suitors for Verilumas two entities, Veriluma Limited and Veriluma Software. Administrators had been sizing up their rival bids to recapitalise ASX-listed Veriluma, which fell over in late 2017 after ongoing cash-flow difficulties and millions…

Britain’s Interserve exits power business as part of restructuring – Reuters

RestructuringBy Insolvency Guardian February 21, 2018

Feb 21 (Reuters) – British contractor Interserve, which is in talks with its bankers to secure funding after issuing two profit warnings last year, has decided to close its power business as part of an operational restructuring of its industrial unit. Outsourcers such as Interserve have been the focus of investor attention since competitor Carillion…

Digit, with $1 billion saved, turns its attention to consumer debt – Fast Company

Debt HelpBy Insolvency Guardian February 21, 2018

In the three years since its launch, micro-savings app Digit has helped its customers set aside over $1 billion for emergency funds, travel, and more, the company said today. The average Digit customer earns around $50,000 per year and is saving around $2,500 per year. Founder and CEO Ethan Bloch attributes the companys success to…

Britain’s Interserve exits power business as part of restructuring – euronews

RestructuringBy Insolvency Guardian February 21, 2018

By Esha Vaish (Reuters) British contractor Interserve <IRV.L>, which is in talks with its bankers to secure funding after issuing two profit warnings last year, has decided to close its power business as part of an operational restructuring of its industrial unit. Outsourcers such as Interserve have been the focus of investor attention since competitor…

Ramaphosa Tax Gamble Targets Debt Before South African Election – Bloomberg

Debt HelpBy Insolvency Guardian February 21, 2018

South Africas new president, Cyril Ramaphosa, risks alienating voters in the run-up to next years elections after his administration announced plans to raise sales tax and curb spending as it seeks to stabilize debt and prevent a third junk credit rating. The value-added tax rate will be raised to 15 percent from 14 percent, the…

Daily Archives: February 21, 2018