Its official: Elder-Beermans parent company is headed for liquidation. Bon-Ton Stores Inc. officials announced a joint bidder, including a group of the bankrupt retail chains bondholders, won an auction for the companys asset. Great American Group and Tiger Capital Group and the holders of Bon-Tons second-lien secured notes will acquire the retailers inventory and certain other…
Distressed debt experts and investors are approaching Myer offering to help refinance banking facilities as the beleaguered department store retailer moves closer to appointing a new chief executive. Sources close to Myer say boutique financial adviser Houlihan Lokey which helped restructure about $500 million of debt at South African retailer Edcon in 2016 and is advising lenders to heavily indebted US department…
Most recent estimates show the Higher Education Loan Program (HELP) debt owing is nearly A$52 billion in 2017-18. Its forecast to increase to A$75 billion by 2020-21 and up to 25% of those loans are unlikely to be paid. Legislation to lower the initial HELP repayment threshold from A$55,000 to A$45,000 (with a rate of…
By Eric Onstad and Polina Devitt LONDON/MOSCOW (Reuters) – Russia’s Rusal may be forced to divest most of its portfolio of overseas operations if the aluminium giant cannot restructure them to evade U.S. sanctions and ensure a flow of raw materials. U.S. sanctions imposed against key allies of Russian President Putin have already…
2:05 pm Europe Trade: European markets were slightly higher, as investors monitored a fresh batch of corporate earnings and economic data. France’s CAC was up 0.47 percent, Germany’s DAX 0.33 percent and Britain’s FTSE gained 0.82 percent. 1:55 pm Gold Snaps 3-session of Gain: Gold prices slipped after rising for three straight sessions as investors opted for…
Clive Palmer says he once offered to pay the debts of Queensland Nickel and that he will seek to halt legal proceedings against the failed company. The former federal MP has faced the supreme court in Brisbane, claiming there had been an abuse of process and that legal proceedings involving the nickel company should stop.…
Heba Saleh in Cairo April 18, 2018 Print this page Egypts finance minister said the government was committed to pushing ahead with painful economic reforms as it aimed to narrow its hefty fiscal deficit and reduce soaring debt levels. Amr al-Garhy said the Arab worlds most populous nation cannot live with numbers like these as…
Administrators for Beaufort Securities, the disgraced UK broker that was closed down by regulators in March, have said it could cost as much as £100m to return the cash and assets held by the company, currently valued at £550m, to its thousands of private investor clients. The administrative cost of carrying out insolvency proceedings for…
Sasha deBretton Perths self-styled queen of rich-list renovations has placed her group of companies, including the flagship Million Dollar Makeovers, into liquidation. As of the first week of this month, three of Ms deBrettons firms were in the hands of liquidators Cameron Shaw and Brent Kijurina, working for accountants Hall Chadwick. In contrast to Ms…