CG Power and Industrial Solutions Ltd. restructured its business multiple times in the last six years, selling several of its assets including the crown jewel consumer appliances unit. But it continues to struggle with high debt. Yet, the maker of power transformers is now doing more of the same. The company, which contributes 65 percent…
30-second summary This week a man in Pakistan was arrested after losing his wife while gambling Court approves halving a mortgage debt after husband got addicted to gambling Woman with an addiction to video lottery terminals leaves her divorced and bankrupt In todays society gambling is big business; the rewards can be high, but the…
The Walt Disney Company, whose acquisition of 21st Century Fox assets was finalized last month, is to keep several prominent Fox staff members in leading roles across Asia. However, at least one senior Fox executive in Asia is departing amid the restructuring. The decision to keep on multiple Fox executives appears to follow the logic…
Hexion Inc. (Hexion or the Company) today announced that it has entered into a Restructuring Support Agreement (RSA) with the vast majority of holders of each of the Companys notes issuances, representing consensus across its capital structure, on the terms of a consensual financial de-leveraging plan (the Plan) that will strengthen the Companys financial position…
In Berlin was opened the bankruptcy proceedings for the airline Germania. A spokesman for the insolvency administrator Rdiger wienberg, the capture first, all claims of creditors, and then individually on their legality and enforceability wants to check confirmed. It seeks to exploit the assets and distribute to creditors, it said. As the administrator said, can…
The Star Gold Coast is chasing a $43 million debt from a Singapore-based high roller who flew out of the country and cancelled a blank cheque casino bosses were holding as collateral. Key points: Wong Yew Choy lost the equivalent of $8.6m each day during his stay The Star has launched legal action…
The ANAOs audit of illegal phoenix activity, examined the effectiveness of the Phoenix Taskforce in combating illegal phoenix activity since its inception in 2014, focusing on governance, strategies, processes and performance measurement. The annual direct impact of illegal phoenix activity is estimated to cost the Australian community between $2.85billion and $5.13billion. The ANAOs report found…