Troubled live exporter Wellard has voluntarily suspended its shares, pending the release of an announcement about a proposed recapitalisation and restructure. The suspension follows the company putting its shares into a trading halt on Monday, foreshadowing the announcement, which was planned for Wednesday but is now set to be released by Friday. The announcement relates…
Debenhams sole Australian store is set toclose after Greenlit Brands subsidiary, PSEA Dept Store confirmed itsDebenhams Australia franchise terminated. Bothfranchise and brand agreements to operate the Melbourne outlet will be terminated putting an end to the embattled UK retailers Australian venture. The announcementcomes roughly three months after shareholders voted for a Company Voluntary Arrangement (CVA).…
The Committee of Creditors (CoC) of BS Ltd has requested resolution plan applicant United Trade Co to improve its offer and modify its terms. Formerly known as BS TransComm Ltd, BS is an infrastructure and engineering, procurement and construction (EPC) firm operating in the segments of power transmission & distribution and telecom. In its ninth…
What happens when a Saudi company goes bust What happens when a company gets into difficulties and has no option but to cease trading? Often, the answer is that it goes into liquidation.This may be simply defined as the process by which a companys operations are brought to an end, and its property and assets…
A new report from Muscle Cars And Trucks, citing unnamed sources, says General Motors has canceled development of the sixth-generation Chevy Camaro Z/28. The news comes after last weeks revelation the automaker is rumored to discontinue the Camaro after 2023 with the seventh-generation Camaro program shelved for now. Deliveries for the sixth-generation Camaro have been…
Over the last decade, we have witnessed an enormous increase in the ordeal faced by homebuyers at the hands of developers. Till a couple of years ago, homebuyers had only one option, which was to approach the consumer courts to complain against the developers and request a refund of their investment and demand compensation. But…
SAN JUAN, Puerto Rico (AP) A federal control board overseeing Puerto Ricos finances filed a lawsuit on Sunday to recover what it called massive fraudulent payments made by the islands power company to fuel suppliers for more than a decade. The lawsuit was filed against fuel companies Trafigura and Vitol for allegedly supplying low-grade oil…
A wave of letters sealed in canary yellow envelopes will descend upon Syracuse, New York, and the surrounding region in just a few weeks. They contain good news for the recipients: Thanks to the efforts of a local high school senior, their medical debt has been wiped out. While some high school seniors were slacking…
Cosmetics and fragrance giant Coty Inc. said it would restructure its operations and take a $3 billion write-down on the multibillion-dollar beauty business it acquired nearly three years ago from Procter & Gamble Co. Coty, whose products include OPI nail polish and CoverGirl makeup, said Monday it struck a deal with creditors to provide enough…
State-owned steel producer PT Krakatau Steel has denied rumors that the company will layoff more than 2,000 people in an effort to improve its financial performance. The rumor is false, Krakatau Steel president director Silmy Karim said in a statement. There are many ways for a company to restructure its organization and firing employees is…