This week, a giant that had been teetering for many months finally fell, as Peabody Coal officially declared bankruptcy. For market watchers around the globe, this was a decisive movement in the long decline of an industry that once seemed invincible – the New York Times called it “Wall Street’s retreat from King Coal.” For…
Personal insolvencies rose 2% in the March quarter, the fourth increase in a row, mainly due to bad debts in the mining states of Western Australia and Queensland. This is the first time there have been four consecutive quarterly rises since 2009, according to the Australian Financial Security Authority. Queensland and Western Australia, where debt…
Arrium’s lenders have been accused of looking after their own interests by forcing out the company’s chosen administrators, which could delay the troubled steelworks’ restructure. The steelmaker has debts of up to $4 billion and went into voluntary administration last week. Original administrator Grant Thornton was forced out after a Federal Court ruling yesterday…
Video will begin in 5 seconds. More video Recommended Replay video Palmer tries to set the record straight Clive Palmer denies being a shadow director of Queensland Nickel, admitting using an email alias to anonymously make dinner reservations. Courtesy ABC. PT1M53S 620 349 The mammoth heist that Clive Palmer has allegedly undertaken is breathtaking. The…
April 12th, 2016 Jason Jiang Greater China, Shipyards 0 comments Huanqiu Shipbuilding, a major shipyard in based in Yangzhou, Jiangsu, has been declared bankrupt by the local court. Jiangsu Bangtuo Shipping, a creditor of the shipyard, applied with the court in Yizheng to liquidate the shipyard in November 2015 due to the shipyards inability to…
Non-banks have competitive advantages and disadvantages vis-a-vis licensed deposit-takers. Tanya Lake One of the most attractive investment opportunities in the years ahead could be non-bank lending in its various guises, including technology-enabled peer-to-peer (P2P) lenders. As regulators sensibly shrink excess leverage and risk-taking in the banking sector, they will inevitably open the door to heightened competition from…
By: Rob McKay Date: 12.04.2016 Hassall raises inconsistencies in argument as TWU seeks to bolster its stance Kim Hassall With the political debate moving towards sloganeering, many of the safe rates analytical points that have been starved…
Insolvency and restructuring firms are circling Peabody Energy’s Australian arm, with the unit expected to appoint advisers and push ahead with a restructure as early as this week. The United States-listed Peabody Energy flagged that it was on the verge of Chapter 11 bankruptcy last month and sources told Street Talk the situation was poised to…
A DELOITTE insolvency expert has told a court how the loans between Kleenmaid-run companies brought the company down. Richard Hughes, a Deloitte financial advisory partner, told the Brisbane District Court on Monday a web of loans ensured that when one Kleenmaid-run company was declared insolvent, the many others collapsed with it. Former Kleenmaid directors Andrew…