by Jack Farchy When Swiss commodity trader Andre & Cie went bust 17 years ago, Richard Elman pounced. He bought its Asian grains business for next to nothing as part of an acquisition spree that would make his own fledgling company, Noble Group, into Asia’s biggest commodity trader within a decade. Elman, 77, has watched…
Ailing department store chain The Bon-Ton Stores Inc. appears to be headed for a restructuring sooner rather than later. In a filing Monday with the U.S. Securities and Exchange Commission, Bon-Ton said it is engaged in discussions with debtholders regarding potential restructuring alternatives. While the company, co-headquartered in York and Milwaukee, noted there are no…
Neil Hume in London January 29, 2018 Shareholders in Noble Group will be almost wiped out under the terms of a debt restructuring announced on Monday by the crisis-hit commodity trader. The Singapore-listed company said existing shareholders, including its founder Richard Elman, and CIC, Chinas sovereign wealth fund, would end up with a 10 per…
JOHANNESBURG – A group of Steinhoff creditors have appointed financial adviser PJT Partners and law firm Latham Watkins to represent them in any potential debt restructuring, PJT said. Steinhoff, owner of more than 40 retail brands including Poundland in Britain, is fighting for survival after admitting accounting irregularities last month that triggered an 85 percent…
By Jasmine Ng , Jack Farchy , and Javier Blas January 29, 2018, 3:53 AM EST Updated on January 29, 2018, 4:10 AM EST Noble Group Ltd. reached an in-principle deal to restructure $3.5 billion in debt, people familiar with the matter said, saving the troubled commodity trader from bankruptcy at the cost of handing control…
Hannah Murphy January 29, 2018 SThree, the UK recruitment agency, said its profits were little changed in its last fiscal year as enduring Brexit uncertainty and increased restructuring costs weighed on the business. The specialist science, tech, engineering and maths recruiter said that pre-tax profit in the year to the end of November was £37.7m…
Over the last 12 months the Webjet Limited (ASX: WEB) share price performance has been a big disappointment. During this time its share price has fallen 8% compared to a 7.3% gain by the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). The key reason behind its underperformance was the earnings guidance it gave to the market in…
Video PlayerClose BEIJING, Jan. 29 (Xinhua) — Listed companies in China reported rapid profit growth in 2017 as the country’s supply-side structural reform began to bear results. So far, over half of listed companies on the country’s two major exchanges have reported their 2017 performance, and nearly 70 percent of them saw profit gains, according…
Alex Ralph Provident Financials share price collapsed after a host of problems led to profit warningsAlamy Four former bosses at Provident Financial have launched employment tribunal claims for unfair dismissal in the wake of the botched restructuring of its salesforce, The Times has learnt. In a deepening of the crisis facing the troubled subprime lender,…
Myer Holdings Ltd (ASX: MYR) is Australia?s largest full line department store group and one of Australia?s most iconic companies. It has a very strong brand and over 5 million MYER ONE cards are still in circulation. Nevertheless, the company is in major trouble. Sales have stagnated for five years and the company?s net profit has…