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Drought-weakened Namoi Cotton has re-jigged its marketing joint venture with multinational commodities giant Louis Dreyfus Company, effectively giving its partner
Drought-weakened Namoi Cotton has re-jigged its marketing joint venture with multinational commodities giant Louis Dreyfus Company, effectively giving its partner
Australias largest producer of certified organic milk, Organic Dairy Farmers of Australia (ODFA), has entered voluntary administration. It is estimated
Preventative composition is available to companies that do not meet the bankruptcy test under the Bankruptcy Law, but which wish to obtain the court’s assistance in settling debts and trade out of their indebtedness. If the courts accept an application for preventative composition, the company’s debt obligations will be suspended and the court will appoint a trustee to supervise the directors’ management of the company. The trustee would then seek to get the approval of a majority of the creditors for a plan which enables the company to trade out of its existing financial position. During the term of that plan, the company is restricted from certain actions such as settling claims and taking on new debt.
In a claim describing Salim Mehajer as one of Australia’s most disliked people, a high-profile defence lawyer says a Sydney gossip column made out she sleeps with clients and unfairly exposed her to ridicule for her manner of dress and weight. The May 2019 article featuring a picture of Mr Mehajer and lawyer Zali Burrows outside a jail carried six defamatory meanings including that she was a ridiculous lawyer, documents filed in the Federal Court this week claim. The Sydney Morning Herald article titled “Headline-grabbing solicitor stands by her 60 Minutes’ man” describes Ms Burrows as a “diminutive blonde by (Mr Mehajer’s) side who has been raising eyebrows within Sydney’s legal fraternity”. Ms Burrows says that opening line made ou…
Drought-weakened Namoi Cotton has re-jigged its marketing joint venture with multinational commodities giant Louis Dreyfus Company, effectively giving its partner control of day-to-day management of Namoi’s trading and marketing and warehousing activities.
In what is expected to be the last in a six-month run of sweeping restructuring and staff shedding actions at the NSW-Queensland ginning and marketing company, the latest Namoi business shakeup aims to bolster the trading business’s financial capacity to weather volatile cotton and currency markets.
The Netherlands headquartered Louis Dreyfus, which also has three Australian gins and warehouses of its own, has been a marketing partner and major shareholder in Namoi since 2013 when…
QUEENSLAND’S mining services capital of Mackay and its resources resurgence have taken a hit with a longstanding local company going into voluntary administration.
Ricbuilt Heavy Industries, a leading engineering company with a strong reputation in the mining services sector, owes creditors more than $2 million.
Administrator Frank O’Neill from insolvency firm SV Partners said Ricbuilt’s financial options were being assessed, including the sale of all or part of the business.
Meanwhile, he said the company was continuing to trade and it was “business as usual” for its 32 staff.
Queenslands mining services capital of Mackay has been hit by a longstanding company being put into voluntary administration.
Drought-weakened Namoi Cotton has re-jigged its marketing joint venture with multinational commodities giant Louis Dreyfus Company, effectively giving its partner control of day-to-day management of Namoi’s trading and marketing and warehousing activities.
In what is expected to be the last in a six-month run of sweeping restructuring and staff shedding actions at the NSW-Queensland ginning and marketing company, the latest Namoi business shakeup aims to bolster the trading business’s financial capacity to weather volatile cotton and currency markets.
The Netherlands headquartered Louis Dreyfus, which also has three Australian gins and warehouses of its own, has been a marketing partner and major shareholder in Namoi since 2013 when…
Unlike regular government debt, special bonds raise cash for a certain policy or to help solve a particular problem. They are not part of Chinas official budget and thus not included in deficit calculations. At more than 3.6% of gross domestic product, the 2020 deficit target is already higher than in recent years. A senior official said increasing debt levels to help the economy are feasible and necessary. The central government will cover interest payments and 30% of the principal.
2. How have they been used before?
During the Asian financial crisis, China sold 270 billion yuan of special government bonds — at the time the countrys largest bond issue — to raise capital for its big state…
THE former director of a major wedding planning company that shocked the Whitsundays when it went into sudden liquidation late last year has spoken publicly for the first time since the business collapsed.
Speaking to the Whitsunday Times this week, former director of The Wedding Planners Whitsundays Jessica Lawrence, who founded the company in 2014, said losing the business was like losing someone she loved.
Australias largest producer of certified organic milk, Organic Dairy Farmers of Australia (ODFA), has entered voluntary administration. It is estimated it has more than $11.5 million in debts.
The co-op is 100 per cent owned by 40 family farmers, supplying milk from three main dairy regions of Victoria, central and north-west Tasmania. It provides milk for 5am Yoghurt, Lemnos and Pure Organic Milks. It also has a milk bottling factory in Geelong where it produces butter and other dairy products. The factory employs more than 20 people.
Worrells Solvency and Forensic Accountants were appointed administrators, which has subsequently been passed to Deloitte.
Deloitte told the ABC ODFA owed National Australia Bank $8 million and unsecured …
34-year-old Sittichok Muangma was arrested on Tuesday for the armed robbery heist on Monday morning outside the Bangkok Bank branch in Chiang Saen when he snatched1.05 million from an agricultural co-op employee. Mr Sittichok told police he committed the crime to pay gambling debts.
Police on Tuesday confirmed that they had arrested the main suspect in the bank heist outside a Bangkok Bank branch in the Chiang Saen district of Chiang Rai in which two men on a motorbike drove off with1.05 million in cash. On Wednesday, police revealed that only 200,000 has been recovered and that the key suspect had already spent 800,000 to pay back his gambling debts.
34-year-old Sittichok Muangma was taken to the scene of the crime on Wednesday whe…
Stanley Ho, a onetime kerosene trader who built a casino empire in Macau that propelled the Chinese island past Las Vegas as the world’s biggest gambling hub, has died at age 98, members of his family said.
Known as the King of Gambling, Ho dominated gaming in the former Portuguese colony after winning a monopoly license in 1961. His SJM Holdings Ltd. flourished as China’s economic opening created a flood of new wealth in a country with a passion for gambling. SJM now controls 20 casinos on an island of about 10 square miles.
“Our four families stand united in our grief and respect for his legendary accomplishments, everything he has done in life for Hong Kong, with Hong Kong, Macau and all his charitable donations,” one of his daught…
Namoi Cotton Limited (Namoi Cotton) and Louis Dreyfus Company (LDC) announced today the signing of a Restructuring Term Sheet detailing the proposed restructure of their joint venture, Namoi Cotton Alliance (NCA).
This follows an announcement late last month, as part of Namoi Cottons 2019 full year results, that the two companies were in discussion around a broader restructure of the joint venture beyond 29 May 2020.
Namoi Cottons Chief Executive Officer, Michael Renehan, said the Board of Namoi Cotton had long recognised that it needed to get back to its core business of ginning and marketing cotton.
This new agreement helps us achieve this by putting the functional operations of the NCA business in the hands of the jo…
JSE-listed capital equipment and solutions provider ELB Group will proceed with selling its Australian business, after a majority of shareholders voting in favour of the disposal.
The company hosted a general meeting on May 25 for shareholders to vote on the proposed disposal of ELB Australia.
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ELB Australia imports, distributes and maintains underground utility construction equipment and green waste processing equipment. Markets served are gas, water, sewage, electricity, communications, the defence force and airport and dock authorities.
ELB Group in February announced the possibility of selling its Australian business, as part of a business restructuring exercise, which includes restructuring its lossmaking engineering s…
