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news, local-news, winemaking tasmania, wine, administraion, producer, cider, tasmaniaWinemaking Tasmania has been placed into voluntary administration. The Tasmanian wine and
British Steel, the U.K.s second-largest steelmaker, has gone into liquidation, blaming uncertainty over Brexit for its demise.
The British government is now in control of the company after declining to provide it with a 30 million pound bailout and the search for a buyer has already begun.
British Steels private-equity owner, Greybull Capital, said its turnaround strategy was starting to show success but had been undermined by the U.K.s still unresolved effort to leave the European Union.
There are a number of reasons why the turnaround has been very badly blown off course but the main one is Brexit, Greybull managing partner Marc Meyohas told the Financial Times, a…
(Reuters) – The collapse of British Steel has once again put private equity owner Greybull Capital in the spotlight for the wrong reasons.
Run out of London by Frenchman Marc Meyohas using family money, Greybull is well known for buying up companies in distress on the cheap with the aim of turning them around.
But Greybulls record since it launched in April 2010 has been patchy, with four of the 10 companies it bought later declared insolvent or placed into administration.
Greybulls website says it is passionate about making companies successful, yet British Steel is the second time in two years an investment has soured at the likely cost of thousands of UK jobs and a hefty bill for the British taxpayer.
Winemaking Tasmania has been placed into voluntary administration. The Tasmanian wine and cider producer has entered the administration with the appointment of Andrew Yeo and David Vasudevan of Pitcher Partners. Mr Yeo and Mr Vasudevan will oversee continued trading of the company while an independent assessment is undertaken regarding the future of the company. The administrators will work with the management of Winemaking Tasmania to examine all options to see the sale or recapitalisation of the business for its continuation. The business has supplied winemaking, bottling and production services to more than 30 boutique vineyard and orchard brand owner…
Thousands of jobs on line as British Steel goes into liquidation
BelfastTelegraph.co.uk
British Steel has gone into liquidation, threatening thousands of job losses amid revelations that it would have run out of cash by the end of the week.
British Steel has gone into liquidation, threatening thousands of job losses amid revelations that it would have run out of cash by the end of the week.
In a crucial move, the government is preparing individual insolvency regulations under the Insolvency and Bankruptcy Code (IBC) that will provide for debt waiver up to `35,000 to the poorest of the poor, who have borrowed money from not just banks but also informal sources like village money lenders. Once the regulations are in place, the poor who dont own houses, earn up to `60,000 a year and have assets up to `20,000 will be eligible to apply for such a relief, according to sources.
While, as per the current proposal, such applications will have to be endorsed by the adjudicating authority (the debt recovery tribunal), given the tiny size of loans and limited ability of debtors to go through any rigorous insolvency process, the governmen…
By now, youre probably well aware that student loan debt has become a national crisis. Over 44 million borrowers owe more than $1.5 billion collectively at last count, and the student loan delinquency rate (loans 90+ days rate) remains relatively high at 11.4%. Worse, more than 609,000 souls owe more than $200,000 on their student loans according to the latest reports, and 1.3 million owe between $100,000 and $150,000!
But the bad news doesnt end there. A large swath of student loan debt is not only ruining the lives of our youth, but our senior citizens in retirement.
You think of college debt as a Millennials problem and it is but the fastest growing group of borrowers is seniors, according to CBS News correspondent Mark Strassman….
During a ceremony to celebrate the resurrection of British Steel almost three years ago, a flag bearing its new logo was proudly raised at the entrance to the Scunthorpe steelworks. In not too long, it may be flying at half-mast.
The company entered insolvency on Wednesday after talks failed between its lenders, private equity owner Greybull Capital and the government over a 30m state bailout only weeks after ministers handed it a 120m emergency loan.
It puts at risk 5,000 jobs at the countrys second-largest steelmaker, most of them at the hulking industrial complex in north Lincolnshire, and many more among suppliers.
Not for the first time, a brand that evokes the bygone glory days of UK manufacturing could be consigned to th…
British Steel goes bankrupt, threatening 25,000 jobs
By
Robert Stevens
23 May 2019
Nearly 5,000 steelworkers jobs and another 20,000 in supply industries could be wiped out after Tuesdays announcement that British Steel is insolvent.
The company, owned by vulture fund Greybull Capital, is the second largest steel producer in the UK after Tata. Its main plant is in the town of Scunthorpe in the Northeast of England where steel production goes back 150 years and where more than 3,000 workers are employed. Other jobs are threatened at the companys plants in Skinningrove, north Yorkshire and at Blaydon, in Gateshead. The firm also has a research and development facility in Rot…
British Steel has gone into liquidation after talks with the Government failed to secure its future, dealing a huge blow to the industry and threatening thousands of job losses.
Workers at the companys plants now face weeks of uncertainty as efforts are made to rescue the business.
The grim news was given to employees after a week of speculation, with the plant at Scunthorpe most affected, employing more than 4,000 workers.
British Steels owner, Greybull Capital, had been seeking financial support from the Government, saying it faced a number of Brexit related issues.
Business Secretary Greg Clark said: The Government has worked tirelessly with British Steel, its owner Greybull Capital, and lenders to explore all potential options to secure …
Early this morning, Burger King sent a mysterious tweet that has debt-burdened Americans on social media all atwitter.
It reads simply:
got student loans? whats ur $cashtag?
Since then, more than 51,000 responses have come in, many from graduates young and old with heavy college debts to pay off. The folks at Cash App, who use the $cashtag, have retweeted Burger Kings offer with no additional details.
I have about $40,000 in loans, tweeted Travis J. Escobar. First to graduate high school & college in my family. Founded an organization thats helping to tackle the student loan problem locally and my favorite meal is the Original Chicken sandwich. Help would be appreciated.
His need was echoed by supporter Nick Inglis, who posted: Help th…
British Steel has entered insolvency after the government refused to provide it with a 30m loan, saying the terms the company and its private equity owner Greybull Capital were asking for would have amounted to unlawful state aid. Here are the answers to some key questions.
What has gone wrong at British Steel? When Greybull Capital bought British Steel for 1 in 2016 from Tata Steel, rebranding it with the old British Steel name, it promised great things. The private equity firm pledged to invest 400m to revive the company and within months it was boasting of a return to profit and a bright future ahead. Two years later it has entered insolvency. In a letter to staff last week, British Steels chief executive, Gerald Reichmann, blamed wea…
With your permission Mr Speaker, I would like to make a statement about British Steel.
It was announced this morning that the court has granted an application by the Directors of British Steel to enter an insolvency process. Control of the company will now pass to the Official Receiver an employee of the Insolvency Service who will run a compulsory liquidation.
The Official Receiver has made clear that British Steel employees will continue to be paid and employed and the business will continue to trade and supply its customers, whilst he considers the position of the company. In fact, employees were paid early with the May payroll being run yesterday, through cash being advanced by the companys lenders.
