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The chairman of ailing government contractor Interserve has issued a stark warning that the company will run out of money and collapse into administration if shareholders do not back a rescue deal that will be put to them on Friday.
The debt-laden company, which has thousands of government contracts to clean hospitals and serve school meals, is at the centre of a standoff between creditors and shareholders over its future. Its precarious position comes a year after the collapse of fellow outsourcer Carillion, a saga that has cost the taxpayer an estimated 150m.
I am very worried, said Glyn Barker, its chairman, in a weekend interview before the crunch vote on its financial restructuring. Weve got nowhere to go we run out of money and t…
Former Bosasa chief operations officer Angelo Agrizzi looks through his files at the Commission of Inquiry into State Capture. Picture: Karen Sandison
Johannesburg – The future is uncertain for Bosasa workers as the embattled company weighs its liquidation options after allegations of bribery and tender corruption surfaced at the Commission of Inquiry into State Capture.
Former Bosasa chief operating officer Angelo Agrizzi and other senior executives laid bare before Justice Raymond Zondo the alleged trail of money and gifts making their way to government officials pockets in exchange for lucrative contracts. Absa and FNB inevitably withdrew their banking services to the company, making doing business virtually impossible.
AN IPSWICH court has heard how a former treasurer left local, state and national pipe band associations reeling after swindling more than $200,000
While the stolen money was blown on poker machines, clubs including the popular Ipswich Thistle Pipe Band were unknowingly being pushed into financial crisis.
This week the former treasurer, Katrina Stead, was convicted of the thefts and sentenced to four years jail.
Her sentence will be suspended for five years after she serves 15 months of actual time behind bars.
Katrina Marcella Stead, 45, from Riverview, pleaded guilty in Ipswich District Court to three charges of stealing, including $158,190 from Pipe Bands Australia between January and December 2016; $27,750 from Ipswich Thistle Pipe Ban…
Arrium went into voluntary administration the year before with debts of $2 billion, having reported an annual loss of $1.9 billion.
Through his Gupta Family Group (GFG) Alliance of family-owned businesses, Mr Gupta has gone on a multi-billion pound global spending spree over the past four years, snapping up distressed industrial assets.
However, questions have been raised about the health and transparency of the interlinked businesses, with lawful delays to accounts of his companies and allegations of delayed payments to some suppliers.
Others have asked how the industrialist can successfully run businesses which others have found impossible to make profitable.
It is understood GFG aims to list between 30 per cent and 40 per cent of its Aust…
As intimated earlier, the 5th Meeting of the COC was held on Tuesday, the 5th day of March, 2019 at 304, 3rd Floor, Trendeset Towers, Road No.2, Banjara Hills, Hyderabad – 500 034. Among other items inter-alia discussed at the meeting, the following were put for electronic voting and were duly passed: 1. Approved Evaluation Matrix and the broad parameters of Request for Resolution Plan (RFRP) / Process Document 2. Authorized the Resolution Professional to call the meetings of Committee of Creditors (CoC) at a short notice of not less than 48 hours as permitted by Regulation 19 (2) of CIRP Regulations, 2016.
Pursuant to the verbal order pronounced by the Honble Bench of Honble National Company Law Tribunal (Ahmedabad) on March 8, 2019, the resolution plan dated April 12, 2018 submitted by Reliance Industries Limited, JM Financial Asset Reconstruction Company and JM Financial Asset Reconstruction Company Limited (as trustee to JMF ARC – March 2018 – Trust) has been approved by the Honble National Company Law Tribunal (Ahmedabad). Please note that this disclosure is being made pursuant to the oral pronouncement of order by the Honble National Company Law Tribunal. Upon the written order being made available, an updated disclosure shall be made. We are informing the Exchanges about the above development based on the oral order as a matter of go…
DALLAS, March 9, 2019 /PRNewswire-PRWeb/ –There are challenges couples may face in managing their finances together that is why National Debt Relief shares some valuable tips to help budget and save their money. The article titled “5 Ways You Can Convince Your Spouse To Save Money Together” released February 13, 2019, helps couples get started with their financial journey together.
The article starts off by sharing that arguing about money is a key source of stress for couples today. Sharing finances can be difficult for any couple. This is especially true when one is a saver and the other one is a spender. This can lead to arguments and fights which can lead to bigger marital problems. This is why it is important fo…
Scientific Games Corporation announced Tuesday that they will be offering $1.1 billion in private notes to mature in 2026. The offering will close on March 19, 2019.
The sale of the 2026 notes will cover a series of unsecured notes set to mature in 2022 worth approximately $1 billion.
Deutsche Bank analysts said they believe the new sale will save Scientific Games an estimated $9 million. Deutsche Bank also expects Scientific Games to be able to reduce the amount of their current debt.
At the end of 2018, Scientific Games had just over $9 billion in debt, and they ran a loss of $353 million in 2018, an increased loss of $110 million from the previous year.
Despite the losses and decision to announce a sale of private…
couples have a better chance of saving money together when they set common goals
DALLAS (PRWEB) March 09, 2019
There are challenges couples may face in managing their finances together that is why National Debt Relief shares some valuable tips to help budget and save their money. The article titled 5 Ways You Can Convince Your Spouse To Save Money Together released February 13, 2019, helps couples get started with their financial journey together.
The article starts off by sharing that arguing about money is a key source of stress for couples today. Sharing finances can be difficult for any…
In this season of non-performing assets (NPAs) clean-up, lenders recently moved to invoke the personal guarantees the Ruias had made on the debt taken by Essar Groups power companies. Zee Groups promoter gave a personal guarantee for payment obligations on an irrevocable and unconditional basis to a group of lenders. In other news, farmer distress has led to several announcements of farm loan waivers. These disparate events, at two ends of the income distribution, emphasise the need for a personal insolvency law.
It is common in India to have promoters give personal guarantees to large lenders on their loans. Personal guarantee is a promise to pay the other parties debt here, the limited liability firm in the event the p…
In a bid to keep out errant and wilful defaulters from buying back stressed assets, Section 29A was inserted into the Code (Insolvency and Bankruptcy Code) in November 2017. While this has led to a slew of litigations questioning the eligibility of competing bids (Essar Steel), the powers-that-be maintain that the clause is essential to prevent chronic defaulters and fraudulent promoters from regaining control of their company, at a fraction of what they owed lenders. A sound piece of reasoning.
But if one were to go by the recent ruling of the National Company Law Appellate Tribunal (NCLAT) in the SC Sekaran vs Amit Gupta case, such promoters can make a sly back-door entry to reclaim control of their company at a throwaway price.
A number of innovative measures are being proposed by the government to curb this trend
Facial recognition technology will be introduced at gambling facilities to refuse entry to problem gamblers
Japan is expanding its presence in the gambling space
Innovative facial recognition move
The Japanese government is looking into asking operators of pachinko parlors and horse tracks to start using facial recognition technology. This would allow them to refuse entry to those struggling with a gambling addiction.
This is one component of a new plan to curb the rising number of gambling addicts in the country. Since the government first legalized casinos a few years ago, it has been …
