Insolvency Guardian Media Centre
“In terms of the shareholders, it is immediate. It is in cash and it is at a very significant premium.
“For the growers, LTAP takes risk out of the business by putting in place a higher-quality investment grade capital structure for the long term.
“This investment-grade structure will mean it is better than triple B, so better than the company is today and better than the vast majority of Australian companies.
“GrainCorp, under LTAP ownership, will take into account the volatile nature of harvests and is far less likely to get into financial strife than the company is today in its current structure.”
Mr Shepherd spoke out in response to comments casting doubt on the debt-heavy, equity-light nature of the LTAP proposal, which is based on an i…
Read the full article at: https://www.afr.com/business/agriculture/crops/shepherd-promises-farmers-will-be-better-off-with-33b-graincorp-takeover-offer-20181207-h18v4c
Multimillion-dollar app development company Appster has collapsed into liquidation today, with business owners allegedly left empty-handed with unpaid refunds and poorly built apps.
A former golden child of the Australian startup and tech scene, Appster was once hailed as the next Apple by commentators due to the companys intense growth, boasting over $19 million in revenue and more than 400 staff across four international offices prior to its collapse.
However, today the Australian arm and headquarters of the company has been placed into liquidation, appointing administratorPaul Vartelas of BK Taylor & Co liquidators yesterday to manage the process.
Speaking to SmartCompany, Vartelas confirmed the business liquidation said the main r…
Read the full article at: https://www.smartcompany.com.au/startupsmart/news-analysis/appster-collapses-liquidation/
Shares in the struggling Freedom Insurance Groups fell out of bed yesterday after the company warned it could be facing a probe from regulators, liquidity strain in 2019 and a multi-million dollar customer remediation bill.
The life insurance distributor saw its shares plunge more than 47% yesterday to take the loss so far in 2018 to more than 90%. They ended a day of violent trading at 2.9 cents.
That values the company at just over $8 million, meaning that with the prospect of an expected $8 million loss and the customer remediation bill of $3 to $4 million it could see its value wiped if there is not a rebound in the value of the shares soon, or a major new shareholder or source of finance found.
The future of Freedoms cold callin…
Read the full article at: https://www.sharecafe.com.au/2018/12/07/free-falling-freedom-insurance-in-battle-to-survive/
If a slim, yellow envelope with a Rye, New York, return address lands in your mailbox this Christmas season, do not throw it out. Its not junk mail.
Some 1,300 such envelopes have been sent to New Yorkerscontaining the good news RIP Medical Debt, a New York-based nonprofit organisation, has purchased their medical debt and forgiven it.
…
Read the full article at: https://www.independent.co.uk/news/world/americas/medical-debt-new-york-envelopes-healthcare-expenses-million-insurance-a8670961.html
Following months of rumors about its financial difficulties, Swiss business aviation group and ACMI provider PrivatAir announced on Wednesday it filed for insolvency 41 years after it was established. Both PrivatAir SA in Switzerland and its subsidiary PrivatAir GmbH in Germany commenced insolvency proceedings.
Over the past few weeks, a number of events have had a significant impact on the companies future business forecast and viability, which forced the companies to file for insolvency, PrivatAir said in a short statement on its website. It did not give details about what the events entail, but Germanys civil aviation authority Luftfahrt-Bundesamt revoked PrivatAir Germanys license at the end of October. The German carriers two Boein…
Read the full article at: https://www.ainonline.com/aviation-news/business-aviation/2018-12-06/privatair-files-insolvency
The hedge fund run by Sears Chairman Edward Lampert is offering to buy many of the bankrupt retailers remaining assets for about $4.6 billion with hopes of keeping the chain in business and continuing to employ about 50,000 of its workers.
The bid from Lamperts ESL Investments includes about 500 Sears and Kmart stores, headquarters and distribution centers, and Sears brands and businesses including Kenmore, DieHard and Sears Home Services.
ESL believes that a future for Sears as a going concern is the only way to preserve tens of thousands of jobs and bring continued economic benefits to the many communities across the United States that are touched by Sears and Kmart stores, Lamperts hedge fund said in the…
Read the full article at: https://www.chicagotribune.com/business/ct-biz-sears-bankruptcy-bid-lampert-esl-1207-story.html
Tips To End The Year On A High Note Shared By National Debt Relief
There are a number of consumers who are trying to end the year right that is why National Debt Relief shares tips to accomplish that. The article titled How To End 2018 With Your Finances On A High Note released December 3, 2018, gives people some concrete steps in managing their finances before the year ends.
Contributing mon…
Read the full article at: http://virtual-strategy.com/2018/12/06/tips-to-end-the-year-on-a-high-note-shared-by-national-debt-relief/
The emergency $3.5bn debt restructuring at commodity trader Noble Group has been plunged into doubt after authorities in Singapore said they would not allow a relisting of its shares.
Singapores white collar crime agency, its de facto central bank and stock exchange said they had decided not to allow trading in New Noble to go ahead, based on the findings of an investigation into alleged false and misleading statements.
Monetary Authority of Singapore and the Singapore Exchange have concluded that there are significant uncertainties about the financial position of New Noble, the authorities said in a statement.
It would be imprudent to allow the re-listing as investors will not be able to trade in New Nobles shares on an informed basi…
Read the full article at: https://www.ft.com/content/d4c845d6-f93f-11e8-af46-2022a0b02a6c
ST. PAUL, Minn.–(BUSINESS WIRE)–Patterson Companies, Inc. (Nasdaq: PDCO) today reported consolidated net
sales of approximately $1.4 billion (see attached Sales Summary for
further details) in its fiscal second quarter ended October 27, 2018, an
increase of 1.4 percent compared to the same period last year. Internal
sales, which are adjusted for the effects of currency translation and
changes in product selling relationships, increased 1.8 percent.Reported net income attributable to Patterson Companies, Inc. for the
second quarter of fiscal year 2019 was $28.9 million, or $0.31 per
diluted share, compared to net income attributable to Patterson
Companies,…Read the full article at: https://www.businesswire.com/news/home/20181206005168/en/Patterson-Companies-Reports-Fiscal-2019-Second-Quarter-Results
The National Company Law Tribunal (NCLT) Thursday dismissed the plea of HDFC Ltd to initiate insolvency proceedings against RHC Holding, a non-banking financial company promoted by Singh Brothers — Malvinder Mohan Singh and Shivinder Mohan Singh. A two-member principal bench headed by NCLT President Justice M M Kumar dismissed the plea of HDFC Ltd, which had moved the tribunal to recover Rs 41 crore.
RHC Holding had contended in this matter that it is a non-banking finance company and thus it could not be brought under IBC code.
Earlier in this matter, Japanese drug major Daiichi Sankyo had moved NCLT to stay the insolvency proceedings against RHC Holding.
Daiichi Sankyo had said they have a decree to recover money against RHC Holdin…
Read the full article at: https://economictimes.indiatimes.com/news/company/corporate-trends/nclt-dismisses-hdfc-plea-for-initiating-insolvency-proceedings-against-rhc-holding/articleshow/66970008.cms
Data (Northern) Limited has been placed into provisional liquidation following a hearing at the High Court on 30 November 2018 after an application was issued by the Insolvency Service on behalf of the Secretary of State for Business, Energy and Industrial Strategy.
The Official Receiver has been appointed as the provisional liquidator and has responsibilities to protect the companys assets pending the outcome of a petition to wind up the company in the public interest.
As provisional liquidator the Official Receiver will:
- take control of the company from those currently responsible
- take steps to protect the companys assets
- provide a point of contact for those who have had dealings with the company
The provisional liquidator also…
Read the full article at: https://www.gov.uk/government/news/drug-awareness-publisher-placed-into-provisional-liquidation
UNSECURED creditors of failed grain business Convector Grain have criticised the administration and liquidation process, which left nothing for them in the final distribution of assets in spite of payments for liquidation, administration and legal fees totaling around $1.5 million.
It is probably what we expected, we never thought we would get a big payment, but it is a blow nonetheless, said grower creditor Ian Trevethan, based in the southern Riverina in NSW.
Convector Grain went into administration in 2013, with debts of around $15.3 million to 240 creditors.
Mr Trevethan said it was disappointing to see the finance industry take such big chunks out of the remaining assets that nothing filtered back to people owed money by the company.
It…
Read the full article at: https://www.northqueenslandregister.com.au/story/5795294/convector-liquidation-process-questioned/?cs=4750