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Credit: Dreamstime IT consulting firm PS&C Limited has divested the Allcom Networks business to managed services provider Crosspoint Telecommunications for
The IMF has warned for more than a year of rising debt levels in low income countries. Now, bailout talks with Pakistan and requests for help from Angola, Zambia and others are forcing the fund to confront a pressing question: how far is debt distress in the developing world due to lending by China?
The trouble is, no one has the information needed to answer this question and so ensure that Beijing plays its part in any writedowns of debt to official creditors.
In the past decade, China has stepped into the gap left by western donors, offering no-strings finance for political allies and for projects advancing its commercial and geopolitical interests.
In the absence of official data, it is hard to assess even the scale of lending. Re…
Business as usual for LBI Media– Company receives $38 million loan from existing lenders to support ordinary course operations
Elects to file for Chapter 11 to implement financial restructuring supported by 100% of its first lien debt
LOS ANGELES, Nov. 21, 2018 (GLOBE NEWSWIRE) — LBI Media, Inc. (“LBI” or the “Company”) today announced it is pursuing a financial restructuring in order to implement an agreement with 100% of the Companys senior lenders to reduce LBIs debt by more than $350 million. LBI has also received a commitment for a new $38 million loan from its senior lenders, which will support the Companys operations during the restructuring process. LBI will continue running its business in the ordinary course as a leading …
IT consulting firm PS&C Limited has divested the Allcom Networks business to managed services provider Crosspoint Telecommunications for $3.2 million.
The payment will be broken down in three parts. First a $1 million completion payment is expected, followed by post-completion payments of $1.8 million on 21 May 2019 and $400,000 on 21 November 2019.
The decision to divest the business is part of publicly-listed PS&C restructuring activities across the 2017 and 2018 financial years. According to PS&C, the decision was also based on…
IT services provider PS&C has sold off its Allcom Networks business to Sydney managed services provider Crosspoint Telecommunications for $3.2 million.
The decision to offload its communications business was due to Allcom not being cohesively aligned to PS&Cs core strategy, the company said.
PS&C said its strengths now lie in security and consulting, with Allcom facing tougher competition in communications services, specifically network infrastructure, video conferencing and managed services.
PS&C is fundamentally a people business delivering specialised services to our clients. The Allcom Networks business did not align with where we are focusing the companys efforts and did not provide PS&C with any competitive adv…
The Hyderabad-based construction company IVRCL Ltd is now headed for liquidation, after a resolution plan failed.
The Resolution Process, which was moved by the main lender SBI, in the National Company Law Tribunal, Hyderabad, went through the Corporate Insolvency Process under the Insolvency and Bankruptcy Code, 2016.
After the Committee of Creditors, which went through the assessment of the plan, rejected the proposal, the Resolution Professional has been asked to file a petition for liquidation, a process that comes into play if the resolution process fails.
The Committee of Creditors, which had factored some of the changes in the documents of Expression of Interest and bid process, decided to reject the plan due to lack of requisite …
Long before there was this Thanksgiving edition of Tiger vs. Phil, and before there were sponsors at Shadow Creek, and big pay-per-view dollars, there was just Phil Mickelson, legendary gambler. Before The Match, there were just the matches, loads of them, the glorious details of which have leaked out over time. If youre turned off by the press conferences and the corporate money and the contrived nature of this latest iteration, take comfort in the tales of Phil wagering under the radar. Here are nine tales of Mickelson, money and golf.
An Augusta bet he couldnt pay on his own
In 2014, Mickelson was playing a Tuesday practice round with Jason Dufner, Dustin Johnson and Rickie Fowler when one patron got in his ear. Mickelson was just of…
Janice Rogers (61) and Elizabeth Dagg (70), both from Northumberland, were directors of Auto Testing Limited (ATL). Incorporated in February 2007, ATL operated as a car mechanics, fuel station and convenience store.
There was also a third boss, Stewart Rogers. But the 72-year-old from Northumberland had been previously disqualified for five years in January 2011 in relation to his conduct as director of a separate company, Northern 4 x 4 Centre LTD, and should not have been managing the business.
The company entered voluntary liquidation in October 2016 and the Insolvency Service were tipped off to Stewart Rogers involvement.
Investigators were able to gather evidence which showed that Stewart Rogers had been running ATL and Janice …
U.S.-based bitcoin mining firm Giga Watt has declared bankruptcy with millions still owed to creditors.
The firm filed forChapter 11 bankruptcy at a court in theEastern District of Washington on Monday, revealing that it still owes its biggest 20 unsecured creditors nearly $7 million in court documents seen by CoinDesk.
Creditors include the utilities provider in its Douglas County base, having a claim of over $310,000, and electricity provider Neppel Electric, which is owed almost half a million dollars.
Giga Watt has estimated assets worth less than $50,000, whereas estimated liabilities are in the range of $1050 million, according to the court documents.
The corporation is insolvent and unable to pay its debts when due, r…
Two garage bosses banned after they allowed a disqualified director, who happened to be their husband and ex-husband respectively, to run their company.
Janice Rogers (61) and Elizabeth Dagg (70), both from Northumberland, were directors of Auto Testing Limited (ATL). Incorporated in February 2007, ATL operated as a car mechanics, fuel station and convenience store.
There was also a third boss, Stewart Rogers. But the 72-year-old from Northumberland had been previously disqualified for five years in January 2011 in relation to his conduct as director of a separate company, Northern 4 x 4 Centre LTD, and should not have been managing the business.
The company entered voluntary liquidation in October 2016 and the Insolvency Se…
