Insolvency Guardian Media Centre
PTC revealed an $18 million restructuring charge on Wednesday that the company said will allow it to invest more in the industrial Internet of Things, augmented reality and other growth opportunities.
The Needham, Mass.-based industrial software company said the $18 million charge set for fiscal year 2019, which began in October, is the result of a workforce realignment plan and “consists principally of termination benefits.” However, the company said the restructuring would not result in significant cost savings because it is a “realignment of resources.”
“With the growth opportunity in front of us in the Industrial Internet of Things and Augmented Reality, other strategic initiatives weve undertaken, and our continued commitment to ope…
Read the full article at: https://www.crn.com/news/internet-of-things/ptc-discloses-18m-restructuring-charge-to-boost-iot-ar-business
This articleoriginally appearedon The Conversation, and is republished under a Creative Commons licence.
One winnerfinally emergedfor the $1.537 billion Mega Millions jackpot. Research suggests the as-yet unidentified winner may not be so lucky.
Thejackpot swelledto that huge sum after the 25 drawings held since the end of July failed to yield a winner. That makes it thesecond-largest lotterygrand prize the world has ever seen. The record came in 2016, when the rival Powerball game hit$1.6 billion. The Mega Millions was earlier estimated at $1.6 billion as well, but came down after tickets were tallied.
The odds of winning are very small, or about 1 in 303 million. You are about 400 times more likely to be hit …
Read the full article at: http://www.bbc.com/capital/story/20181024-you-can-win-a-billion-and-go-bankrupt
Venture Far, previously Venture Holidays, has gone into liquidation after 39 years in the industry.
In a statement, the company cited the costs and challenges ofrunning the business as the reason for ceasing operations.
The costs and challenges of being a boutique wholesaler, operating in a highly price driven, low margin industry have proven to be too large to overcome, the statement read.
The company underwent major changes in 2017 including a total rebrand to try and keep afloat, but have said that despite seeing some improvements, it was not enough.
The Australian Federation of Travel Agents (AFTA) has also released a statement to confirm the termination of the companys ATAS accreditation.
The circumstances of existing bookings are y…
Read the full article at: http://www.travelweekly.com.au/article/venture-far-ceases-operations-goes-into-liquidation/
The principal bench of the National Company Law Tribunal (NCLT) on Wednesday directed to transfer all insolvency petitions related to Videocon group being heard in Mumbai courts to a single court there.
NCLT President Justice M M Kumar directed to transfer all insolvency petitions related to Videocon group to one court headed by M K Shrawat.
The Mumbai bench of NCLT has three courts.
The order of NCLTs Principal bench came over a petition jointly moved by lenders led by State Bank of India as well as the corporate debtor, the Videocon group and Venugopal N Dhoot.
The Mumbai bench of the tribunal in June admitted the insolvency plea against Videocon.
Following this, SBI had moved separate insolvency petitions against all the 13 subsidia…
Read the full article at: https://www.thehindubusinessline.com/companies/nclt-principal-bench-directs-to-move-videocon-insolvency-pleas-to-one-court/article25312549.ece
One winner finally emerged for the US$1.537 billion Mega Millions jackpot. Research suggests the as-yet unidentified winner may not be so lucky.
The jackpot swelled to that huge sum after the 25 drawings held since the end of July failed to yield a winner. That makes it the second-largest lottery grand prize the world has ever seen. The record came in 2016, when the rival Powerball game hit $1.6 billion. The Mega Millions was earlier estimated at $1.6 billion as well, but came down after tickets were tallied.
The odds of winning are very small, or about 1 in 303 million. You are about 400 times more likely to be hit by lightning. If every adult in the U.S. purchased just one ticket, each with a different number, there would still…
Read the full article at: http://theconversation.com/how-winning-1-54-billion-in-mega-millions-could-still-lead-to-bankruptcy-105275
SWORDS, Ireland–(BUSINESS WIRE)–Highlights (Third quarter 2018 versus third quarter 2017, unless
otherwise noted):
Continuing EPS of $2.11, up 50 percent; adjusted continuing EPS*
of $1.75, up 22 percent
Reported and organic bookings* up 11 percent; sustained growth in
Climate and Industrial
… Read the full article at: https://www.businesswire.com/news/home/20181024005200/en/Ingersoll-Rand-Reports-Strong-Third-Quarter-2018-Results
In 1968, a group of parents and community members from the Cessnock region had a dream to provide work opportunities for people with disabilities,
On November 9, 2018, that dream willofficially be over.
Thats the day when the Endeavour Industries laundry at South Cessnock, its property care and maintenance division and box packing facility at Weston close their doors after the company went into voluntary administration earlier this year.
131 staff will be affected,leaving many facing an uncertain future, and fearful of not receivingentitlements as administrators wrap up the company.The closures will also affect approximately 452 clients.
Go to Top Call Now ButtonFurther, 13 residents living in the Endeavour Villas in Regent and King streets, Cessnock, some of them t…
Read the full article at: http://www.cessnockadvertiser.com.au/story/5719123/anger-over-closure/
Ford has appointed a new China chief in a company-wide restructuring as the global carmaker attempts to turn around disappointing sales in the worlds biggest car market.
Ford has been operating without a China head of operations since January, when its former executive Jason Luo stepped down after only five months in the job, citing personal reasons that predate his time with Ford.
Anning Chen, former chief executive of state-owned Chinese carmaker Chery, has been appointed to head the new business unit as well as leading all of Fords import and joint venture operations in China, the company said in a statement.
Ford will also be spinning out its China business into a standalone unit, a move “designed to accelerate Fords return to prof…
Read the full article at: https://www.ft.com/content/6554af76-d72c-11e8-a854-33d6f82e62f8
Videocons businesses, especially in consumer electronics and home appliances segment, are dependent on each other, according to State Bank of India. Photo: Pradeep Gaur/Mint
Mumbai: The State Bank of India (SBI) wants to appoint an adviser to liaison among the separate resolution professionals (RPs) and prospective bidders for the 15 Videocon group entities that it referred to the National Company Law Tribunal (NCLT), according to a public notice.
The bank has mandated SBI Capital Markets to look for this common process adviser.
According to the notice, the adviser will need to coordinate among the committees of creditors and resolution professionals of the 15 companies and be the single point of contact for the prospective bidders on beha…
Read the full article at: https://www.livemint.com/Companies/QmEZ22remCWBZ6wgKUgYpJ/SBI-seeks-adviser-to-streamline-insolvency-of-15-Videocon-fi.html
In 1968, a group of parents and community members from the Cessnock region had a dream to provide work opportunities for people with disabilities,
On November 9, 2018, that dream willofficially be over.
Thats the day when the Endeavour Industries laundry at South Cessnock, its property care and maintenance division and box packing facility at Weston close their doors after the company went into voluntary administration earlier this year.
131 staff will be affected,leaving many facing an uncertain future, and fearful of not receivingentitlements as administrators wrap up the company.The closures will also affect approximately 452 clients.
Further, 13 residents living in the Endeavour Villas in Regent and King streets, Cessnock, some of them t…
Read the full article at: https://www.cessnockadvertiser.com.au/story/5719123/anger-over-closure/
In 1968, a group of parents and community members from the Cessnock region had a dream to provide work opportunities for people with disabilities,
On November 9, 2018, that dream willofficially be over.
Thats the day when the Endeavour Industries laundry at South Cessnock, its property care and maintenance division and box packing facility at Weston close their doors after the company went into voluntary administration earlier this year.
131 staff will be affected,leaving many facing an uncertain future, and fearful of not receivingentitlements as administrators wrap up the company.The closures will also affect approximately 452 clients.
Further, 13 residents living in the Endeavour Villas in Regent and King streets, Cessnock, some of them t…
Read the full article at: https://www.cessnockadvertiser.com.au/story/5719123/anger-over-closure/?cs=12
Regarding Sears bicycle business, mainly U.S. suppliers are affected by this bankruptcy. For example, Kent International Inc. is assembling bicycles for Sears. Since the opening of a completely new bicycle factory in South Carolina about four years ago Kent offers close to market production for its private label and OE-business. How Sears financial troubles would disturb Kents future plans is still unclear.
[intermezzo:1}
North American mass market retailers in trouble
The ToysRUs bankruptcy already resulted in dramatic results for suppliers of mass market retailers like Dorel Sports which via its subsidiary Pacific Cycle with brands like Instep, Ironhorse, Mongoose and Schwinn had to take a big part of the loss.
According to U.S. law, C…
Read the full article at: https://www.bike-eu.com/home/nieuws/2018/10/bike-suppliers-concerned-about-sears-insolvency-10134715
