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BERLIN, Oct. 15 (Xinhua) — Chinese investment, together with a Swiss partner, has helped a 120-year-old insolvent German rail system company back to life, the chief executive officer (CEO) of Molinari Rail Systems GmbH told Xinhua on Monday.
“At the end of 2016 before the acquisition, the situation of the railway systems company in the (German city of) Dessau was not very good. It had already been at the edge of insolvency for half a year,” said Jan Harder.
Harder is very proud that, in the past two years, Molinari Rail Systems has made a comeback in the German rail industry as a reliable partner.
A total of 45 employees were kept on after the acquisition. Nowadays that number has grown to over 70, said He Ha…
Read the full article at: http://www.xinhuanet.com/english/2018-10/15/c_137534726.htm
- Sears said Monday that it will close 142 more stores, part of its plans to file for Chapter 11 bankruptcy.
- Massive liquidation sales will start at the stores soon, the company said.
- Sears has closed hundreds of stores already in an effort to stay afloat, including 46 which are due to close next month.
- The company said that all stores will keep operating in the short-term, and that the company will continue trading into the crucial holiday period.
Sears confirmed plans to shut down 142 more stores as it filed for Chapter 11 bankruptcy on Monday, and says massive liquidation sales will start at the stores soon.
The company filed for Chapter 11 bankruptcy early on Monday, following a lon…
Read the full article at: https://www.businessinsider.com/sears-close-142-more-stores-massive-liquidation-sales-2018-10
HOFFMAN ESTATES, Ill., Oct. 15, 2018 /PRNewswire/ — Sears Holdings Corporation (“Holdings,” “we,” “our,” or the “Company”) (NASDAQ: SHLD) today announced a series of actions to position the Company to establish a sustainable capital structure, continue streamlining its operating model and grow profitably for the long term. To facilitate these actions, the Company and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York (the “Court”).
The Company expects to move through the restructuring process as expeditiously as possible and is committed to pursuing a plan of reorga…
Read the full article at: https://www.prnewswire.com/news-releases/sears-holdings-initiates-processes-to-accelerate-strategic-transformation-and-facilitate-financial-restructuring-300730768.html
HOFFMAN ESTATES, Ill., Oct. 15, 2018 /PRNewswire/ — Sears Holdings Corporation (“Holdings,” “we,” “our,” or the “Company”) (NASDAQ: SHLD) today announced a series of actions to position the Company to establish a sustainable capital structure, continue streamlining its operating model and grow profitably for the long term. To facilitate these actions, the Company and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York (the “Court”).
The Company expects to move through the restructuring process as expeditiously as possible and is committed to pursuing a plan of reorganization in the very near term as it …
Read the full article at: https://markets.businessinsider.com/news/stocks/sears-holdings-initiates-processes-to-accelerate-strategic-transformation-and-facilitate-financial-restructuring-1027614995
Sears, the one-time titan of American retail, is expected to file for bankruptcy early Monday morning US time ahead of a $US134 million ($190 million) debt payment.
For years, Sears has contended with the threat that it would become the latest big-name retailer to fall to online competition and crushing debt. The icon once known for its pristine catalogues and more recently known for decrepit showrooms and a controversial chief executive saw its stock price plunge last week after reports that it had hired an advisory firm to prepare a bankruptcy filing ahead of the October 15 payment.
A person familiar with the negotiations told The Washington Post late Sunday evening that the filing was expected after midnight on Monday, though negotiat…
Read the full article at: https://thewest.com.au/business/retail/once-mighty-us-retail-empire-sears-on-edge-of-bankruptcy-ng-b88991329z
The management of BFL Microfinance Bank has sued the Central Bank of Nigeria (CBN) for illegally revoking its operating licence.
The bank, in the originating summons filed at the Federal High Court by its counsel, Velma Solicitors, prayed the court to declare the purported revocation null and void as the bank was not solvent.
The Government, CBN and the Nigerian Deposit Insurance Corporation (NDIC) were joined in the suit as the defendants.
BFL, among other things, sought a declaration that the plaintiff was not in default of any of the provisions of the Banks and Other Financial Institutions Act 2004 to warrant a revocation of its licence.
The counsel to BFL also prayed that the cou…
Read the full article at: https://www.dailytrust.com.ng/microfinance-bank-sues-cbn-over-licence.html
LuNa Smelter Ltdhas taken over the operations of Karuruma Tin Smelter, whose activities had stalled for a long time following the failure by the previous investor, Phoenix Metal Ltd, to run it.
Luna Smelter is the parent company of Ngali Holdings and Luma Investmenta Polish-based venture firm.
Fabrice Kayihura, the Acting Managing Director of the new firm, told The New Times that their main focus is to create a sustainable industrial plant, unique for the Central and East Africa region.
He said their ambition is to become a leading African conflict free tin supplier.
Luma Investment, the majority shareholder with 75 per cent of shares, with experience in privatisation, business restructuring, finance and banking where it has executed meg…
Read the full article at: https://www.newtimes.co.rw/news/govt-secures-new-investor-karuruma-tin-refinery
15 Oct 2018 06:53am IST
Read the full article at: https://www.heraldgoa.in/Business/In-Business/Insolvency-and-Bankruptcy-Code-2016/137471.html
The new Public Debt Law enabling the UAE to issue sovereign bonds will help to deepen the capital markets in the second-biggest Arabian Gulf economy, enabling the country to tap a wider pool of financing options and creating a government yield curve to bolster secondary debt market in the UAE.
The debt law represents a further fillip to the UAEs plans to deepen the breadth of the financial and debt capital markets, said Ehsan Khoman, the head of Middle East and North Africa research and strategy at the Japanese MUFG Bank. The bonds [issued under the new law] will act as a central mechanism in the creation of a government yield curve in the secondary debt market.
The UAE on Saturday issue…
Read the full article at: https://www.thenational.ae/business/banking/new-debt-law-will-help-uae-financial-markets-1.780503
Limerick property developer and former Ireland rugby team manager Pat Whelan received a 400,000 lump-sum payment from prominent rugby supporter Frank Hogan to help secure his exit from insolvency.
Whelan agreed a personal insolvency arrangement (PIA) with his creditors earlier this year, under which they will be paid dividends of just under 390,000. Whelan owed more than 133m.
By far the largest creditor was Nama, which was owed about 120m. However, a number of investors who backed Whelan in a property investment at Earls Court in London were owed 13.6m.
Among the investors was former Ireland and Munster rugby captain Paul …
Read the full article at: https://www.thetimes.co.uk/article/frank-hogan-on-the-ball-to-aid-insolvent-pat-whelan-797sh0903
Debt Consolidation OptionsCan Stock Photo / focalpoint
Debt consolidation is the conversion of high-rate debt into lower-rate debt in order to reduce total interest costs. Homeowners with large amounts of credit card debt who have unused borrowing power on their home have a consolidation option.
Whether or not it is in the homeowners long-run interest to exercise the option, however, turns out to be a challenging question, the answer to which depends on the specifics of the individual case. That makes it a calculator problem, where the challenge becomes finding the right calculator. This article will help with that.
Consolidation Options of a Homeowner With Two Mortgages
Homeowners who have both a first and a…
Read the full article at: https://www.forbes.com/sites/jackguttentag/2018/10/13/debt-consolidation-during-a-period-of-rising-interest-rates/
Photo Credit: Daniel Acker/Bloomberg
A 2016 Bankrate study revealed that 67% of people under the age of 30 do not have a credit card, which is an interesting statistic in light of the fintech boom and amid the lack of trust that banks have following the financial crisis.
However, credit card debt is still rising and American consumers have nearly $1 trillion in debt, according to the Federal Reserve and in addition to this, the average American has a credit card balance of $6,375, which is up by 3% from 2017, as found by Experian.
While 43% of Americans have had a credit card balance for over two years on average, in the UK credit card debt hit 72.1 billion in June 2018, which was 2,650 per household. Alongsid…
Read the full article at: https://www.forbes.com/sites/madhvimavadiya/2018/10/12/how-fintech-companies-are-helping-the-failing-credit-card-sector/