Insolvency Guardian Media Centre
Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Investors in a $1.6 billion-Abraaj Group fund have hired advisory firm Alvarez & Marsal Holdings to help recover money owed by the floundering Middle Eastern private equity firm, people with knowledge of the matter said.
The New York-based company will represent Abraaj Private Equity Fund IVs backers in talks with liquidators as they seek to recover more than $99 million owed by the Dubai-based buyout firm, said the people, asking not to be identified because the information is confidential. The stakeholders have formed an investor committee led by Boston-based HarbourVest Partners, two of the people said.
Alvarez will also represent the fund if its elected to a liquidators committee for Abraaj Investment Management L…
Read the full article at: https://www.arabianbusiness.com/banking-finance/402144-16bn-abraaj-fund-investors-hire-advisers-to-help-recover-debt
Its perhaps a meaningless milestone, but humans love big, round numbers. And when Apples share price hit $207.05 today, it became the first U.S. public company to reach a $1 trillion market capitalization.
Not bad for a company that was on the verge of insolvency when its late founder Steve Jobs came back to rescue it in the late 1990s, launching a series of products the iMac, iPhone and iPad that changed the company and the world.
Heres a chart of Apples all-time market value:
More recently under CEO Tim Cook, Apples stock price has risen as the company has bought back billions of dollars worth of shares. (More than 60 percent of Apples market-cap growth has happened since Cook became CEO in 2011.)
But its business is also b…
Read the full article at: https://www.recode.net/2018/8/2/17644254/apple-trillion-dollar-market-value-tim-cook-buybacks
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BERLIN, Aug. 2 (Xinhua) — Siemens has published mixed earnings data for the second quarter (Q2) of 2018 on Thursday, shortly after a new round of restructuring was announced at the German industrial corporation.
Gross revenue at the DAX-listed company fell by an annual rate of 4 percent to 20.5 billion euros (23.8 billion U.S. dollars) in Q2 as negative currency effects exerted downward pressure on the nominal value of sales. During the same period, the volume of the corporate orders rose by 16 percent to 22.8 billion euros thanks to several large new orders.
Operative profits from the core industrial business rose by 2 percent to 2.2 billion euros, resulting in an operative margin of 10.7 percent. T…
Read the full article at: http://www.xinhuanet.com/english/2018-08/02/c_137364397.htm
Debt-free is the new American dream (Source: Shutterstock)
According to the latest data from the NY Fed, total consumer debt is now at an all time high of $13.2 trillion. That equates to an average of over $40,000 owed by every single American across mortgages, student loans, auto loans, and credit cards. So much debt can certainly feel overwhelming and helpless.
For some, debt-free has become the new American dream. However, many people have faced a mountain of debt and successfully climbed out, so escape is within reach. One such person is Marcus Garrett, who paid off over $30,000 in credit card and personal loan debt and now talks personal finance on the Paychecks & Balances podcast.
First an…
Read the full article at: https://www.forbes.com/sites/liranamrany/2018/08/02/how-to-kick-debt-to-the-curb-advice-from-the-experts/
Impala Platinum the worlds second-largest platinum miner is cutting its future production to 520000oz of platinum and slashing the number of its mines to six from 11 with 13000 jobs to go within two years.
Implats is the latest mining company to announce a major restructuring shaft closures and job cuts to cope with a high-cost environment and in the platinum sector a largely stagnant price for its primary metal platinum.
In a phased approach operations will therefore cease at Impala Rustenburgs endoflife and uneconomic shafts with future mining activity focused on profitable lower-cost highvalue and longerlife assets the company said.
The restructuring will cost R2.7bn during 2019 and 202…
Read the full article at: https://www.timeslive.co.za/sunday-times/business/2018-08-02-impala-platinum-to-close-5-mines-in-major-restructuring/
In continuation to our earlier letter dated 31st July, 2018, we are enclosing herewith the copy of order dated 31st July, 2018 as passed by Honble NCLT, Principal Bench, New Delhi approving the resolution plan as submitted by Mr. Deepak Chaganlal Choudhari and Mr. Jitendra Kumar Chopra being the Resolution Applicants for Amit Spinning Industries Limited (the Company).
The aforesaid Resolution Plan envisages acquisition of up to 90% of ownership of the Company by Resolution Applicant by way of restructuring of share capital / allotment of shares and the subsequent reclassification of the existing promoters of the Company upon acquisition of control by the Resolution Applicant. Such reclassification is an integral part of the Resolution …
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/amit-spinning-industries-ltd-corporate-insolvency-resolution-process-cirp-approval-of-resolution-plan-by-tribunal/article24582938.ece
Scroll back a few months, to October last year. Monarch, one of the UKs biggest holiday airlines, went bust. For a few days there was chaos: 110,000 people were stranded abroad; hundreds of thousands more, who had booked and paid for future departures, were left without tickets. The CAA, to its credit, and at a cost of £60million, intervened and arranged to fly back all the stranded passengers, even those who werent technically entitled to free repatriation.
Credit:
Getty
Monarch was the biggest failure in British aviation history, but collapsing airlines have been a problem for decades. The first one I wrote about was Air Europe in 1991. Since then …
Read the full article at: https://www.telegraph.co.uk/travel/news/airline-collapse-monarch-consumer-protection/
One customer was a debt collector that threatened to jail people if they didn’t pay back loans that they never took out. Another was an offshore gambling operation that hid bets behind innocuous-sounding websites, including one dedicated to orange cats. A third was a phone-sex business catering to men with diaper fetishes or fantasies of raping women.
Ahmad “Andy” Khawaja made his fortune in online payment processing for a host of companies, providing a key conduit in e-commerce for “high risk” merchants by helping route customers’ credit card purchases to banks. And recently Khawaja has shared that wealth in the form of multimillion-dollar political don…
Read the full article at: http://www.chicagotribune.com/news/nationworld/ct-political-donor-allied-wallet-khawaja-20180802-story.html
