Tiffany Kary and Emma Orr
Gibson Brands filed for bankruptcy with a turnaround plan that gives some of the company’s lenders equity ownership of the iconic American business that’s supplied guitars to B.B. King, Elvis Presley and Pete Townshend.
Support from senior secured noteholders will help Gibson repay bank loans while going through a “change of control” transaction, according to papers filed on Tuesday with its Chapter 11 bankruptcy in Delaware. The petition shows the company owes as much as $US500 million and that lenders will provide a new loan of up to $US135 million to keep Gibson in business.
The change in control will give noteholders equity in a new company, replaci…
Read the full article at: http://www.afr.com/lifestyle/arts-and-entertainment/music/gibson-swamped-by-debt-files-for-court-protection-20180501-h0zikr
ROHNERT PARK, Calif., May 1, 2018 /PRNewswire/ — Paying down student loans can be difficult for borrowers who only have federal loans. However, many borrowers must contend with both federal and private loans. While private loans have less flexibility than federal loans, both can be dealt with for a favorable repayment outcome. Ameritech Financial, a document preparation company that helps borrowers apply for federal repayment plans, suggests that borrowers struggling with both should be proactive about improving their whole situation.
“College is so expensive these days that students might need to take o…
Read the full article at: https://www.prnewswire.com/news-releases/ameritech-financial-suggests-that-idrs-can-help-borrowers-with-whole-student-debt-situation-300640437.html
by Paula Mints
Oh, what a tangled web you weave when vying for an exclusion from tariffs via strategic ac-quisition. In April, SunPower (SPWR) announced it had acquired (subject to regulatory approval) So-larWorld US, subsidiary of the company that kicked off the solar tariff dispute with a petition in 2012, focused on China as the dumper of cells and modules. SolarWorld GmbH, based in Germany, could not file the petition. It needed its US subsidiary to do so. As SolarWorld US is, currently, the only crystalline cell manufacturer in the US, it takes on a value beyond the sum of its outdated parts.
In 2014, SolarWorld followed up its initial trade petition with the addition of Taiwan as a dumper of cells. In mid-May …
Read the full article at: http://www.altenergystocks.com/archives/2018/04/sunpower-and-solarworld-strange-bedfellows/
ROHNERT PARK, Calif., April 30, 2018 /PRNewswire/ — In the past decade, the U.S. has seen an increase in college attendance which has helped fuel the student debt problem. Meanwhile, trade jobs are underfilled as high school students are pushed toward a four-year college path, potentially doomed to deal with student debt for decades. Ameritech Financial, a document preparation company that helps federal student loan borrowers with federal repayment plan applications, recommends that young adults who struggle with higher education debt look into income-driven repayment plans (IDRs).
“There is a big push t…
Read the full article at: https://www.prnewswire.com/news-releases/ameritech-financial-helps-student-loan-borrowers-with-idr-applications-others-advocate-for-trade-job-careers-300638830.html
The Mumbai Bench of the NCLT has directed commencement of corporate insolvency resolution process for EPC Constructions India Pvt Ltd, formerly known as Essar Projects (India) Ltd, on a petition filed by IDBI Bank to recover outstanding loans of 969 crore.
As per the submissions made by IDBI Bank before the Tribunal, the account of EPC Constructions, which executes engineering, procurement and construction projects, was declared a non-performing asset on December 31, 2014 under RBI guidelines.
This is the second Essar Group firm to face insolvency proceedings after Essar Steel. Essar Group was earlier under a debt pile of nearly 1.4 lakh crore, of which it has paid 80,000 crore with the sale of Essar Oil and other assets, including real …
Read the full article at: https://www.thehindubusinessline.com/companies/idbi-bank-gets-nclt-nod-for-insolvency-proceedings-against-essar-projects/article23740879.ece
Calcutta: Maithan Alloys Limited has earmarked an investment of Rs 275 crore to expand capacity in Bengal and is eyeing assets referred for corporate insolvency and liquidation.
The company informed the BSE that its board has approved a greenfield plant with an estimated capacity of 1,20,000 tonnes per annum ferro alloy in the state. The unit is expected to be set up within 30 months and the investment will be financed through internal accruals.
“Our profits are going up and we have cash on our books to go for an expansion. The new unit will expand our capacity by around 50 per cent. The new plant will be close to our existing plant,” said Subodh Agarwalla, chief executive officer of Maithon Alloys…
Read the full article at: https://www.telegraphindia.com/business/maithon-alloys-plans-new-plant-in-bengal-227204
I took out a loan and borrowed on credit cards to help pay for the delivery of my twins in April 2013 as maternity was not covered in my insurance at that time. The same year, my husband and I lost our jobs and I could not afford to pay the instalments, stopping the payments in January 2014. My husband then left me, leaving me alone with four children to raise. I found part time / contract jobs to keep my home running with help from friends before finding a permanent job as a researcher in October 2015, which pays me Dh16,000. I then restarted my payments to the bank, sometimes paying Dh1,000, sometimes less but they kept pushing me to pay more even though I could not afford i…
Read the full article at: https://www.thenational.ae/business/money/the-debt-panel-single-mother-of-four-is-being-hounded-by-debt-collectors-over-dh43-000-1.726393
Following the release of the Q1 2018 Insolvency Service insolvency statistics today, Richard Haymes, Head of Financial Difficulties at TDX Group, an Equifax company, calls for stricter rules when promoting insolvency services online:
The figures released by the Insolvency Service today, showing an increase in both company and personal insolvencies, support our expectation that the number of individual voluntary arrangements (IVAs) and Trust Deeds will grow by around 17% in 2018. Our latest research reveals a similar trend; with the number of cases continuing to rise. March saw a record volume of IVAs and Trust Deeds issued (around 6,500), up by 20% on the same period last year.
One of the main drivers of this growth, along with increa…
Read the full article at: https://www.globalbankingandfinance.com/stricter-regulation-needed-as-personal-insolvencies-set-to-rise-by-17-in-2018-2/
The National Company Law Appellate Tribunal (NCLAT) on Tuesday ordered status quo in the insolvency process of Electrosteel Steels India Pvt Ltd. The NCLAT has also directed the steering committee, if any appointed, not to spend any amount except as required for the day-to-day operations of Electrosteel.
A bench headed by S.J. Mukhopadhyay was hearing an appeal moved by Renaissance Steel India against the April order of the National Company Law Appellate Tribunal, Kolkata bench. The Kolkata bench of the NCLT had approved of Vedantas Rs 5,320-crore resolution plan (for Electrosteel).
Renaissance Steel, it may be recalled, had opposed the resolution plan, stating that Vedanta was not eligible to bid for Electrosteel since one of Vedantas…
Read the full article at: https://www.thehindubusinessline.com/companies/nclat-orders-maintenance-of-status-quo-in-electrosteel-steel-insolvency-process/article23738367.ece
It was an interview she would almost certainly come to regret.
In early 2003, Catherine Brenner, then a director of corporate finance for ABN AMRO discussed her beauty regime with the women’s magazine, Vogue. In the article “Groomed for Success”, Brenner revealed that she spends as much as $600 a month on beauty accessories, and that Carolyn Hewson and Anne Keating were her beauty role models.
Still, the prevailing wisdom is that if you want to get considered for board positions, it helps to have a profile. Even if that means submitting to inane interviews with women’s magazines.
It’s difficult to determine the effectiveness or otherwise of Brenner’s media strategy, because it has been completely eclipsed by the other ma…
Read the full article at: http://www.afr.com/business/banking-and-finance/catherine-brenners-formula-for-climbing-the-corporate-ladder-20180429-h0zf3p
Carpetright has warned its full-year loss will be double those previously expected, as the struggling retailer received backing from creditors and shareholders for a restructuring process designed to stave off administration.
Britains biggest carpet retailer now expects to make an underlying pretax loss of £7m to £9m for the year to the end of April, up from £4m forecast a month ago. At the start of this year the City had pencilled in profits of £13m. It is the fourth profit warning in five months.
Like-for-like sales slumped 10.5% in the past three months. Over the full year, like-for-like sales fell by 3.6%.
Like other retailers, especially those selling home furnishings, Carpetright has been hit by weak consumer confidence and …
Read the full article at: https://www.theguardian.com/business/2018/apr/30/carpetright-losses-restructure
* Pretax loss of 244.4 mln stg as restructuring charges weigh
* Shares fall more than 20 pct
* Expects restructuring gains by 2020 (Adds detail, background)
April 30 (Reuters) – Britains Interserve Plc reported a deeper annual pretax loss on Monday, sending its shares 20 percent lower, as CEO Debbie White leads a turnaround of the construction and support services company.
Shareholders on Friday approved a funding plan agreed with creditors in March after the company had warned it might breach covenants.
On Monday, White, who took over as CEO in September, gave a blunt assessment of the companys inefficient operating model.
Interserves pretax loss widened to 244.4 million pounds ($335 million) from 94.1 million while revenue of 3.25 bill…
Read the full article at: https://www.reuters.com/article/interserve-results/update-2-restructuring-deepens-losses-at-uks-interserve-shares-plunge-idUSL3N1S72T0