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BRISTOL, Conn.--(BUSINESS WIRE)--Barnes Group Inc. (NYSE: B), a global provider of highly engineered products and differentiated industrial technologies, today reported
VANCOUVER, British Columbia, Feb. 16, 2018 (GLOBE NEWSWIRE) — RSI International Systems Inc. (TSX-V:RSY) (RSI or the Company) today reported that it has reached an agreement (the Settlement Agreement) to settle a billing dispute with one of its customers, as first reported on November 3, 2017.
RSI President & CEO, Tim Major, commented, Although we feel our case was strong, the prospect of a protracted and time consuming litigation with uncertain consequences led us to conclude that settlement was the best course of action, allowing us to direct our full focus on improving our business.
Mr. Major concluded, We worked hard and are extremely disappointed that we werent able to renew our business relationship with this customer. Ho…
CONTROVERSIAL Sunshine Coast company Maroochy Sunshine has been declared insolvent.
The Federal Circuit Court of Australia, sitting in Brisbane on Friday agreed to declare Maroochy Sunshine insolvent and appoint liquidators after a Federal Government application.
Maroochy Sunshine had been accused of underpaying seasonal workers from Vanuata on the Sunshine Coast and Wide Bay to the tune of $77,000. No one from the company, nor their lawyers, appeared at the court for the matter.
Deputy District Registrar Michael Buckingham ordered the government be reimbursed $1446 for costs. –NewsRegional
ISLAMABAD: The government on Friday decided to initiate the restructuring process of Pakistan International Airlines (PIA), which has already been converted into a public limited company known as PIACL.
Under the PIAC Conversion Act 2016, which was adopted unanimously by the parliament, the government was bound to complete the privatisation process by April 15 this year.
Prime Minister Shahid Khaqan Abbasi, who chaired the meeting of the Cabinet Committee on Privatisation (CCoP) gave go-ahead to the proposal submitted by the Privatisation Commission for initiating restructuring process of PIACL, with segregating the core and non-core functions of the organisation.
The Privatisation Commission has worked out a restructuring and implementatio…
A global firm showcased its national and regional capabilities as it helped in the complex restructure of a Western Australia-based uranium producer.
King & Wood Mallesons (KWM) advised Paladin Energy and its administrator, KPMG, on the companys balance sheet restructure. KWM provided English law, Hong Kong law, and Australian law advice. It also coordinated local counsel in Canada, Namibia, Malawi, and Singapore.
The seven-month administration closed with a US$700m debt-for-equity swap via a deed-of-company arrangement and a court-approved s444GA share transfer, the global firm said.
There were multiple attempts at a solvent balance sheet structure, KWM said. The process was additionally comp…
The Chapter 11 plan of reorganization (the Plan) filed on the “first day” of the case encompasses a comprehensive restructuring of the Company’s balance sheet and an acquisition of significant revenue-producing assets. Specifically, the proposed restructuring contemplates (a) reducing current debt by approximately $1.6 billion, (b) raising capital of approximately $525 million through an equity rights offering (the “Rights Offering”), and (c) acquiring all deepwater oil and gas assets of Noble Energy, Inc. located in the Gulf of Mexico. The assets complement and enhance the Company’s asset base and operations. The Company will use the proceeds of the Rights Offering to fund the acquisition, fund the costs and expenses of the Ch…
BERLIN, Feb. 16 (Xinhua) — U.S. private equity firms Cerberus and J.C. Flowers are poised to acquire the ailing German financial institution HSH Nordbank, local media reported on Friday.
Business publication “Manager magazine” cited an informal agreement between the investors and the state governments of Hamburg and Schleswig Holstein that hold the majority of HSH Nordbank’s shares.
Considered to be the world’s largest provider of maritime finance, the Hamburg-based bank was heavily-hit in the 2007/08 financial crisis, leading the emergency provision of government credit guarantees worth 10 billion euros (12.4 billion U.S. dollars) and the launch of a far-reaching corporate restructuring program….
The administrator of the collapsed auction house Mossgreen is refusing to return consigned goods to more than 1,000 collectors unless it is paid maintenance fees totalling more than $3.5 million.
It comes after Mossgreen, renowned for selling artwork and rare collectables, went into voluntary administration in December.
The latest development more than triples the number of people set to lose money in the collapse.
In January, collectors who still had goods being held by the company were told by the administrator, BDO Australia, that the items were not part of Mossgr…
Feb 15 (Reuters) – General Electric has reached a deal to sell parts of its overseas lighting business to a company controlled by Joerg Bauer, the former president of GE Hungary, for an undisclosed amount, the Wall Street Journal reported on Thursday.
The deal includes GE Lighting in Europe, the Middle East, Africa and Turkey, along with its Global Automotive Lighting businesses, the Journal reported. on.wsj.com/2Coo7Q7
GE has been preparing to sell the lighting business, one of its oldest businesses, as part of a broad restructuring plan aimed at shedding $20 billion worth of assets and focus the remaining company on three core divisions: power, aviation and health care.
The Financial Conduct Authority has handed over to a committee of MPs the full report it commissioned on how the Royal Bank of Scotland systematically mistreated thousands of small business clients after the 2008 banking crisis.
Andrew Bailey, chief executive of the FCA, said in a letter to the Treasury select committee that the regulator was unable to publish the report itself because it had not secured consent from those who gave information before the deadline of Friday set by the MPs.
The committee is due to meet on Tuesday to discuss whether to use parliamentary privilege to circumvent the legal obstacles to publishing the r…
BRISTOL, Conn.–(BUSINESS WIRE)–Barnes Group Inc. (NYSE: B), a global provider of highly engineered
products and differentiated industrial technologies, today reported
financial results for the fourth quarter and full year 2017.
Fourth quarter 2017 net sales of $373 million were up 15% from $324
million in the prior year period driven by strong organic sales growth
(1) of 10%. Foreign exchange favorably impacted sales by
approximately 4% while acquisition sales contributed 1%. Net loss for
the fourth quarter was ($59.2) million, or ($1.10) per diluted share,
compared to net income of $36.7 million, or $0.67 per diluted share, a
year ago. In the …
The Christ Embassy church in the United Kingdom is in debt and has been declared insolvent by the Charity Commission, the agency that regulates charity organizations in the country.
The church owned by popular Nigerian pastor, Chris Oyakhilome, was flagged on the Charity Commission website as charity insolvent. According to the commission, a charity is considered as being insolvent when it is unable to pay its debts.
Report says the ministrys annual return for the years 2013 to 2014 indicated that a total of N7.6 billion (£15.1million) was paid to the interim manager. The church still has an outstanding fee of N1.1 billion (£2215,914) to pay the interim manager in 2015.
The Commission explained: In practice there are two separate …
Debt elimination seems to be an ever-moving target for a lot of people this is why National Debt Relief aims to give tips to make it a lot easier. The article titled “Helpful Tips to Eliminate Your Debt in 2018” released February 5, 2018, shares some valuable tips to help consumers eliminate their debts as soon as possible.
PHILADELPHIA (PRWEB) February 17, 2018
Debt elimination seems to be an ever-moving target for a lot of people this is why National Debt Relief aims to give tips to make it a lot easier. The article titled “Helpful Tips to Eliminate Your Debt in 2018” released February 5, 2018, shares some valuable tips to help consumers eliminate their debts as soon as possible.
