The TV chef is reportedly £71.5 million in debt as …
Read the full article at: http://www.dailymail.co.uk/news/article-5377965/Jamie-Olivers-Italian-restaurant-empire-racks-debts.html
Insolvency Guardian Media Centre
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The RSA, subject to certain conditions, represents the commitment of the Company and Consenting Creditors to support a comprehensive restructuring of Remington’s existing funded indebtedness. The balance sheet restructuring will be effectuated through a pre-packaged joint plan of reorganization to be filed in the United States Bankruptcy Court for the District of Delaware in connection with the Company’s filing of voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code.
Remington’s business operations will continue to operate in the normal course and will not be disrupted by the restructuring …
Read the full article at: https://www.prnewswire.com/news-releases/remington-outdoor-company-announces-restructuring-support-agreement-with-creditors-for-a-comprehensive-financial-restructuring-and-145-million-of-new-capital-300596970.html
AUSTRALIAN families are facing another year from a debt treadmill, thanks to credit card complacency, research has revealed.
A survey by lender SocietyOne found that of the Aussies who took out a balance transfer card to help pay off their debt faster, 67 per cent had neglected to cancel their existing credit cards and 12 per cent had actually established an extra credit card for every day purchases.
Many were in the dark on credit cards fees too, including early repayment fees (85 per cent) and transfer fees (57 per cent). Revert rates (65 per cent) and interest charged on new spending (57 per cent) were other traps.
Those with balance transfer cards had an average $5907 of debt and took 14 months to p…
Read the full article at: https://www.frasercoastchronicle.com.au/news/misunderstanding-credit-cards-places-families-in-t/3332293/
HAMBURG, Feb 12 (Reuters) – German grain trading house Mackprang has applied for insolvency proceedings, its chief executive said on Monday.
Work will continue while a provisional administrator holds talks with creditors, said chief executive Jens Kass.
The company and its shareholders had been unable to reach agreement on financing with banks, he said.
The Hamburg-based company was founded 139 years ago and is involved in trading of milling and feed grains, malting barley, and feed meals such as rapeseed meal and soymeal, the companys website says.
The companys main shareholder is German trading house Bohnhorst. (Reporting by Michael Hogan, editing by Adrian Croft)
Our Standards:The Thomson Reuters Trust Principles.
Read the full article at: https://www.reuters.com/article/germany-grains-mackprang/german-grain-trading-house-mackprang-says-applies-for-insolvency-idUSL8N1Q259H
HAMBURG, Feb 12 (Reuters) – German grain trading house Mackprang has applied for insolvency proceedings, its chief executive said on Monday.
Work will continue while a provisional administrator holds talks with creditors, said chief executive Jens Kass.
The company and its shareholders had been unable to reach agreement on financing with banks, he said.
The Hamburg-based company was founded 139 years ago and is involved in trading of milling and feed grains, malting barley, and feed meals such as rapeseed meal and soymeal, the companys website says.
The companys main shareholder is German trading house Bohnhorst. (Reporting by Michael Hogan, editing by Adrian Croft)
Read the full article at: https://af.reuters.com/article/commoditiesNews/idAFL8N1Q259H
MADISON, N.C., Feb. 12, 2018 /PRNewswire/ — Remington Outdoor Company (“Remington” or “the Company”) today announced that it has reached a Restructuring Support Agreement (“RSA”) with creditors holding a majority of the FGI Operating Company, LLC (“FGI OpCo”) Term Loans due in 2019 and 7.875% Senior Secured Notes due in 2020 (the “Third Lien Notes”) (collectively, the “Consenting Creditors”). The RSA provides for the reduction of approximately $700 million of Remington’s consolidated outstanding indebtedness and the contribution of $145 million of new capital into Remington’s operating subsidiaries, markedly strengthening the Company’s consolidated liquidity, balance sheet, and long-term competitiveness.
The RSA,…
Read the full article at: http://markets.businessinsider.com/news/stocks/Remington-Outdoor-Company-Announces-Restructuring-Support-Agreement-with-Creditors-for-a-Comprehensive-Financial-Restructuring-and-145-million-of-New-Capital-1015510832
The deadline for submitting bids for the beleaguered Essar Steel, put up for sale under Insolvency and Bankruptcy Code (IBC), ends today and it’s reportedly looking like a tug of war between the Ruias and L.N. Mittal, though Tata Steel is also expected to enter the fray.
Yes, the government has amended the Insolvency and Bankruptcy Code (IBC) to prevent promoters of defaulting companies to bid for stressed assets. Yes, Essar Steel, with over Rs 43,000 crore of debt on its books, was among the initial 12 companies identified by the RBI for insolvency proceedings and was controlled by siblings Shashi and Ravi Ruia. And yes, ArcelorMittal was a shareholder in Uttam Galva, which was taken to the National Company Law Tribunal in April last ye…
Read the full article at: https://www.businesstoday.in/current/corporate/essar-steel-bidding-ruia-family-numetal-arcelormittal-insolvency-promoters/story/270482.html
AUSTRALIAN families are facing another year from a debt treadmill, thanks to credit card complacency, research has revealed.
A survey by lender SocietyOne found that of the Aussies who took out a balance transfer card to help pay off their debt faster, 67 per cent had neglected to cancel their existing credit cards and 12 per cent had actually established an extra credit card for every day purchases.
Many were in the dark on credit cards fees too, including early repayment fees (85 per cent) and transfer fees (57 per cent). Revert rates (65 per cent) and interest charged on new spending (57 per cent) were other traps.
Those with balance transfer cards had an average $5907 of debt and took 14 months to p…
Read the full article at: https://www.byronnews.com.au/news/misunderstanding-credit-cards-places-families-in-t/3332293/
Employees transferred in prison and defence contracts but more than 1,000 ex-staff have lost jobs
Carillion ran maintenance services at prisons including Wandsworth.
Photograph: Graeme Robertson for the Guardian
More than 4,400 staff who worked for collapsed government contractor Carillion will keep their jobs, the Insolvency Service has said, after new companies were found to provide prison maintenance and services for military bases.
The latest update takes the total number of Carillion jobs that have been saved since the companys failure last month to 6,668, more than a third of its 19,500-strong workforce.
The official receiver, the office sifting through Carillions contracts for th…
Read the full article at: https://www.theguardian.com/business/2018/feb/12/carillion-jobs-prison-defence-staff
The assets of Latvias insolvent steel company KVV Liepajas Metalurgs will be sold off by auction, the companys insolvency administrator Guntars Koris has decided, reported LETA on January 15.
The insolvency administrators spokesman Dzintars Hmielevskis told LETA that the decision has been taken because none of the companys potential investors had met the requirements set by the companys secured creditors or provided the required guarantees that would prove their ability to acquire KVV Liepajas Metalurgs in one piece and relaunch its operations.
The administrator will now amend the companys sell-off plan in accordance with the provisions laid out in the Insolvency Law.
Hmielevskis told LETA that the companys assets wou…
Read the full article at: https://eng.lsm.lv/article/economy/business/assets-of-defunct-liepaja-steelworks-to-be-sold-at-auction.a264328/
Jamie Olivers Italian restaurant empire has hit turbulent times after The Sun revealed Jamies Italian Limited owes debts totalling $125 million.
The Sun obtained High Court documents detailing the companys debt, which includes $53 million to financial services company HSBC in overdrafts and loans.
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The company also owes approximately $73 million to landlords, s…
Read the full article at: https://www.hospitalitymagazine.com.au/jame-olivers-company-125-million-debt/
Transitional periods can be tough, especially when they involve a whole whack of downsizing, but for Toronto-based Redknee Solutions Inc. (TSX:RKN), coming out of restructuring slimmer and more streamlined will make a world of difference, say analyst Robert Young and associate Christian Sgro with Canaccord Genuity, who have raised their target price on Redknee from $0.90 to $1.10.
This past week, Redknee, which produces subscriber management software for the telecommunications industry, released its Q1/F18 results, which featured a higher-than-expected revenue of $34.4 million as compared to the consensus estimate of $29.7 million. Those numbers are down 7.6 per cent year-on-year, but a return to profitability is on the hori…
Read the full article at: https://www.cantechletter.com/2018/02/redknee-is-poised-to-rebound-after-restructuring-says-canaccord-genuity/
- The company has reportedly racked up debts of £71.5 million
- Claims that the star begged landlords to cut rents in aim to keep company afloat
- Plan backed by 95% of creditors will see 450 staff lose their jobs