Insolvency Guardian Media Centre
In a statement to the ASX on Friday, John McGrath has denied the existence of a $100 million lending facility that allegedly is funding his expensive gambling habit.
Over the weekend it was reported that real estate mogul John McGrath is $16.2 million in debt to gambling.
Fairfax Media reported that McGrath allegedly owes $16.2 million to the Tom Waterhouse betting company William Hill Australia.
It is alleged that McGrath has an account at William Hill under the name of “John Wilson”, which is in $16.2 million worth of debt.
Tom Waterhouse refused to reveal the name of the account holder when the story initially ran on Saturday.
The story caused shares in McGrath’s listed company McGrat…
Read the full article at: https://www.businessnewsaus.com.au/articles/mcgrath-breaks-silence-on-allegations-of-gambling-on-the-company-dime.html
Arts Illuminated, the publisher of classical music magazine Limelight, is searching for a buyer for its masthead as the company teeters towards liquidation.
I couldnt weather the monthly highs and lows anymore, publisher Andrew Batt-Rawden told Mumbrella yesterday. I started the company in debt, and as a starving artist I had no assets to borrow against. The operations have all frozen, and Im looking for a buyer to sell the masthead to prior to liquidation.
I couldnt weather the monthly highs and lows anymore. Limelight publisher Andrew Batt-Rawden
Limelight, which employs seven people, is the latest casualty among Australias smaller publishers with Crinkling News, Australias only childrens newspaper, and the local licensee …
Read the full article at: https://mumbrella.com.au/limelight-magazine-looks-for-buyer-as-parent-company-teeters-toward-liquidation-498234
The US State Department has begun reviewing the application of controversial Bulgarian businessman Tsvetan Vassilev to be considered under the Global Magnitsky Human Rights Accountability Act, a law passed by US Congress that allows the government to impose sanctions in retaliation for human rights abuses and corruption, application under the Magnitsky act.
Latest info from JWI: the US State Dept’t is currently reviewing Tzvetan Vassilev’s application under the US Global Magnitsky Act. We are expecting results soon, Radosveta Vassileva …
Read the full article at: http://www.intellinews.com/us-starts-reviewing-bulgarian-tycoon-vassilev-s-plea-for-help-136476/?source=bulgaria
Jesse Jones and KIRO 7 are working to help eliminate medical debt.
After our original story aired, many viewers reached out to see how they could help. So we created a website where you can donate and help in the effort to get rid of medical debt for people across western Washington. You can now go to DebtDonation.com, fill out a form and donate as much or as little as you want.
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Read the full article at: http://www.kiro7.com/news/local/help-jesse-jones-eliminate-medical-debt-in-western-washington/696666893
Drugstore chain CVS will be able to pay back the money borrowed for its $69 billion takeover of health-insurer Aetna sooner than expected, thanks to a GOP tax break that’s yielding an extra $1.2 billion in cash for the pharmacy chain this year.
At least half that money, or about $600 million, will be used for debt repayment, Chief Financial Officer David Denton told investors after the Woonsocket, R.I.-based company reported fourth-quarter earnings on Thursday. That, coupled with a freeze on dividend hikes and suspension of stock-buybacks, will help return the prescription-drug distributor to a leverage ratio of 3.5 within two years of completing the Aetna purchase, he said.
“We have a degree of financial flexibility that is unexpect…
Read the full article at: http://www.washingtonexaminer.com/trump-tax-break-will-help-cvs-repay-debt-amid-69-billion-aetna-deal/article/2648570
When I ended up in the hospital two years ago, I worried about getting better, not about medical bills. I had great insurance and thought my stay would be covered.
So when I finally got home, I was shocked to get a bill for over $20,000. The amount I owed was way more than I had in savings, so I ended up paying it with my credit cards. I knew it wasnt smart, but I was out of options.
If youre in a similar situation and facing a hefty credit card balance, you might feel like youve fallen into quicksand, where no matter how hard you struggle, you keep sinking. Credit cards typically have high interest rates, causing your balance to balloon over time. You could end up paying back thousands of dollars more than you originally borrowed.
On…
Read the full article at: https://studentloanhero.com/featured/debt-consolidation-loan-responsibly-crush-your-credit-card-debt/
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General Motors International President Barry Engle sat down with the mayor of Incheon, South Korea, amid the automakers restructuring effort, Reuters reported on Thursday. The meeting came after a GM earnings call put CFO Chuck Stevens and CEO Mary Barra on the record calling for the restructuring of its South Korean operations.
GM Korea has remained a sore spot on the automakers balance sheet. Last year, sales dropped 26.6 percent, and the unit began 2018 with a 34 percent decrease in sales year-over-year. GM Koreas bread-and-butter business, vehicle exports, was down 6 percent last year, too.\
In a statement, GM Korea said is continuing a wide range of discussions with its business partners t…
Read the full article at: http://gmauthority.com/blog/2018/02/gm-meets-with-south-korean-mayor-amid-business-restructuring/
Staff at embattled Perth building company Cooper & Oxley have been told their employer has a 50-50 chance of surviving after the company was yesterday placed in administration.
As the move was being announced, dozens of the companys employees gathered at its Jolimont headquarters to be briefed by representatives from insolvency firm Hall Chadwick, which is now in control of the business.
It is understood no attempt was made to sugar-coat the challenges the company is facing and staff were told they would be given another briefing next Tuesday once a clearer picture of the financial position had been established.
They told us it was 50-50 at the moment, one worker said as he left the meeting. Were crossing our fingers.
The staff are suspended…
Read the full article at: https://thewest.com.au/news/wa/embattled-perth-builders-staff-could-be-out-of-job-ng-b88738211z
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Read the full article at: https://www.expressnews.com/business/eagle-ford-energy/article/San-Antonio-based-NuStar-Energy-restructures-12561313.php
Turnaround firms are circling the stricken Toys R Us chain as the retailers precarious financial position puts more than 3,000 high street jobs at risk.
Last year the UK subsidiary of the bankrupt US chain won a stay of execution after landlords took back the keys to 26 shops and accepted less rent for those that stayed open.
But that rescue plan has been torn up after advisers working on the financial restructuring of the US parent group hoisted the for sale sign over the loss-making UK business as well its other European stores. Industry sources said the company, which has 3,200 staff in the UK, wanted to conclude a deal before the end of the month when several payments are due.
It is understood 2018 trading has started poorly, w…
Read the full article at: https://www.theguardian.com/business/2018/feb/08/more-than-3000-british-jobs-at-risk-as-toys-r-us-uk-is-put-up-for-sale
The chief executive of Teva Pharmaceuticals on Thursday said he is making “strong progress” on the company’s restructuring plan, even as the company posted a huge loss and forecast a challenging 2018.
In an interview, CEO Kare Schultz said he remained confident about the company’s long-term prospects, laying out a two-year turnaround timeline and predicting a “clear move upward” in 2020.
The restructuring has marked a stunning setback in Israel for a company seen as a national source of pride.
Teva posted a loss of $11.54 billion, or $11.41 a share, in the fourth quarter of last year, compared to a loss of $973 million, or $1.10 a share, for the same period a year earlier. Revenue fell to $5.46 billion from $6.49 billi…
Read the full article at: http://abcnews.go.com/International/wireStory/teva-chief-reports-strong-progress-restructuring-plan-52932094
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