Insolvency Guardian Media Centre
One case that Agrokor could be compared to would be the infamous Parmalat case that shook Italy – and the similarities are uncanny.
As Poslovni Dnevnik writes on the 15th of January, 2018, unlike what took place in the handling of the infamous Parmalat case, there are no individual restructuring plans for particular companies in Agrokor. The comparisons of the work of the extraordinary administration teams of Italy’s Parmalat and Croatia’s Agrokor were published on the Agrokor Shareholders’ portal.
In case the details of the huge Parmalat case escape you, the Italian multi-national food and dairy corporation was founded back in 1961, it collapsed in 2003 after 14 billion euro was found to be missing from its accounts. Although Pa…
Read the full article at: https://www.total-croatia-news.com/business/24458-comparisons-between-agrokor-and-italy-s-infamous-parmalat-case
- Bankrupt business tycoon Scot Young, 52, made a phone call to his ex-wife
- In the call revealed in a BBC Two documentary he offered Michelle Young £30m
- The couple had been involved in one of the most costly divorces in Britain
- Mr Young pleaded with her to drop her investigation into his finances – five weeks before he died in mysterious circumstances
- He died after falling 60ft from a luxury London penthouse in December 2014
Angella Johnson For The Mail On Sunday
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Natalie Corner For Mailonline
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…Read the full article at: http://www.dailymail.co.uk/femail/article-5271007/Desperate-final-call-bankrupt-tycoon-Scot-Young-ex.html
Tortured. Anguished. Frustrated.
This describes the dark, twisted title character at the heart of Phantom of the Opera, the longest-running musical in Broadway history and a production seen by over 130 million people worldwide.
But it also describes playwright/composer Andrew Lloyd Webber during the turbulent process of revising and remounting that shows sequel Love Never Dies, which opened to poor reviews in Londons West End, was revisited before an engagement in Melbourne, Australia and further fine-tuned in Hamburg, Germany before beginning its 25-city U.S. tour this past October.
The new musical, like the original love aff…
Read the full article at: https://www.clevelandjewishnews.com/columnists/bob_abelman/touring-love-never-dies-puts-the-see-in-sequel/article_768532ae-f7d3-11e7-998b-ab89c80b12ce.html
* To meet GKN shareholders, posts presentation for investors
* Melrose offer undervalues our company- GKN spokesman
* GKN shares jump (Adds GKN statement, analyst comments, details, share movement)
By Noor Zainab Hussain
Jan 15 (Reuters) – Turnaround specialist Melrose appealed directly to GKNs investors to back its 7 billion pound ($9.6 billion) takeover offer after the British engineering companys board rejected it.
GKN disclosed on Friday that it had rebuffed a 405 pence per share cash-and-stock offer made on Jan 8 as it set out plans to split its aerospace and automotive businesses. On Monday, GKN indicated it would stand by this rejection.
GKNs shares were up 3.9 percent at 436.7 pence at 1215 GMT, sitting at the top of Londons blue…
Read the full article at: https://www.reuters.com/article/gkn-ma-melrose-inds/update-2-melrose-courts-gkn-investors-after-company-spurns-96-bln-bid-idUSL3N1PA3RC
AILING construction firm Carillion said it had “no choice” but to enter into liquidation this morning, putting thousands of jobs at risk.
The building and maintenance giant is Britain’s second largest and employs 20,000 in the UK alone – many at its Wolverhampton HQ.
![Carillion this morning entered into liquidation, its chairman confirmed. The move could put as many as 20,000 UK jobs at risk]()
Reuters
Carillion this morning entered into liquidation, its chairman confirmed. The move could put as many as 20,000 UK jobs at risk ![Carillion provides 32,000 dinners to kids every day as part of its maintenance of some UK schools]()
Alamy
Carillion provides 32,000 dinners to kids every day as part of its maintenance of some UK schools Construction firm Carillion has announced it will go into compulsory liquidation after the Government declined to use taxpayers’ money to bail them outThe Government this morning urged the embattled firm’s employees to go to work and …
Read the full article at: https://www.thesun.co.uk/news/5341329/carillion-liquidation-thousands-jobs-risk/
U.K. suppliers to Carillion Plc are desperately trying to figure out the impact of its failure on a vast network of businesses that had contracts with the indebted construction services company, according to the head of an industry lobby.
“Carillion outsourced everything, said Rudi Klein, chief executive officer of the Specialist Engineering Contractors Group, whose members include steel-working firms, electricians and plumbers. It was a management company, it wasnt a construction company or an infrastructure company.
Carillion, which obtained court approval on Monday for liquidation, provided management services, and sometimes not very well, Klein said in a telephone interview. Its payment performance to its suppliers was a…
Read the full article at: https://www.bloomberg.com/news/articles/2018-01-15/carillion-s-suppliers-fear-domino-effect-after-liquidation
The UKs Pension Protection Fund (PPF) is preparing to take on pension schemes linked to UK construction company Carillion, which entered liquidation this morning.
The companys management were in talks with lenders and stakeholders over the weekend in a bid to save the company, but these failed. Carillion had a combined debt of more than £900m (1bn), according to media reports.
Carillions defined benefit (DB) pension schemes had total assets of £2.6bn but a shortfall of £804m at the end of 2016, according to its latest annual report.
The PPF was designed as a safety net to take on DB schemes if their sponsors go bust. In its most recent annual report, the PPF declared a £6bn surplus.
A spokesperson from the PPF said: We can…
Read the full article at: https://www.ipe.com/countries/uk/carillion-schemes-poised-to-enter-ppf-as-company-liquidated/www.ipe.com/countries/uk/carillion-schemes-poised-to-enter-ppf-as-company-liquidated/10022680.fullarticle
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LONDON: Britains Carillion collapsed on Monday after its banks lost faith in the construction and services company, throwing hundreds of major projects into doubt and forcing the government to step in to guarantee vital public services.
Carillion was forced into compulsory liquidation after costly contract delays and a slump in new business left it at the mercy of its lenders and battling a ballooning debt pile.
The demise of the 200-year-old business poses a major headache for Theresa Mays government which has employed Carillion to work on 450 projects including the building and maintenance of hospitals prisons, defense sites and the countrys new superfast rail line.
In recent days we have been unable to secure …Read the full article at: http://www.arabnews.com/node/1226006/business-economy
MNP Consumer Debt Index – January 2018
Canadians are increasingly pessimistic about their ability to absorb higher interest rates and cover their monthly bills.
MNP LTD
- One in three Canadians say they are unable to cover their monthly bills, up eight points since September.
- Half are more concerned about their ability to repay debts, up three points since September.
- Average Canadian left with $112 less at the end of the month compared to last quarter.
CALGARY, Alberta, Jan. 1…
Read the full article at: https://globenewswire.com/news-release/2018/01/15/1289172/0/en/Canadians-increasingly-pessimistic-about-their-ability-to-absorb-higher-interest-rates-and-cover-their-monthly-bills.html
Construction giant Carillion has said it has no choice but to take steps to enter into compulsory liquidation with immediate effect after talks failed to find another way to deal with the companys debts.
A number of projects in Scotland could be affected by the news, with the platform extension at Edinburgh Waverley and a new £745m Aberdeen bypass among the most high profile works.
The company also won two facilities management contracts with the Ministry of Defence (MoD) worth £158m which cover 83 military sites in Scotland.
Following news of the decision to enter liquidation, the £23m contract to lengthen platforms at Edinburgh Waverley station for a new generation of longer electric trains on the Edinburgh to Glasgow route a…
Read the full article at: https://www.scotsman.com/news/carillion-liquidation-the-major-projects-in-scotland-that-could-be-affected-1-4661478
Key questions answered on the liquidation of the construction firm and its implications for staff
Carillion employs 43,000 people, including almost 20,000 in the UK.
Photograph: Christopher Thomond for the Guardian
The construction firm Carillion, which is involved in a host of major government projects including HS2, has gone into compulsory liquidation.
What went wrong for Carillion?
Carillion relies on large contracts, some of which have proved much less lucrative than it thought. Last year it slashed the value of them by £845m, of which £375m related to public-private partnerships (PPPs) such as Royal Liverpool University hospital.
As its contracts underperformed, its debts soared t…
Read the full article at: https://www.theguardian.com/business/2018/jan/15/carillion-what-went-wrong-liquidation-staff
- One in three Canadians say they are unable to cover their monthly bills, up eight points since September.
- Half are more concerned about their ability to repay debts, up three points since September.
- Average Canadian left with $112 less at the end of the month compared to last quarter.
CALGARY, Alberta, Jan. 15, 2018 (GLOBE NEWSWIRE) — Canadians are growing increasingly concerned about their ability to repay debts and have seen their household budgets tighten significantly since interest rates began to rise in July, according to the latest MNP Consumer Debt Index. The quarterly survey, conducted by Ipsos on behalf of MNP LTD, paints a concerning picture; one in three (33%) Canadians now say that they are unable to cover their …
Read the full article at: http://markets.businessinsider.com/news/stocks/Canadians-increasingly-pessimistic-about-their-ability-to-absorb-higher-interest-rates-and-cover-their-monthly-bills-1013087771
