The Court of The Hague in The Netherlands has declared Interstate Tire & Rubber BV insolvent. According to an official document, the court reached this decision on 30 November 2017. Proceedings will be conducted under case number F.09/17/429, with J.A.M. Reuser appointed as case curator. Further official information regarding the insolvency has not yet been made available.
Interstate Tire & Rubber began life as the tyre wholesaler Interstate Europe, and over the past decade or so has primarily marketed tyres produced for it under offtake agreements in the Far East; these are sold under the Interstate brand name. The companys…
Read the full article at: http://www.tyrepress.com/2017/12/interstate-tire-rubber-enters-insolvency-proceedings/
MICHAEL Cyran was 24 when his skull cracked against concrete and his life changed forever.
On the one hand, he was lucky to pull through after doctors gave him a 30 per cent chance of survival following emergency surgery at Royal Perth Hospital which involved removing part of his brain in the early hours of August 3, 1996. On the other hand, nothing would be the same again.
He never completed his engineering degree. He has a permanent brain injury and is sight impaired. He cant drive a car, or ride a bike one of his favourite pastimes. Despite his impairments, he works three days a week for the Water Corporation with the assistance of Edge Disability Employment Services.
Jeffrey Ronald Nelson was 34 when he pushed Mr Cyran down three steps…
Read the full article at: https://www.perthnow.com.au/news/wa/michael-cyrans-21-year-fight-for-justice-in-vain-ng-b88684173z
Israeli Prime Minister Benjamin Netanyahu said his government will do its utmost to blunt the impact of job cuts at Teva Pharmaceutical Industries Ltd. as the debt-saddled company carries out its restructuring plan.
Netanyahu and Finance Minister Moshe Kahlon will meet this week with Teva Chief Executive Officer Kare Schultz to try to minimize the blow to workers, according to an e-mailed statement from the prime ministers office. Netanyahu said he would do everything possible to prevent the closure of local plants and ensure that Teva, based near Tel Aviv, will remain an Israeli company.
Netanyahu stepped in after Schultz announced plans last week to slash 25 percent of Tevas workforce and suspend dividends, aiming to cut $3…
Read the full article at: https://www.bloomberg.com/news/articles/2017-12-17/netanyahu-vows-to-help-buffer-teva-workers-from-turnaround-plan
Networking and communications vendor Avaya has announced that it has successfully completed its debt restructuring and emerged from Chapter 11 bankruptcy nearly a year after filing.
With a new board and leadership team, Avaya said it is now well positioned to deliver on its growth strategy and invest in contact centre and unified communications markets.
This is the beginning of an important new chapter for Avaya,” said the company’s president and CEO Jim Chirico. “In less than a year since the commencement of our Chapter 11 restructuring, Avaya has emerged as a publicly traded company with a significantly strengthened balance sheet.
“We have the flexibility we need to invest …
Read the full article at: http://www.zdnet.com/article/avaya-emerges-from-chapter-11-bankruptcy/
Lower debt, smaller deficits and savings to help deliver room for personal income tax cuts are set to be revealed by Scott Morrison in a Budget update today.
The Treasurer will show that total debt owed by the Federal Government will be $23 billion lower by 2020-21 on the back of a slightly stronger economy and extra tax from the corporate sector and Australians superannuation accounts.
In May, Mr Morrison forecast the Budget would show a deficit of $29.4 billion this year before falling to $21.4 billion in 2018-19. A surplus, the first in 14 years, was tipped for 2020-21.
That surplus may be brought forward to 2019-20 on the back of stronger tax collections and lower interest payments because of lower debt.
Gross debt, which attracts intere…
Read the full article at: https://thewest.com.au/business/economy/rosy-income-trims-debt-raises-hopes-for-tax-cuts-in-scott-morrisons-budget-update-ng-b88693229z
Shayne Elliott has rounded off a big year for the bank he is shrinking to greatness with a $1.5 billion capital return to shareholders.
The timing plays out well ahead of the bank’s annual general meeting on Tuesday and means shareholders now have evidence Elliott can deliver on his commitment to return surplus cash to investors.
ANZ announced the share buyback on Monday after the proceeds from its $1.8 billion sale of a 20 per cent stake in Shanghai Rural Commercial Bank, announced in January, came through.
Elliott has hinted there will be more to come given the bank should have more than $6 billion in surplus capital following a string of asset sales over the last two years.
ANZ sold its life business to Swiss giant Zurich…
Read the full article at: http://www.afr.com/brand/chanticleer/early-christmas-present-for-anz-shareholders-as-shanghai-sale-completes-20171217-h06ax4
BALLINA business Kimberley Kampers has gone into voluntary administration, in what the company has admitted was a “highly unconventional” decision.
A notice about the administration has been posted on the ASIC website.
It came into effect on December 7 with Steven Nicols from Nicols + Brien appointed as the administrator.
The first meeting of creditors will be held at the Ballina RSL Club at 10am tomorrow.
According to the ASIC notice, the aim of the meeting is to decide whether a committee of inspection will be appointed, and who the members of the committee will be.
The creditors may also decide to remove the administrator and appoint a new administrator.
Kimberley Kampers is a Ballina-based business…
Read the full article at: https://www.northernstar.com.au/news/ballina-camper-business-goes-into-voluntary-admini/3293218/