Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
FORT WASHINGTON, Pa., Nov. 30, 2017 /PRNewswire/ -- Walter Investment Management Corp. ("Walter" or the "Company") (NYSE: WAC.BC) today announced that,
UPDATE 12PM: THE administrators of embattled Ostwald Construction Materials has confirmed today that Ostwald brothers Brendan, Daniel and Matthew will regain
Orascom Construction is planning to restructure its US operations in order to reduce unnecessary costs, a senior company official told Daily News Egypt on Saturday.
We have plans to improve our costs, specifically our US operation. Restructuring our business, there is a main goal on which we are focusing in the current stage, the source, who preferred to remain anonymous on account of not being authorised to speak to media, added.
Orascom Construction owns two subsidiaries in the United States.
The Groups US subsidiaries, Weitz and Contrack Watts, signed new contracts during the first nine months (9M) of 2017, amounting to approximately $500m.
Both subsidiaries capitalised on improved activity in their respective markets during the third qu…
Rewarding good work and recognising employees aspirations will drive performance and growth in the corporate world. The best example of this was set by the corporates in the U.S. in the post-Second World War era. Perhaps they went overboard and the after-effects are manifest now with income disparity becoming more acute. Practices such as huge increase in the ratio of variable pay to fixed salary, total reward, retention bonuses, joining bonuses, parachute clause for CEOs became the order of the day.
Indian corporates are greatly influenced by the American style of management, including compensation practices. The recent episodes in a couple of big and reputed corporates in India are prompting many to re-think the kind of compensation …
WASHINGTON The International Monetary Fund (IMF) says it is acutely aware of the urgent need to assist the Caribbean countries to build resilience, particularly in the context of the recent hurricanes that swept through the Lesser Antilles killing scores of people and leaving billions of dollars in damage.
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And we stand ready to do whatever we can help, said Gerry Rice, the director of the IMF Communications Department.
Speaking at the IMF news conference, Rice was responding to a statement alluded to the St Lucia Prime Minister Allen Chastanet in which he is quoted as telling the Washington-based financial institu…
BuzzFeed will restructure its business team, resulting in layoffs of about 100 people, and the transition of the company’s president to the role of senior advisor.
Company CEO Jonah Peretti said in a memo Wednesday that BuzzFeed needed to shift away from direct advertising sales to more diverse revenue streams. The company will search for a chief operating officer with that goal in mind, Peretti wrote.
BuzzFeed News reporter Steven Perlberg first shared the memo.
Q. I am a HR manager, six months into a new job. I have observed that the previous manager did not practice diversity, since this company is dominated by two tribes. Is it fair to fire under-performing employees and re-structure the company to accomplish diversity?
There is more to diversity besides the ethnic outlook in organisations. It spans the reaches of observable demographics such as colour, to the more nuanced, including thinking styles. Part of managing diversity in organisations targets reaping from the contributions of everyone, in spite of their differences.
Firing underperforming employees who remain unresponsive to resuscitative support should be a normal part of business. The management of …
If order gets passed, lenders will have to provision for 50 per cent of their debt
Mumbai, Nov 30:
Nearly 30 lenders of debt-ridden Reliance Communications (RCom) have opposed a petition by China Development Bank (CDB) to file an insolvency case against the telecom company. CDB, a lender to RCom, had filed the suit with the National Company Law Tribunalin Mumbai on November 24 under the Insolvency and Bankruptcy Code.
At RComs Committee of Creditors Meeting held on Wednesday, the lenders both foreign and Indian voted to oppose the petition. The lenders have also decided to appoint J Sagar Associates as their legal counsel, as they prepare to oppose the petition at the admission stage itself, sources close to th…
FORT WASHINGTON, Pa., Nov. 30, 2017 /PRNewswire/ — Walter Investment Management Corp. (“Walter” or the “Company”) (NYSE: WAC.BC) today announced that, as expected, the Company filed a voluntary chapter 11 petition in the United States Bankruptcy Court for the Southern District of New York (the “Court”) to execute a prepackaged financial restructuring plan (the “Prepackaged Plan”). At the conclusion of the financial restructuring process, which is expected to occur in the first quarter of 2018, the Company expects that it will have reduced its outstanding corporate debt by approximately $800 million1 and enhanced its financial flexibility.
The Prepackaged Plan incorporates the previously announced agreements (the “RSAs…
Bryan and Mai Hughes plan to launch My Foodie Kit in March. Picture: Simon Santi
When you think of Bryan Hughes, corporate insolvency and hardcore business negotiations usually spring to mind.
But the Pitcher Partners chairmans latest venture is a completely different flavour.
He and wife Mai are launching meal-kit business My Foodie Box a recipe and delivery service to take the fuss out of home cooking.
Mr Hughes said his wife was the driving force behind the business, which the pair dreamed up while travelling.
Mai grew up in Paris and her parents have had restaurants for 40 years and she grew up in a food culture when we were looking for businesses for Mai to operate it had to incorporate that passion for food, he said.
UPDATE 12PM: THE administrators of embattled Ostwald Construction Materials has confirmed today that Ostwald brothers Brendan, Daniel and Matthew will regain control over the company.
After a second creditors meeting this morning, administrator Derrick Vickers of PriceWaterhouseCooper revealed that creditors had accepted a Deed of Company Arrangement (DOCA) submitted by the three brothers and a “silent investor”.
The contract was worth $2.15 million.
“We believe that this is the best outcome for creditors and the remaining employees of Ostwald Construction Materials,” Mr Vickers said.
“This means that the company can continue to trade including its contracts under the DOCA. Creditors will be paid out of the Cre…
Aristocrat Leisure has hooked Big Fish, a US social casino app developer, which is expected to boost recurring revenue. The acquisition confirms a stronger focus on digital gaming.
-Aristocrat’s exposure to digital gaming significantly increases -Difficult to predict when social casino apps will stop growing -Digital opportunities prevail, capital management potential despite structural decline in slot expenditure
By Eva Brocklehurst
Digital gaming is expected to become the largest contributor to Aristocrat Leisure’s ((ALL)) revenue after incorporating the latest acquisitions. This highlights a change in focus and a boost to recurring revenue as a percentage of the total.
Financial advisers don’t always agree, but when it comes to
lending money to family, there’s consensus: Tread carefully.
If an adult child needs help buying a first home or has a
promising business idea, a family loan can be a fast and
convenient option. But there’s a risk of drama down the road.
Here are tips for lending and borrowing money among relatives.
PROS AND CONS OF FAMILY LOANS
There are advantages of a family loan for a borrower: no credit
check, low or no interest and flexible payback terms.
It can also be a way to help young adults learn about financial
responsibility, says Walter Pressey, a retired financial industry
executive in Boston who loaned money to…
A Tauranga building company is being wound up after work stopped on about 30 houses at The Lakes in October.
Bella Vista Homes went into voluntary liquidation this week, leaving one young family worried about the prospect of incurring extra costs to complete their home.
Liquidator and Hamilton accountant Kim Thompson said that everyone who still had a building contract with Bella Vista would get a letter as a matter of priority. About 30 people were involved although some had already cancelled their contracts.
”This affects a lot of people’s lives. We have got to get on and deal with this as quickly as we can.”
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Tauranga-based Tom Rodewald had also been appointed as liquidator.
