Over in Madrid, shares have fallen following yesterdays referendum in Catalonia, and the violent clashes between Spanish police and those trying to take part.
Catalonian president Carles Puigdemont has indicated that the region could declare independence after Sundays poll, even though the vote had already been declared illegal by Spains constitutional court.
Catalan officials say 90% of votes were cast in favour of independence, although the turnout was only 42.3% [it might have been higher if Spanish police hadnt disrupted the vote, dragged people out by the hair and fired rubber bullet at crowds protecting poling stations].
With the next step uncertain,…
Read the full article at: https://www.theguardian.com/business/live/2017/oct/02/uk-manufacturing-growth-hard-brexit-eurozone-monarch-airline-fails-business-live
Ratings agency Moody’s Investor Services has taken the knife to the massive China developer Dalian Wanda’s credit rating, cutting it to Ba1 amid concerns of the company’s weakened liquidity position.
The agency said this was “due to inadequate offshore cash to meet the potential repayment of its offshore bank loans of around $1.7 billion arising from potential non-compliance of certain maintenance requirements related to the company’s existing borrowing obligations”.
Dalian Wanda is one of the larger property developers and investors globally and has begun to restructure its business, which includes…
Read the full article at: http://www.smh.com.au/business/property/moodys-takes-the-knife-to-chinas-dalian-wanda-credit-rating-20171001-gys44z.html
Monarch Airlines, the UK low-cost carrier and tour operator, has been placed in administration, leaving 110,000 holidaymakers stranded overseas and resulting in the cancellation of 300,000 future bookings.
The government has asked the Civil Aviation Autrhority to charter more than 30 aircraft to bring Monarch Airlines customers overseas back to the UK in what it described as the biggest ever peacetime repatriation.
Administrators from KPMG were appointed in the early hours of Monday morning after the airline and regulators held emergency talks over the weekend over Monarchs future.
All flights operated by Monarch Airlines and all future holidays booked with Monarch Travel Group have now been cancelled, KPMG said.
Monarchs collapse…
Read the full article at: https://www.ft.com/content/a0e6c47a-a726-11e7-93c5-648314d2c72c
MUMBAI: Banks reeling into huge losses due to bad loans are lobbying with the regulators to do away with mandatory `liquidation value’ of companies admitted for insolvency resolution as it automatically brings down the value of bids from potential buyers.
`Enterprise value’ might be a better indicator of the value of a company since it factors the company as a going concern, a group of lenders led by State Bank of India (SBI) has suggested to insolvency administrator Insolvency and Bankruptcy Board of India (IBBI) recently.
Bankers said disclosing liquidation value in the information memorandum to prospective bidders could throw a spanner in resolving stressed loans.
Liquidation value is a piecemeal value considering that the asse…
Read the full article at: http://economictimes.indiatimes.com/markets/stocks/news/disclosing-liquidation-value-of-firms-under-ibc-impacts-bid-values-banks/articleshow/60908709.cms
Once the gold-mining heart of Gauteng, Merafong City faces an economic meltdown as Eskom threatens to cut off the municipality’s electricity supply over nonpayment of millions of rands.
Eskom announced electricity supply would be interrupted from October 25 if the municipality did not pay its debt.
And it is not only Eskom the municipality owes money to.
The DA said Merafong owes Eskom R154-million and R60-million to Rand Water – figures the city council has disputed.
Carletonville, the municipality’s major town which in the 1960s was the modern symbol of a dynamic goldmining region, is the most affected by the crisis.
But other once-prosperous towns in the area will also suffer.
Esko…
Read the full article at: https://www.timeslive.co.za/news/south-africa/2017-10-02-a-golden-past-a-black-future/
The Company expects to continue operations as usual and has obtained a commitment for $85 million in new debtor-in-possession (“DIP”) financing from a group of its first lien lenders. Subject to Bankruptcy Court approval, this DIP financing, combined with cash generated by the Company, is expected to provide more than adequate liquidity to support ongoing operations during the process.
“We thoroughly explored various alternatives to address our debt and have been engaged in constructive discussions with our lenders regarding sponsorship of a plan to delever the Company and enhance our liquidity,” said Kevin Gilligan, Chief Executive Officer o…
Read the full article at: http://www.prnewswire.com/news-releases/appvion-initiates-process-to-restructure-debt-and-position-business-for-long-term-success-300528887.html
CAPE TOWN The advertising partner for Western Province Rugby (WPR) has laid criminal charges against it, after directors and its chief executive failed to provide the liquidated companys statement of affairs to the Master of the High Court, as required by the Companies Act of 1973.
Aerios chief executive Costas Constantinou said the failure constituted a criminal offence.
He confirmed that he had been interviewed by the police this week and depending on the information that they gathered, might decide to refer the matter to higher prosecuting bodies.
He said the directors of WPR (Pty, the commercial arm of the Western Province Rugby Union) were legally obliged to lodge a statement of affairs with the Master of the High Court wi…
Read the full article at: https://www.iol.co.za/sport/rugby/wp-rugby-has-criminal-charges-laid-by-partner-11448205