The Flaming Lips were one of a number of international acts scheduled to perform at Echo Festival.
Refunds for hundreds of Echo Festival ticket holders are in doubt after its promoter was put in liquidation.
McLaren Falls Festival, the company behind music festival was placed in liquidation by its director Paxton Talbot on Monday.
A post from Talbot on the event’s Facebook page said festival organisers had been trying to recover from huge losses sustained over the past few months, but the task was too great.
There were a number …
Read the full article at: http://www.stuff.co.nz/business/industries/75160756/echo-festival-liquidation-angers-ticket-holders
The Australian operations of vitamin retailer GNC LiveWell have been placed in voluntary administration by parent company Osim International.
GNC, which stands for General Nutrition Corporation, was founded in the United States in the 1930s and the brand is licensed in 49 countries.
The brand sells vitamins, supplements and nutritional products, as well as sports, diet and energy goods.
The Australian operations are owned by Singapore-based retail group, Osim International, which is also the franchisee for GNC in Singapore, Malaysia, China and Taiwan.
The first Australian GNC store opened in 2000 and the retailer currently operates 30 outlets in New South Wales, Victoria and Queensland, along with an online store.
Osim Internation…
Read the full article at: http://www.smartcompany.com.au/finance/49377-gnc-livewell-australian-operations-collapse-into-voluntary-administration.html
Wagga City Councils dealings with Douglas Aerospace were plagued by gross ineptitude and mismanagement on the part of its staff, the external review into the saga has concluded.
The Advertiser can for the first time reveal the contents of the external report conducted by Prosperity Audit Services into councils relationship with Douglas Aerospace a document which paints a damning picture of chaos and dysfunction in regards to councils handling of the affair.
The reports most alarming findings include:
- The loan proposal was put on public exhibition in late 2011 despite Douglas receiving an unsatisfactory rating from an indepenent external financial assessment an action in clear violation of councils resolution on the issue passed on Decembe…
Read the full article at: http://www.dailyadvertiser.com.au/story/3566700/audit-exposes-litany-of-failures-in-douglas-aerospace-deal/
Law firms and banks are adding staff to their restructuring practices from Houston to New York City to scoop up new business as oil prices sink near 11-year lows, pressuring energy companies to slash debt or file for bankruptcy.
At least two investment banks and one law firm have bulked up their energy and restructuring departments with new hires to handle the building workload. Another three law firms have re-jigged staff for the new work, and other restructuring advisors have partnered with banks who already have deep roots in the clubby oil and gas world, centered in Houston, the worlds energy capital.
The 17-month downturn in oil prices has reached far and wide across the oil and gas industry,…
Read the full article at: http://www.hellenicshippingnews.com/us-restructuring-firms-bulk-up-as-crude-dive-boosts-business/
Last Modified: Wed, Dec 16 2015. 12 42 AM ISTTop 500 firms will need to generate Rs7 trillion to reduce their leverage ratio to sustainable limits, says Sebi chairman
Joining the debate over increasing bad loans in domestic firms, U.K. Sinha, chairman of the Securities and Exchange Board of India, or Sebi, on Tuesday urged merchant bankers to help firms raise equity in order to reduce the level of debt on their books. Sinha was addressing the annual gathering of the Association of Investment Bankers of India in Mumbai.
For these (top 500) corporate, the leverage ratio, which is net debt divided by Ebitda (earnings before interest, taxes, depreciation and amortization), is 4.7 times, while the average sustainable numbe…
Read the full article at: http://www.livemint.com/Money/zOO5BOM3pZIuHuyTOnID1H/UK-Sinha-urges-merchant-bankers-to-help-firms-raise-equity.html
What a difference a year makes. A little over a year ago Chesapeake Energy (NYSE:CHK) CFO Nick Dell’Osso told investors that “Chesapeake has never been stronger financially.” That strength was in large part due to the sale of a huge swath of the company’s acreage in the Marcellus and Utica shale plays to Southwestern Energy (NYSE:SWN) for roughly $5 billion in cash.
A year later, with the company having burned through more than half of that cash due to ill-timed debt buybacks and ill-advised growth, it finds itself in a considerably weakened financial position. Making matters worse is the fact that natural gas prices recently touched a 14-year low, which has cut off a key fuel that Chesapeake Energy needed to m…
Read the full article at: http://www.fool.com/investing/general/2015/12/15/with-its-debt-woes-growing-chesapeake-energy-corpo.aspx
