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
The company behind the failed McLaren Valley Festival that was originally due to take place in the Bay of Plenty next month have gone in to liquidation and it could spell bad news for those waiting for ticket refunds.
Having called off the two-day festival scheduled for McLaren Falls Park in the Lower Kaimais citing resource consent issues, the event was rebranded as the Echo Festival and moved to Auckland’s Vector Arena.
Echo Festival director Paxton Talbot on the intended site of the McLaren Valley Festival. Photo: Tracy Hardy.However, the relocated January 11-12 music and arts event was also cancelled due to slow ticket sales, despite boasting headline acts such as The Flaming Lips and Disclosure.
And in the latest twist,…
Read the full article at: https://www.sunlive.co.nz/news/115385-festival-company-liquidation.html
Quite a saga: Creditors tried to depose administrators of failed South Australian fertiliser companies Megafert and Interfert.
Source: News Limited
LAST week the Australian Securities and Investments Commission fired a shot across the bows of insolvency companies.
In forcing Tony Matthews, of Anthony Matthews and Associates, into an enforceable undertaking arrangement, ASIC has effectively placed all insolvency practitioners on notice that creditors have every right to expect prompt, efficient, diligent and judicious action in relation to companies in financial strife.
Mr Matthews …
Read the full article at: http://www.weeklytimesnow.com.au/news/opinion/sapphire-and-megafert-interfert-insolvency-cases-raise-questions/story-fnkerdb0-1227645742266
NEW GOVERNMENT statistics have revealed that Torbay is the second worst Parliamentary constituency in the country for bankruptcy rates.
The statistics show that 9.8 people per 10,000 were declared bankrupt in 2014 – 78 new bankruptcy cases – with only Wythenshawe and Sale East having a higher rate of new bankruptcy cases.
Torbay also had the third highest individual insolvency cases in the country, with 43.8 people per 10,000 adults declared insolvent in 2014. Only in the Vale of Clwyd and in Stoke-on-Trent North were more adults declared insolvent. Torbay had in the past been ‘top’ of the list.
Torbay was also in the top ten for debt relief orders. A debt relief order is a way to have your debts written off if you have a …
Read the full article at: http://www.torquayheraldexpress.co.uk/Torbay-worst-insolvency-cases/story-28370093-detail/story.html
Saudi Arabia may support Egypt by buying local debt instead of depositing dollars in the Egyptian central bank, a government official said, part of a fresh aid package to help the dollar-starved economy.
The two governments are discussing plans for Saudi Arabia to buy Egyptian treasury bonds and treasury bills, said the official, who asked not to be named because the proposal isnt public. Saudi Deputy Crown Prince Mohammed Bin Salman arrived in Cairo Tuesday for the talks, during which Egypt has said it planned to offer Saudi Arabia major projects in return for support.
Egyptian Prime Minister Sherif Ismail told reporters Tuesday that all options for Saudi support remain on the table, and that talks will continue in Riyadh on Jan. 5.
Egypt…
Read the full article at: http://www.bloomberg.com/news/articles/2015-12-15/saudi-arabia-may-help-egypt-by-buying-local-debt-official-says
