Frimley Estate, on the northern edge of Hastings. The development is not complete, and has not been a success for investors.
An unsuccessful property development in Hastings has been put into liquidation with a judge saying those running the company appeared to be rewarding themselves rather than meeting obligations to creditors.
Frimley Estate was incorporated in late 2004 with the purpose of subdividing 7.86 hectares near Hastings.
Well-known author Alan Duff and his brother Nick, also known as Stephen, were founding directors and also shar…
Read the full article at: http://www.stuff.co.nz/business/75071670/management-of-hastings-company-frimley-estate-appeared-to-reward-themselves
The Supreme Court on Friday agreed to hear two related cases that could help Puerto Rico restructure some of its debt under the Recovery Act, a local law that a coalition of creditors has said is preempted by federal bankruptcy law.
An appeals court in July agreed with the creditors and ruled that Chapter 9 of the Bankruptcy Code displaced the beleaguered commonwealth’s own version.
But pointing to “the most acute fiscal crisis in its history,” lawyers for Puerto Rico said the island “lacks access to any legal mechanism to restructure the debts of its public utilities” — a $20 billion burden they said leaves the commonwealth in a “no man’s land” beyond the reach of both federal and local bankruptcy protections.
“Anyone who h…
Read the full article at: http://www.huffingtonpost.com/entry/puerto-rico-debt-supreme-court_56620389e4b072e9d1c634bb
A baby goods retailer with 11 outlets across New South Wales has collapsed into voluntary administration just weeks before Christmas.
My Baby Warehouse NSW is continuing to trade but a freeze has been placed on gift cards, refunds and lay-bys as December 25 quickly approaches, according to the Daily Telegraph.
Robert Kite and Ozem Kassem from Cor Cordis were appointed to BHLS and Baby Zone, which trade as My Baby Warehouse on Thursday, December 10 and the first meeting of the companys creditors will be held on December 21.
The voluntary administration does not include the My Baby Warehouse stores in Bankstown and Campbelltown in NSW or the My Baby Warehouse stores in all other states and territories.
My Baby Warehouse sells a wide …
Read the full article at: http://www.smartcompany.com.au/finance/49352-my-baby-warehouse-nsw-collapses-into-voluntary-administration.html
An Erie County Court jury concluded on Tuesday that a 58-year-old shooting victim knew exactly who fired three bullets into him as it found the assailant guilty of attempted murder, assault and criminal possession of a weapon.
James R. Thomas Jr., 28, of Minnesota Avenue, allegedly was looking for payback on a gambling debt on Sept. 1, 2013 when he pulled a gun on Leonard Webb, a man he knew as a family friend.
During Thomas trial this week, Webb told the court that he had known Thomas since about April 2013 the young man was the nephew of a man Webb had known since childhood. The trouble started a few months before the shooting, Webb testified, when they were gambling at the uncles house and Webb borrowed $1,000 from Thomas, whom he …
Read the full article at: http://www.buffalonews.com/city-region/buffalo-man-convicted-in-shooting-tied-to-gambling-debt-20151208
Yahoo Inc (YHOO.O) may make big changes to its media unit, restructuring and consolidating it, including making cuts and shuttering some efforts, tech news site Re/code said.
The changes could be announced inside Yahoo this week, part of a series of recommendations by consulting company McKin…
Read the full article at: http://www.reuters.com/article/us-yahoo-divestiture-idUSKBN0TR1OB20151208
Thomson ReutersTicker symbol for United Technologies is displayed on a screen on the floor of the New York Stock Exchange
(Reuters) – United Technologies Corp
The U.S. aerospace and building systems conglomerate said 2016 adjusted earnings will be $6.30 to $6.60 per share on revenue of $56 billion to $58 billion. Most of the EPS gain will come from share buybacks, it noted.
The company also expects 2015 adjusted earnings of $6.20-$6.30 per share, raising the lower end of the previous estimate by 5 cents.
The restructuring will cost…
Read the full article at: http://www.businessinsider.com/r-united-technologies-unveils-15-billion-restructuring-plan-to-cut-costs-2015-12
Anglo American to cut workforce by 85000 in restructuring – BBC News
Shares in mining firm Anglo American have fallen to a record low as the company said it would sell huge chunks of its business and shrink its workforce by nearly two-thirds.
The changes will see the workforce drop by 85,000, from 135,000 to 50,000.
The group has been forced to restructure after the collapse of commodity prices slashed profits.
Anglo will also suspend dividend payments for a year, and consolidate from six to three businesses.
All the world’s big mining companies have seen profits tumble al…
Read the full article at: http://www.bbc.com/news/business-35038076
As part of the COP21 climate talks in Paris, UN regional organization Eclac has proposed debt relief to help the English-speaking …
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Read the full article at: http://www.bnamericas.com/en/news/banking/eclac-calls-on-debt-relief-to-help-fight-against-climate-change
Republicans in the U.S. Congress proposed their first measures to help Puerto Rico as it swiftly runs out of cash, responding to pleas from the islands government and the Obama administration.
Senate committee chairs including Orrin Hatch, the head of the finance panel, filed a bill Wednesday to direct up to $3 billion to Puerto Rico through a new authority that would oversee the islands budget and could borrow on its behalf. Representative Sean Duffy, who sits on the House Financial Services committee, also introduced legislation to give Puerto Rico agencies the ability to file for municipal bankruptcy, a provision thats absent in the Senate bill.
Congress decided to move, said Phil Fischer, head of municipal research at Bank of America …
Read the full article at: http://www.bloomberg.com/news/articles/2015-12-09/republican-reluctance-to-aid-puerto-rico-seen-thawing-in-bill
The proposed acquisition forms part of a significant restructuring at Cell C, which will result in the company’s debt being reduced by more than half and all employees being given a stake in the business.
Blue Label intends using a mix of cash and new debt to pay for the stake. Although the R4-billion injection implies a valuation of Cell C of just R11.4-billion – far less than the R22-billion parent Oger Telecom was reportedly seeking from Telkom – a spokesman for the operator said the figure represented Blue Label’s share of the equity value in Cell C and did not include the debt value. The restructuring plan has placed an enterprise value on the business of about R19-billion.
Controlling shareholder Oger Telecom has promised to inject…
Read the full article at: http://www.timeslive.co.za/sundaytimes/businesstimes/2015/12/13/Blue-Labels-R4bn-bid-to-help-lighten-Cell-C-debt