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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 …
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…
If you’re drowning in debt, mortgages, car loans, student loans and credit card bills are enough to make you feel like you’ll never get your head above water … and you’re not alone. American consumers are around $11.91 trillion in debt. TRILLION.
Managing credit cards isn’t easy. You might think you owe only a small amount on one card and, on top of that, many people forget about interest. Before you know it, you’re over your head in credit card debt. Luckily, there’s help and wouldn’t you know it, it’s in the form of an app.
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With ReadyForZero app, you can get help to tackle your debt and watch your credit at the same time. You do so by creating your own personalized plan to help pay off your debt…
National Debt Relief recently shared in an article published November 27, 2015 some of the ways consumers can retain their freedom from debt after hurdling all their financial obligations. The article titled “Get-Out-Of-Debt Habits You Should Retain After Debt Freedom” looks at financial habits consumers need to have to prevent falling back into debt.
Dallas, TX (PRWEB) December 14, 2015
National Debt Relief recently shared in an article published November 27, 2015 some of the ways consumers can retain their freedom from debt after hurdling all their financial obligations. The article titled “Get-Out-Of-Debt Habits You Shoul…
In 2011, Bill Clinton put mortgage arrears resolution front and centre of our economic recovery. He claimed there would be no widespread economic recovery until this issue had been dealt with properly.
He was right then and remains so. Economic recovery will not be real, sustainable or widespread until the scourge of mortgage arrears is finally and comprehensively resolved. European Central Bank president Mario Draghi recently echoed Clintons analysis, maintaining that mortgage arrears on the scale we have in this country will act as a serious drag on our economy.
On a positive note, we now have one of the most powerful personal insolvency regimes in the world designed specifically to kee…
Most experts support the broad direction of the draft Insolvency and Bankruptcy Code, which was recently released by the finance ministry. However, there is a fair degree of apprehension about the implementation. A common question is how this Code will coexist with the existing insolvency laws such as the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) and Sick Industrial Companies Act (SICA).
Other questions involve the jurisdiction of the National Company Law Tribunal (NCLT) and Debt Recovery Tribunal (DRT) under the Code. To achieve desired results, having one consolidated Code on insolvency and bankruptcy is essential. The key bottleneck is going to be the working o…
The government’s new approach to insolvency is long on rhetoric about “risk-taking” and the need to remove the “stigma” of business failure. It is short on detailed consideration of exactly why we have legal rules for corporate and personal insolvency.
Those rules aim to balance the interests of creditors against the need to encourage business start-ups. There is no objective evidence that the current system is slanted too heavily against entrepreneurs. For every trade creditor of a failed business who receives more than 50¢ in the dollar, there are hundreds, if not thousands, who see only a tiny fraction of that. The government’s proposal to allow companies to trade whil…
Those looking for the detail on insolvency changes announced in the Federal Governments long awaited innovation statement wont find it on the government website.
But the Productivity Commissions report, Business set-up, Transfer and Closure, also released yesterday, acts as a companion piece to explain the Federal Governments intention to introduce significant changes to Australias insolvency and restructuring laws.
The reports released today recognise that our restructuring laws have fallen behind world best practice. We need to ensure that our laws provide appropriately flexible mechanisms to achieve good commercial outcomes from restructuring efforts.
Current laws
Australias laws provide both formal insolvency processes (…
Jamie McIntyre at a Senate hearing into land banking schemes. Photo: Wayne Taylor
A failed land banking company linked to property spruiker Jamie McIntyre will be placed into liquidation amid concerns about $25.5 million of investors’ funds.
Midland Hwy Pty Ltd was behind a Bendigo land banking project called Hermitage, spruiked by Mr McIntyre’s controversial 21st Century business, that collapsed in July leaving tens of millions unaccounted for.
A report into the collapse by administrators PPB Advisory found that more than $24 million was siphoned off from the company through inflated commissions, “shadow di…
Drainlayer Graham Lilley has changed his name and is working in Wellington.
A man who ran a drainlaying operation in Christchurch is plying his trade in Wellington under another name.
Graham Daniel Lilley, 37, ran a company called Alligator Drainage after the Canterbury earthquakes. It took large deposits from householders, many of them elderly, after doing camera inspections of their drains and quoting for work it said needed to be done.
The company allegedly told householders the Earthquake Commission (EQC) would pay for the work even without prior authorisation when…
More than 50 workers have lost their jobs, after Canberra-based printing company Paragon Printers went into liquidation this week.
Paragon Printing bills itself as one of the largest independently owned commercial printers in Australia, but on Monday it closed its doors, owing creditors approximately $3.3 million.
Paper supply companies made up the majority of creditors owed.
Henry Kazar, a voluntary liquidator with Ernst & Young, said the company’s financial position was being investigated, but that many printing businesses had undergone cost-cutting …
An IT distribution company that has operated for almost 20 years has collapsed into voluntary administration.
Altech Computers was established in 1997 and has offices and warehouses in Sydney, Melbourne, Brisbane, Adelaide, Perth, Auckland and Hong Kong.
The business featured in BRWs Fast 100 for several years between 2004 and 2006, coming in at number 100 in 2005 with turnover of more than $63 million for the 2004-05 financial year.
Altech Computers was also named Microsofts Australian distribution partner of the year in 2008.
The companys website also claims it has more than 6000 customers Australia-wide.
PPB Advisory was called in to manage the business on December …
