Showing posts with label bankruptcy. Show all posts
Showing posts with label bankruptcy. Show all posts
November 21, 2018
Sears Bankruptcy Engineered to Benefit Executives and Stiff Workers
October 16, 2018
The Fall of a Retail Icon: Why Americans Stopped Shopping at Sears
May 07, 2018
October 21, 2017
Thousands Jobless as Canadian Retailer Sears Closes over Bankruptcy
The company declared bankruptcy last week and began selling off all of its assets. More than 12,000 people will lose their jobs.
Al Jazeera's Daniel Lak reports from Stratford, Ontario.
September 19, 2017
April 15, 2014
Counting the Cost: Libya: Heading towards Bankruptcy?
December 19, 2011
THE GUARDIAN: Swedish carmaker's owner admits defeat after former parent General Motors blocked a rescue deal involving a Chinese firm
Sweden's Saab faced an end to more than 60 years of carmaking on Monday after its Dutch owner abandoned repeated attempts to find financing and filed for its bankruptcy.
The end to months of efforts to keep the famed carmaker afloat came when General Motors at the weekend again vetoed a plan involving Chinese investor Zhejiang Youngman Lotus Automobile. GM, Saab's former owner, still licences key technology to Saab and has a small shareholding. » | Reuters | Monday, December 19, 2011
June 04, 2010
April 02, 2010
THE TELEGRAPH: Simon Halabi, the property tycoon who was estimated to be worth £3bn in 2007 and whose portfolio includes London HQs of JP Morgan, Aviva and Old Mutual, has been declared bankrupt.
The bankruptcy order was made in the High Court on Tuesday over a £56.3m loan he received from failed Icelandic bank Kaupthing Singer & Friedlander.
The declaration against Mr Halabi makes him one of the richest entrepreneurs at the peak of the boom to fall victim to the global recession.
The Syrian-born tycoon's property portfolio included the London headquarters of JP Morgan, Aviva, RSA and Old Mutual, as well as the In and Out Club on London's Piccadilly and Mentmore Towers, the former home of Baron Mayer de Rothschild.
However, according to Estates Gazette, bankruptcy proceedings were launched last year by Ernst & Young, the joint administrator to Kaupthing, over the £56.3m debt.
Mr Halabi was not present at the hearing and no representations were made on his behalf. Property tycoon Simon Halabi bankrupt >>> Graham Ruddick, City Reporter (Property) | Friday, April 02, 2010
February 07, 2009
The shockwaves from the country's economic implosion are being felt in Britain, but the effects are far worse at home
Iceland's humiliation begins at Heathrow. Try buying the currency, the krona, at Travelex and you will discover it is no longer held. "And whatever you do," says the woman at the counter, "don't bring any back." The words "failed state" bring to mind ungovernable Third World hell-holes, but Iceland is a new kind of failed state, a financially failed one. Without cash from the International Monetary Fund it would be as near to bankrupt as a country can be.
The latest aftershock was felt in Britain this week when the holding company Baugur, with stakes in a string of British high street chains, went into administration. The group, which has major shareholdings in House of Fraser, Iceland, Hamleys, and Mappin & Webb, collapsed with debts of more than £1 billion. The future of 3,500 stores and some 50,000 jobs is in doubt.
However, the turmoil engulfing Iceland's economy is far from evident on arriving at Keflavik airport, 40 minutes' drive from the capital, Reykjavik. The air is clean, the roads good and the houses that dot the stark volcanic landscape well maintained. The cars are big, too: four-wheel drives and high-end marques. But then the stories begin. The taxi driver on the Keflavik run was in his sixties, respectable, softly-spoken and, to all intents and purposes, bankrupt.
"I keep on working and pay what I can. The bank knows I can't do more. There is no point in shutting me down."
His tale is similar to thousands of others. He had needed a new car and went to his bank for a loan – Icelanders, for so long a frugal people dependent on fish and agriculture, have become as addicted to debt as the British. His lender suggested using a "currency basket", made up of different strong currencies, to buy a secondhand Cadillac from America because the krona was weak. The little currency had suffered from volatility in the past but no one predicted what came next. In October, the banking system imploded under the weight of an enormous mountain of debt. The three big banks had boasted assets many times the size of the country's GDP, but their liabilities were of a similar order. When the government nationalised the banks, it was left with liabilities in excess of $60 billion (£40 billion), more than three times GDP. The krona nose-dived and borrowers like the taxi driver woke up one cloudy morning to discover that, in krona terms, their loans had doubled in size. With the krona effectively dead, the country has been forced to seek the shelter of a bigger currency – probably the euro. >>> Neil Tweedie | Saturday, February 7, 2009
The Dawning of a New Dark Age (Paperback & Hardback) – Free delivery >>>
January 22, 2009
THE TELEGRAPH: Iain Martin says the Prime Minister hasn't 'saved the world' and now faces disgrace in the history books
They don't know what they're doing, do they? With every step taken by the Government as it tries frantically to prop up the British banking system, this central truth becomes ever more obvious.
Yesterday marked a new low for all involved, even by the standards of this crisis. Britons woke to news of the enormity of the fresh horrors in store. Despite all the sophistry and outdated boom-era terminology from experts, I think a far greater number of people than is imagined grasp at root what is happening here.
The country stands on the precipice. We are at risk of utter humiliation, of London becoming a Reykjavik on Thames and Britain going under. Thanks to the arrogance, hubristic strutting and serial incompetence of the Government and a group of bankers, the possibility of national bankruptcy is not unrealistic. >>> By Iain Martin | Wednesday, January 21, 2009
The Dawning of a New Dark Age (Paperback & Hardback) – Free delivery >>>
October 08, 2008
THE TELEGRAPH: The Icelandic government has seized the country's second-largest bank and pleaded with Russia to hand it a £3bn life-line loan in order to stave off "national bankruptcy" as it continued to come to grips with its harsh new economic realities.
Prime Minister Geir Haarde rushed emergency measures through the Nordic nation's parliament to nationalise Landsbanki and give the country's largest bank, Kaupthing, a £400m loan to bolster its balance sheet.
Landsbanki has been put into the control of the Icelandic financial regulator to prevent the meltdown of the country's financial system, triggering the collapse of its popular internet savings arm Icesave.
Mr Haarde confirmed that he was sending a delegation to Iceland's "new friend" Russia to negotiate a £3bn capital injection into the country's finances, after the country's traditional Western allies refused to help the collapsing banking system.
The loan from Russia will be used to shore up the Icelandic krona, which tumbled by 30pc on Monday, rather than the country's two nationalised banks, Landsbanki and Glitnir.
However it was reported that Iceland chose not to seek the help of the International Monetary Fund, a suggestion allegedly first made by Japan.
The Icelandic krona has now been pegged at 131 against the euro as an emergency measure and the stock exchange has banned short-selling of bank shares.
The new manager of Landsbanki, Halldor Kristjansson, placed part of the blame for the nationalisation of the bank on savers trying to withdraw their money from Icesave, which has 300,000 British customers with a collective £4bn of savings.
Asked about the run on Icesave, Mr Kristjansson said: "That by itself caused additional problems on top of everything else. There are so many interwoven factors. That wasn't the main problem, although it was very big." Financial Crisis: Iceland Nationalises Bank and Seeks Russian Loan >>> By Rowena Mason, in Reykjavik | October 8, 2008
Watch BBC video: Iceland Looks to Russia for Loan: Icelandic Prime Minister Geir Haarde has confirmed that the country is to hold talks with Russia over a loan to stabilise the troubled banking system. >>> | October 8, 2008
Watch BBC video: Iceland Guarantees Accounts: Iceland's government is to offer an unlimited guarantee for all bank customers' savings accounts. Hugh Pym reports >>> | October 8, 2008
Watch BBC video: Financial Fears in oceland: Iceland's government is to offer an unlimited guarantee for all bank accounts, following fears about savings.
Members of the public, Editor-in-chief of t24 Óli Björn Kárason, and Vilhjálmur Bjarnason, who is the leader of the shareholders union, talk about financial problems in their country. >>> | October 8, 2008
The Dawning of a New Dark Age – Dust Jacket Hardcover, direct from the publishers (UK) >>>
The Dawning of a New Dark Age – Paperback, direct from the publishers (UK) >>>
September 15, 2008
TIMESONLINE:
Banks Pump in £30bn as Lehman Goes Bust >>> By Christine Seib, Suzy Jagger in New York | September 15, 2008
TIMESONLINE:
Analysis: 'Black Monday' Threatens London >>> By Martin Waller | September 15, 2008
LE FIGARO:
Lundi noir à la Bourse de Paris : L'indice parisien a perdu 3,78% après l'annonce de la faillite de Lehman Brothers. Les valeurs bancaires accusent le coup. >>> Par A Panizzo | 15.09.2008
WELT ONLINE:
Finanzkollaps: Der schwarze Montag der großen Banken: Zwei der größten Investmentbanken der Welt sind am Ende: Lehman Brothers in den USA ist pleite, Merrill Lynch aufgekauft. Die Turbulenzen in Amerika haben weltweit Folgen. Weitere Milliardenlöcher könnten sich auch bei deutschen Banken auftun. Bundesregierung und Finanzkontrolleure sind alarmiert. >>> | 15. September 2008
THE TELEGRAPH:
THE TELEGRAPH:
Dow Jones Slides as Lehman Bankruptcy Prompts Frantic Trading: Markets on Wall Street endured a frantic opening as the Dow Jones Industrial Average tumbled 300 points following the collapse of Lehman Brothers.
As traders moved to bail out of financial stocks and close out positions with Lehman Brothers, investors looked on nervously to see the extent of the damage following one of Wall Street's most dramatic weekends in decades.
After 20 minutes of trading, the Dow appeared to be heading lower, down 293 points at 11,126, with bank shares and other financials taking the hardest hit. >>> By James Quinn, Wall Street Correspondent | September 15, 2008
BBC:
It’s Like a Massive Earthquake: The mood was sombre as Lehman Brothers staff at Canary Wharf in London came to terms with an uncertain future after their company became the latest victim of the credit crunch >>> By Vanessa Barford, BC News, Canary Wharf | September 15, 2008
The Dawning of a New Dark Age – Paperback (US) Barnes & Noble >>>
The Dawning of a New Dark Age – Hardcover (US) Barnes & Noble >>>
Subscribe to:
Posts (Atom)