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Switzerland's Belair Files for Insolvency

Belair Airlines has declared insolvency as of Wednesday, August 15, after talks with a prospective investor collapsed, ch-aviation reported. Under the new ownership of German investment firm SBC, the former airberlin group unit had, earlier this year, pl ...

Daily Headline - global.abi.org - 08/16/2018 - 22:35 - 0 comments

AQ/AQ Founder Looks to Carry on Trading Despite Filing for Insolvency

AQ/AQ when it appointed liquidators on July 4. Insolvency specialists AABRS were brought in to handle ... moratorium under rule 22.4 of the Insolvency Act to continue to part or whole of the business, including use ... Lingard was the managing director of AQ/AQ when it appointed liquidators on July 4 ...

Daily Headline - global.abi.org - 08/16/2018 - 22:37 - 0 comments

PwC Failed to Flag BHS Risks Ahead of Retailer's Collapse

PwC should have flagged significant doubts over the future of BHS in an audit that was completed just days before the now collapsed British retailer was sold for a token one pound in 2015, a regulator said on Wednesday. BHS, which was sold in 2015 by bil ...

Daily Headline - global.abi.org - 08/15/2018 - 23:02 - 0 comments

Italian Debt Hit by Fresh Sell-Off

The price of Italian government bonds dropped sharply on Wednesday afternoon in a renewed bout of selling amid wider woes for risk assets, the Financial Times reported. The yield on two-year Italian debt — which moves inversely to price — hit 1.435 p ...

Daily Headline - global.abi.org - 08/15/2018 - 23:12 - 0 comments

UK Retailer Homebase to Close 42 Stores, Affecting 1,500 Jobs

British home improvement retailer Homebase said on Tuesday it planned to close 42 stores, putting 1,500 jobs at risk, with new owner Hilco Capital seeking to reduce its cost base in a brutal trading environment, Reuters reported. Hilco acquired the strug ...

Daily Headline - global.abi.org - 08/14/2018 - 21:00 - 0 comments

Sports Direct Plans to Keep Most House of Fraser Stores Open

Sports Direct International Plc says it will continue to operate most of House of Fraser Ltd.’s 59 U.K. and Ireland department stores after rescuing the chain from near collapse, Bloomberg News reported. “Our aim is to keep at least 80 percent of the sto ...

Daily Headline - global.abi.org - 08/14/2018 - 21:04 - 0 comments

Croatia's Agrokor First-Half Core Earnings Jump

Croatian food producer and retailer Agrokor, which is in the process of being taken over by its creditors, reported a big rise in first-half core earnings on Monday, as cost cuts helped to offset lower revenues, Reuters reported. The largest private comp ...

Daily Headline - global.abi.org - 08/13/2018 - 22:58 - 0 comments

European Banks Exposed to Turkey’s Currency Crisis

Garanti Bank, which has a book value of €4.4 billion for BBVA, had $84 billion in assets as of June 30th. ...

Daily Headline - global.abi.org - 08/13/2018 - 22:59 - 0 comments

Ulster Bank Criticised for Selling €1.4 Billion of Distressed Home Loans to Cerberus

Opposition politicians and consumer advocates have criticised Ulster Bank for agreeing to sell a €1.4 billion portfolio of distressed Irish home loans to the US investment giant, Cerberus Capital ... for agreeing to sell a €1.4 billion portfolio of distressed Irish home loans to the US investment ...

Daily Headline - global.abi.org - 08/13/2018 - 23:03 - 0 comments

Air France KLM Shares Slump on Risk of Further Strikes

Air France KLM shares slumped on Monday after the airline’s biggest pilots union said over the weekend that there were risks of further strikes if pay talks with management did not resume, The Irish Times reported. Air France KLM shares were down 5.8 ...

Daily Headline - global.abi.org - 08/13/2018 - 23:04 - 0 comments

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