Switzerland

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Credit Suisse to Buy Back $6 Billion in Qatar, Saudi Debt

Credit Suisse Group AG plans to buy back about 5.9 billion francs ($6 billion) of debt issued after the financial crisis to the Qatar Investment Authority and Saudi Arabia’s Olayan family to cut funding costs, Bloomberg News reported. The bank will redee ...

Daily Headline - global.abi.org - 08/29/2018 - 00:35 - 0 comments

Ex-Banker Pleads Guilty in Venezuela Money-Laundering Case

A former Swiss banker has pleaded guilty in Miami federal court to helping launder $1.2 billion of money embezzled from Venezuela’s bankrupt state oil company in a scheme that involved close relatives of a Venezuelan official, The Wall Street Journal ...

Daily Headline - global.abi.org - 08/27/2018 - 00:52 - 0 comments

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

Aryzta Looking for Dough as Bakery Business Falls Flat

There’ll likely be no cake to celebrate the 10th birthday this month of Irish-Swiss baker Aryzta. It is probably looking to raise some dough. In the week following July 31st, the end of its financial year, about €200 million was wiped off its value, Th ...

Daily Headline - global.abi.org - 08/12/2018 - 22:08 - 0 comments

Swiss Battery Maker Leclanché Announces Debt Restructuring

Swiss battery manufacturer and energy storage company Leclanché has negotiated a debt restructuring with its shareholders and, in a press release issued this morning, warned further measures may be required to shore up its balance sheet, pv magazine repo ...

Daily Headline - global.abi.org - 07/18/2018 - 00:00 - 0 comments

Switzerland: Current projects and new laws

In Switzerland, there are currently two new insolvency- related legislation projects in the pipeline. One project intends to amend the current international insolvency law of Switzerland and to facilitate the recognition of foreign insolvency proceedings ...

Resource Article - twallace@abiwor... - 06/29/2018 - 09:28 - 0 comments - 1 attachment

Credit Suisse to Get $385 Million in Lehman Bankruptcy Claim

Credit Suisse will get $385 million from its bankruptcy claim against Lehman Brothers Holdings, the Swiss bank said on Wednesday, less than the $1.2 billion it sought from the failed U.S. investment bank for terminated derivatives transactions, Reuters r ...

Daily Headline - global.abi.org - 06/13/2018 - 23:47 - 0 comments

Let's Watch the Swiss Get Radical and See What Happens

This Sunday Swiss voters will decide whether to try what may be the boldest financial experiment ever contemplated — dismantling their orthodox banking system and building a new one based on so-called sovereign money, or Vollgeld. The proposal is probabl ...

Daily Headline - global.abi.org - 06/06/2018 - 22:24 - 0 comments

Credit Suisse Is Near Lehman Derivatives Settlement

Credit Suisse AG is closing in on an agreement to settle a $1.2 billion derivatives demand against bankrupt Lehman Brothers Holdings Inc., reducing the claim to $385 million, according to a person with knowledge of the matter. The settlement would end a ...

Daily Headline - global.abi.org - 05/29/2018 - 23:40 - 0 comments

Swiss 1MDB Investigation Turns to PetroSaudi Officials

Swiss prosecutors have launched criminal proceedings against two officials at PetroSaudi International Ltd. related to alleged dealings with Malaysian state investment fund 1Malaysia Development Bhd, an escalation of the Swiss probe that started nearly t ...

Daily Headline - global.abi.org - 05/01/2018 - 22:57 - 0 comments

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