Oceania

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Pumpkin Patch Owes ANZ Bank $59.5 Million

Pumpkin Patch owes its bank nearly $60 million and its unsecured creditors another $13.2m. A receivers' report by Brendon Gibson and Neale Jackson of KordaMentha shows the children's clothing company, which was put into receivership in October, ...

Daily Headline - global.abi.org - 12/27/2016 - 22:48 - 0 comments

Chow Brothers Buy Fire Business From Receivership To Protect Loan

Millionaire property magnates the Chow brothers have been forced to buy a fire services company to protect a bank loan they bought earlier this year, Business Day reported. Michael and John Chow, with their business partner Clint Webber, made a quick ...

Daily Headline - global.abi.org - 12/15/2016 - 19:58 - 0 comments

Payless Shoes To Close 132 Stores After No Buyer Was Found For Collapsed Retail Chain

All 132 stores in the Payless Shoes network will close by February 2017, after administrators for the retail chain were unable to find a buyer for the business as a whole, SmartCompany.com.au reported. Administrators from Ferrier Hodgson said on Wednesda ...

Daily Headline - global.abi.org - 12/14/2016 - 22:42 - 0 comments

Australian Banks Admit Attempted Cartel Conduct

Two of Australia’s biggest banks have agreed to pay a combined fine of 15 million Australian dollars (€10.5 million) after admitting to attempted cartel conduct aimed at rigging the benchmark rate for the Malaysian ringgit, the Irish Times reported. ...

Daily Headline - global.abi.org - 11/27/2016 - 18:13 - 0 comments

Arrium's Moly-Cop Sold For $1.23 Billion To Private Equity Firm

Insolvent Australian industrial group Arrium Ltd's U.S. based Moly-Cop division has been sold to private equity firm American Industrial Partners for $1.23 billion, two sources close to the deal said, ending a drawn out sale process, Reuters reporte ...

Daily Headline - global.abi.org - 11/03/2016 - 20:34 - 0 comments

Australia Flags China’s Debt Mountain As Risk To Stability

China’s growing debt mountain poses a risk to Australia’s financial stability, a senior politician has warned, just weeks after the continent celebrated a quarter century of growth without a recession. China is Australia’s largest trading partner, accoun ...

Daily Headline - global.abi.org - 10/31/2016 - 18:43 - 0 comments

Australia Flags China’s Debt Mountain As Risk To Stability

China’s growing debt mountain poses a risk to Australia’s financial stability, a senior politician has warned, just weeks after the continent celebrated a quarter century of growth without a recession. China is Australia’s largest trading partner, accoun ...

Daily Headline - global.abi.org - 10/30/2016 - 17:10 - 0 comments

Wynyard Group In Voluntary Administration

Software company Wynyard Group has been put in voluntary administration. KordaMentha partners Neale Jackson and Grant Graham have been appointed administrators of the company, which creates security software for use by companies and law enforcement agenc ...

Daily Headline - global.abi.org - 10/24/2016 - 20:33 - 0 comments

Student Loan Borrowers Seeking Bankruptcy As Millions In Debts Wiped Due To Insolvency

Overseas graduates declaring themselves penniless are among the 483 debtors whose $18 million in students loans have been wiped by bankruptcies, Stuff.co.nz reported. Inland Revenue has revealed the latest figures as the amount owed by student loan defau ...

Daily Headline - global.abi.org - 10/02/2016 - 23:38 - 0 comments

Australia Celebrates 25 Years Since Last Recession

Australia marked 25 years without a recession in the second quarter, another step closer to the Dutch record for the longest developed-economy expansion of recent decades, The Wall Street Journal reported. The economy grew 0.5% in the second quarter from the first and by 3.3% from a year earlier—the ...

Daily Headline - global.abi.org - 09/07/2016 - 20:50 - 0 comments

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