Serbia's printing house Stamparija Borba said that its general assembly endorsed a decision by the company's management to initiate bankruptcy proceedings, SeeNews.com reported. Belgrade-based Stamparija Borba stopped operating in April 2023, all employees were declared redundant, and the printing equipment was scrapped and cashed out, the company said in a filing with the Belgrade bourse on Monday. The government holds a 37.5% stake in Stamparija Borba, the state pension fund owns 31.5%, the state health insurance fund holds 12.7%, while the city of Belgrade has a stake of 8.2%.
Resources Per Country
- Albania
- Austria
- Belarus
- Belgium
- Bosnia and Herzegovina
- Bulgaria
- Croatia
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Gibraltar
- Greece
- Guernsey
- Hungary
- Iceland
- Ireland
- Isle of Man
- Italy
- Jersey
- Kosovo
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Macedonia
- Malta
- Moldova
- Monaco
- Montenegro
- Netherlands
- Norway
- Poland
- Portugal
- Romania
- Russia
- San Marino
- Serbia
- Slovakia
- Slovenia
- Spain
- Sweden
- Switzerland
- Ukraine
- United Kingdom
- Vatican City
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Swedish landlord SBB has launched a major overhaul of its debt structure as it prepares to fight a landmark litigation case against US hedge fund Fir Tree Partners in London next month, Bloomberg News reported. Samhallsbyggnadsbolaget i Norden AB, as the company is officially known, is planning to issue at least €1.7 billion ($1.8 billion) of new bonds that existing noteholders can exchange with their current securities.
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France has a debt problem, but the European Union in aggregate does not. French lawmakers last week ousted a prime minister for the first time in more than a half-century, the Wall Street Journal reported. Central to the paralysis that has gripped French politics is the government’s rising debt, which the ousted prime minister was proposing to tame through a combination of tax rises and spending cuts. It would seem like an unusual time for investment manager Pimco to declare its preference for European over U.S. government bonds.
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The Biden administration transferred $20 billion to Ukraine on Tuesday, providing an urgently needed economic lifeline in the form of a loan that will be repaid using interest earned from Russia’s frozen central bank assets, the New York Times reported. The transfer of the funds comes as Ukraine is facing a period of grave uncertainty with President-elect Donald J. Trump poised to take office next month and Russia’s war continuing unabated. Mr.
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Europe’s bid to build a homegrown battery industry to break China’s dominance in electric vehicles is failing, Bloomberg News reported. The most high-profile setback yet came with the Chapter 11 bankruptcy of Northvolt AB, a Swedish startup whose backers include Volkswagen AG and BMW AG. Fallout is spreading across the region as EV demand wanes and local manufacturers struggle to master the technology. Eleven out of 16 planned European-led battery factories have been delayed or canceled, according to a Bloomberg News analysis.
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Italy's Industry Minister Adolfo Urso announced a deal on Tuesday to avert 249 layoffs at suppliers to Stellantis, saying he hoped the breakthrough would help repair strained relations with the carmaker, Reuters reported. Stellantis and Italy's government have been at loggerheads for months, with politicians in Rome accusing Fiat's parent company and its CEO Carlos Tavares of neglecting historic Italian manufacturing sites and moving production abroad.
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A group of current and former Vodafone franchisees in the UK filed a legal claim against the company on Tuesday over alleged cuts to their commission payments and remuneration at short notice and with little to no explanation since 2020, Reuters reported. Some of the 61 claimants, who are seeking over 120 million pounds ($153.05 million), said in a statement that Vodafone's actions had caused them and their families severe financial and personal distress, including reaching the edge of bankruptcy.
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Banks have offloaded their debt exposure to Italian toymaker Giochi Preziosi SpA to alternative asset managers after getting engulfed in restructuring talks, Bloomberg News reported. Banco BPM SpA and UniCredit SpA have sold their Giochi Preziosi debt to DeA Capital, while Intesa Sanpaolo SpA offloaded its exposure to Sagitta SGR SpA, an Arrow Global-backed firm advised by Europa Investimenti. Giochi Preziosi has been in talks with lenders for months, after the majority of its roughly €250 million ($265 million) in debt came due earlier this year.
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The leader of Dudley Council has said "unpopular measures" will save his authority from the risk of effective bankruptcy, BBC.com reported. Patrick Harley told BBC Politics Midlands that a tough budget for next year would allow the council to build rather than deplete its reserves. But he accepted measures such as charging for green waste collections, scrapping free car parking and reducing staff numbers would be unpopular. The councillor's assessment comes five months after a review of the authority found "extremely limited" progress in dealing with its financial challenges.
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