Headlines

Fiat quietly ended its effort to market cars in the United States a quarter-century ago when the last of its vehicles to carry the Fiat nameplate, the 1983 Brava sedan, drove off a dealer lot. They had stylish exteriors and responsive handling, but Fiats were notoriously unreliable. This time around, the Italian automaker is hoping to make a more favorable and lasting impression on American consumers, with much-improved, fuel-efficient cars that could roll off the assembly lines of its new partner, Chrysler, in as little as 18 months, The New York Times reported.
Read more
The embattled Babcock & Brown has suffered a further blow with the resignation of four members of its board of directors, including managing director and chief executive Michael Larkin and chairman Elizabeth Nosworthy, Money Management reported. Currently in voluntary administration, BBL notified administrators Deloitte Touche Tohmatsu yesterday of the resignations of Larkin, Nosworthy and directors Roger Handley and Geoffrey Martin, effective April 29. Two company secretaries also resigned earlier this month.
Read more
Indebted Austrian car parts maker Polytec (POLV.VI) said on Thursday it had struck a deal in principle with its creditor banks to stave off a looming insolvency, Reuters reported. The group, creaking under €345 million ($459 million) of net debt, part of which was taken on to buy German peer Peguform last year, said it would present details of the plan after approval by all parties. "The goal in negotiations with the involved banks ... was to ensure the continuity of the Group without insolvency," Polytec said in a statement.
Read more
The number of people declared insolvent could top 150,000 this year, industry experts warned today, as figures showed a record 19,026 people were declared bankrupt in England and Wales during the first three months of this year, The Guardian reported. The Insolvency Service figures showed bankruptcies up 23.4% on the same period last year and 0.5% higher than in the last quarter of 2008. The number of people declared insolvent, which includes those entering into individual voluntary arrangements (IVAs) with their creditors as well as bankruptcies, was up 19% year-on-year to 29,774.
Read more
The company behind the golf club at Pauanui Lakes Resort has gone into liquidation bringing into question whether the course will continue to operate, The National Business Review reported. Lakes Resort Golf and Country Club, which operates the golf course, and a second company Pauanui Lakes Properties were put into liquidation at the High Court at Auckland today following applications from Inland Revenue. A lawyer for BNZ asked that the bank’s application as a supporting creditor be withdrawn.
Read more
The court-appointed liquidator for Clico Bahamas Ltd., a Bahamian life and health insurance company owned by one of the largest financial conglomerates in the Caribbean, has filed a Chapter 15 bankruptcy petition seeking permission to investigate the company's U.S. assets, including at least $70 million Clico invested in several South Florida real estate developments, Bankruptcy Law360 reported.
Read more
Chrysler LLC is expected to file for bankruptcy protection in the United States by the end of the week and the Canadian and Ontario governments will jump in to help backstop the company with financing that will enable it to keep making and selling cars while it restructures, sources said. The bankruptcy filing is expected even though a deal by Fiat SpA to create a strategic alliance with the No.
Read more
Pakistan’s corporate regulator will introduce an insolvency law by July to enable companies hit by the economic downturn to be revived or taken over, Bloomberg reported. “There’s a national emergency,” Salman Ali Shaikh, chairman of the Islamabad-based Securities & Exchange Commission of Pakistan, said in an interview in Karachi yesterday.
Read more
The insolvency administrator overseeing the restructuring of a German affiliate of Lehman Brothers Holdings Inc. has petitioned a federal bankruptcy court for protection of the investment firm’s assets in the United States, Bankruptcy Law360 reported. The Frankfurt-based company listed over $1 billion in assets and liabilities. Dr. Michael C.
Read more
Austral Pacific Energy Ltd. agreed today with the group's senior secured creditor, Investec Bank (Australia) Limited, to the appointment of a receiver to Austral Pacific Energy Ltd., the publicly traded Canadian corporation, and two of its New Zealand subsidiaries, Austral Pacific Energy (NZ) Limited and Totara Energy Limited, the company announced in a press release. Investec is owed approximately US$16.8 million, which amount is now due for payment due to the expiry of the previously announced standstill arrangements.
Read more