Venator, the Huntsman spinoff that holds the family-owned business’s former titanium dioxide activities, has filed for protection from creditors under U.S. Chapter 11, Chemanager Online reported. The company, which is U.K.-registered but managed from the U.S. state of Texas, said it hopes to exit chapter 11 within approximately two months. CEO Simon Turner said Venator has reached agreement with the “overwhelming majority” of its lenders and noteholders on the terms of a comprehensive recapitalization plan that would equitize nearly all of its funded debt and strengthen its balance sheet.
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Mizuho Financial Group Inc. will buy U.S. M&A advisory firm Greenhill & Co Inc. for $550 million including debt, the companies said on Monday, as Japan's No. 3 lender eyes a bigger share of the world's largest investment-banking fee pool, Reuters reported. The $15-per-share offer represents a premium of 121% to Greenhill's last closing price. Its shares had dropped nearly 40% over the 12 months till Friday's close as high interest rates weighed on dealmaking activity.
Some Hong Kong-based staff with U.S. consultancy Mintz Group have left the city after the firm's Beijing office was raided by Chinese police in March, according to two sources with direct knowledge of the matter, Reuters reported. Investigations by Chinese authorities into Mintz, as well as U.S. management consultancy Bain & Co and mainland consultancy Capvision Partners, have sent a chill through companies that deal with China, with many unclear where red lines stand as Beijing prepares to introduce stricter anti-espionage laws in July.
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China's securities watchdog on Thursday said that it was willing to work with its counterparts in the United States to promote regulatory cooperation on audits and safeguard the rights and interests of global investors, Reuters reported. The China Securities Regulatory Commission (CSRC) was commenting a day after a U.S. accounting watchdog said that it found unacceptable deficiencies in audits of U.S.-listed Chinese companies. The China Securities Regulatory Commission (CSRC) was commenting a day after a U.S.
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A U.S. accounting watchdog found unacceptable deficiencies in audits of U.S.-listed Chinese companies performed by KPMG in China and PricewaterhouseCoopers in Hong Kong, the government agency said on Wednesday, Reuters reported. The U.S. Public Company Accounting Oversight Board (PCAOB)published the findings of its inspections after gaining access to Chinese company auditors' records for the first time last year following more than a decade of negotiations with Chinese authorities. That access kept roughly 200 China-based public companies from potentially being kicked off U.S.
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A U.S. court of appeals has granted Venezuela a temporary stay preventing six companies from joining a proposed court auction of shares in a Citgo Petroleum parent to enforce judgments for past expropriation of assets, Reuters reported. Since March, creditors including a unit of O-I Glass, Huntington Ingalls Industries, ACL1 Investments, Koch Minerals and mining firms Rusoro Mining and Gold Reserve, have been granted rights to seize shares in the parent of Venezuela-owned refiner Citgo, PDV Holding.
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Argentina is seeking new easing of targets in its $44 billion deal with the International Monetary Fund and faster payouts, and is pushing to get key IMF members the United States and Brazil to support it, Reuters reported. The country is expected to return to talks with the IMF on Thursday over amending the deal, which has come under strain amid a historic drought that has battered the country's key cash crops soy and corn, a senior economy ministry official said.
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A British Columbia company has filed for bankruptcy in the U.S., GlobalNews.ca reported. Known for creating engineered wood products, also known as mass timber, Structurlam of Penticton announced on Monday that it had entered into a purchase agreement to sell all of its assets in B.C. and Arkansas for US$60 million. Mass timber is wood that’s been glued or laminated together, then digitally cut out in various shapes, sizes and lengths. Those custom pieces are then shipped and precisely assembled on-site.
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In the latest official scrutiny of a prominent American business in China, the authorities visited the Shanghai offices of the U.S. management consulting firm Bain & Company this month to question its employees, the New York Times reported. In a written statement, Bain said that it is “cooperating as appropriate with the Chinese authorities,” but declined to comment on the nature of the investigation and whether its employees’ phones and computers had been seized during the visit.
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Richard Branson's Virgin Orbit Holdings Inc and its subsidiaries in the United States filed a chapter 11 bankruptcy plan with the U.S. Bankruptcy Court for the District of Delaware, the company said in a statement on Wednesday, Reuters reported. Earlier this month, Virgin Orbit filed for chapter 11 bankruptcy protection after the satellite launch company struggled to secure long-term funding following a failed launch in January.
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