Business Events
Bankruptcy
BOSTON— The 171- year-old candy maker known for its chalky Necco Wafers and those little inscribed hearts that are everywhere on Valentine's Day was up for grabs in bankruptcy court Wednesday. "They're a crowd favorite," said Chris Baker, who sells Necco candies at his Old Country Store& Emporium in Mansfield, Massachusetts. Necco's court-appointed bankruptcy...
*Costs cut to 55 mln stg over 2 yrs vs 100 mln over 4 yrs. LONDON, May 23- PwC halved the estimated costs of winding up British brokerage Beaufort Securities on Wednesday, potentially boosting funds for hard-pressed mining companies and other clients that are expected to shoulder the costs. Beaufort, which specialised in helping to raise money for the junior mining...
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LONDON, May 23- PwC, administrator for collapsed British broker Beaufort Securities, said on Wednesday it had revised its estimate for the administration costs to 55 million pounds over two years from 100 million pounds over four years. Beaufort was declared insolvent in March after the U.S. Department of Justice named it as one of 10 defendants charged over its...
PARIS, May 23- French fashion house Carven, which dressed cabaret queen Edith Piaf, is filing for bankruptcy protection, a spokesman for the company, which employs 100 people, said on Wednesday. Annual sales plunged to 20 million euros $23.4 million) in 2017, half of the level in 2014, when the firm's artistic director left and its fortunes took a new turn for the...
A DOJ lawyer also revealed Tuesday that Eagan Avenatti defaulted on back taxes from another bankruptcy proceeding, the Times reported.
In March, allegations surfaced that Cambridge Analytica, hired by Donald Trump's 2016 election campaign, improperly used data of 87 million Facebook users.
The petition to file bankruptcy was submitted at the U.S. Bankruptcy Court Southern District of New York and was signed on behalf of Cambridge Analytica's board by Rebekah and Jennifer Mercer, daughters of billionaire Robert Mercer. Cambridge Analytica LLC listed assets in the range of $100,001 to $500,000 and liabilities in the range of $1 million to $10...
MUMBAI, May 18- Reliance Communications said it was in advanced talks with Ericsson to resolve "commercial issues," after two sources indicated it was currently uncertain if the firms' discussions over dues would lead to an out-of-court settlement. Earlier this week, India's bankruptcy court admitted a plea by the Swedish telecom gearmaker seeking insolvency...
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MUMBAI, May 18- Embattled telecoms firm Reliance Communications is in talks with Ericsson to reach a settlement outside of bankruptcy court over unpaid service dues, but a deal with the Swedish gearmaker looks unlikely for now, two sources said. India's bankruptcy court earlier this week admitted an insolvency plea filed by Ericsson against debt-laden RCom,...
May 18- Cambridge Analytica, the firm at the center of this year's Facebook privacy row, filed for voluntary Chapter 7 bankruptcy in a New York court late on Thursday. Cambridge Analytica LLC listed assets in the range of $100,001 to $500,000 and liabilities in the range of $1 million to $10 million. http://bit.ly/2rSb2ex. Cambridge Analytica and its British...
CAMBRIDGE ANALYTICA FILES FOR VOLUNTARY CHAPTER 7 BANKRUPTCY IN SOUTHERN DISTRICT OF NEW YORK- COURT FILING.
May 17- U.S. weapons manufacturer Remington Outdoor Co Inc said on Thursday it had emerged from Chapter 11 bankruptcy with less debt and more stable financing that may help it ride out a slowing market for firearms. Under the reorganization plan, inked two days before the Feb. 14 Parkland shooting, creditors including JPMorgan Chase& Co and Franklin Advisors will...
SAO PAULO, May 16- A U.S. bankruptcy court is set to hear a dispute involving Brazilian telecoms company Oi SA and major shareholder Bratel Brasil SA, Bratel said on Wednesday, as investor discontent with Oi's bankruptcy reorganization process shows no signs of abating. On Friday, Bratel, a subsidiary of Portugal's Pharol SGPS SA, which owns almost 28 percent of...
SAO PAULO, May 16- A New York court is set to hear a dispute involving Brazilian telecoms company Oi SA and major shareholder Bratel Brasil SA, Bratel said in a statement on Wednesday, as shareholder discontent with Oi's bankruptcy recovery process shows no signs of abating. On Friday, Bratel, a subsidiary of Portugal's Pharol SGPS SA, which owns almost 28 percent of...
MUMBAI, May 15- India's bankruptcy court on Tuesday admitted an insolvency plea filed by Sweden's Ericsson against Reliance Communications, potentially delaying the Indian firm's plans to sell assets to lighten its debt load. Like other incumbents in India's telecoms sector, RCom has been hit by a fierce price war over the last year, especially after the entry...
Toys R Us is putting its famous mascot, Geoffrey the Giraffe, on the auction block.
NEW YORK, May 14- An offer by Puerto Rico's biggest bondholder groups to settle a dispute covering about half the bankrupt U.S. territory's $71.5 billion in bond debt appeared dead on arrival on Monday, rejected by the island's federal financial oversight board. Under the current agreement between general obligation bondholders and so-called COFINA holders,...
Two big creditor groups have agreed to a deal that creates a trust to receive the island's sales tax receipts and pay them out to the bondholders
NEW YORK— The Rockport Group will sell its assets to private equity group Charlesbank under a bankruptcy plan as the shoemaker struggles to compete in a tougher retail market. The Newton, Massachusetts- based company filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for Delaware. Rockport was founded in 1971 as The Rockport Co. and eventually...
NEW YORK, May 14- An offer by Puerto Rico's biggest bondholder groups to settle a dispute covering about half the bankrupt U.S. territory's $71.5 billion in bond debt appeared dead on arrival on Monday, rejected by the island's federal financial oversight board. Under the current agreement between general obligation bondholders and so-called COFINA holders,...
