CITY MOVES Who’s switching jobs July 6, 2009 BDO Stoy HaywardThe accountancy firm has hired three new partners to its London business restructuring team. Danny Dartnaill joined BDO in 2003 and has recently been involved in high-profile restructurings in the retail and asset management sectors. Nick Goldstone, who joined the firm in 2002, specialises in the leisure and hospitality sector, while insolvency practitioner [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 29, 2009 FINANCIAL TIMES BT’S PENSION SCHEME TO HOLD LESS IN EQUITIESThe BT Group Pension Scheme had only enough money at the end of 2008 to pay about 57 per cent of promised benefits if the telecommunications company were to become insolvent, and said it intended to pare back sharply its future investments in equities in the [...]
Commerz CEO says finances require no aid June 28, 2009 COMMERZBANK has suffered setbacks in its operating business in June but the bank’s finances are solid enough to do without further state aid, according to the bank’s chief executive Martin Blessing. This month’s slippage had been preceded by a calmer May, Blessing is quoted as saying in an interview with Handelsblatt due for publication this [...]
Deloitte ends Setanta’s run June 23, 2009 ACCOUNTANCY firm Deloitte was called in yesterday afternoon to act as administrator of Setanta Sport, ending weeks of speculation over the future of the Irish pay-TV broadcaster. “After a huge effort by the Setanta board, management team and its backers, it has not been possible to save the Great Britain (GB) business, which will be [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 18, 2009 FINANCIAL TIMES GLENCORE WEIGHS UP FLOATATIONGlencore, one of the world’s largest private companies had held preliminary talks with bankers about an initial public offering as it reviews its partnership structure, to a person familiar with the company. While an IPO is not is not considered imminent, a move into the public spotlight would mark a [...]
Morgan Stanley in Keydata interest June 15, 2009 MORGAN Stanley, the US investment banking giant, has joined a growing list of parties expressing interest in buying collapsed structured product provider Keydata. The bank already offers its own structured products to UK investors through the Morgan Stanley IQ brand, but it is thought to be keen to snap up the £2.8bn of assets Keydata [...]
Insolvent Arcandor refuses to rule out seeking state aid June 11, 2009 ARCANDOR, the insolvent German retailer and majority owner of travel agent Thomas Cook , may seek further state aid from Berlin, economy minister Karl-Theodor zu Guttenberg said yesterday. “It is not to be ruled out that there will be another request for state in the proceedings which are still ongoing. That would not be extraordinary [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 10, 2009 FINANCIAL TIMES RIKSBANK BORROWS €3BN FROM ECBThe European Central Bank (ECB) stepped in yesterday to help avert a Baltic financial crisis by lending €3bn (£2.6bn) to the central bank in Sweden, whose banks dominate the region’s financial sector. The ECB move signalled the Frankfurt institution’s willingness to shore up official European help for countries such [...]
LEHMAN CASH PROVES HARD TO RECLAIM June 9, 2009 JAMES COILEYPARTNER, COILEY NINE months have passed since the collapse of Lehman Bothers. Yet many investors in its Special Purpose Vehicle (SPV) platforms are still waiting for their money. Disputes relating to these trades are now hitting the courts in earnest in both London and New York. The transactions are variations of “repackaging” structures. At [...]
Buyers eye Thomas Cook stake June 9, 2009 SHARES in holiday operator Thomas Cook yesterday jumped by 10 per cent to 235p despite the collapse of its majority shareholder Arcandor, on the back of bidder speculation. City A.M. understands that Germany’s leading tour operator Rewe is one of several potential bidders interested in snapping up Arcandor’s 52.8 per cent stake. It expressed an [...]