Monthly Archives: November 2015
Texas Longhorns football legend and Longhorn Network character Vince Young has launched about his fights with the NFL, submitting for bankruptcy and a host of other topics in an interview forIn Depth with Graham Bensinger.
Weve got a couple of excerpts from the piece, which well highlight for you here.
It appears Chapter 11 might have been a short-term misstep for Haimark Line.Less than a week after submittingdeclaring bankruptcy security, business authorities say the business is about to strike the rewind button.Haimark Line Ltd. submitted in the US Bankruptcy Court for Colorado on Oct. 30, pointing out an unsolved insurance claim coming from the June 19 accident involving its only ship, the 210-passenger St. Laurent. The ship crashed into the lock walls attempting to travel through the St. Lawrence Seaway on among its very first cruises.The ship was in drydock for repair works for a month and 4 St. Lawrence
River-based cruises were cancelled.The insurance claim concern is with Clipper Cruises, the owner of the St. Laurent, as an outcome of
the accident.Haimark points out significant financial obligations owed consisting of $782, 772 to Haimark Ltd., an affiliated river cruise company
;$642,057 to Fleetpro, which runs the ships hotel operations; and$582,531 owed to Clipper Cruises.Company officials expect the Clipper claim to be dealt with by Friday, which would enable them to rescind the bankruptcy filing.As for those holding tickets
for future cruises, the cruise line says that for now, all cruises all going on as planned consisting of a Cuba winter cruise out of Miami and a series of summer season cruises sailing Northeast waters of New England, the St. Lawrence and The Fantastic Lakes.The cruise line is continuing to take reservations on sailings through 2017.
A number of readers have actually asked for additional information about the effect of Australian laws on Peabody Energy Corporation (NYSE: BTU) declare bankruptcy in the United States I just recently wrote a short article about how laws were influencing the value of BTU, Arch Coal Inc. (NYSE: ACI), and Alpha Natural Resources Inc. (OTCPK: OTCPK: ANRZQ). Because short article I stated that I did not think that BTU would file bankruptcy due to the fact that of Australian Corporations Act of 2001.
Under Chapter 5 of the Australian Corporations Act of 2001, an insolvent business goes into administration. Present management is changed by a designated administrator, who can not have any association with the business, to handle the company. This is various than In the United States where current management is generally provided a special time periodperiod to draw-up a re-organization plan. Throughout administration, the company either enters into liquidation or deeds of business arrangement -DOCA-where a settlement is concurredconsented to by lenders. Management of Peabody Energy would lose control of their Australian operations, which represented 39 % of 2014 of the companys revenue.Besides the elimination of
management in Australia, there are other concerns with Australian law that could affect BLU not to filedeclare bankruptcy.First, customers deserve to end agreements unlike
in the United States where agreements are still enforceable under Sec 365 (e )( 1)of the United States Bankruptcy Code. For example, a consumer would deserve to cancel a yearly contract for the purchase of thermal coal from the Australian operations that is priced above the current market cost. This arrangement in the Australian administration law might put numerous of their contracts in risk of being ended. Second, in the US many companies after submittingdeclaring Ch11 organize to obtain new
funds with debtor-in-possession-DIP -loans. These DIP loans have a priority claim over other debt. There are no DIP loans when companies remain in administration in Australia. Brand-new loans have the same priority status as other debt. (I guess Australians figure that too much debt got them in difficulty in the very first location so why make it easier to released much more debt.) This might cause severe liquidity issues.Third, Peabody Energy owns their Australian operation as investors of an Australian holding business, PEAMCoal Pty Ltd, which has the previous Macarthur Coal Ltd(BTU paid about$ 4 billion for Macarthur in 2011)It only has the assets/liabilities of their Australian operations indirectly although they are revealed on a combined basis on Peabody Energys balance sheet. With just investor status it is extremely hard to estimate how much payment BTU would get, particularly due to the fact that of the low top priority rank shareholders have. Keep in mind, the administrator would manage PEAMCoal and not the shareholder-Peabody Energy Inc.This is from the Australian Federal government Corporations and Market Advisory Committe comparing Australian insolvency laws to the US Chapter 11. Some the listed distinctions could likewise affect BTU and any consideration for declare bankruptcy.In theory BTU could get in Ch 11 in the US without entering into administration in Australian, however realistically that would be almost difficult due to the fact that the following: First, it is not likely that a United States federal
bankruptcy judge would accept BTU exiting Ch 11 under a re-organization strategy where one of the largest possessions that represented 39 % of 2014 total company revenue, PEAMCoal, remains in such weak financial condition and had actually not been reorganized. In order to leave Ch 11 a business needshas to be sensible and have a strategy that is not most likely to be followed by the liquidation or the need for additional financial reorganization of the debtor or any successors of the debtor under the plan (Area 1129( a)(11 )of the Bankruptcy Code )Second, vendors and contractors/sub-contractors of the Australian operation may become uneasy about providing products and services if their United States parent business is in bankruptcy. They could require pre-payment or payment concurrently as work is carried out at the mines. This would further squeeze cash.Third, a creditor/securities holder could bring litigation to tryaim to force the Australian operations into administration.Some have asserted that considering that both Australia(in 2008)and the US(in 2005)have adopted the UNCITRAL Model Law that covers cross-border insolvencies, that the entire bankruptcy concern might come under the jurisdiction of a United States Bankruptcy Court. Yes in theory it could, but more than likely would not because of
Australian political reasons.The Model Law was developed by United Nations Commission on International Law to help with a more effective approach to deal with cross-border bankruptcies. Up until now the law has been utilized by business that have minor operations in other nations to enable the main place to have international main procedures over the insolvencies and to enableenable orderly
liquidation.The Model Law has actually likewise been used to business that are included in one country but practically all their assets and operations are in another country-centre of main interest. The place of these operations and assets would have jurisdiction to settle the bankruptcy. For example, Buccaneer Energy Limited was included in Australia but mostthe majority of their possessions and operations were in the United States An US Bankruptcy
Court chose that it had jurisdiction and Australia agreedconsented to let the United States manage the case.It is incredibly unlikely the Australian government will enable the Peabodys Australian bankruptcy problems to be decided by a United States court due to the fact that: * The Australian operations are big-$ billions * PEAMCoal owns the former Macarthur Coal Ltd, a previous independent Australian coal mining business. The Australian operations are not just a collection of small companies. * The problems that requirehave to be resolved include hot political issues: workers pay/pensions and ecological mine reclamation. These local problems are too essential to be decided in a foreign court. There is the fear in Australia that a United States Ch
11 re-organization strategy would include decreases in
employees pay/pension/healthcare, which is not permitted under Australian administration laws. * Australia brought litigation relating to a foreign wind-up that was making use of the Model
Law in a Cayman Islands, Ackers v Saad. They asserted that the foreign primary case did not properly safeguard Australian interests.If BTU files for bankruptcy in the United States and went into administration in Australia it will be extremely tough to develop a re-organization plan in the United States up until it is known how much(if any )cash/new stock would be paid to PEAMCoals shareholder-Peabody Energy. In addition, I would anticipate cross-border litigation from interested celebrations. It could take a very long time up until BTU would lastly leave Ch 11. Conclusion Due to the fact that of Australian laws I am not anticipating BTU to submitapply for bankruptcy, but if in the unusual event it does, financiers might be extremely negatively
impacted-including secured/senior bond holders. Buying the financial obligation securities at current costs provides very impressive yields. One of the reasons that they yields are so high is that some investors are anticipating BTU to filedeclare bankruptcy. Financiers must consider buying these financial obligation securities at current prices if they agree with my analysis that BTU will not submit for bankruptcy.(Present and historic bond rates are available on FINRA.org) BTU
requires restructuring and management requireshas to be more creative in deleveraging. Possible alternatives could consist of: stock purchase rights offers, participation in the Wyoming Industrial Revenue Bond Program, bond open-market repurchases, asset sales, extreme cuts in management pay, and sale-lease back of assets.
Welcome back to Behind Closed Ovens, where we take an appearance at the bestthe very best and strangest stories from inside the food industry. This week, we have actually got stories of clients who defy all logic and factor. As always, these are real emails from actual readers.
Kinja user Shop-Teacher:
I provided for a chain sandwich location throughout college. It was in fact at the “business flagship” location. The shop itself was small and nothing special, however the owner’s individual office was next door. At the time, at least, it was the busiest place of them all.
I normally provided from 10pm-3am, and I got a shipment to the non-campus part of town on a reasonably slow night. The order was for a sandwich and a fountain drink. Before I go any further, you should know that the owner was a notorious cheapskate. We weren’t allowed to have a take-a-penny-leave-a-penny tray, for instance. If somebody left a cent, it went in the cash drawer. We likewise were not allowed to bring straws for the fountain beverages unless a client particularly requested for a straw when they put their order.
So I make my delivery, and the customer is an extremely attractive lady about my age who tipped me rather well. She will go within, when she asked me if the straw was in the bag. I sheepishly explained the asinine straw policy. She shrugged and said, “Well, that’s bullshit.” I concurred with her that it was, and said sorry. I went and made another delivery, and went back to the shop.
When I returned, my supervisor asked me if I had made a shipment to * insert typical forgotten name here. *
I told him, “I do not understandhave no idea, I never remember their names.”
“Something about a straw?”
“Oh yeah she called. She screamed my ear off for three or four minutes about it.” I was really stunned, due to the fact that she did not appear upset when I provided the food, however all of us got back to work.A couple minutes later on, she revealedappeared at the site. She marched approximately the counter with her drink. One of the girls behind the counter ducked down, because she thought the drink will get tossed on her. The other person at the counter managed to squeak out, “Can I assist you?” Myself and the manager were simply frozen in location, mouth agape.She shouted,”
I DESIRED A FUCKING STRAWWWW!!!!!!!!!” Then she grabbed a huge handful of straws, marched back out of the site, and sat in the car looking us down as she consumed her drink, one huge gulp-full after the next. I can still strongly see her cheeks pulsating as she drew that thing dry.We all just stood there in shocked silence, which my manager broke by saying, “Oh god, I just hope she does not have a weapon.” Fortunately, she left after she completed her drink.I began neglecting the straw policy after that, and the supervisor dutifully neglected my neglecting of said policy.
East St. Louis spending plan director Egzabia Bennett has actually just recently contacted the city to fileapply for bankruptcy, the third time in two years he has actually made such a recommendation.
“While this process may take a while, the city requireshas to accept the truth that we have contracts and liabilities that we can not afford, and that we can not realistically project any brand-new concrete earnings in the near future that would ease the burden of clearing at least a $7.5 million deficit where $2.7 million is exactly what’s neededhad to bring current expenditures in line with current revenues,” Bennett wrote in a memo to city leaders.
Illinois is one of a couple of states in the country where cities have extremely restricted authority to submit directly for bankruptcy. In March, the Illinois Home of RepsLegislature held a hearing on a proposed change that would authorize regional governments to file for bankruptcy, however the proposal has stagnated forward.
At the hearing, lawmakers also talked about alternate choices, including preventative measures to bankruptcy, such as the production of a protection authority to equip cities with the help and proficiency required to deal with debt without submittingapplying for bankruptcy.
When East St. Louis dealt with comparable monetary issues more than two decades20 years earlier, it was provided such assistance. In1990, the East St. Louis Financial Advisory Authority was created. It diagnosed the citys issues and developed short and long-lasting treatments, and the city eventually balanced its spending plans for 10 consecutive years.
After the city paid its debt in December of 2013, the Authority ceased to exist.
The following year, Bennett suggested the city apply for bankruptcy. The timeline is very telling for those who pushedpromoted protection authorities in March, like Laurence Msall, president of the Civic Federation.
“Illinois doesn’t truly have a mechanism for bankruptcy defense or a state oversight function in assisting governments avoid bankruptcy, or take action prior to filingapplying for bankruptcy,” Msall said.
However according to Msall, all towns, not just East St. Louis, would take advantage of defense authorities.
“Our suggestion is to produce a state municipal defense authority which would be readily available whenever towns find themselves in monetary distress. They can then access the competence of the state,” said Msall.
Msall proposes a standing state board, funded by the state, comparablemuch like that of Michigan and other states. The board would assist by evaluating their tax efforts, expenses, and financial obligations, and bring “sophisticated financial support” to cities dealing with monetary distress.
The proposition was presented and talked about in March, however according to Msall, “didn’t move really far or quick in the basic assembly.”.
Nevertheless, East St. Louis’s monetary distress points to larger problems in the state’s financial system, stated Msall.
“There are a number of issues that the state of Illinois might do making it far more transparent for exactly what, if any, process there could be for town bankruptcy in Illinois,” stated Msall.
“The Civic Federation does not promote for bankruptcy, or bankruptcy security for our regional governments, however we do think the process by which the state is included might be far more transparent and much simpler to access,” he stated.
Bennett decreased to talk about reasons for pressingpromoting bankruptcy this year.
International business automobile and building equipment bigwig Volvo has introduced its captive funding arm Volvo Financial Services India to offer its consumers in the nation much easier loans, leasing, maintenance and insurance coverage services.
Volvo # 39; s captive financing arm in India will operate under the names of Volvo Financial Services and Eicher Financial Service, serving clients of Volvo Trucks, Volvo Building Equipment, Volvo Buses, Eicher Trucks and Buses and Volvo Renta.
Volvo Financial Solutions is a global business, and belonging of the Volvo Group, we have a strong understanding of the usage of products made by the Volvo Group and VE Commercial Automobiles under the Eicher Trucks and Eicher Buses brands, and the industries in which our clients run in, stated Scott Rafkin, Global President, Volvo Financial Services.
Volvo Eicher Commercial Autos (VECV), which is now the sole company to market Volvo and Eicher branded products in the country, is currently the third largest industrial automobile producer in India. In 2014, VECV sold 36,000 trucks and buses.
The objective of Volvo Financial Solutions India is to become the leading financial service companycompany for buyers of Volvo and Eicher items in the nation. The captive financing group also anticipates its Indian arm to be amongst its top 10-15 markets internationally by 2018.
We take a look at the entirethe entire company cycle. We # 39; re not planning to fund one piece of building equipment or one truck. We # 39; re taking a look at constructing a relationship over the long term and support our end clients as they grow, stated John Rakocy, President of Volvo Financial Solutions, APAC.
Volvo Financial Solutions India will release at six areas at first – Delhi NCR, Bengaluru, Hyderabad, Chennai, Mumbai and Ahmedabad. While the company will also provide renting services, which is dominant international kind of vehicle funding, it expects loans to stay the staple in India.
LEXINGTON, Ky. (Nov. 12, 2015)– When Danelle Stevens-Watkins was completing her post-doctoral year as a visiting assistant professor 7 years back in therapy psychology at the University of Kentucky, she was exposed to something that would affect her entire profession trajectory.I saw a need I had actually never seen prior to, she said.While being mentored by Carl Leukefeld, professor
and chair of the UK Department of Behavioral Science, and Carrie Oser, associate professor of sociology and co-director of the Health, Society and Populations Program, Stevens-Watkins discovered through research study and scientific experiences about substantial health disparities in the African-American neighborhood, especially HIV and drug abuse.Its become a crisis in the African-American neighborhood, Stevens-Watkins
said.According to the Centers for Condition Control and Prevention, African Americans are the racial/ethnic group most influenced by HIV in the United States, and substance usage has actually been closely associated to the condition considering that the epidemic began.Individuals who are incarcerated are also at increased risk for acquiring and sending HIV, and African Americans are disproportionally represented in the
prison population. The Kentucky Commission on Human being Rights reported in 2010 that while African Americans comprise just 7.7 percent of the states population, 31.7 percent of the overall jail population in Kentucky is African American.To battle these health variations, Stevens-Watkins, now a certified psychologist and associate teacher in the UK College of Educations Department
of Educational, School, and Therapy Psychology, began research on them. And not just to collect information that could yield vital findings, but to test a new method of helping incarcerated men.She is presently leading a National Institute on Substance abuse(NIDA )funded job studying mental health, HIV risk and drug use amongst African-American male detainees at
Blackburn Correctional Complex in Lexington and Luther Luckett Correctional Complex in Lagrange, Kentucky, specifically those who will quickly reenter into the community.The neighborhood re-entry period can be a stressful time for jailed males, putting them at danger for compound use conditions, mental health problemsillness, and HIV danger behaviors, Stevens-Watkins said. Many
of the guys we have interviewed have never been tested for HIV.In April, Stevens-Watkins and her research study assistants started performing interviews with around 200 men reentering into Fayette County and Jefferson County or arranged to appear before the parole board within the next 90 days
. Only they were not asking the questions. Rather, Audio Computer Assisted Self Interview(ACASI)software provides the questions, valuable when interviews consist of delicate subjects about mental health, drug usagesubstance abuse and threat behaviors.Sometimes, the information you receive from asking extremely personal concerns can be invalid she said. ACASI is a truly unique feature that needs to allow them to feel comfortable providing sincere responses, and if they require any assistance, somebody is still available.ACASI has also permitted males with literacy issues to get involved in
the research as the questions are provided through audio recordings rather of composed prompts.More just recently, Stevens-Watkins got the UK Center for Scientific and Translational Science( CCTS)Junior Investigator Award for a relevant job. The award is funding a pilot research within the NIDA research, and will check a new HIV prevention technique. During the permission process for the NIDA research, her group will ask those individuals if they are also thinking about participatingtaking part in the pilot study, which will involve around 80 individuals.Its truly neat due to the fact that of our relationship with Dr. Carl Leukefeld in the College of Medicine and Department of Behavioral Sciences, who has an enduring relationship with the Kentucky Department of Corrections, Stevens-Watkins stated. They are very enthusiastic about enabling us to come in and do this program.The CCTS pilot research, performed at Blackburn, will consist of 2 groups, the treatment as normal group, who will get mental health screeners and a fundamental HIV education component, and the intervention group, employing a brand-new prevention method.The mental health screeners will assess for signs of stress and anxiety, depression and post-traumatic tension disorder, which Stevens-Watkins notes is badly
undiagnosed among African Americans in general and particularly among African-American prisoners reentering the community.We hope that these mental health screeners will assist raise awareness, and we can really inform the participants that they do or do not fulfill the
requirements for particular mental health diagnoses, she said.Each participating person will have the alternative for complimentary HIV testing, a distinct aspect within itself as Kentucky does not require HIV screening for incarcerated people. Anybody participating in the NIDA moms and dad research will also have the choice for complimentaryabsolutely free HIV testing.For anybody that tests positive, we will counsel them, motivate them to look for services at the jail, and do any more treatment required, Stevens-Watkins stated. One of the factorsreasons this job is
so near and dear to my heart is that I am a certified psychologist, and it offers that chance to supply that support.As for the education part, Stevens-Watkins and her team will provide the most updated HIV education, accepted by NIDA and the Centers for Illness Control and Prevention, reviewing with individuals what HIV is and distinguishing it from AIDS; how HIV is sent; and ways to prevent direct exposure to themselves and others.Unlike the treatment as normal group, the intervention group will surpass the basic HIV education and for the very firstvery first time will implement culturally adapted Real Men Are Safe(REMAS-CA )workshops in
a jail. REMAS is a group-level, clinic-based behavioral intervention that has actually been revealed to lower HIV/STI risk, but Stevens-Watkins and her team will use a variation modified for African-American incarcerated men. To date, her research team has registered 40 guys in the CCTS pilot study.Theoretically, people have the basic knowledge of how HIV is transferred and how to protect themselves, however we see time and time once again that the knowledge doesn’t always translate into behavior change, she stated. So we are hoping that this particular culturally adjusted intervention could break that obstacle, taking culture into context, as opposed to using standard, universal HIV education.Three months after the participants are launched from Blackburn, Stevens-Watkins will follow-up with them, inquiring about drug usagesubstance abuse, mental health status, threat habits, and perform drug screenings and HIV testing.
From there, she will have the ability to see how effective the culturally adjusted REMAS prevention was compared to the basic education.Stevens-Watkins will also consider how practical it is to conduct these education and intervention sessions in a jail setting. If it is possible, her research might possibly change the entire reentry design for HIV prevention in high danger groups.This is my house so I feel an engaging passion to serve those here in my house state, as
a clinician and as a researcher, she said.MEDIA CONTACT: Whitney Harder, 859-323-2396,email@example.com!.?.!