Companies going bankrupt/into administration

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fuzzy
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Post by fuzzy »

Some money launderers are struggling:

https://www.zerohedge.com/news/2019-06- ... edemptions

Note that liquidity was troubled by Kent county council asking for their loot. You can't make this crap up any better.
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adam2
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Post by adam2 »

Another report on the same fund may be found here.
https://www.bbc.co.uk/news/business-48506032

The troubled investment fund are reported to be a major investor in Kier group whose share price has recently plummeted.
The investment fund state that the decline in Kier group shares is not the reason for the ban on withdrawals from the investment fund.
A cynic might suspect a connection.
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cubes
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Post by cubes »

As I understand it he's heavily invested in pretty illiquid AIM type companies that he can't easily get out of without giving the shares away, hence suspending redemptions.
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BritDownUnder
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Post by BritDownUnder »

The famous banknote and passport maker De La Rue appears to be having difficulty making either. They have lost the contract to make the Blue post-Brexit UK passports to a French-Dutch company.

Apparently the also made some money for Venezuela but are having trouble making any money out of the deal.

As people say you could not make this sh1t up.

Not yet bankrupt but...

Profit warning check.
CEO departure check.
Losing business check.
Bankrupt ?

More like Danny La Rue than De La Rue.
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raspberry-blower
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Post by raspberry-blower »

BritDownUnder wrote:The famous banknote and passport maker De La Rue appears to be having difficulty making either. They have lost the contract to make the Blue post-Brexit UK passports to a French-Dutch company.

Apparently the also made some money for Venezuela but are having trouble making any money out of the deal.

As people say you could not make this sh1t up.

Not yet bankrupt but...

Profit warning check.
CEO departure check.
Losing business check.
Bankrupt ?

More like Danny La Rue than De La Rue.
Yet another outsourcer company heading for bankruptcy.
Carillion and Interserve have already bitten the dust.
Kier - whose share price resembles a passable impression of a fat bastard doing a bungee jump but with no bungee rope attached. (As noted by Ken, the CEO of bankrupt Carillion is now on board at Kier. This does not bode well)
Also in the construction sector, Galliford Try are not in a great shape either.

Then there is the case of Centrica - whose share price has been on a similar trajectory to Kier.

Capita are not out of the woods either.

So much for the Private Sector always does things better mantra.
A common mistake that people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools - Douglas Adams.
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careful_eugene
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Post by careful_eugene »

William Hill struggling due to limits being lowered on fixed odds betting machines. This is actually quite a positive story. https://www.bbc.co.uk/news/business-48868335
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Lurkalot
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Post by Lurkalot »

Seems the holiday companies are suffering too. Still plenty more about for those wishing to spend a fortnight sat around with strangers in their underwear

https://www.independent.co.uk/travel/ne ... 35166.html
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Post by raspberry-blower »

A common mistake that people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools - Douglas Adams.
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BritDownUnder
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Post by BritDownUnder »

The British Steel bandwagon/debacle continues to roll with the UK government putting in 300 million pounds as a sweetener for the Turkish Military Pension Fund to buy it for 80 million pounds. No points for guessing who got the better part of that deal. While this particular 'white knight' in the form of a pension fund may appear to be unusual there are many cases of a pension fund taking over a former public company - Thames Water springs to mind which was taken over by a consortium including some Canadian pension funds. CALPERs is also a big investor. A lot of pension funds take the long view and are therefore probably quite good for a company in distress. However this particular entity may be able to offer British Steel management some unique incentives to improve productivity.
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fuzzy
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Post by fuzzy »

I understand the US pensions funds are totally underfunded being based on mad forecasts for bond yields which have been wrong for 20+ years.

Who remembers forgemasters asking the gov to help develop nuclear reactor vessel forging [something usefully niche] and getting nothing?
fuzzy
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Post by fuzzy »

DX private postal service can't be long for this world, they are totally unreliable. Kept afloat by bullshitters like legal firms.
fuzzy
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Post by fuzzy »

Just thinking 3 posts up - isn't boris's family Turkish - interesting?

Also in that article link above - if liberty steel want arc melting at Scunthorpe, what about their existing inland sites? Rotherham runs 1 out of 3 arc melting furnaces, with 1 as a spare and 1 as a sparespare. Stocksbridge is in the middle of the moors and will go the way of Consett back in the 70s. We can't be a big steel exporter unless our leccy bill is less than other countries who don't give a stuff about greenwash.
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BritDownUnder
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Post by BritDownUnder »

fuzzy wrote:Just thinking 3 posts up - isn't boris's family Turkish - interesting?

Also in that article link above - if liberty steel want arc melting at Scunthorpe, what about their existing inland sites? Rotherham runs 1 out of 3 arc melting furnaces, with 1 as a spare and 1 as a sparespare. Stocksbridge is in the middle of the moors and will go the way of Consett back in the 70s. We can't be a big steel exporter unless our leccy bill is less than other countries who don't give a stuff about greenwash.
Everything in foreign policy is related if you dig down enough. Perhaps if Boris does the Turkish deep state a favour then they may help us in the middle east somehow. I heard the Turks are good friends with Qatar so maybe that will lead to something. or getting that British flagged, Swedish owned and multinational Ukrainian/Filipino/Croatian crewed oil tanker released.

An interesting story from the Newspaper that has great difficulty selling err... newspapers, that explains how the British rail industry relies on British Steel's just in time delivery of rails and how foreign rails have to be shipped in less than 60 metre sections which are too short.
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fuzzy
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Post by fuzzy »

A good photo of the dismantling of some of consett from a brilliant industrial site:

http://southpelawjunction.co.uk/wp/wp-c ... 24x682.jpg
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BritDownUnder
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Post by BritDownUnder »

fuzzy wrote:A good photo of the dismantling of some of consett from a brilliant industrial site:
You would almost think the place had been bombed, or even nuked.
G'Day cobber!
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