Bankruptcy News
Home repossessions hit 12-year high
News - Latest

20 February 2009

LONDON (Reuters) - Forty thousand people lost their homes through repossession last year, the highest number since 1996 and analysts say the figures are only going to get worse as house prices slump and the recession takes its toll.

The Council of Mortgage Lenders said the number of home repossessions leapt by half in the three months to December compared with the same period in 2007 to 10,400, down slightly from 11,100 in the previous quarter.
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Implats to cut output as Platinum demand suffers
News - Latest
19 February 2009

JOHANNESBURG (Reuters) - South Africa's Impala Platinum, the world's No. 2 producer of the metal, is cutting production this year and will put off expansion plans as demand suffers from the global auto industry downturn. The market for platinum, used mainly to make catalysts that help clean car exhausts, has been hit as carmakers cut production in response to plummeting sales.
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Anglo further cuts AngloGold stake to 11.88 pct
News - Latest

19 February 2009

LONDON (Reuters) - Mining group Anglo American Plc has further cut its stake in South Africa's AngloGold Ashanti to 11.88 percent, according to a regulatory filing. Anglo sold around 5.1 million shares in AngloGold during February 9-18, reducing the stake from 13.3 percent, according to a document filed late on Wednesday with the U.S. Securities and Exchange Commission.



Based on the average share prices during that period, the sale would have totalled around $150 million. Anglo American, which is due to post annual results on Friday, said on Wednesday it had cut its stake in AngloGold to 13.3 percent from 16.3 percent by February 5, raising about $280 million. Analysts have said Anglo's $11 billion of debt will be in focus at the results presentation and the AngloGold share sales will help improve cash flow. Anglo has said it eventually plans to dispose of the remaining stake in AngloGold, the world's third-biggest gold company by production, to better focus on its core businesses of base metals, iron ore and platinum. Before it began reducing its holding in 2006, Anglo held a majority stake in AngloGold.


 
Trump Entertainment - Bankrupt?
News - Latest
17 February 2009
PHILADELPHIA (Reuters) - Trump Entertainment Resorts Inc, Donald Trump's casino group, is expected to file Tuesday for bankruptcy, The Wall Street Journal reported.

The company's board was scheduled to meet late Monday night to decide whether to authorize the filing, the newspaper reported in its online edition. Otherwise, the casino operator would be forced into bankruptcy involuntarily by creditors, the newspaper said.
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Mercedes-Benz lays off off 150 workers
News - Latest

16 February 2009

EAST LONDON (The Sowetan) - Mercedes-Benz SA has retrenched 150 workers at its East London plant, the vehicle manufacturer said on Friday.

“To minimise the impact on our employees as much as possible, we tried our best to be sensitive, without dragging out the process unnecessarily,” Johann Evertse, vice-president responsible for human resources and executive director, said.



Furthermore, to help employees who would ultimately receive voluntary retrenchment packages, Mercedes-Benz had put in place a number of support initiatives, Evertse said.

“An employment placement agency has been brought on site to assist these employees, free-of- charge, with professional guidance in preparing a CV, to provide face-to-face interviews with a consultant, to provide career advice and mentoring in preparing for interviews and to help with online job applications,” he said.

According to Mercedes-Benz, retrenchment has always been seen as a last resort.

Since the end of 2008 measures implemented at the company included working at adjusted production levels to maintain low inventory levels; an earlier year- end production shutdown; a cost efficiency program; a moratorium on employee appointments throughout the group; and an offer of voluntary early retirement or retrenchment. – I-Net Bridge


 
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