Bankruptcy News
Pamodzi koes tot Woensdag

27 Maart 2009

(Sake24) - Pamodzi Gold het Vrydag ’n likwidasie-aansoek vir sy Vrystaatse bedrywighede tot minstens Woensdag afgeweer.

Dieselfde krediteur wat die hooggeregshof verlede week suksesvol gevra het om Pamodzi se Orkney-myn voorlopig te likwideer, het Vrydagoggend met die goudmaatskappy geskik en die nuwe likwidasie-aansoek laat vaar. Vier ander eisers het egter toegetree met verdere eise teen Pamodzi se President Steyn-myn in die Vrystaat, sê mnr. Johan Engelbrecht, ’n insolvensie-kenner van die vakbond Solidariteit.

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South Africa: Directors Warned About Trading While Insolvent

17 March 2009

JOHANNESBURG (Business Day) — DIRECTORS need to keep a careful watch on the financial status of their companies and make sure they are not trading in insolvent circumstances.

According to recent liquidation figures, the South African economy is going to be placed under considerable pressure in the months ahead.

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GM gets some wind behind its sails

17 March 2009

Bloomberg - General Motors, fighting off bankruptcy speculation as it relies on $13.4 billion (R134 billion) in US loans, was gaining momentum after saying it could survive through March without $2 billion more in aid, its top finance executive said on Monday.

"The first two months of results show that we've got some wind behind our sails here," GM chief financial officer Ray Young said on Friday.
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GM auditors raise bankruptcy alarm
09 March 2009
DETROIT (Wheels24.co.za) - General Motors Corp on Thursday said its auditors had raised "substantial doubt" about its ability to survive outside bankruptcy if it fails to stem its losses and stop burning cash.

The "going concern" warning from the struggling US automaker had been expected, but underscored the stakes for GM as it seeks up to $30 billion in US government aid to restructure outside a court-supervised bankruptcy process.

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Opel 'should consider insolvency'

6 March 2009

GERMANY (BBC News)

German carmaker Opel should consider entering insolvency, the country's interior minister has said.

Modern insolvency law was "not set up for the destruction but for the preservation of economic assets", said Wolfgang Schaeuble.

The comments came as executives from Opel and its parent General Motors (GM) met government officials and promised more details on a restructuring plan.

Opel has calling for a cash injection from Germany to help its survival.

But Mr Schaeuble said that insolvency was a better option for Opel than relying on a state handout - and that such a move would not mean that it would have to go bust.

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