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Articles about Debt

2e2 debt recovery specialist finds... £2,000 in six months

The administrator of 2e2 has recouped just a tiny fraction of the debts owed to the integrator, a Progress Report has revealed. FTI Consulting took control of the company's affairs January '13 in the well-documented collapse. By March last year, it had struggled to recover one-tenth of the £43m on the debt ledger at its …
Paul Kunert, 12 Feb 2014

Fairfax shovels another $250m into buying BlackBerry debt

BlackBerry backer Fairfax Financial is set to buy another $250m of its convertible debentures, which should give the ailing mobile firm a much-needed shot in the arm. The companies said that Fairfax's generosity was part of an additional debenture option as part of BlackBerry's successful placement of $1bn worth of debentures …
Sony Rolly

Moody's eyes up Sony's debt: Hmm... junk? Bam! Shares drop 11%

Sony shares plunged 11 per cent in Tokyo overnight while ratings agency Moody's has placed the Japanese firm's debt on review for a downgrade that could take it to junk status. Sony said yesterday it was cutting its full-year profit forecast by 40 per cent after another disappointing quarter in tellies and game consoles. The …
The Register breaking news

Ha ha, Osborne, these Gov 2.0 web wranglers have wiped out UK debt

"A digital revolution, masterminded by a team of dress-down civil servants, could save the taxpayer billions," The Times newspaper gushed on Tuesday. And behold: it already has. The UK has apparently paid off its national debt years ahead of Chancellor George Osborne's predictions. Alas, it's no miracle, but an infographics cock …
Team Register, 31 Jul 2013
closed_sign shut down under collapsed liquidation

Dell shuts down channel biz Cheriton over unpaid debt

IT reseller Cheriton Computers has been wound up by US giant Dell over an unpaid five-figure debt. Alton-based Cheriton - which is a Lenovo Premium Business Partner, Microsoft small-biz specialist and Dell registered dealer - celebrated its ten-year anniversary this month, but it won't be toasting an eleventh. A winding-up …
Paul Kunert, 18 Apr 2013

US House Republicans: 'End net neutrality or no debt ceiling deal' – report

Republicans in the US House of Representatives are reportedly including blockage of net neutrality among their laundry list of demands tied to the passage of an increase the government's debt ceiling. This news comes courtesy of National Review Online, which reports that it received the outline of the GOP bill, which "originated …
Rik Myslewski, 26 Sep 2013
2e2

Channel biggun 2e2 dragged to county court over £14,000 debt

Reseller-cum-integrator 2e2 has been handed a County Court Judgment (CCJ) over the late settlement of a £14,000 debt. The CCJ lodged at the Northampton County Court's money claims centre must be resolved inside 30 days of 15 September. Failure to do so means the debt is not scratched off the register even after it's been paid …
Paul Kunert, 21 Sep 2012
The Register breaking news

Irish national telco gets 100 days to escape €4bn debt hell

The Irish courts have stepped in to protect the country's largest telco from creditors after the firm careered €4bn into debt. A judge yesterday granted Eircom 100 days' grace to restructure its balance-sheet busting debts. This is the biggest such move in Irish corporate history. Eircom, the country's biggest broadband, …
Anna Leach, 19 Apr 2012
The Register breaking news

OFT warns wallet-raiding debt collectors over web ads

Debt management companies have been warned over their use of the internet and social networking when promoting themselves or their services to consumers. The Office of Fair Trading (OFT) said the firms risk losing their consumer credit licences if they offer misleading information to consumers through the mediums. The regulator …
OUT-LAW.COM, 27 Mar 2012
The Register breaking news

Debt collectors warned off pursuing punters on Facebook

Debt collectors should not be allowed to chase people who owe them money on social networking sites, including Facebook and Twitter, the UK's Office of Fair Trading has said. The OFT issued new guidance today that warned banks, law firms, tracing agents and debt collectors that using social networks to track down debtors was " …

Debt hangs heavy on Stone: Yes we make PCs. For the public sector

Stone Computers would appear to be caught between a, er, rock and a hard place: it specialises in building PCs for the public sector, both areas of industry that have fallen on hard times of late. The general PC market has been in continual decline since the second half of 2010 and austerity measures brought in by the coalition …
Paul Kunert, 22 Oct 2013
The Register breaking news

Obama drops Twitter bombs on debt-ceiling foes

The US debt-ceiling legislative dogfight ratcheted up a notch on Friday morning when President Obama's campaign staff launched a Twitter-bombing run on US legislators. Shortly after Obama made a short statement in which he urged Americans to "make a phone call, send an email, tweet; keep the pressure on Washington," @BarackObama …
Rik Myslewski, 29 Jul 2011
The Register breaking news

Debt-management biz may be barred from Facebook etc.

Debt management companies could be prevented from contacting consumers through social media after a regulator review revealed "widespread problems with misleading advertising". In a draft update to its debt management guidance, now out for consultation, the Office of Fair Trading (OFT) warned that using social media such as …
OUT-LAW.COM, 02 Sep 2011
The Register breaking news

Troubled Game wins reprieve on debt, mulls axing more stores

Game Group has been given a reprieve by its lenders, but the retailer may have to sell its overseas stores to secure it. After a dismal Christmas, Europe's biggest video game retailer admitted that it was going to have issues meeting its debt commitments and paying the £80m rent on its 1,274 shops worldwide, and immediately went …
Fraud image

Dragons' Den man and co-CEO to work for FREE at loss-making Outsourcery

Outsourcery bosses Piers Linney and Simon Newton are relinquishing their salaries for the next 12 months in a bid to save the loss-making cloudy biz £500,000, the company told the stock market today. The desperate duo’s act is part of measures to find £4.5m in funds to keep the wolves from the door in the medium term, a move …
Paul Kunert, 14 Aug 2014
Slow downloads

Brits STUNG for up to £625 when they try to cancel broadband

Thousands of Brits are being slapped with costly cancellation fees worth hundreds of pounds when they try to switch broadband providers, the Citizens Advice charity has warned. The group found that the average cost of extricating oneself from a rubbish broadband deal was £190, but customers had been handed out fees of up to £625 …

Maplin Electronics sold for £85m to Rutland Partners

Electronics retail chain Maplin has been sold to a private equity firm for £85million - just a third of what it was acquired for a decade ago. Rutland Partners has snapped up Maplin and promised to use "change, restructuring and investment" in the pursuit of profitable growth. In a canned statement, Nick Morrill, managing …
Paul Kunert, 27 Jun 2014
money trap conceptual illustration

Dodgy payday loan ads make up 83% of cases probed by UK's FCA

The majority of cases under investigation by the Financial Conduct Authority now involve online adverts for "cheap" credit services, the regulator has said. Some 80 per cent of the cases it has launched in the past four months involve firms that offer financial products over the internet or through mobile phones. All in all, …
Jasper Hamill, 14 Aug 2014
Sorry we're closed

Samsung supplier halts assembly line amid child-labor probe

Debt collectors are literally circling the factory of a Chinese supplier to Samsung, where the assembly line remains halted following allegations that it hired underage workers. Samsung, which claims to have a "zero tolerance policy on child labor," said in a statement last week that it had temporarily suspended its relationship …
Neil McAllister, 21 Jul 2014
US spectrum map

Judge: Odds of bankrupt Lightsquared sorting itself out are 'zero'

Bankrupt wireless company LightSquared is hoping to submit a restructuring plan that its creditors can agree with by this Friday, although the judge in the bankruptcy case thinks it's unlikely the firm will get everybody on board. In a hearing yesterday, LightSquared's attorney said the company was aiming to file a …
Huawei E586

Three daddy Hutch has no interest in O2

Three network owner Hutchison Whampoa has ruled out making a bid for O2 in the UK. Hutchison agreed to take O2 Ireland off Telefonica's hands last year. The €850m deal is currently pending a final session of horse-trading before approval at the EU level. In an interview with the Telegraph, Three UK's CEO Dave Dyson said "We don …
Andrew Orlowski, 01 Apr 2014
2e2

Berkshire bigboy 2e2 in the pink - apart from crushing debt burden

Integrator 2e2 recorded steep losses in calendar 2011 caused by crippling interest repayments, discontinued operations and restructuring costs, but despite all this, some progress was made in the underlying operations. The privately held Berks-based firm, which pushed out the numbers in a glossy annual report, made a net loss of …
Paul Kunert, 29 Jun 2012

Azzurri Communications still losing MEELLIONS

Azzurri Communications is not out of the woods yet judging by its recently filed results and the stringent banking covenant tests to which its management must adhere. It has been a turbulent couple of years for the comms and tech integrator: its seven strong banking syndicate was forced to write off £282m in debts; veteran sales …
Paul Kunert, 08 Apr 2014
Dell logo in crosshairs

US court: Dell can't hound debtor with robocalls to her mobile

US mobile phone users can stop companies from contacting them using automated dialling systems, an appeals court said in a ruling against Dell. The Third Circuit Court of Appeals, reversing a lower court decision, sided with Ashley Gager, a Dell customer who complained that the firm hounded her with 40 calls in less than three …
pantech pc-2800... and friends

Korea’s third biggest phone maker faces $180m OBLITERATION

Troubled Korean handset manufacturer Pantech's stay of execution is drawing to a close as its creditors take action over the firm's 480bn won ($475m, £277m) financial black hole. The mobile networks might bail Pantech out in order to have a rival for LG and Samsung. However, Korea Business reports that the networks are looking …
Simon Rockman, 04 Jul 2014
The Register breaking news

IBM gorges on cheap debt for share buybacks, acquisitions

IBM sometimes behaves like a bank, and sometimes like a private equity firm. Sometimes it even behaves like an IT vendor. This week, in selling $1bn in debt for doing acquisitions, Big Blue is behaving like a private equity firm. The debt is being sold between Monday and Thursday this week and pays out 2 percent on 30 November, …
The Register breaking news

LightSquared pays off $56m debt with Brit biz Inmarsat

Troubled wannabe mobile broadband operator LightSquared has settled with its only significant debtor Inmarsat, although it still lacks any plan to pay back its own investors. LightSquared has paid off the British satellite business to the tune of $56.25m (£35m). In return, for the next two years Inmarsat won't collect its …
Bill Ray, 23 Apr 2012
Empty phone battery

Phone charging log helps to convict murderer

An Australian man has been convicted of murder after mobile phone metadata describing when the device was connected to a charger was tabled as evidence. Alison Baden-Clay disappeared from her Brisbane home on April 19th, 2012. Her body was found in a nearby creek 11 days later. Her husband, Gerard Baden-Clay, claimed he was …
Simon Sharwood, 16 Jul 2014
Violin

Vodafone dodges UK corporation tax bill - AGAIN

Mobile carrier Vodafone defended its financial arrangements today as it coughed to yet another legal dodge of UK corporation tax payments by asking Brits to have some sympathy over the huge debt mountain it is sitting on. The multinational justified its actions by saying it was continuing to pump big sums of cash into Blighty by …
Kelly Fiveash, 18 Dec 2013
channel_teaser_exit

Brit IT slinger Azzurri's CEO quits to spend more time with family, less time with the M25

Troubled south-coast UK comms integrator Azzurri has confirmed CEO Vim Vithaldas will step down for "family reasons" in July. The veteran exec was brought in by the banking syndicate that owns Azzurri in December 2011 after previous boss Mark Quartermaine left for Capita ITS – but it was a choppy couple of years at the top. The …
Paul Kunert, 29 Jan 2014
ARA_LIbertad

EMC boss Tucci’s last battle: Stopping a forced VMware selloff

With Joe Tucci, EMC head honcho, set to retire on February next year, the very last thing he wanted was an attack by one of the biggest, baddest activist investors of all: Paul Singer’s Elliott Management. Elliott has communicated to EMC that it has a $1bn investment in its shares and would like VMware spun off so that EMC …
Chris Mellor, 22 Jul 2014
management regulation1

LightSquared backer sues FCC over spectrum shindy

US hedge fund Harbinger Capital Partners is suing the US government - and specifically the Federal Communications Commission (FCC) - according to the Wall Street Journal (paywall), for its part in the demise of optimistic wireless broadband network LightSquared. The network filed for Chapter 11 bankruptcy last May after the FCC …
Simon Rockman, 14 Jul 2014

Japan makes Prius palatable with road map to hydrogen cars

Japan has outlined a 25-year roadmap to get hydrogen-powered cars onto its roads, hydrogen-powered machinery into its factories and fuel cells into millions of homes. The nation's Ministry, for Economy Trade and Industry, recently outlined the plan, which has three phases. In the first, the nation aims to commercialise a …
Simon Sharwood, 04 Jul 2014

Ah ha, mon amour violet ... French Iliad attempts to nibble on T-Mobile US

French telco Iliad has made a surprise offer to acquire a majority stake in mobile carrier T-Mobile US, though the bid may have already been shot down. Following multiple press reports, Iliad confirmed it was indeed making an offer to buy out a 56.6 per cent stake in T-Mob US. "The US mobile market is large and attractive," the …
Shaun Nichols, 01 Aug 2014

SynoLocker Trojan crime gang: We QUIT this gig

A ransomware Trojan gang appears to be moving on, and has offered to sell its remaining decryption keys in bulk for 200 BTC ($103,000, £61,500). Cybercrooks behind the recent SynoLocker Trojan – which targets the network attached storage devices manufactured by Synology – have apparently decided to cash out on their ill-gotten …
John Leyden, 14 Aug 2014
Picture of the Miss Piggy puppet

NBN CO told to pretty itself up for bankers by 2017

Australia's NBN Co, the company building the once-FTTP now-“multi-technology model” National Broadband Network (NBN), has been given a deadline: look sexy to private investors by 2018. That's when the government has decided it will cease funding the network in any way, with last night's federal budget setting down the financial …
Love

Dell's channel love-in: We've picked 500k accounts (from direct reps' garden)

With Valentine's Day on the way, Dell is showing more love to the channel by rewarding direct sales reps who push up to half-a-million customer accounts to partners. The move is happening first Stateside where Cheryl Cook, newly crowned worldwide queen of Dell channels, told channel mag CRN US that it is hoped the move will fuel …
Paul Kunert, 07 Feb 2014
management cio2

Brit IT veteran Kelly takes job at investment advisory firm

A British tech biz veteran and former bigwig at integrator Logicalis UK, Tom Kelly, has landed at mid-market M&A and debt advisory firm Livingstone. He joins Livingstone as IT and managed services sector advisor to help further boost its presence in Blighty's tech space, perhaps a sign of the local market's improving fortunes. …
Paul Kunert, 09 Oct 2013
SOURCE:  http://www.sxc.hu/browse.phtml?f=view&id=1412135

Leaky channel tanker Phoenix IT Group: It's steady as she goes

Investors received no nasty surprises in a trading update from leaky channel tanker Phoenix IT Group as the turnaround plan plotted by the latest exec at the helm remains on course. The infrastructure and managed services outfit said in an interim management statement covering 1 April until 11 August that trade is “broadly in …
Paul Kunert, 12 Aug 2014
Parliament House Canberra by Flickr user OzMark17 used under CC Share and Share alike licence

Australia targets software maintenance costs with Drupal plan

Software maintenance costs Australia's government will today hand down its annual budget, a document that is expected to result in the closure and/or merger of around 70 government agencies as part of an austerity drive designed to reduce government debt. Those left standing after the resulting “machinery of government changes …
Simon Sharwood, 13 May 2014
management mobile6

Sources: Azzurri coughs £1m to end O2 call centre spat

Azzurri has settled a seven-figure dispute with O2 after a financial spat erupted over a Glasgow call centre it runs on behalf of the telco, well-placed sources have told The Channel. Under the multi-year outsourcing agreement, Azzurri - an O2 Centre of Excellence partner - was paid a fee to run a support desk for O2's small biz …
Paul Kunert, 05 Nov 2013

Azzurri exec set have a brand new CEO: Former BT bigster Chris Jagusz

Ailing integrator Azzurri Communications has charged former SSE Telecoms boss Chris Jagusz with revving up the stalling motor when he returns well oiled from a, er, "summer break". The start date for Jagusz was not specified by his new employer but he will take over from chairman Steve Andrews who is to become interim CEO from 8 …
Paul Kunert, 29 May 2014
Porsche 918 Spyder

Vodafone buys into Internet of Stuff, sinks fangs into Cobra

Vodafone has announced that it is going to buy the Italian machine-to-machine company Cobra, which does a brisk business in stolen vehicle tracking. Cobra has done well out of the slip in Tracker’s market share and counts many of the major European car manufacturers – including Porsche – among its customers. The firm started …
Simon Rockman, 17 Jun 2014

Paragon Group consumes tits-up print house Service Point

Specialist print biz Paragon Group has acquired Service Point UK, saving the jobs of "more than" 400 staff less than a fortnight after it was placed into administration. Directors at loss-making Service Point, Michael Barton-Harvey and Clayton Lee, called in the receivers on 24 April, according to a filing at Companies House …
Paul Kunert, 06 May 2014

Dr Dre's Beats plans to drop HTC, hook up with rich mate – report

Beats Electronics is reportedly looking to ditch its HTC partnership and bring in a new investor with fresh funds instead. The maker of the popular Beats by Dr Dre headphones, which is branching out into speakers, car audio systems and online music streaming, wants to find a new investor that will help the business grow, people …

HP Simplivity buyout rumours: Could it be worth HALF a BILLION?

HP is said to be in talks to buy Simplivity, a startup whose main offering is the Omnicube converged server/storage/networking systems. The Omnicube is a so-called hyper-converged system, designed from the ground up to eliminate the data centre chaos of independent server, storage and networking products that have to be …
Chris Mellor, 10 Jun 2014
Measuring up Apple

Will Apple's $130bn cash infusion keep investors onboard?

Apple may be cash-rich, but it's in a product-release quiet period – which may be why it's accelerating its efforts to return capital to its investors in the forms of steadily increasing dividends and a more aggressive stock-repurchase program, and will again "access the debt markets" to pull it off. You'd think that with $150. …
Rik Myslewski, 25 Apr 2014

Bitcoin or bust: MtGox files for bankruptcy protection

Ailing Bitcoin exchange MtGox has filed for bankruptcy protection after admitting it did indeed "lose" 750,000 of its customers' Bitcoins along with 1000,000 of its own – together worth about £283m. Lawyers for the digital funny money dealer told Tokyo District Court that MtGox had debt of ¥6.5bn yen (£38.1m, $63.8m). MtGox …
Jasper Hamill, 28 Feb 2014
management project5

Your CIO is now a venture capitalist and you work at their startup

Chief Information Officers are about to start behaving like venture capitalists, complete with an “I don't care if nine things I try fail so long as one goes really well” mentality. And what's more, their bosses will love it when they do so. That's one of the findings from consultancy Deloitte's 2014 Tech Trends report, released …
Simon Sharwood, 27 Feb 2014
Derisive laugh

'Netflix bitch': CEO of vid-streaming site taunts HBO chief over results

Over-the-top video streamer Netflix finished the year with over 43 million subscribers, almost all of whom pay, the company reported yesterday. Netflix recorded revenue of $1.1bn in Q4 2013, including its legacy DVD-by-post business, and a slender net income of $48m. It's still going for growth, though, with 10.93 million …
Andrew Orlowski, 23 Jan 2014