Articles about Debt

Money

Gleeful Apple and Microsoft bathe in bathfuls of debt

Tech giants have discovered an ingenious way to borrow money – assume debts nearly paid for by the lenders. Apple is reported to have raised 1.25bn in Swiss francs ($1.19bn) from two bonds that will mature in 2024 and 2030 with rates of 0.25 and 0.7 per cent. That means Apple will pay back almost zero interest to the bond’s …
Gavin Clarke, 11 Feb 2015
Sky 3D football

Sky bathes in cash - then adds FIVE BEELLLION to its debt mountain

Sky is successfully unbundling itself, or so it seems, and trying to fight off the twin assaults of telco giant BT breaking its live football stronghold in the UK and the emergence of over-the-top players such as Netflix. For the period covering the six months ended 31 December, the company formerly known as "BSkyB" had an …
Andrew Orlowski, 04 Feb 2015
hands waving dollar bills in the air

Dish, AT&T, Verizon's mobile broadband bids slash US debt by 0.13%

AT&T was the biggest spender in the auction for wireless broadband frequencies that closed yesterday – spending $18.2bn to get access to every corner of the US. Of the remaining $23.1bn spent by telcos, Dish Network was the unexpected second largest shopper with $13.3bn blown on spectrum licenses, followed by Verizon with $10. …
Kieren McCarthy, 31 Jan 2015

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 …
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
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

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
Twitter for Mac Old

Profitless Twitter: We're looking to raise $1.5... yes, billion

Twitter is planning to raise up to $1.5bn in its first debt offering since the company went public in November last year. Twitter said that some of the cash from the debt offering would go towards paying for these hedge transactions and the rest would be used for very vague “general corporate purposes”. The microblogging …
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 " …
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 …

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
Raphael's School of Athens

C'mon! Greece isn't really bust and it can pay its debts

Worstall @ the Weekend As I write we've just got the latest news that Greece has been saved from default, bankruptcy, being thrown out of the euro and everything is going to be lovely for The Men Without Ties. Which is, of course, lovely, but there really wasn't quite as much to worry about as people seemed to think. It could, obviously, all have gone …
Tim Worstall, 01 Mar 2015
troll

Anti-download biz sued for 'abusive' robo-call demands for money

Internet piracy hunter Rightscorp, which shakes down alleged copyright infringers for damages, has been accused of harassment, abuse and illegal debt collection. A class-action lawsuit [PDF] filed in California claims the business broke a load of US laws while making automated robo-calls accusing people of illegally downloading …
Shaun Nichols, 25 Nov 2014
Shaun of the Dead

We've made a profit, shouts Azzurri Comms. Yeah, 'made' is right

Azzurri Communications is out of intensive care now it has its debts under control but it still took a whopping £58m inter-company loan to turn a loss-making year into a profitable one, avoiding any board level blushes. The integrator majors on unified comms (UC) with Avaya and Mitel, and sells connectivity, security services …
Paul Kunert, 12 Feb 2015
Sorry we're closed

Failed would-be COMET saviour now FAILS to save his own biz

A creditors' meeting has been called for Lewisons Wholesale, an electrical retailer run by Clive Coombes, the man that tried and failed to resurrect the brand name of fallen UK High Street giant Comet. As revealed by the Register last month, Lewisons Wholesale was struggling to remain afloat and had notched up eight County Court …
Paul Kunert, 15 Dec 2014

Annodata consumes print services minnow STS

Hertfordshire-based Annodata has plucked print services minnow STS Ltd from relative obscurity to bolt onto its own division that operates in the same field. The buy fills a gap in the portfolio, namely large format specialised printing, adds nearly £3m in annual revenues and a customer base including William Hill, and several …
Paul Kunert, 17 Feb 2015
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

HTC débuts Desire Eye, 'GoPro-slapper' RE digital snapper

HTC doesn’t reckon it needs any funding next year or even the one after that, according to its chief financial officer, who spoke at the launch of HTC's Desire Eye, a new Android phone with a 13MP camera for "selfies". Chialin Chang told Reuters that the Taiwanese firm has no debt, $1.7bn in cash and isn’t worried about tapping …

We told you so! Daisy Group slurps up Damovo UK

Daisy Group has confirmed what our readers already knew – it has wolfed down unified comms specialist Damovo UK in its first deal since going private again less than a fortnight ago. West Sussex-based Microsoft and Cisco Gold badge holder Damovo is the former enterprise sales and services division of Ericsson. “With strong …
Paul Kunert, 02 Feb 2015
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
management cloud4

Axcient gets $25m injection, promises channel cash splurge

Cloud recovery service startup Axcient has new funding and aims to fully compensate its SaaS-selling channel partners up front. Axcient offers Recovery-as-a-Service (RaaS) from the cloud and has completed a $25m E-round funding exercise, taking total funding to $89.2m. Silver Lake Partners provided significant debt financing in …
Chris Mellor, 18 Feb 2015
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
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
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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
channel_teaser_exit

Azzurri waves bye-bye to more directors

Azzurri Communication is on the hunt for an ops director following the departure of David Du Toit, who we are told has returned to his native South Africa to embrace the joys of retirement. Du Toit pitched his tent at the south coast-based integrator in September 2012, brought in by former CEO Vim Vithaldas, who was himself …
Paul Kunert, 11 Feb 2015
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 …
Sorry we're closed

Gamma Global goes titsup after running out of cash

Manchester-based broker Gamma Global has shut up shop after running out of cash, The Channel can reveal. Creditors first spoke of their concerns about the short-term financial health of the business last week, and just yesterday more channel folk came forward to to say Gamma was unable to process orders. A post on the company’s …
Paul Kunert, 26 Feb 2015
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
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, …

UK biz Six Degrees puts up 'For Sale' sign outside corporate HQ

A sales process is under way at mid-market managed voice and data hosting biz Six Degrees, with a corporate financier appointed to sniff out interested buyers. Private equity backer Penta Capital is eyeing up the exit route four years after stumping up £60m to back the former management team at SpiriTel to execute a buy-and- …
Paul Kunert, 05 Feb 2015
channel_teaser_money_top

Hungry Advanced Computer Software gets swallowed for £725m

Acquisition-hungry Advanced Computer Software (ACS) has itself been acquired by private equity firm Vista for £725m. Vin Murria, chief executive of the healthcare and biz management software and services firm, said the deal would help ACS move to its "next stage of its growth". She said: "ACS' value has grown from £32m to £725m …
Kat Hall, 25 Nov 2014
RadioShack

Spavined RadioShack to file for bankruptcy next month – report

Ailing electronics retailer RadioShack is teetering ever closer to insolvency, reports claim, with a potential bankruptcy filing to come as soon as next month. Although RadioShack has not said that it plans to file for bankruptcy, the Wall Street Journal reports that Salus Capital Partners has already offered it $500m in …
Neil McAllister, 16 Jan 2015
Samba dancer

Community chest: Storage firms need to pay open-source debts

Storagebod Linux and *BSD have completely changed the storage market. They are the core of so many storage products, allowing startups and established vendors alike to bring new products to the market more rapidly than previously possible. Almost every vendor I talk to these days has built their system on top of these and then there are …
StorageBod, 29 Aug 2014

U.S. tech giant CDW: Our 35% stake in Kelway cost us $86.8m

The minority stake in Kelway cost US channel titan CDW $86m, but if all goes according to plan, it anticipates having to cough proportionately more to buy the remainder. As exclusively revealed by us in November, sales steamroller CDW – the largest channel partner on the PLANET – bought 35 per cent of Kelway with an option to …
Paul Kunert, 12 Feb 2015
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
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 …

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

Hungry UK IT biz, VC firm to swallow former Ericsson arm Damovo – sources

Privately owned Daisy Group is very close to making the British arm of comms integrator Damovo its 47th conquest, sources are telling us. Lancashire-based Daisy pulled its shares off AIM last week and will next month take delivery of a new chief exec in the shape of outgoing Computacenter UK managing director Neil Muller. A " …
Paul Kunert, 28 Jan 2015
management management3

Suitors line up to bid for cash-challenged NHS supplier

Top brass at Trustmarque Solutions are locked in talks with interested parties in a bid to sell the financially challenged biz this week – at least that is the plan. As exclusively revealed by us earlier this week, Dunedin, private equity backers of the York-based licensing specialist, claimed a change in revenue recognition in …
Paul Kunert, 04 Sep 2014
Ducati racing bike

Zoom to the clouds: EMC signs kit deal with Ducati superbike racers

Ducati is hoping to make its motorbikes go faster in races by using Isilon arrays and EMC’s Syncplicity file sync'n'share software. Ducati racing bike Speedy: Ducati are to get their hands on EMC's Isilon and Syncplicity kit The Ducati Corse racing team gets the benefit of the Isilion and Syncplicity kit from this month on, …
Chris Mellor, 03 Sep 2014

Twin Adam Sandlers shake El Reg's movie unwatchablathon team

We recently and somewhat recklessly announced that we'd be eyeballing Gigli, Pearl Harbor and Battlefield Earth back-to-back, in an epic "unwatchablathon" designed to determine just how much cinematic drivel the human mind can handle in one sitting. Our beloved readers are to blame for prompting this audacious experiment, having …
Lester Haines, 04 Feb 2015
top of the bt tower

If BT gets EE, it will trigger EU treasure hunt for fixed lines

Opinion The agreement announced earlier this month for BT to enter exclusive negotiations with EE is part of what we have discussed now for the past two years: a re-pricing of the premium associated with cellular businesses, in favour of those based on fixed lines. This trend will continue and it is the yardstick by which you can …
Faultline, 31 Dec 2014