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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

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

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 …
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
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 …

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
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
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 …
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
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
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, …
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
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

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

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 …
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
RIM BlackBerry Curve 9360

BlackBerry flings John Chen $89 MILLION to save troubled firm

BlackBerry has announced that its new chairman and interim chief John Chen will get $3m in salary and bonuses as well as stock options worth around $86m. The floundering mobile phone firm surprised everyone earlier this week when it said that instead of selling itself off to Fairfax Financial Holdings, it was going to axe chief …

Telecom New Zealand exits Australia with AAPT sale

The last remnant of one of Australia's first batch of competitive telecommunications carriers, AAPT, has been sold to TPG for $NZ450 million (about $AU410 million). The sale marks the exit of Telecom New Zealand from the Australian market. In 2010 TNZ sold AAPT's consumer customers to iiNet for $NZ60 million. TPG outbid rivals …

Mixed tape: Overland Storage buys Tandberg Data in CASH-FREE transaction

Struggling tape and disk storage vendor Overland Storage is buying recovering tape systems vendor Tandberg Storage for $42m in stock to help boost its revenues. Tandberg Data supplies tape and disk-based storage and data protection products to small and medium businesses. It has recently recovered from a bankruptcy experience in …
Chris Mellor, 01 Nov 2013
Gordo: EPIC FAIL

Oxfam, you're full of FAIL. Leave economics to sensible bods

As I become ever more viciously right wing with age, I become ever more disappointed with Oxfam. It's not just because I have left behind the views of Genghis and am galloping up close behind Attila. It's rather that the organisation itself has changed from being that well-meaning, thoroughly humanitarian organisation that doled …
Tim Worstall, 20 Mar 2014

World+dog left counting costs: Still can't bury corpse of titsup Brit IT giant 2e2

The administrator of deceased 2e2 appears to have made slow progress in collecting book debts, with tens of millions still outstanding months after the integrator-cum-reseller failed. The latest progress report filed at Companies House today revealed that JP Associates (JPA), previously hired by 2e2 administrator FTI Consulting …
Paul Kunert, 02 Sep 2013
Dell logo in crosshairs

Icahn doubles down on Dell offer with $14 per share buyback scheme

With exactly a month to go before the special meeting of Dell shareholders that could decide the company's fate, investor Carl Icahn has increased the pressure for a better deal for shareholders – chiefly himself. In an open letter to Dell shareholders, Icahn said that he has now purchased 72 million shares of Dell stock from …
Iain Thomson, 19 Jun 2013

Ono board mulls Vodafone's offer to grab its pipe for £5.8bn

The board of Spain's biggest cable operator Ono will meet today to decide if it should accept a £6bn (€7bn) bid from Vodafone or push ahead with its plans for an IPO. The sale would see a reasonable return on investment for the four venture funds Anglo-CCMP, Providence, Thomas H Lee and Quadrangle, which invested in 2005. …
Simon Rockman, 11 Feb 2014
Free BSD Logo

FreeBSD 10.0 lands, targets VMs and laptops

The tenth version of the open source operating system FreeBSD has emerged. In true community style the software has emerged before the software's plan called for its announcement to be made public. Alphas of the new release have been available for about six months now and the final release seems not to diverge much form those …
Simon Sharwood, 20 Jan 2014

Apple's $17bn bond sale not such a good deal for investors

Investors in Apple's record $17bn bond offering who didn't hedge their bets have seen millions in value wiped off their investment. Apple 30-year Corporate Bond Price Apple 30-year Corporate Bond Price. Credit: Business Insider/Steven Perlberg, data from Bloomberg The fruity firm sold off the huge amount of debt back in April …
The star HD87643, imaged by the ESO's 2.2-metre telescope at La Silla

Azzurri tugs former sales star from Vodafone

Azzurri has raided Vodafone's reservation to poach one of its former shining stars, with Antony Vigar set to return to the south-coast comms integrator as head of business development. With one eye locked on the Intelligent Cloud Optimised Network (ICON) launch, the firm needs someone to replace the previous incumbent Jason …
Paul Kunert, 19 Feb 2014
channel

Intel cash pays down AMD debt

Less than a week after accepting $1.25bn from Intel in exchange for dropping its legal actions against Chipzilla, AMD has announced how it plans to use that windfall. In a trio of Wednesday announcements, the world's second-largest microprocessor designer revealed a plan to slash its debt by as much as $1.4 billion, thus …
Rik Myslewski, 18 Nov 2009

Italy's 'Google tax law' could fall foul of EU discrimination rules

The European Commission has warned that Italy's proposed "Google tax law" would likely break European Union rules on non-discrimination, Reuters reported. The Italian government first floated the idea of the law last month, which became known as the "Google tax law" for what is seen its obvious target. The rule would require any …

Bitcoin bank Flexcoin pulls plug after cyber-robbers nick $610,000

Yet another Bitcoin institution has had its coffers drained by hackers and will be forced to shut down as a result. Self-termed "Bitcoin bank" Flexcoin has told its customers that the theft of its Bitcoins, valued at $610,000 (£366,000), has driven the company over a cliff. Effective immediately, the site said it will be …
Shaun Nichols, 04 Mar 2014

Carl Icahn broadcasts his $150bn Apple shakedown effort to world+dog

Activist investor Carl Icahn has reiterated his recommendation to Apple CEO Tim Cook that Cupertino blow $150bn to buy back company stock, and this time he has shared his reasoning with world+dog. "We find it difficult to imagine why the board would not move more aggressively to buy back stock by immediately announcing a $150 …
Rik Myslewski, 24 Oct 2013
2e2

Integrator-reseller 2e2 'broke banking covenant', hits credit buffers

The future of integrator-cum-reseller 2e2 is unclear amid claims from sources close to the firm that it broke a banking covenant in December and is running up to its credit limits in distribution. The Berkshire-based business has been a cause for concern among many wholesalers and vendors due to its massive debt and has reported …
Paul Kunert, 09 Jan 2013
burning money

Azzurri backers write off MILLIONS in debts - AGAIN

Investment banks backing voice and data comms biz Azzurri have agreed to write off three quarters - £78m - of debts owed to them by the integrator in a bid to clean up its balance sheet and gear up for expansion. This leaves Azzurri owing £45m (£25m interest bearing) to the seven-strong financial syndicate, which includes …
Paul Kunert, 10 Oct 2013

AMD posts $1.4bn in sales, beats Wall Street moneymen's predictions

AMD has announced its financial results for its first fiscal quarter, and the chip designer handily beat analysts' expectations in both revenues and the all-important – to the Wall Street moneymen, at least – earning per share (EPS). On both a GAAP and non-GAAP basis – which excludes one-time items* – AMD reported revenues of $1 …
Rik Myslewski, 17 Apr 2014

CSI coughs for K3's SAP biz

Private-equity-backed Computer Systems Integration (CSI) has acquired the customer list of K3 BTG's SAP Business Objects Maintenance division for an undisclosed sum. Venture capitalist Blackhawk Capital, one-time owner of Microsoft LAR Teksys - which it sold to Di Data in 2009, bought CSI last October as the first in a roll-up …
Paul Kunert, 17 May 2013
RIM BlackBerry Torch 9800

Prem Watsa takes control of BlackBerry as tech vultures circle firm

It could only happen at BlackBerry. A white knight rides to the company’s rescue, only for the horse to drop dead underneath him. So much for Prem Watsa’s rescue mission. The man dubbed the “Canadian Warren Buffet” has at last gained control of the company, as “lead director”, but at what cost? Five weeks ago BlackBerry’s board …
Andrew Orlowski, 06 Nov 2013
channel

Cray gears up for big Q4, shrugs off US.gov debt worries

Trying to cram a half year's worth of business into the final few weeks is no mean feat. And if it were not for the fact that supercomputer maker Cray already did it once already, in 2010, then Wall Street would probably be all kinds of jumpy about Cray trying to do it again here in 2011. But as it turns out, last year was a …