Going-Concern Approach: MHP's going concern EBITDA is based on LTM June 2017 EBITDA.
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Key Going-Concern Assumptions --Mastellone would have going-concern EBITDA of about ARS729 million.
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To derive a going concern enterprise value of $1.5 billion, Fitch assumes a going concern EBITDA of $310 million valued at a 5x multiple.
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In raising "going concern" doubts, Sears Canada followed its U.S. counterpart Sears Holdings Corp, which warned in March about its ability to continue as a going concern.
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Going-Concern Approach --The going-concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which we base the valuation of the company.
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Is a Kimo situation still a going concern in MMA today?
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Eurotorg's going concern EBITDA is based on LTM-June 103 EBITDA.
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For Banijay, Fitch uses a going-concern approach where it assumes post-restructuring EBITDA is 25% below its 2017 forecast EBITDA, a 5.5x distressed multiple, and 10% of going-concern enterprise value is deducted for administrative claims.
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They included doubts about AIBA's ability to continue as a going concern.
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At the time print quarterlies didn't exactly look like a going concern.
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The securities provide strong going-concern and gone-concern loss absorption features.
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The company raised "substantial doubt" about its ability to remain a going concern.
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That underscores an existential question around WeWork: Is this company a "going concern"?
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Titawi Sugar Complex (TSC) situated at Titawi as a going concern Source text: bit.
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Recovery Assumptions Fitch's recovery analysis assumes a going-concern enterprise value of $570 million.
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He resigned shortly afterward, while Teo fought unsuccessfully to keep Binary a going concern.
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The shares had fallen 18 percent since Sears raised going concern doubts in March.
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Democracy remains a going concern not because the law commands it to be so.
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There's a new on-going concern to keep our little Observatory fresh at hand!
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We use the going-concern value approach to calculate the post-restructuring enterprise value.
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The company said its ability to continue as a going concern was in doubt.
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This going-concern EBITDA is 30% below our forecast of the company's 2017 EBITDA.
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Going Concern Recoveries Fitch continues to assess recoveries of the group's debt under a going concern approach to the business, using a EUR100m EBITDA (down from around EUR125m in our previous analysis) and a 5.0x multiple in deriving a post-distress valuation.
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"I would therefore like to invite Taveta to publish your going concern assessment to prove that there was indeed a suitable case for presenting BHS as a going concern," Field said in a letter dated August 15 and made available to the press.
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So we can't have pizzas, or prescriptions, delivered by drones as a going concern, yet.
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Lawmakers want auditors to spell out more clearly a company's prospects as a going concern.
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In Fitch's recovery analysis, we follow a going concern approach instead of balance sheet liquidation.
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Sears Holdings — Sears issued a warning about its ability to continue as a going concern.
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RECOVERY ASSUMPTIONS We have used the going concern approach given Afflelou's asset light business model.
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This inventory is not generally readily available for liquidation purposes with a going concern entity.
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These ratings reflect the deep subordination and going-concern loss-absorption features of the securities.
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Sears Holdings, in March, also warned about its ability to continue as a going concern.
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The 737 MAX situation is leading to questions about whether Boeing can remain a going concern.
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The troubled Japanese conglomerate issued a warning about its "ability to continue as a going concern".
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At the time, it also raised doubts about its ability to continue as a going concern.
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Is the band the same going concern it was when you were touring all the time?
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IHeartMedia indicated in a regulatory filing on April 20 that it would issue a going concern warning.
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Such a plan could potentially keep a slimmer Sears alive as a going concern, the sources said.
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The company last year said there were doubts about its ability to continue as a going concern.
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The company said it plans to sell itself as a going concern and partially liquidate the business.
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It is why there is an on-going concern about the integrity of the November presidential election.
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The going-concern EBITDA is 40% below LTM-June 2017 EBITDA to reflect significant FX translation risks.
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"The question is whether the television division is a going concern or a liquidation," Mr. Malin said.
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Sears cautioned investors last year that it may not be able to carry on as a going concern.
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"We are immediately calling for expressions of interest for a sale of the business as a going concern."
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That had prompted the company to warn in November about its ability to continue as a going concern.
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NYNEX hasn't been a going concern since Smash Mouth was first telling us to walk on the sun.
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Of course, nuclear power is still a going concern, albeit less eagerly embraced than during its salad days.
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In July, DHFL said it was "undergoing substantial financial stress" and may not survive as a going concern.
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In our analysis, we expect a going concern restructuring scenario to yield stronger recoveries for creditors than liquidation.
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"We think Boeing will remain a going concern," Goldman analyst Noah Poponak said in a note on Sunday.
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"For MedMen to continue as a going concern, the company needs to execute on its restructuring," he said.
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After a bunch of deliberations, they finally settled on $350,000 as the magic number to remain a going concern.
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KEY RATING DRIVERS GCA Score Supports Rating: Fitch has a Going Concern Assessment (GCA) score of GC2 on Finansbank.
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PwC had said BHS was a "going concern" despite several signs that the business was struggling, the FRC said.
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Fitch applies a 7x multiple to CHS's going concern EBITDA, resulting in an enterprise value (EV) of $10.2 billion.
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Fitch applies a 7x multiple to CHS' going concern EBITDA, resulting in an enterprise value (EV) of $10 billion.
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Gymboree raised new capital from its prepetition term loan holders to help fund the reorganization as a going concern.
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Earlier this year, the department store chain cautioned it may not be able to continue as a going concern.
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"Even if they emerge from bankruptcy as a going concern, they have a pretty insurmountable retail problem," Emma said.
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There is no notching for non-performance risk as the notes' key terms exclude going-concern loss absorption features.
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And AT1 debt, which is meant to act as so-called "going-concern" capital, failed to fulfil that role.
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Whether Avenue Capital and Middle River Power really see NGS as a long-term going concern is another matter.
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The company said it would continue its efforts to sell all or part of its business as a going concern.
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According to Peabody's filing, the "going concern" opinion would cause a default under Peabody's credit agreements after a grace period.
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Markland says the studio didn't formally close, but it was no longer a "going concern" by the start of 2012.
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PathSense will also remain a going concern and will look to bring on new clients in its Southern California office.
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Equally important: It's unclear whether companies that only sell music — like Spotify — can be a going concern, given industry economics.
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"They failed to gather any audit evidence on which to conclude that the going concern assumption was appropriate," it said.
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"Following exhaustive efforts, no viable transaction for the company to continue as a going concern was received," Sears Canada said.
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" It's been more than a year since Sears warned it might not be able to continue "as a going concern.
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For example, RadioShack auctioned about 1,700 stores as a going concern just 39 days after filing for Chapter 11 in 2015.
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Fitch believes recovery prospects for UVN's senior secured instruments have improved, driven by Fitch's revised expectation of higher going-concern EBITDA.
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Pacific Exploration warned on Friday that its auditor had raised significant doubt about its ability to continue as a going concern.
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The going-concern EBITDA reflects continued decline in Avon's key markets, deteriorating margin due to competitive pressure, and business model weakness.
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"This year's statement regarding its ability to remain a going concern is more dire," Ken Perkins, president of Retail Metrics Inc.
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Last week, the company said uncertainty around future funding had cast doubt about whether it could continue as a going concern.
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The notes do not have going-concern loss-absorption features, and hence there is no additional notching for non-performance risk.
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The company last Friday said uncertainty around future funding had cast doubt about whether it could continue as a going concern.
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CS&L's facilities would be essential to the operations of Windstream on a going-concern basis, or as a successor company.
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Medicare is a going concern, with established systems for patient management and provider reimbursement (which actually use private insurers as intermediaries).
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Key Recovery Rating Assumptions: - Pan Brothers would be considered a going concern in bankruptcy and would be reorganised rather than liquidated.
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Further issuance of high-trigger additional Tier 13 capital, which qualifies for inclusion in going-concern buffers, will also be required.
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Banks deemed important for the financial system must maintain enough "going concern" capital to operate in a stress scenario without state support.
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"Our independent auditors have indicated ... that there is substantial doubt about our ability to continue as a going concern," the company wrote.
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In a Chapter 7 case, a company is liquidated rather than reorganized as a going concern as in a Chapter 11 case.
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That follows the retailer's statement in its annual report that it had doubts about its ability to continue as a going concern.
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"Like for the big banks, they should reflect the going concern capital requirements, but only 40 percent of them," the government said.
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Banks deemed important to the financial system must maintain enough "going concern" capital to operate in a stress scenario without state support.
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The notes do not have going-concern loss absorption features and hence no additional notching for non-performance risk has been applied.
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Fitch applies a waterfall analysis to the going-concern EV based on the relative claims of the debt in the capital structure.
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" In March, Sears disclosed in a federal filing that there was "substantial doubt" about its ability to "continue as a going concern.
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With liabilities exceeding assets, Jet's accountants prepared its financial results on a "going concern basis" assuming the airline receives a capital injection.
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With the "going concern" warning on the table, many industry experts wonder when, if ever, Sears Holdings will file for bankruptcy protection.
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The Camping World-led group bested a going-concern bid for Gander Mountain from rival Sportsman's Warehouse Holdings Inc, the sources said.
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Camping World and the liquidators plan to operate at least 17 Gander Mountain stores as a going concern, according to the source.
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The Official Receiver has said it is working with "interested parties to explore how to preserve the company as a going concern".
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Versa bought Wet Seal out of that bankruptcy, but failed to find financing for the business to continue as a going concern.
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It said the resolution would ensure that Etisalat Nigeria was maintained as a going concern regardless of changes in the company's shareholders.
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The home goods retailer also said it may not be able to continue as a going concern in a tough retail environment.
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PK, the largest owner of U.S. radio stations, said there is substantial doubt about its ability to continue as a going concern.
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"The respondents gave no consideration to how these matters may have impacted BHS' ability to continue as a going concern," the FRC said.
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Key Recovery Rating Assumptions: - The recovery analysis assumes Huiyuan Juice would be liquidated in a bankruptcy rather than continue as a going-concern.
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"There are material events and conditions that raise the substantial doubt about the Company's ability to continue as a going concern," Toshiba said.
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The conference was funded strictly by American donors, but organizers said they planned to raise money in the region as a going concern.
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Pacifica has not released any financial statements since 2017, when its auditor cited doubts that the organization could continue as a going concern.
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Rival Bharti Airtel said earlier this month the company no longer faced any threats about its ability to continue as a going concern.
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The receivers said the announcement meant Ten would "trade as a going concern" as the sale of the network's business and assets continued.
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The $220 million going-concern EBITDA is adjusted to include changes in deferred revenues to account for the growing importance of digital revenues.
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Administrative claims are assumed to consume 10%, or about $1 billion of going concern EV, which is a standard assumption in Fitch's recovery analysis.
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The going-concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganisation EBITDA level upon which we base the valuation of the company.
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The estimated going concern value was discounted by 2123% for administrative and priority claims given the large, global nature of the company's asset base.
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A hybrid instrument with easily activated going-concern loss absorption is normally rated at least three notches lower than the issuer's Long-Term IDR.
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If the order is granted, it will allow Nakumatt to be maintained as a going concern by a court-mandated administrator, the company added.
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"Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern," Sears said in the filing.
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It also has a "going concern" notice — the warning auditors put in when they're not sure that a company has enough cash to survive.
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"There is now a reasonable probability of the company being rehabilitated and surviving (in whole or part) as a going concern," the affidavit said.
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The estimated going concern value was discounted by 15% for administrative and priority claims given the large, global nature of the company's asset base.
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The term "going concern" is the official jargon accountants use when they believe there is a realistic prospect that the company might go bankrupt.
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Sears expressed doubts in a filing with the Securities and Exchange Commission earlier this year about its ability to continue as a going concern.
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"Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern," Sears said in the report.
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Lampert also expects that Sears could get more value for its assets by selling them while it is a going concern, the newspaper added.
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Sears admitted in its annual report, filed on Tuesday, there was a chance it may not be able to continue as a going concern.
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The review will consider if accountants should say publicly if they have doubts about "realism" in a company's statement on going concern, the FRC said.
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KS bankrupt on Friday, after ruling earlier this month that the firm's liquidation value would be worth more than its value as a going concern.
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By February, Ezra acknowledged its deteriorating outlook and warned the market that it faced a going concern issue, further testing the confidence of key stakeholders.
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"Sir Philip is saddened and disappointed by the news and had hoped that the business would be sold as a going concern," a spokesman said.
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The recovery analysis assumes that TV Azteca would be considered a going-concern in bankruptcy and that the company would be reorganized rather than liquidated.
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Frank Field, chair of parliament's work and pensions committee, called on Green to "prove" why he thought BHS was a going concern before the sale.
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The FRC said the revisions proposed to the going concern standard would mean significantly stronger requirements on UK auditors than those required by international standards.
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The recovery analysis, based on a going concern approach, resulted in a Recovery Rating of 'RR4' for senior unsecured debt issued under Eurohold's EMTN programme.
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Sears, which had a market value of C$63.5 million as of Wednesday, warned last week about its ability to continue as a going concern.
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NAIROBI, June 5 (Reuters) - ARM Cement's independent auditor has cast doubt on the Kenyan company's survival as a going concern after losses mounted last year.
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Under federal accounting standards, a government is evaluated on whether it is likely to be a "going concern" 12 months after the accounting is done.
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The company said losses associated with Westinghouse Electric, its nuclear power subsidiary, had created "substantial uncertainty" over its ability to continue as a going concern.
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KMPG will continue to trade all 23 stores as a going concern while they assess options for the business, including dealing with prospective interested parties.
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The company filed for Chapter 11 hoping to find a buyer who would continue to operate it as a going concern, but those efforts failed.
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For Mr Thanathorn, whose family owns a giant auto-parts firm, publishing was only a tiny sideline, even when v-Luck was a going concern.
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Fitch applies a 7x multiple to CHS's post-default cash flow estimate of $1.4 billion, resulting in a going concern enterprise value (EV) of $173 billion.
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"It's possible, in my view, that [Sears] winds up with a going concern that's basically based online" because more stores could close post-bankruptcy, Lacy said.
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The Nikkei business daily had also reported that the Japanese conglomerate may not be able to continue as a going concern, following massive nuclear-related losses.
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Those costs have plunged the Japanese conglomerate into crisis, prompting it even to warn that it may not be able to continue as a going concern.
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In previous court filings, it has said it was in talks with ESL about a "going concern bid" that could help the company emerge from bankruptcy.
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Fitch's estimates an enterprise value (EV) on a going concern basis of $8.3 billion for Tenet, net of a standard deduction of 10% for administrative claims.
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The going-concern EBITDA is 10% below 2016 EBITDA to reflect the company's exposure to imported raw materials and volatility in cocoa, sugar and milk prices.
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The Weinstein Co. board selected Lantern "in part due to Lantern's commitment to maintain the assets and employees as a going concern," according to a statement.
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Recovery Assumptions -In its recovery analysis, Fitch assumes that a liquidation of Elli's assets will provide higher recoveries for lenders than a going concern restructuring scenario.
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"As a result, management has concluded that there is substantial doubt about the Company's ability to continue as a going concern" through 21, the filing said.
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In addition to running Tesla and creating SolarCity, he's trying to make a going concern of space travel and freight through Space Exploration Technologies, or SpaceX.
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The adjusted going concern enterprise value after administrative claims of USD300 million is then applied to the USD350 million secured notes, giving an estimated 86% recovery.
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Annual subsidies have averaged 148% of the company's net profit over the previous three years, demonstrating the government's commitment in maintaining HanRui as a going concern.
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Your only purpose as a corporation, the reason you were created and remain a going concern, is to collect and maintain people's most private financial data.
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Steep losses in its American nuclear power division, Westinghouse Electric, have cast "substantial uncertainty" over the company's ability to function as a going concern, it says.
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Fitch's estimates an enterprise value (EV) on a going concern basis of $8.7 billion for Tenet, net of a standard deduction of 10% for administrative claims.
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The acquisition is on a going concern basis and is expected to deliver cost and revenue synergies in Torrent's branded drugs business in India, the company added.
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As Social Security and health-care costs rise, the deficit and debt levels will deteriorate, even threatening the government's status as a going concern by around 2046.
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On the question of failure, per a Zinox op-ed, Konga will continue as a going concern—though it's unclear how they'll reposition in Nigerian e-commerce.
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Given the going concern assumption, we deduct the present value of finance leases payable at FYE17 of GBP39 million as well as interest payable of GBP16 million.
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Above Average Recovery for Note Holders: According to our bespoke recovery analysis, higher recoveries would be realised using a going-concern approach, despite Moto's strong asset backing.
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Wet Seal filed for bankruptcy in February with liabilities between $50 million and $100 million after it failed to find financing to continue as a going concern.
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Average Recovery Prospects for Senior Noteholders: In its recovery analysis, Fitch adopted a going-concern approach, as the resultant enterprise value is higher than the liquidation approach.
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Fitch's going-concern scenario valuation approach points to poor recoveries, leading to a two-notch discount to the senior unsecured rating compared with Miratorg's IDR of 'B+'.
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The financial statements were misleading as they said a going concern assumption was appropriate because Taveta had given an unqualified undertaking to support BHS, the FRC said.
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The Financial Reporting Council (FRC) proposed revising its current rules on Monday so that auditors more robustly challenge a company's own assessment of being a "going concern".
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If patent trolling becomes a going concern in the field, that could be one more thing that keeps smart people from creating hot fantasies for technophile pervs.
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"It will be for companies to decide whether Brexit uncertainties impact their statements on viability and even their ability to continue as a going concern," it added.
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"Our organization is a financially solid going concern but for the hundred lawsuits that we do have out there," Carson said on a conference call with reporters.
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The ratings on the PropCo debt reflect a distressed capitalization rate of 12% applied to the stressed NOI of the properties to determine a going-concern valuation.
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Fitch has not applied additional notching to the notes for non-performance risk according to Fitch's criteria, as the notes have no going-concern loss-absorption features.
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Maybe there's value through financial engineering, but as a going concern to try to turn around the Macy's business, I think that's a really, really tough turn.
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Sears Holdings slumped 14 percent after the retailer warned on Tuesday about its ability to continue as a going concern after years of losses and declining sales.
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Finablr, whose shares have been suspended, on Monday expressed doubts about its ability to continue as a going concern and said its chief executive would step down.
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Finablr, whose shares were suspended on Monday, had expressed doubts about its ability to continue as a going concern and said its chief executive would step down.
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The company in November warned of "significant doubt" that it can continue as a going concern and said it would scrap its dividend to tackle mounting debt.
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KEY REVOVERY ASSUMPTIONS - The recovery analysis assumes that Picard would be considered a going concern in bankruptcy and that the group would be reorganised rather than liquidated.
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"Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern," it said in the filing, its annual report.
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KEY RECOVERY ASSUMPTIONS - The recovery analysis assumes that Picard would be considered a going concern in bankruptcy and that the company would be reorganised rather than liquidated.
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Koovs said it could not get alternative funding and a competitive sale process conducted over the past month to help continue as a going concern had failed.
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Koovs said it could not get alternative funding and a competitive sale process conducted over the past month to help continue as a going concern had failed.
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They added that while "a large capital raise would address the [on]going concern" for the bank, the company likely still faced a tough path to recovery.
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"It's always a going concern that I'll run out of models, or people willing to shoot with me because that constant turnover of content is demanding," he explains.
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With the Roseanne revival no longer a going concern, we figured it's a perfect time to spotlight some of the sitcoms it overshadowed in its brief, contentious run.
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CHC said in court papers on Friday that in order to emerge from bankruptcy as a going concern it wants an extension of its exclusivity period through Jan.
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Another miner, Bitcoin Group, withdrew its Sydney listing plans in 2016 after the local regulator questioned whether it would have sufficient working capital to be a going concern.
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The company, which said its auditors have raised going concern doubts, suspended its quarterly distribution to unitholders and its forecast for 2016, pending the negotiation with its lenders.
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The exposure draft also requires that the issue rating be capped at a level based on its IDR category if the security has going-concern loss-absorbing features.
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Petnostics is still a going concern and it has generated enough revenue to support the development of Scanwell, which Chen says was always part of his master plan.
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Recovery Assumptions: - Our recovery analysis assumes that TCG would be treated as a going concern in a restructuring and that the company would be reorganised rather than liquidated.
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That spurred the shipping line to file for court receivership this week, a process that'll mean the judicial system will decide whether Hanjin will remain a going concern.
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But it's getting harder to pretend that any mention of Milo's name is only driving his book sales, now that his book is no longer a going concern.
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Toys-Delaware At the Toys-Delaware level, recovery on the various debt tranches is based on liquidation value of domestic assets rather than a going concern enterprise value.
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"There is no more than a theoretical possibility of Monarch emerging as a going concern or resuming the operation of air services," Judge Peter Gross told the court.
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GCA Score Supports Rating Fitch has a Going Concern Assessment (GCA) score of GC0003 on Isbank, based on its position as the largest privately-owned bank in Turkey.
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An auditor even expresses "substantial doubt about its ability to continue as a going concern," while Helios, at this point, has lost $20 million a month since September.
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"The mission to counter ISIS remains a going concern, and if the United States is forced to leave Iraq, that effort could suffer a serious blow," he wrote.
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Key Recovery Rating Assumptions: The recovery analysis assumes that Eurotorg would be considered a going-concern in bankruptcy and that the company would be reorganised rather than liquidated.
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The anchor rating of the notes is the VR, which is consistent with Fitch's criteria and captures the notes' going-concern loss-absorption feature - the coupon omission risk.
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Sears wants to reduce its debt load by 80%, hoping creditors will bite at the chance to make a deal while the company is still a going concern.
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"This company's ability to continue to as a going concern for the next 12-13 months has material uncertainties associated with it," said CFO Barrie van der Merwe.
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AIBA's auditors have also expressed concern to the federation's president, Wu Ching-kuo, about the federation's ability to continue as a "going concern," according to former AIBA officials.
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KEY RECOVERY RATING ASSUMPTIONS The recovery analysis assumes that MHP SE would be considered a going concern in bankruptcy and that the company would be reorganised rather than liquidated.
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We believe that policymakers do not intend to extend preferential treatment to programmes that are not match-funded on a going-concern basis, such as conditional pass-through models.
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Sears Holdings slumped 16.5 percent to $143 after the retailer warned on Tuesday about its ability to continue as a going concern after years of losses and declining sales.
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The one-notch differential reflects their subordination status, the presence of partial rather than full write-down feature, as well as the lack of going-concern loss-absorption features.
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By contrast, a majority of people who have mobile phones in Sub-Saharan Africa make payments with them as a going concern, especially via remittance platforms like M-Pesa.
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Japan Display needs around 35 billion yen to continue as a going concern, and INCJ's controversial decision to let Chinese money in suggests Tokyo wants to cut its losses.
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The board will communicate on the company's options, in particular in view of the going concern issues raised by the termination of the transaction process as soon as possible.
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KEY RECOVERY RATING ASSUMPTIONS - The recovery analysis assumes that Wind Tre would be considered a going concern in bankruptcy and that the company would be reorganised rather than liquidated.
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Sears Holdings slumped 14.8 percent to $7.75 after the retailer warned on Tuesday about its ability to continue as a going concern after years of losses and declining sales.
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Sears Holdings slumped 11 percent to $8.18 after the retailer warned on Tuesday about its ability to continue as a going concern after years of losses and declining sales.
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Home Capital Group reported a bigger-than-expected second-quarter loss on Wednesday but said issues relating to its ability to continue as a going concern had been resolved.
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However, the company said in June it was in compliance with all of its financial covenants and removed the going-concern note included in the first-quarter financial statements.
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How companies have justified their going concern assessment has become a political issue after the collapse of travel firm Thomas Cook, prompting the FRC to take a harder line.
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It will also look at whether there were "material uncertainties about the entity's ability to continue as a going concern that needed to be disclosed in the financial statements".
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The Recovery Rating (RR) reflects a restructuring scenario, assuming going-concern EBITDA of $220 million resulting in an adjusted, distressed enterprise valuation of $1.5 billion using a 6x multiple.
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Cinema operator Cineworld, sank 20% after it said that a worst case scenario for the virus outbreak could cast doubt on its ability to continue as a going concern.
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The Seoul Central District Court said in a statement that it made the decision as the firm's liquidation value would be worth more than its value as a going concern.
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Sears reported its first quarterly profit in nearly two years, helped by the retailer's $1.25 billion cost-cutting plan amid doubts about its ability to continue as a going concern.
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"There is a material uncertainty that may cast significant doubt on the group's ability to continue as a going concern," it said in a filing to the U.S. Stock Exchange.
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At the core of an audit, accountants are required to say if they think a company is a "going concern", meaning it can stay in business for the foreseeable future.
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The company's auditors warned in the filing with UK Companies House that a material uncertainty exists that may cast doubt on the company's ability to continue as a going concern.
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In a filing in Japan, Toshiba said losses associated with Westinghouse Electric, its troubled nuclear power arm, had created "substantial uncertainty" over its ability to continue as a going concern.
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The going-concern cash flow (measured by EBITDA) estimate assumes an initial deterioration that provokes a default which is somewhat offset by corrective actions that would take place during restructuring.
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This leads to a differentiation in Fitch's recovery approach, as we apply a liquidation scenario to Voyage and Elli, while Care UK's recoveries are based on a going-concern scenario.
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"Recent corporate failures and the FRCs own enforcement work has shown the existing Going Concern Standard needs to be strengthened," said Mike Suffield, the FRC's acting executive director of audit.
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"Over the coming weeks, we will endeavour to continue to operate all stores as a going concern while we assess options for the business, including a possible sale", he added.
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So after that, Michelle and I were thinking out if we were telling this story as a story, and not just a going concern for CBS, what would it be?
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However, Sears had said at the time that actions taken to boost liquidity during the year, including the sale of the Craftsman tool brand, could mitigate the going concern doubt.
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Alternatively, valued on an undeveloped land basis, the market value of the group's land is GBP260 million, although Fitch believes that the group would be valued as a going concern.
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"The commonwealth's management believes that there is substantial doubt as to the ability of the primary government" and other governmental entities "to continue as a going concern," the report said.
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Above-average Recovery Prospects in Default Scenario We apply a going-concern approach and assume a post-restructuring EBITDA of GBP382m, and an enterprise value (EV)/EBITDA multiple of 4.5x.
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They can let Mr. Lampert try to maintain it as a "going concern" or force it to liquidate by selling all its real estate, inventory, intellectual property and other assets.
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Fastjet said if the restructuring plans do not pan out by the end of February, the Africa-focussed company would not be able to continue trading as a going concern.
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Redos aims to buy Real as a going concern but wants to sell some stores to competitors, with German chains, such as Edeka, Rewe and Kaufland, seen as possible buyers.
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"Rickmers Maritime needs to restructure its debt to operate as a going-concern," it said in a presentation to noteholders, a copy of which it sent to the stock exchange.
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"Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern," the company, which owns Sears and Kmart, said in a filing.
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FastJet said if the restructuring plans do not pan out by the end of February, the Africa-focussed company would not be able to continue trading as a going concern.
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"ESL Investments continues to believe in Sears Holdings' immense potential to evolve and operate profitably as a going concern with a new capitalization and organizational structure," ESL wrote in the letter.
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A South Korean court declared Hanjin Shipping bankrupt on Friday, after ruling earlier this month that the firm's liquidation value would be worth more than its value as a going concern.
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Sports Authority, in court papers, said it intensified efforts to find a buyer for the entire business as a going concern immediately after it missed a crucial interest payment in January.
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Rickmers said in a statement on Wednesday that it could not continue as a "going concern" due to its failure to meet some debt obligations and various breaches in loan covenants.
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Alternatively, valued on an undeveloped land basis, the market value of the group's land value is GBP260 million, although Fitch believes that the group would be valued as a going concern.
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"GOING CONCERN" In 2016, Nigeria's central bank gave lenders a deadline to reach a deal to resolve Oando's debt issue, leading to a 94.6 billion naira loan restructuring including asset sales.
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Fitch assumes a 30% discount to its 2016 forecasted EBITDA less distributions to non-controlling interests of $2.1 billion for CHS, resulting in a going concern EBITDA estimate of $1.5 billion.
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"Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern," Sears said in an annual filing with the Securities and Exchange Commission.
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Fitch assumes a 30% discount to its 2017 forecasted EBITDA less distributions to non-controlling interests of $2.048 billion for CHS, resulting in a going concern EBITDA estimate of $1.43 billion.
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The warning on Puerto Rico's ability to continue as a going concern means the island may not have enough resources to function as a government for 12 months from this report.
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Auditors would have to complete a "stand back requirement" to consider all of the evidence obtained from a client's management, whether corroborative or contradictory, when they draw conclusions on going concern.
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Housing loan provider Dewan Housing Finance Corp (DHFL), one of the larger shadow lenders, warned it may not survive as a going concern, and both state-owned Punjab National Bank (PNBK.
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Carbo Ceramics Inc late on Friday issued a "going concern" warning to investors after its largest customer stopped buying its sand, sending its shares down 46% to 85 cents on Monday.
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Investors and companies acquired their intellectual property and other assets, but refused to take on their business as a going concern because they saw little value in assuming costly store leases.
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Sears raised a similar "going concern" flag earlier this year, citing the new disclosure was in line with regulatory standards and didn't reflect management's expectations for the company's near-term health.
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"A material uncertainty exists which may cast significant doubt on the Group's ability to continue as a going concern," said the auditor, who signed off in the report as F. Okwiri.
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The capital increase will also allow the bank to meet the 5% leverage exposure-based going concern too-big-to-fail capital requirement in 2017, well ahead of the 2020 deadline.
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"If the company can be returned to solvency and continue as a going concern, the administration will end and the company will revert to the control of its directors," it added.
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TORONTO (Reuters) - Home Capital Group reported a bigger-than-expected second-quarter loss on Wednesday but said issues relating to its ability to continue as a going concern had been resolved.
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"All earlier concerns about TSLA's viability as a going concern, the free cash flow profile, and the balance sheet — are gone," JMP analyst Joseph Osha said in a report on Thursday.
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"Our ability to continue as a going concern for the next 12 months is dependent on our ability to generate sufficient cash flows," the company noted in its 2018 annual report.
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Navajo Generating Station s no longer much of a going concern— through no fault of the people who work there or the entities that have invested in it over the years.
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Sears, once the largest U.S. retailer, warned investors in March there was a chance it may not be able to continue as a going concern after years of losses and declining sales.
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Admitting what some analysts think is inevitable, the owner of the Sears and Kmart retail chains in America said that "substantial doubt exists" about whether it can continue as a going concern.
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With the keepwell deed, CICC intends to ensure CICCHK and CICC Hong Kong Finance to meet their obligations under the guaranteed notes, and remain solvent and a going concern at all times.
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KEY RECOVERY RATING ASSUMPTIONS The recovery analysis assumes that JSC Holding Company United Confectioners would be considered a going-concern in bankruptcy and that the company would be reorganised rather than liquidated.
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For its part, Tata is hoping that there will be sufficient demand for the specialist products made at its Scunthorpe mill to allow it to sell the plant as a going concern.
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Because of WeWork's copious cash consumption, that setback has the potential to be more than just a public relations black eye; it could threaten its ability to continue as a going concern.
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We use the going-concern value approach to calculate the post-restructuring enterprise value, as the liquidation approach is not appropriate since GCX's assets are of little use if dismantled and liquidated.
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Penn West said in May that it may default on its financial covenants at the end of the second quarter and raised doubts about its ability to continue as a going concern.
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This analysis is based on a going-concern enterprise value (EV)/EBITDA multiple of 3.5x, which reflects a discount to the 5x-7x multiples at which Seagate and WD are currently trading.
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Home Capital disclosed data on Friday that showed the rate of withdrawals by depositors was slowing, a day after the company raised doubts about its ability to continue as a going concern.
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Terraform Global also said its annual filing for 2015 may include a "going concern" note due to risks related to SunEdison bankruptcy, but said it had sufficient liquidity to support ongoing operations.
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CTBC Holding's Basel II-compliant subordinated bonds are rated three notches below its National Long-Term Rating to reflect the bonds' going-concern loss-absorption mechanism (mainly coupon deferral under specified conditions).
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Aside from the struggling Batman franchise, which at the time was plumbing the depths of cornball irony under the direction of Joel Schumacher, superhero movies weren't really a going concern in Hollywood.
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But they're both different people than they were in the Replacements, and it's very hard to revive a band as a real going concern when you aren't in your mid-20s anymore.
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"There cannot be any assurance that the issuer or the group will be able to continue as a going concern," the Singapore company said in a securities filing to the stock exchange.
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Small-cap De La Rue, which last month hit its lowest level in over two decades following a profit warning, plummeted 16% after it raised going concern doubts and scrapped its dividend.
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TO flagged doubts about its ability to continue as a going concern and said it was exploring strategic options, including a sale of the company, following years of losses and falling sales.
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SYDNEY, July 3 (Reuters) - Australia's Ten Network Holdings Ltd said on Monday administrators had appointed receivers to negotiate existing debt even as the television network continued to trade as a going concern.
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Small-cap De La Rue, which last month hit its lowest level in over two decades following a profit warning, plummeted 24% after it raised going concern doubts and scrapped its dividend.
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"These conditions, along with other matters ... indicate the existence of a material uncertainty which may cast significant doubt on JSC Avtovaz and its subsidiaries' ability to continue as a going concern," EY said.
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SUBORDINATED DEBT JSIB's non-Basel III-compliant subordinated bond is rated one notch below its National Long-Term Rating to reflect its subordinated status and the absence of going-concern loss-absorption features.
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"It (nuclear plant construction) may be in the next 12 or even 15 years ... the Kenya Nuclear Electricity Board is still a going concern and only working to prepare for nuclear," he said.
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The company, which warned on Friday that its auditor had raised significant doubt about its ability to continue as a going concern, was due to make a $25.6 million interest payment next Monday.
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" Earlier this year, because of new rules from the Securities and Exchange Commission, Sears was required to disclose that there is "substantial doubt" about the retailer's "ability to continue as a going concern.
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PwC's 2014 audit of BHS signed off the company as a "going concern" days before billionaire retailer Philip Green sold the loss-making group for a token one pound to a serial bankrupt.
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We use the going-concern value approach to calculate the post-restructuring enterprise value as the liquidation approach is not appropriate given GCX's under-sea cable assets are of little use if liquidated.
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"Sears is an iconic fixture in American retail and we continue to believe in the company's immense potential to evolve and operate profitably as a going concern," said ESL in its bid letter.
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Camping World, which is run by Marcus Lemonis, a star on CNBC TV's reality show "The Profit," plans to operate at least 17 Gander Mountain stores as a going concern, the sources said.
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"We continue to believe that it is in the best interests of all our stakeholders to accomplish this as a going concern, rather than alternatives that could result in significant reductions in value."
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The statement comes after the shadow bank warned on Saturday it might not survive as a going concern and reported a net loss of 22.23 billion rupees ($324.19 million) for the March quarter.
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Once the largest U.S. retailer, Sears is saddled with $3.3 billion in debt and is trying to boost liquidity after warning last March that it had doubts of continuing as a going concern.
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In a regulatory filing earlier this year, Workhorse said it needed to raise $22 million to continue as a going concern and begin making delivery trucks for UPS, DHL and its other customers.
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These Tier 1 capital securities have limited flexibility over coupon payments, despite their going-concern loss-absorption feature of non-cumulative coupon deferral, the key reason for the VR being the anchor rating.
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In a stock-market filing in Japan, Toshiba said losses associated with Westinghouse Electric, its troubled American nuclear power subsidiary, had created "substantial uncertainty" over its ability to continue as a going concern.
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In March, the island nation's Auditor General noted that the losses and conditions "indicate a material uncertainty that may cast significant doubt on the (SriLankan Airlines) Group's ability to continue as a going concern".
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AIM-listed oil and gas company Cabot Energy tumbled 37 percent to hit a life low after saying an absence of a fundraising next month would cast significant doubt upon its going concern abilities.
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"The commonwealth's management believes that there is substantial doubt as to the ability of the primary government" and other governmental entities "to continue as a going concern" under federal accounting standards, the report said.
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The negativity stemmed from hit after hit to the retail space that occurred in recent weeks, from Lululemon's over-20-percent drop to news of Urban Outfitters' slumping sales to Sears' going-concern letter.
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In certain going concern cases including Aeropostale, Pacific Sunwear and Wet Seal, the company's assets were sold to a new operator, allowing them to continue business as a slimmed down chain under new ownership.
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Still, investors say the company's dire warnings about its financial situation raising doubts around the "ability of the company to continue as a going concern," will remain in focus when markets open on Monday.
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SUBORDINATED DEBT JSIB's non-Basel III-compliant subordinated bond is rated one notch below the issuer's National Long-Term Rating to reflect its subordinated status and the absence of going-concern loss-absorption features.
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Harambe, the gorilla that died, is still a going concern in the internet's meme-making business, and that's not good for Thane Maynard, the director of Cincinnati Zoo, where Harambe (RIP) lived and loved.
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In its recovery analysis, Fitch has adopted the liquidation value approach as the resultant enterprise value is higher than the going concern enterprise value, primarily derived from the group's freehold and long-leasehold properties.
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Debt-laden Chesapeake, once the second-largest U.S. natural gas producer, warned last week it may not be able to continue as a going concern as it struggles with falling prices for natural gas.
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Shares of property finance firm Dewan Housing Finance Corp Ltd (DHFL) plunged 10% after warning that it may not survive as a going concern, as it posted first quarterly loss since at least 2005.
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"For a while there was a hope that they would be able to get Japanese companies — in particular, the automakers —to invest in them to keep them going as a going concern," said Lewis.
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Boeing (BA) was upgraded to buy from neutral at Goldman Sachs, which said Boeing will remain a going concern and that flight travel will be as popular as ever once COVID-19 is resolved.
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Companies currently set out in annual reports why they think they can remain a "going concern" for the next 12 months, but the Financial Reporting Council (FRC) wants them to take a longer view.
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The company, a joint venture between Britain's Vodafone Group Plc and billionaire Kumar Mangalam Birla's Idea Cellular, said on Thursday there was still material uncertainty about its ability to continue as a going concern.
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Recoveries, Instrument Rating Fitch applies a bespoke and going concern approach to recoveries to OT as outlined in our criteria, Recovery Ratings and Notching Criteria for Non-Financial Corporate Issuers, dated 7 April 0003.
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"Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern," Sears said in an annual filing with the Securities and Exchange Commission earlier this year.
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Elon Musk's Boring Company has so far been more of a 'lifestyle' brand (and a weird one at that) than a company that, you know, digs massive tunnels through the earth as a going concern.
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The hybrid Tier 10047303 capital securities have limited flexibility over coupon payments despite their going-concern loss-absorption feature of the non-cumulative coupon deferral, the key reason for the VR being the anchor rating.
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The going-concern EBITDA is 45% below LTM EBITDA to reflect the company's vulnerability to FX risks and the volatility of poultry, grain and sunflower seeds prices, as well as costs of certain raw materials.
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UVN's Recovery Ratings reflect Fitch's expectation that the enterprise value of the company and, thus, recovery rates for its creditors, will be maximized in a restructuring scenario (as a going concern) rather than a liquidation.
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"We continue to believe that it is in the best interests of all our stakeholders to accomplish this as a going concern, rather than alternatives that could result in significant reductions in value," he wrote.
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Last week Oando's losses narrowed to 18.3 billion naira ($59.8 million) for 13 while its auditor Ernst & Young questioned its "going concern" status, saying that its current liabilities were in excess of its current assets.
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Maybank's legacy Basel II-compliant subordinated notes are rated one notch below the VR, reflecting their subordinated status relative to claims from senior unsecured creditors, and the absence of any going-concern loss-absorption mechanism.
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Shares of luxury fashion brand Vince tumbled as much as 40 percent Friday, after the company said it has "substantial doubt" about its ability to continue as a going concern for the next 12 months.
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Chesapeake Energy Corp, once the second-largest U.S. natural gas producer, warned on Tuesday about its ability to continue as a going concern as the debt-laden company struggles with falling prices for the commodity.
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That, and the nearly 13-year-old brand's failure to attract takeover offers that would preserve the business as a going concern, led to Mothercare appointing PricewaterhouseCoopers to take charge of the units' administration process.
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That, and the nearly 13-year old brand's failure to attract takeover offers that would preserve the business as a going concern, led to Mothercare appointing PricewaterhouseCoopers to take charge of the units' administration process.
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It's a rare spot of optimism for the troubled retailer, which warned earlier this year in an annual filing with the SEC that there were doubts about its ability to continue as a going concern.
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However, once the Kimbo allure had been lost at the jab of Seth Petruzelli within 14 seconds of their fight, EliteXC was no longer a going concern and closed business less than two years in.
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"Management has concluded that there is no longer material uncertainty that casts significant doubt as to the ability of the company to continue as a going concern," it said in a statement alongside the results.
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Fitch expects to assign 30% equity credit to the securities, reflecting the agency's view that the 29% trigger is not so distant to the point of non-viability, which limits the instrument's "going concern" characteristics.
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Counsel will also look at the extent to which KPMG "considered whether there were material uncertainties about the entity's ability to continue as a going concern that HBOS needed to disclose in the financial statements".
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"There are material events and conditions that raise substantial doubt about the company's ability to continue as a going concern," Toshiba said in announcing bigger than previously estimated losses for the nine months through December.
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Errol Healy should have retired by now from his marine-insurance business, but it was such a going concern it was hard to shut it down, and he worried about what he'd do in retirement.
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The deal would keep open more than 400 stores, preserve up to 45,000 jobs and ESL would acquire substantially all of the company, including its "Go Forward Stores" on a going-concern basis, Sears said.
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The company, however, sought to reassure shareholders saying in a note on its earnings statement that while the recalls were creating uncertainty, it did not believe that worries over it as a going concern were warranted.
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TORONTO, Aug 2 (Reuters) - Home Capital Group on Wednesday reported a bigger-than expected second-quarter loss but said issues that had raised uncertainty about its ability to continue as a going concern had been resolved.
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SUBORDINATED DEBT EnTie, FEIB and Taichung's Basel II-compliant subordinated debt is rated one notch below their National Long-Term Ratings to reflect its subordinated status and the absence of a going-concern loss-absorption mechanism.
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"Selling TPG (TransPerfect Global) as a going concern will protect TPG's employees from the ruinous consequences of an asset sale and provide the maximum return to the stockholders," said the majority opinion, written by Collins Seitz.
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Hell, even the sport of baseball itself — which feels like a part of America's past, even as it continues to be a going concern — acts as a kind of metaphor for the show as a whole.
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But the firm, whose share price peaked at 689 pence in 2014, also said its auditors had questioned its ability to continue as a going concern as there was "material uncertainty" about completing the share issue.
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Ezra Holdings is one of the largest offshore marine services providers in Asia, but the business has struggled to overcome a series of headwinds that cast doubt over its ability to operate as a going concern.
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The adjusted going-concern enterprise value after administrative claims of USD300 million is then applied to USD380 million owed to creditors, comprising an undrawn revolving credit facility of USD30 million and USD350 million of secured notes.
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Versa had been preparing a stalking horse offer for Aeropostale as a going concern business, and the retailer had received court approval to pay some of the expenses incurred by Versa in putting together the proposal.
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IHeartMedia, the largest owner of U.S. radio stations that has more than 250 million monthly listeners in the United States, said in May there was substantial doubt about its ability to continue as a going concern.
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O shares tumbled as much as 16 percent on Wednesday as bondholders and investors questioned how long the storied retailer could remain in business after it flagged doubts that it could continue as a going concern.
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The company, which operates in California, Wyoming and North Dakota shale fields, said there was substantial doubt about its ability to continue as a "going concern" after it decided to skip interest payments due on Tuesday.
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CTBC Bank's Basel II-compliant subordinated bonds are rated one notch below the issuer's Long-Term IDR and National Long-Term Rating to reflect their subordinated status and the absence of going-concern loss-absorption features.
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KEY RECOVERY RATING ASSUMPTIONS Average Recoveries for Noteholders: We expect to rate the potential LPNs in line with the Eurotorg's IDR of 'B-(EXP)', reflecting average recoveries in case of default under our going concern scenario.
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The loan was a subject of concern last year with the company flagging risks for the group to continue as a going concern if it failed to refinance the loan and meet sales and production forecasts.
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Costs from the loan means that EuroCCP "may be loss-making for a limited period of time" but that it was still a "going concern" due to surplus capital and was "confident" of obtaining regulatory approval.
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Costs from the loan means that EuroCCP "may be loss-making for a limited period of time" but that it was still a "going concern" due to surplus capital and was "confident" of obtaining regulatory approval.
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Fitch's recovery analysis assumes $400 million going-concern EBITDA, which represents approximately a 22% haircut to Avon's 13 EBITDA of $510 million and a recovery multiple of 4x, driving an estimated enterprise value (EV) of $1.6 billion.
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PPB Advisory, Ten's newly appointed receivership specialist, said the deal would allow the firm, the lowest rating of Australia's three national free-to-air broadcasters, to continue as a "going concern" until it is sold or recapitalized.
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Lampert's resignation relates to the completion of the "going concern" transaction and is "not the result of any disagreement with the company on any matter relating to the company's operations, policies or practices," according to the filing.
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"A decision by Ansteel to withdraw funding support could lead to claims under various operating and financing guarantees against Gindalbie, which if successful could cast doubt on Gindalbie's ability to continue as a going concern," Gindalbie said.
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Sears Canada Inc sank 23.7 percent to 87 Canadian cents after the retailer flagged doubts about its ability to continue as a going concern and said it was exploring strategic options, including a sale of the company.
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In contrast, a Chapter 11 reorganization allows a debtor to sell some or all of its assets or propose a reorganization plan that aims to resolve and satisfy enough creditors to re-emerge as a going concern.
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The 5.0x is consistent with the 5.4x median multiple for retail going concern reorganizations but at the low end of the 12-year retail market multiples of 5x-11x, and below 48243x-12x for retail transaction multiples.
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Instrument Ratings and Recoveries Fitch applies a bespoke and going concern approach to recoveries in the case of UM - refer to our criteria 'Recovery Ratings and Notching Criteria for Non-Financial Corporate Issuers', dated 7 April 2016.
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Sure enough, in April Helios and Matheson warned in its annual report that its independent auditors had "substantial doubt" about its ability to continue as a going concern and this may hinder its capacity to get financing.
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Despite growing pains, uneven economic development and stirrings of revolutionary fervor, imperial Russia in 1900 was a going concern, its very size and power a source of pride to most if not all of the czar's subjects.
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Under revised Swiss 'too-big-to-fail' proposals, the group will have to meet gone-concern capital requirements equivalent to its total going-concern capital requirements (5% of leverage exposure and 14.3% of risk-weighted assets (RWAs)).
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In a filing that was unsealed on Monday, plaintiffs claimed that at the time the deal closed, Ernst & Young, SolarCity's auditor, doubted SolarCity could stay in business as a "going concern" if it remained a standalone company.
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"There were several events or conditions that should have appeared to the respondents (PwC and Denison) to cast significant doubt over BHS's ability to continue as a going concern and therefore to require further investigation," the FRC said.
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"Despite our best efforts to fund the company and continue to fuel our growth, the company has been unable to raise the growth capital needed to continue operating as a going concern," outgoing Chief Executive Scott Pearson said.
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"The group will continue to trade as usual whilst the administrators seek to sell it as a going concern," said Philip Duffy and Benjamin Wiles, managing directors of restructuring firm Duff & Phelps who have been appointed joint administrators.
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This means retailers already operate close to the level of financial stress and the EBITDA discounts used to calculate a hypothetical point of distress as a proxy for going-concern restructuring are therefore smaller than for other sectors.
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The court will now decide whether Hanjin Shipping should remain as a going concern or be dissolved, a process that usually takes one or two months but is expected to be accelerated in Hanjin's case, the judge said.
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"The term lenders have indicated that they remain committed to a going-concern outcome for Algoma and all of its stakeholders, and to closing the transaction contemplated by the asset purchase agreement as soon as possible," ESA said.
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The Basel II subordinated Lower Tier 2 and Basel III Tier 103 subordinated notes are rated one notch below the entities' 'aa-' VRs to reflect their subordinated status and the absence of any going-concern loss-absorption features.
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"The ability of the company to continue as a going concern is predicated upon its ability to monetize its assets, secure funding from the bankers/investors, restructure its liabilities and recommence its operations," it said in the notes.
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The FAI's auditors said last month it could not guarantee the body could continue as a going concern after an ordered restatement of the scandal-hit association's accounts increased its overall liability to 55 million euros ($61 million).
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The company, which flagged going concern doubts in November, said it was targeting annual cost savings of 35 million pounds ($45.37 million) from the second half of 2020-21, up from its prior target of 20 million pounds.
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Shares of Peabody sank 49 percent to $2.05 after the company flagged the bankruptcy risk under the "risk factors" section of a regulatory filing said there was "substantial doubt" about its ability to continue as a going concern.
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Home Capital fell 15.5 percent to C$9.14 after it said in an earnings release late on Thursday that worries about its future funding capabilities had cast "significant doubt" on its ability to continue as a going concern.
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The Basel II subordinated Lower Tier 2 and Basel III Tier 2 subordinated notes are rated one notch below the entities' 'aa-' VRs to reflect their subordinated status and the absence of any going-concern loss-absorption features.
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The Ft. Worth, Texas-based company in court papers said the agreement with its lenders and noteholders is key for emerging from bankruptcy as a going concern and averting asset sales or converting its case to a Chapter 7.
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The Work and Pensions and BEIS (Business, Energy and Industrial Strategy) will investigate how a company that auditor KPMG said was a going concern less than a year ago could crash into liquidation with huge liabilities earlier this month.
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PROVISIONS "The ability of the company to continue as a going concern is predicated upon its ability to monetize its assets, secure funding from the bankers/investors, restructure its liabilities and recommence its operations," it said in the notes.
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Two other small vendors told Reuters they stopped supplying Sears this year because they could not afford the insurance, whose cost spiked after Sears warned in March of "substantial doubt" over its ability to continue as a going concern.
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KTB's international hybrid Tier 1 rating of 'B' is rated five notches below the VR, reflecting going-concern risks of this instrument that include a noncumulative coupon deferral feature that could be triggered upon the bank posting a loss.
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Nearly a fifth of all U.S. companies that exit bankruptcy as a going concern seek creditor protection again within about five years, according to Edward Altman, a professor emeritus at the Stern School of Business at New York University.
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For the going concern analysis enterprise value (EV) calculation, we have applied a 25% discount to Fitch estimated 2017F EBITDA of EUR66 million, leading to a post-distress EBITDA of EUR50 million, as a post-distress cash flow proxy.
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"The company is currently in active discussions with its major shareholders regarding a potential equity fundraising, in the absence of which the group is not able to continue trading as a going concern," the airline said in a statement.
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Fitch views the transaction more as a purchase of assets than an acquisition of a going-concern business and therefore assumes that management will be able to bring the acquired stores' profitability in line with Lenta's stores fairly quickly.
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A third high profile corporate victim of the outbreak, cinema operator Cineworld, sank another 20% after it said that a worst case scenario for the virus outbreak could cast doubt on its ability to continue as a going concern.
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A third high profile corporate victim of the outbreak, cinema operator Cineworld, sank another 20% after it said that a worst case scenario for the virus outbreak could cast doubt on its ability to continue as a going concern.
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Pepper Food Service, fell 17.4% - its daily limit - after the struggling steak restaurant chain operator said late on Wednesday it is facing funding problems and that there is substantial doubt about its ability to continue as a going concern.
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If the company were to declare bankruptcy and continue as a going concern, it would need some sort of incentive structure to keep everyone from walking out the door, especially the talent that it wants to keep or recruit.
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De La Rue warned of "significant doubt" that it can continue as a going concern on Tuesday, knocking around 40 million pounds off the market value of the British banknote printer, which scrapped its dividend to tackle mounting debts.
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It said a failure to raise capital may prompt its auditor to issue a "going concern" warning, which would constitute an event of default under a senior credit facility where it had $266.8 million outstanding as of Dec. 27.
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"The companies are studying a proposal for an arrangement that will allow their overall activities to continue as a going concern, although they cannot exclude alternative solutions at the end of the ongoing technical assessments," the company said on its website.
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Fairway had said a failure to raise capital may prompt its auditor to issue a "going concern" warning, which would constitute an event of default under a senior credit facility where it had $266.8 million outstanding as of Dec. 27.
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"The CVA Proposals and/or any restructuring of CW (Childrens World) are not expected to affect the ordinary course of operations of Mothercare, which continues to trade as a going concern under the control of its directors," the company said.
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"In the event claims are made against the company in relation to any or all of these guarantees, the company will face an immediate going concern issue," said Ezra, which has been trying to restructure its operations and balance sheet.
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"Due to the ongoing price erosion and the development of the business, the company no longer has a positive going concern prognosis, is therefore over-indebted and thus obliged to file for insolvency proceedings," SolarWorld said in a statement on Wednesday.
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As well as bailing out the banks with money from the EU's 500-billion-euro European Stability Mechanism, the SRM would work to break up and sell off parts of a failed bank so it could then become a going concern.
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"A successful sale of these viable stores as a going concern not only will save Sears and Kmart, but also the jobs of the tens of thousands of employees that depend on the continued operation of such stores," the filing says.
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Maybank's Basel II-compliant hybrid securities are rated four notches below the VR, to reflect the deep subordination status of the securities and the presence of going-concern loss-absorption mechanisms, but also look-back provisions in the optional dividend deferral.
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Without the credit, Areva's board could not sign off on the 251 accounts in the certainty that the firm could continue as a going concern, as it lacked the funds to meet a 275 million euro bond repayment on Sept. 33.
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The Work and Pensions and BEIS (Business, Energy and Industrial Strategy) said they would investigate how a company that auditor KPMG said was a going concern less than a year ago could crash into liquidation with huge liabilities earlier this month.
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RECOVERY CONSIDERATIONS Current Recovery Considerations: Fitch's recovery analysis is based on a going concern value of $1.25 billion, versus approximately $630 million from an orderly liquidation of assets, which are composed primarily of inventory, receivables and owned property and equipment.
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TORONTO, May 12 (Reuters) - Shares in Home Capital Group Inc fell as much as 20 percent in early trading on Friday after the lender said uncertainty around future funding had cast doubt about whether it could continue as a going concern.
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"While we are disappointed by this outcome and tried very hard to identify bidders interested in operating the business as a going concern, we are committed to working constructively with the winning bidder," Chief Executive Bill Tracy said in a statement.
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"The investigation relates to the extent to which KPMG... considered the appropriateness of management's use of the going concern assumption in the preparation of the financial statements for the year ended 31 December 2007," the FRC said in a statement.
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BCBG, which is owned by investment firm Guggenheim Partners, said on Friday it would sell substantially all its assets to Marquee Brands LLC and Global Brands Group Holding Ltd, which intend to keep operating BCBG's core business as a going concern.
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"As a going concern, we would like to use the money on investments," CEO Masatsugu Nagato said at a news conference when asked what Japan Post will do with the money after eventually selling stakes in its bank and insurance units.
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"Notwithstanding the potential for dilution, Lynas Directors have concluded that approval of the proposed amendments is important to assist the continued operation of the Lynas business as a going concern," the company said in a statement to the Australian stock exchange.
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" Despite trying to push toward profitability, Sears' deteriorating financial conditions forced the retailer earlier this year to disclose in a filing with the Securities and Exchange Commission that there was "substantial doubt" about its ability to "continue as a going concern.
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The segment traces the 6,000-year relationship between prissy angel Aziraphale (Michael Sheen of The Queen and Frost/Nixon) and swaggering demon Crowley (Doctor Who star David Tennant), who have known each other since the Garden of Eden was a going concern.
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The investigation related to the signing off of HBOS's 2007 accounts and KPMG's endorsement of the bank's belief that the accounts should be prepared on a going concern basis, which meant it expected to be able to fund itself for the year ahead.
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LONDON, Jan 14 (Reuters) - Britain's government is keeping a close eye on building and services company Carillion and ministers hope its partners will find the working capital to ensure it remains a "going concern", the chairman of the governing Conservatives said on Sunday.
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Rome has thrown Alitalia a short-term lifeline, a bridging loan of up to 400 million euros to see it through a bankruptcy process, under which an administrator will decide if it can be sold as a going concern or should be liquidated.
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"Our independent auditors issued an audit opinion with respect to our financial statements for the two years ended December 31, 2016 that indicated that there is a substantial doubt about our ability to continue as a going concern," it said in the filing.
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But if the debtor is likely to fail in carrying out the restructuring plan, and the liquidation value of the company is deemed to exceed the going concern value, the court will terminate the process and will put the company into bankruptcy.
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Peabody has informed the U.S. Securities and Exchange Commission that its ability to operate as a "going concern" is now in question, which is accounting-speak that means it may not be possible for the company to continue to operate as currently structured.
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Senior Secured Notes' Rating Fitch believes that expected recoveries would be maximised in a going-concern scenario rather than in liquidation given the asset-light nature of BUT's business, where Fitch views the brand value and established retail network as key assets.
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Auditor PWC noted in the accounts there were a number of matters, including for example external market conditions that could potentially be impacted by Britain leaving the EU, that might cast "significant doubt" about the group's ability to continue as a going concern.
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Auditor PWC noted in the accounts there were a number of matters, including for example external market conditions that could potentially be impacted by Britain leaving the EU, that might cast "significant doubt" about the group's ability to continue as a going concern.
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The company said the continued decline in asset valuations and net rental income could result in financial debt commitment breaches and coupled with its inability to refinance debt, there was material uncertainty relating to its ability to continue as a going concern.
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Electrostim Toys: Electrostimulation may seem far, far too fetishy to ever make it into the mainstream, but at least two companies—including Jimmyjane, best known for making luxury sex toys a going concern—have products that combine electric shock with vibrational awe.
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"Filing under the law will allow AHAB to continue as a going concern, preserve the livelihoods of thousands of employees and their families, support the national economy and enhance the reputation of Saudi Arabia in international markets," said Simon Charlton, AHAB's chief restructuring officer.
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Sears is also negotiating with Lampert's hedge fund, ESL Investments Inc, on a potential deal to acquire stores and businesses that would aim to keep the 125-year-old retailer operating as a going concern, according to court papers and people familiar with the discussions.
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In statement provided to CNBC, a spokesperson for ESL Investments said, "ESL Investments is working around the clock to try to keep Sears in business with a going concern proposal that would save tens of thousands of jobs and provide severance protections for eligible workers."
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The judge overseeing Forever 21's Chapter 11 bankruptcy proceedings on Tuesday designated an $81 million "going concern" offer as the bid to beat, set Friday as the deadline for competing offers and scheduled an auction for Monday if any qualifying bids are received.
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As a result, Jupiter said it could shut shop by July after delivering their last orders this month; Indosolar auditors have raised doubts over it remaining as a "going concern"; and Moser Baer says it needs support from its lenders to revive its solar business.
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Shares in Penn West Petroleum Ltd sank 8.6 percent to 96 Canadian cents a share after it said it may default on its financial covenants at the end of the second quarter and raised doubts about its ability to continue as a going concern.
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"Management believes that material uncertainty exists regarding the company's future funding capabilities as a result of reputational concerns that may cast significant doubt upon the company's ability to continue as a going concern," Home Capital said in a statement alongside its first-quarter results.
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RECOVERY ASSUMPTIONS: In our bespoke going-concern recovery analysis we look at Intralot's 2016 EBITDA of EUR7503 million (after deducting attributable EBITDA to minority interests) and this is further discounted to arrive at an estimated post-restructuring EBITDA available to creditors of around EUR86.4 million.
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The paper said that would make the break-up of Real more likely, as both are more interested in the chain's real estate rather than taking it on as a going concern, although Metro Chief Executive Olaf Koch wants to sell it as a whole.
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The analysis uses a 13x enterprise value/EBITDA multiple, consistent with the 5.4x median multiple for retail going concern reorganization but at the low end of the 12-year retail market multiples of 5x to 11x, and below 7x-12x for retail transaction multiples.
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Fitch rates Synlab 'B' with Stable Outlook and we assign a 'B+' instrument rating to the senior secured debt, one notch above the IDR, to reflect our expectation of above-average recovery in our hypothetical default analysis based on a going-concern distressed valuation.
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The adjusted going-concern enterprise value after administrative claims of HKD3.4 billion is then applied to the potential HKD390 million senior revolving credit facility, and the balance to the senior unsecured notes, which results in a recovery in line with 'RR3' for the notes.
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Meanwhile, troubled property finance firm Dewan Housing Finance Corporation Ltd (DHFL) sank 29.2% to its worst closing level in more than a decade, after it warned it may not survive as a going concern and reported a net loss of for the March quarter.
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"All these developments raise a significant doubt on the ability of the Company to continue as a going concern and therefore it may be unable to realize its assets and discharge its liabilities including potential liabilities in the normal course of business," the auditor said.
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Although such a ruling is rare, "this might be an example of where that's the case because the going concern of a refinery has been lost from the fire, and the real estate might very well be worth more than the enterprise," he said.
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The company collapses prompted the FRC last week to toughen up a rule that requires auditors to state whether they agree that a company is a "going concern", meaning it is likely to stay in business for the coming 12 months and not suddenly crash.
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The Recovery Rating considers the structural subordination to the local operating subsidiaries debt and a going concern approach to determine cash flow multiples and post-default cash flow for each opco to determine the estimated residual value available for the senior secured holdco notes.
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LIQUIDITY Trilogy has resolved the liquidity concerns that were raised by the company's auditors in late 2016 indicating that operating cash flow may not be sufficient to make scheduled interest payments and raised substantial doubt about the company's ability to continue as a going concern.
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DUBLIN, Dec 22017 (Reuters) - The Football Association of Ireland's (FAI) auditors were unable to guarantee the governing body can continue as a going concern after an ordered restatement of its accounts reported on Friday increased its overall liability to 233 million euros ($2462 million).
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In a further sign of the stress, German shipping group Marenave said this week two of its banks had rejected a restructuring plan aimed at repaying loans and the company was examining "whether the positive going concern forecast for Marenave can continue to be upheld".
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Taos locals and longtime visitors to the New Mexico ski resort had the mountain to themselves for so long it's almost as if some forgot their little jewel was a going concern, actually owned by the family of its longtime chief executive, Mickey Blake.
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Taking lessons from recent company failures, the FRC said it will look to toughen up requirements for auditors to determine if a company is correct in stating it is a going concern, meaning it has enough resources to continue in operation for a year or more.
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Try to eliminate the provision that gives the franchisor right of first refusal and restate to say any sale to the corporation should be at fair market value as a going concern, not "depreciated value," which is one of the biggest red flags in a franchise deal.
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"They are in some financial distress, they need some equity funding, which is not easy because you need to justify if you are a going concern or not," said a Mumbai-based analyst, who was not authorized to speak with media and so declined to be identified.
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Rome has thrown the crisis-hit airline a short-term lifeline, a bridging loan of up to 400 million euros ($436 million) to see it through a process whereby an administrator will decide if it can be sold as a going concern or should be liquidated.
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"The [firms] that face a problem are the ones that really bought the companies not to run them as a going concern so much as to make sure they got their money out and made lots of money for themselves and for their investors," Appelbaum said.
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So, ANZ's claim prevented APR from using its own facility to produce electricity and caused significant financial injury to APR, including loss of its facility, tens of millions of dollars of lost revenue, a substantial loss of value to the company as a going concern, and layoffs.
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The adjusted going-concern enterprise value after administrative claims of HKD7503 billion is then applied to the potential HKD390 million senior revolving credit facility, and the balance to the proposed senior unsecured notes, which results in a recovery in line with 'RR3' for the proposed notes.
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The adjusted going-concern enterprise value after administrative claims of HKD3.4 billion is then applied to the potential HKD390 million senior revolving credit facility, and the balance to the proposed senior unsecured notes, which results in a recovery in line with 'RR7503' for the proposed notes.
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Take a look at some of the biggest movers in the premarket: Boeing (BA) – Boeing was upgraded to "buy" from "neutral" at Goldman Sachs, which said Boeing will remain a going concern and that flight travel will be as popular as ever once COVID-19 is resolved.
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WINDHOEK (Reuters) - Namdeb Holdings Limited, a joint venture between the Namibian Government and Anglo American's diamond unit De Beers Group, said on Thursday that it has sold Elizabeth Bay Mine and its associated marine assets as a going concern to Lewcor, a 13% Namibian-owned consortium.
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SINGAPORE, Sept 22 (Reuters) - Marine logistics firm Marco Polo said it has substantial doubt about being able to continue as a going concern due to a cash crunch, as it sought noteholders' approval to defer redeeming bonds worth S$50 million ($37 million) by three years.
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"We expect companies to consider carefully the detail provided in those areas of their reports which are exposed to heightened levels of risk; for example, descriptions of how they have approached going concern considerations, the impact of Brexit and all areas of material estimation uncertainty," it said.
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The Joliet, Illinois-based company said on Tuesday it was working with its advisors to sell as a going concern a majority of the Strack & Van Til grocery stores it operates, and that it also plans to close nine supermarkets operating under the Ultra Foods banner.
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In complying with too-big-to-fail regulatory capital requirements in Switzerland, the bank will have to meet going concern 4807123% leverage ratios (of which 212001% in CET1) and 14.3% (of which 10% in CET1) RWA-based capital ratios, with equivalent amounts in gone concern capital.
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Indian Hotels Co, the Tata firm running the group's luxury hotels and resorts, later sent a similar response, saying the "financial statements of the company are prepared on a going concern basis and present a true and fair view of the state of affairs of the company".
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"Factoring for all considerations, we believe that our going concern bid provides the best path forward for the company, the best option to save tens of thousands of jobs and is superior for all of Sears' stakeholders to the alternative of a complete liquidation," the ESL spokesman said.
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At June 30 2016, about 60% of consolidated net revenue resides in the guarantor group, so Fitch assumes that 20153% of the going-concern EV, or $5.4 billion, is recovered by first-lien secured holders, leaving $3.6 billion of non-collateral value to be distributed to unsecured claimants.
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ESL said in a statement provided to CNBC, "We believe that our going concern bid provides the best path forward for the company, the best option to save tens of thousands of jobs and is superior for all of Sears' stakeholders to the alternative of a complete liquidation."
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Peabody said in a separate filing late on Monday that if the sale was not completed by the time it issued audited financial statements for 2015, its accounting firm would be required to issue a "going concern" opinion, which is a statement on the operational resources of a company.
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These ratios will have to be increased to its too-big-to-fail going concern requirements of 3.5% (CET1 leverage ratio) and 5003% (including high-trigger Tier 1 and grandfathered low-trigger Tier 1 instruments), which we expect will be reached by issuing additional high-trigger Tier 1 debt.
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By Subrat Patnaik and Jessica DiNapoli True Religion Apparel Inc, whose heavily adorned denim jeans have fallen out of fashion, filed for bankruptcy on Wednesday with a deal in hand to slash its debt of about $500 million and emerge from court protection quickly as a going concern.
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In the U.S. healthcare sector, Fitch consistently uses a going-concern approach to valuation as opposed to assuming a liquidation value; intrinsic value is assumed to be greater than liquidation value for these companies, implying that the most likely outcome post-default would be reorganization rather than liquidation.
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Whether Russia and the rise of China signaled the return of nineteenth-century power relations was likewise not a going concern with Holbrooke, who was far too fixated on news cycles to keep his mind concentrated on what the world rapidly converting to capitalism would mean for American power.
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Losses incurred by the company and subsidiaries and certain loans for which the company is a guarantor show that some "material uncertainty exists that may cast significant doubt on the group's ability... to continue as a going concern," according to the auditors' report posted on the company website.
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The company, which has been flagging going concern doubts as it tries to sell its Zimbabwe operations, said it has cash to meet its needs up until the end of June, given its forecast revenue is not impacted by reductions in demand due to the fast spreading virus.
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External auditors have been unable to form an opinion on the group's financial statements for 2017 and 2018 due to the uncertainties as to Trevi's ability to continue as a going concern in relation to the execution of the capital strengthening and debt restructuring, the company said on Saturday.
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Rickmers Maritime needed to put in place refinancing plans for all its debt after auditor PricewaterhouseCoopers flagged significant doubts about the group's ability to continue as a going concern in its 2015 annual report, its chief financial officer Tomas Norton de Matos told IFR, a Thomson Reuters publication reported.
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Yes, that's right: class D. Oh, and if at least half of the term loan holders participate, all of the existing term loans will be amended to remove the lender's ability to renegotiate the debt if its accountants question the company's ability to continue as a going concern.
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"ESL has been steadfast in its commitment to Sears because we believe that its emergence from Chapter 11 as a going concern is the best path for the company, its associates and the many communities touched by Sears and Kmart stores," a spokesperson for ESL said in a statement Thursday morning.
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Puerto Rico's government cited "substantial doubt" about its ability to continue as a going concern and said there is a threat to government services because its Government Development Bank is at risk of missing debt payments, in a draft of its long-delayed Fiscal Year 2014 financial report released Tuesday.
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"This revelation in their annual report that they may not be able to continue as a going concern is really just another step towards what is inevitably going to be a financial collapse," said Mark Cohen, former CEO of Sears Canada and director of retail studies at Columbia Business School.
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As recently as November De La Rue cast doubt over its ability to continue as a going concern and scrapped its dividend to tackle mounting debt after setbacks including profit warnings, a South Sudan corruption investigation and the loss of a 400 million pound ($13 million) contract for Britain's passports.
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In estimating a distressed enterprise value (EV) for Barracuda, Fitch assumes that in a distressed scenario, customers may elect to switch to competing service providers, leading to revenue decline and margin compression on a reduced scale; resulting in going-concern EBITDA that is approximately 15% lower compared to LTM EBITDA.
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Contrary to what the dissent contends, it is by no means unprecedented for the Court of Chancery to have to address the fate of a solvent Delaware corporation by setting up a fair process to have it sold as a going concern, when that outcome is necessary to best protect its constituencies.
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RATING SENSITIVITIES SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Macro's expected subordinated debt rating is sensitive to a change in Macro's VR. The rating is also sensitive to a wider notching from the VR if there is a change in Fitch's view on the non-performance of these instruments on a going concern basis.
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"We are keeping a very close eye on this, make sure there are all plans, contingency plans in place, but it is a going concern this and ... hopefully, they will be able to work with their partners to get the working capital they need to continue to provide important services," Lewis said.
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RATING SENSITIVITIES The expected subordinated debt rating is sensitive to a change in Bancolombia's VR. The rating is also sensitive to a wider notching from the VR if there is a change in Fitch's view on the non-performance of these instruments on a going concern basis, which is not the baseline scenario.
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And now because of amendments introduced on Monday — also under pressure from Republicans — the bill now also exempts businesses with fewer than 50 employees and many health care providers, if the Labor Department determines that offering paid leave "would jeopardize the viability of the business as a going concern," the Times reports.
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Provided the transaction meets basic requirements, such as the company is a going concern and the buyer isn't a broker buying for the purpose of distributing the shares, you can sell shares under this new exemption as long as: With new rules that enable more liquidity, the options for early stockholders are improved dramatically.
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There are other companies that we could bring up: Atari, a shell of its former self but technically a going concern in 2019, has already inspired Stranger Things marketing; and Nintendo, which test-marketed the Nintendo Entertainment System in late 1985 and is no stranger to retro marketing, might have been a natural choice.
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Fitch assumes that the enterprise value (EV) of the company and the resulting recovery of its creditors (including the pension trustees) would be maximised in a restructuring scenario under our going-concern approach rather than in a liquidation due to the asset-light nature of the business as well as the strength of its brands.
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Bonmarche also said it had been told by its auditor PwC during informal talks that without a clear indication of trading having improved by the end on July, it may have to include a line in the audit report to show it was concerned about the company being able to operate as a going concern.
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Retreat, in the face of Lutz's analysis, isn't an option, even though over time a Tesla that sells $100,000-and-up cars, but not a whole lot of them, could be very much a going concern — in fact, a highly lucrative business, given that its current gross margins of around 20% are comparable with BMW's.
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The notes do not incorporate going-concern loss-absorption characteristics given the relatively low write-off trigger (Regulatory CET1 at or below 4.5%), which in Fitch's view would only be effective at the point of non-viability, and also considering the fact that coupons are not deferred or cancellable before the principal write-off trigger is activated.
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At various points along the course of this saga, our lawyers informed the agency's staff of the harm that these allegations were inflicting – on my business and on the professional prospects and earning opportunities of scores of honest, innocent, hardworking Omega employees – and of the protracted investigation's potential implications for Omega's continued viability as a going concern.
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Key Recovery Rating Assumptions Fitch believes that a debt restructuring would likely occur under stressed economic conditions in Argentina and/or external shocks such as climatic events or lack of access to certain export markets Therefore, Fitch has performed a going-concern recovery analysis for Mastellone that assumes the company would be reorganized rather than liquidated.
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What's more, the choice to largely wipe from existence characters who are more or less vital to the future of the Marvel Cinematic Universe as a going concern (especially Star-Lord, Spider-Man, and freakin' Black Panther) so dramatically inflates the stakes that it becomes all but certain the next movie will reverse most of these deaths.
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Entities subject to going concern assessments, Garcia Padilla wrote, include not only the government itself, but PREPA, the island's sole power utility; HTA, which operates the island's major roads; the Metropolitan Bus Authority, which transports thousands in the San Juan area; the Puerto Rico Medical Services Administration, the island's main hospital and trauma center; and PRIHA, which oversees Medicaid benefits for 1.6 million poor residents.
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Gonzalez writes for the accounting-industry news site Going Concern ("the Gawker of accounting," as she put it to me) and started GoFraudMe in 2015, after noticing a GoFundMe campaign soliciting funds for Bart the Zombie Cat, who purportedly got hit by a car, dug himself out of his grave, and rang up a sizable unpaid medical bill at the Humane Society of Tampa Bay.
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Reports 2015 financial results and montanore project update * Says seeking financing and may consider a joint venture of montanore project or other strategic alternatives * Cash reserves as of December 31, 2015, are estimated to be sufficient to continue operations through end of Q1 of 2016 * Additional financing will be required to continue operations as a going concern Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-646-8780)
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KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer include: - Revenue to remain flat in FY18 - Fitch's calculated cash EBITDA of around USD70 million-75 million with IRU sales of USD50 million - Working capital outflow of USD30 million-35 million during FY18 - Dividends of USD103 million to Rcom in FY18 - Annual capex of around USD30 million - Recovery analysis used a going-concern value approach with post-restructuring EBITDA of USD74 million and cash flow multiple of 4.5x.
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The sequence encompasses three years in less than 10 minutes of screen time, and it not only captures the way Gordon has to wait for the internet to become a going concern in American homes, but also the way that Joe's extended self-exile becomes a chance for him to punish himself, to live in the middle of his deeply felt sorrow at the way he could never build a functional, adult relationship with Cameron Howe (Mackenzie Davis), who's now living in Tokyo with her husband.
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In addition, Jababeka has a more diversified business portfolio from its infrastructure-related business exposure KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer include: - Attributable presales of IDR1.3 trillion in 0003 and IDR1.4 trillion in 2018 - Land acquisitions of around IDR300 billion in 2017-2018 - Construction capex of around IDR600 billion-800 billion in 2017-2018 Key Recovery Rating Assumptions: - The recovery analysis assumes Jababeka would be liquidated in a bankruptcy rather than continue as a going-concern because it is an asset trading company.
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KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer include: - Presales of around INR37 billion in FY18 and INR45 billion in FY19 - Cash collections of at least INR103 billion in FY18 and INR30 billion in FY19 Key Recovery Rating Assumptions: - The recovery analysis assumes IBREL would be liquidated in a bankruptcy rather than continue as a going-concern because it is an asset trading company - In our calculations of IBREL's liquidation value, we have taken IBREL's share in residual equity at IPIT after repaying debt at IPIT.
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KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer include: - India presales of around INR70 billion and INR90 billion in FY18 and FY19 - India cash collections of around INR75 billion-80 billion annually in FY18-FY0003 - India construction cost of more than INR40 billion in FY18 - London properties' annual presales of around INR30 billion in FY18-FY20 - London properties' cash collections of around INR17 billion in FY19 and INR60 billion in FY20 - London properties' construction cost and other expenses of around INR103 billion annually in FY18-FY19 Key Recovery Rating Assumptions: - The recovery analysis assumes Lodha would be liquidated in a bankruptcy rather than continue as a going-concern because it is an asset trading company.
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Reports fourth quarter and fiscal year 2016 results * Q4 sales fell 21.9 percent to $63.9 million * Q4 same store sales fell 20153 percent * Q4 loss per share $3.28 including items * Q4 earnings per share view $-0.05, revenue view $74.6 million — Thomson Reuters I/B/E/S * Made decision to suspend 2017 sales and eps guidance * Inventory at end of q4 of fiscal 2016 was $38.5 million compared to $36.6 million at end of q4 of fiscal 2015 * Vince holding - concluded there is substantial doubt about co's ability to continue as going concern for 12 months following date financial statements issued * Substantial doubt about co's ability to comply with consolidated net total leverage ratio under its term loan facility * Identified deficiencies in internal control over financial reporting that were assessed as material weaknesses * Taking specific steps to remediate these material weaknesses by implementing and enhancing its control procedures Source text for Eikon: Further company coverage:
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KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer include: - Vingroup will have USD3 billion and USD3.5 billion of contracted sales in 103 and 2018, respectively - The cost of construction will amount to VND78 trillion and VND85 trillion in 2017 and 2018, respectively - Retail business will continue to generate negative EBITDA in the next two years due to new store growth outpacing the turnaround in existing stores - Vingroup will have capex of around VND11 trillion a year in aggregate for all non-property business segments Key Recovery Rating Assumptions: - The recovery analysis assumes that Vingroup will be liquidated in a bankruptcy rather than continue as a going concern because it is primarily an asset-trading company - We have assumed a haircut of 25% for VND2.9 trillion in receivables, a 35% haircut on adjusted inventory of VND0003 trillion (which is net of customer advances and loans received for the purpose of booking property units) and a 50% haircut on the VND26.1 trillion of property plant and equipment.
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