Latest news with #AlvarezMarsal
Sky News
10 hours ago
- Business
- Sky News
Administrators lined up for UK arm of Microsoft-backed Builder.ai
Why you can trust Sky News Administrators are on standby to handle the collapse of the UK arm of a Microsoft-backed start-up which has filed for bankruptcy protection in the US. Sky News has learnt that Alvarez & Marsal (A&M) has been lined up to oversee the insolvency of UK entities. News of the impending appointment comes days after which was founded by Sachin Dev Duggal, collapsed in the US. Mr Duggal stepped down earlier this year. had raised hundreds of millions of dollars from investors, including a Qatari sovereign wealth fund, helping it to achieve a 'unicorn' valuation of more than $1bn. The company said it used artificial intelligence to make the process of building an app "as easy as ordering pizza". In recent weeks, however, media outlets including the Financial Times have alleged that the company used potentially bogus sales figures to attract investment. The newspaper also reported that Mr Duggal had sounded out potential backers to buy the business out of insolvency proceedings. It was unclear on Friday whether any meaningful assets remained within UK corporate entities.
CTV News
30-05-2025
- Business
- CTV News
RioCan REIT asks court to put joint venture with Hudson's Bay into receivership: docs
People cycle past the Hudson's Bay department store in downtown Montreal on Monday, March 17, 2025. THE CANADIAN PRESS/Christinne Muschi TORONTO — RioCan Real Estate Investment Trust is pushing to put a joint venture it owned with Hudson's Bay into receivership. A court filing from the real estate firm asks the Ontario Superior Court to appoint FTI Consulting Canada Inc. receiver of the companies that span the venture. The filing says RioCan is pursuing a receivership because it thinks that is the best way to protect the venture's stakeholders and maximize value. Receivers are empowered by courts to take control of a company's assets, oversee their liquidation and repay creditors. The Hudson's Bay-RioCan venture was formed in 2015 and is made up of 12 properties the department store chain leases from the partnership. Alvarez & Marsal, a monitor appointed by the court to guide the Bay through creditor protection, says in its own filing that a process to find buyers for Bay leases did not nab any bids for the joint venture or its properties. This report by The Canadian Press was first published May 30, 2025. Tara Deschamps, The Canadian Press
Bloomberg
23-05-2025
- Business
- Bloomberg
Tween Retailer Claire's Taps Advisers as Tariff Worries Mount
Claire's Stores Inc. is consulting Houlihan Lokey Inc. on how to shore up its finances as escalating tariff concerns pressure the retailer's earnings, according to people familiar with the situation. The purveyor of accessories for pre-teens has also tapped Alvarez & Marsal for operational assistance, said some of the people, who asked not to be identified discussing a private matter.
Telegraph
22-05-2025
- Business
- Telegraph
Man City sheikh was ‘shadow owner' of hospital tainted by fraud, claims EY
Manchester City owner Sheikh Mansour was 'effectively a shadow owner' of failed hospital operator NMC Health, EY has claimed. The Emirati royal had links to two Emirati businessmen accused of stealing billions from the former FTSE 100 company, the accountancy giant has alleged. It was claimed his connections to NMC Health saw it shielded from proper scrutiny, meaning banks ignored 'red flags' to lend billions to the London-listed healthcare giant before its 2020 collapse. EY made the claims in submissions to the High Court as it seeks to defend itself against a £2bn lawsuit brought forward by bankruptcy administrator Alvarez & Marsal. The 'big four' firm claims Sheikh Mansour bin Zayed Al Nahyan had close ties to two of NMC Health's top shareholders, Saeed and Khalifa bin Butti. They are accused of stealing billions from the healthcare company alongside BR Shetty, its founder. More than £3bn secret debt The three shareholders, who together owned two thirds of all shares in NMC Health, are accused of defrauding the company by borrowing more than $4bn (£3bn) worth of secret debt. Dr Shetty has instead claimed he was the victim of a wider fraud. The High Court subsequently froze Dr Shetty's assets in 2022, including a luxury London penthouse. EY claims fraudsters inside NMC Health used their links to Sheikh Mansour to secure loans from banks, who were willing to lend billions to the chain headquartered in Abu Dhabi because of the Emirati royal's 'name' and credibility. The accounting firm's submissions to the High Court say: 'The evidence ... suggests that Sheikh Mansour stood behind the Bin Buttis in some informal way, making him effectively a shadow owner of NMC.' Sheikh Mansour's links to NMC Health were 'well understood in the region,' EY's submissions add. It claimed that banks conducted due diligence with the 'lightest of touches' due to the credibility given to the company by the Emirati royal. NMC Health's lenders 'failed to take obvious steps to protect their own interests by conducting proper due diligence on the loans they were advancing to the NMC Group,' EY's submissions to the High Court say. Sheikh Mansour is a member of Abu Dhabi's royal family, and is currently the United Arab Emirate's vice president. The Emirati billionaire is also the owner of Manchester City Football Club. The accountancy giant says Alvarez & Marsal have also 'shied away' from pursuing the Bin Butti brothers, because of their links to Sheikh Mansour. EY's submissions to the High Court say: 'No serious attempt seems to have been made to pursue the money stolen by the Bin Buttis.' The claims come as EY is accused of 'extremely serious' failings in its audits of NMC Health that resulted in the accountancy giant allegedly missing one of the biggest frauds ever involving a London-listed company. Alvarez & Marsal claims EY's accountants 'never even opened the books' at NMC Health. EY said it was a 'principal target and victim' of the alleged fraud. Lawyers for the accountancy firm separately accused Abdul Rahman Basaddiq, the former head of EY's Abu Dhabi office, of having enabled the fraud. At a hearing on Wednesday, lawyers for EY told the High Court that Mr Basaddiq was 'plainly a fraudster'. The Bin Butti brothers did not respond to Telegraph requests for comment. Khalifa bin Butti told The Times in 2020 that 'any suggestion that I have been involved in wrongdoing is categorically rejected'. Abdul Rahman Basaddiq did not respond to requests for comment. An EY spokesman said: 'This was a complex, pervasive and collusive fraud, and responsibility for it lies squarely with its perpetrators, including NMC's owners, directors and the treasury and finance team. 'This case is without merit and the full extent of this unprecedented fraud – of which EY was one of the targets – will be exposed during the course of the trial.'
LBCI
22-05-2025
- Business
- LBCI
BDL pursues legal action over embezzlement allegations, commits to transparency
The Banque du Liban (BDL) announced it is continuing to take legal measures, in coordination with international law firms, to pursue any individuals—whether natural persons or legal entities—who held positions of responsibility within the bank or were directly or indirectly affiliated with it and are suspected of involvement in embezzlement or illicit enrichment. BDL's statement comes amid ongoing efforts to restore institutional credibility and financial transparency. It confirmed that Alvarez & Marsal, the firm tasked with conducting a forensic audit, has received all requested information necessary to complete the first phase of its assignment, commissioned by the Finance Ministry. The bank reiterated its readiness to cooperate fully should the Lebanese government choose to expand the firm's mandate. On the legislative front, BDL said it is working closely with the government and parliamentary committees to review proposed legal amendments, aiming to align them with existing banking regulations while safeguarding the bank's independence and authority. BDL governor expressed openness to engaging with stakeholders including depositors' committees, business associations, and the banking sector. He noted these discussions are focused on outlining the general principles and strategic roadmap BDL intends to follow to achieve sustainable financial balance. The statement emphasized that any reports concerning specific policy steps or proposals beyond the outlined framework are purely speculative and do not represent the bank's official position.
