Robert Smith

Loss comes as group co-owned by TDR Capital is weighing New York IPO

Documents show HSBC uncovered ‘extensive and systemic’ invoice issues at UK start-up

Lawsuit alleges auditor played ‘pivotal role in a years’ long scheme’ at Brooge Energy

Arch-rival Christie’s also suffering from slowdown in auctions

Altice took out a more than £1bn margin loan against its stake in BT, in a move that underscores the risky borrowing that is now piling pressure on billionaire Patrick Drahi’s sprawling telecoms group. The Franco-Israeli billionaire’s 24.5 per cent stake in BT was built through substantial loans and derivatives financing, allowing Altice to borrow heavily against the shares, according to people familiar with the situation and loan documents seen by the Financial Times. The company’s borrowing…

European private equity group EQT is in advanced discussions to buy video game services company Keywords Studios for £2.2bn, in the latest potential takeover of a London-listed company.EQT is negotiating over a cash offer of £25.5 per share. It has already made four unsolicited proposals for the business, all of which were rejected by its board, according to a statement from Keywords.The EQT offer is a more than 70 per cent premium on the stock’s value at the close of trading on Friday.The lates…

Cracks in the financial plumbing of Thames Water’s complex corporate structure are making debt investors nervous about a supposedly safe financial model widely used across Britain’s privatised utilities and essential infrastructure. The growing crisis at the company this month triggered a default at its parent firm, which has ricocheted down to hit securitised bonds at the operating companies that were long thought to be bulletproof. The government is now working on contingency plans to nationa…

Breaking down Sotheby’s foray into art-backed securities

Paul Weightman is no stranger to high-profile corporate scraps. The 62-year-old Australian, whose audacious poaching of more than 20 senior executives from asset manager Barings last month has already sparked litigation, spent 20 years running a property business that was involved in its fair share of takeover battles. But it was his early career as a lawyer in Australian rugby league that provided the blueprint for the Barings raid, which has given Weightman a whole team of private credit exp…

Formal notice to bondholders fires starting gun on complicated debt restructuring