ACCOUNTING JOKES
- From: Vol 10, Issue 7 (July 2009)
- Category: Need to know
- Region: Unspecified
- Country: Saudi Arabia, United Kingdom and United States
- Related Companies: Cascal, Janney Montgomery Scott, Macquarie, Marubeni, Mitsui & Co., Southwest Water Company, Thames Water and US Filter
Saudi Arabia has taken another step away from private finance for its big power and water projects, despite signs that banks are regaining their appetite for such deals. Basin Water, the company which thought the money it raised by borrowing against its invoices could be counted as revenue, has filed for Chapter 11 bankruptcy in the US.
After a spectacular IPO in May 2006, when shares rose steeply on the first day from the $12 offer price to reach $16.50, the company then developed a taste for stomach-churning quarterly results announcements, over which the scale of its financial incompetence became clear. With shares trading at $0.35, the company agreed to sell its assets to Amplio ...
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