Sand Hill Finance LLC Converts Remaining Balance of IceWEB, Inc. Convertible Debenture
And by the end of 2013, the company expects to reduce working capital by a total of more than 50 percent from its 2011 starting point. Im proud to lead AT&Ts finance group and be part of our great management team, said John Stephens , AT&T senior executive vice president and CFO. Together were committed to driving value for our shareholders, including by managing AT&Ts working capital as it if were our own money. About AT&T AT&T Inc. (NYSE:T) is a premier communications holding company and one of the most honored companies in the world .
A wealthy Moroccan businessman was named interim finance minister on Friday, as the ruling Islamist party pursues efforts to form a new coalition government after its main ally quit.AFP/File RABAT (AFP) A wealthy Moroccan businessman was named interim finance minister on Friday, as the ruling Islamist party pursues efforts to form a new coalition government after its main ally quit. Aziz Akhennouch, a technocrat in his 50s who headed the ministry of agriculture and fisheries in the two previous governments, was appointed to the key cabinet post, the official MAP news agency reported. He replaces Nizar Baraka, whose Istiqlal party withdrew from the ruling coalition in July after strongly criticising the Islamist Party of Justice and Development (PJD) for failing to shore up the economy and solve pressing social problems. Morocco’s government has been hamstrung since May when Istiqlal first announced its intention to withdraw from the PJD-led coalition, which won the largest share of votes in parliamentary elections two years ago. Prime Minister Abdelilah Benkirane has been negotiating in recent weeks with the National Rally of Independents party, to which Akhennouch formerly belonged, to form a new cabinet and avoid early elections.
Morocco names new interim finance minister
As part of the transaction, Sand Hill Finance is releasing its security interest in the assets of IceWEB, Inc. and terminating the financing agreement with the Company. Converting the Sand Hill Finance note to equity is a major achievement for IceWEB, and has significantly strengthened our balance sheet and improved our cash flow position. Sand Hill Finance has been a great partner to us over the years, and their conversion of the debt at an above-market price is a reflection of their confidence in the direction of the Company, said Mark Lucky, Chief Financial Officer of IceWEB, Inc. “We are confident in IceWEB’s management team and believe in their vision for the company’s future,” said Sand Hill Finances President, Mark Cameron.