Houlihan Lokey is pleased to announce that Whitlock Packaging Corp. (Whitlock) has been acquired by Refresco Group N.V (Refresco). The transaction closed on September 7, 2016. Founded in 1987 and based in Fort Gibson, Okla., Whitlock is one of the largest independent contract manufacturers of refreshment beverages in North America. The company specializes in aluminum, aseptic, plastic, and bag-in-box packaging. Whitlock serves as a strategic partner to many of North America's most iconic beverage brands. Additionally, the company's aseptic...

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On 30 September 2016, the Luxembourg VAT authorities (Administration de l’Enregistrement et des Domaines) published a new Circular (N° 781) concerning the VAT status of directors of companies and the VAT treatment of their activities. The Circular clarifies that independent directors have the status of taxable persons (VAT entrepreneurs) and that their activities are subject to VAT at the standard rate of 17%. In the case of foreign directors of Luxembourg-based companies, VAT on directors’ fees has to be self-assessed...

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Following the guidance in the FASB’s recently issued accounting standard update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, your organization can improve how it classifies its net assets in its financial statements. You’ll also find new guidance for presenting information about liquidity and availability of resources, expenses and investment performance, and cash flows. ASU 2016-14 applies to substantially all nonprofits, including public charities, cultural institutions, professional trade associations, colleges and universities, religious organizations and health care providers. Donors,...

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Volatility in the prices of oil and natural gas continues to pressure and challenge many independent oil and natural gas exploration and production (E&P) companies, with more-highly-leveraged ones facing an ever-narrowing set of options as lenders cut back on credit. However, best-in-class E&P companies appear to be taking advantage of lower oil prices by issuing more equity, strengthening their balance sheets, and improving their flexibility. A chilling effect in the high-yield market... Both high-yield debt and private-placement debt appear on track...

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