Exact(30)
Indeed, Xerox's internal investigation "did find limited instances of exposed receivables in other countries," acknowledged Christa Carrone, a Xerox spokeswoman.
The company, based in Stamford, Conn., said the financing was secured by its portfolio of lease receivables in Britain and would be repaid over 18 months.
Take, for example, Xerox's warning that unexpected problems with customer receivables in Mexico could pare more than 5 cents a share off the quarter's earnings.
Adding to concerns over the UK business was news last week that new divisional finance director Michelle MacMahon had identified £21m of receivables in the accounts, which should be written off as the amounts were unlikely to be recovered.
In a conference call with Moody's on Oct. 30, bondholders were told that instead of turning over every 60 days as they had expected, the receivables in NPF XII were turning over every 180 days.
New divisional finance director Michelle MacMahon said she had identified £21m of receivables in the accounts which should be written off as the amounts were unlikely to be recovered.
Similar(29)
It also may have booked $68 million in accounts receivable in the wrong period, it said.
Multinational corporations and financial institutions often use the forward market to hedge future payables or receivables denominated in a foreign currency against foreign exchange risk by using a forward contract to lock in a forward exchange rate.
"By cutting the receivables time in half, you're reducing the negative float — it's the financing cost of the good or service they just sold to the government," Mr. Jordan said.
It was the best thing I ever did because I literally went from being a theoretical person to suddenly working with a dozen of receivables clerks in the north of England.
To infuse liquidity into the balance sheet, Vitech set up a $150 million international receivables program in March, the first of its kind backed by Brazilian reals.
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