Pacific Drilling Begins Chapter 11 Process to Optimize Capital Structure; World-Wide Operations Expected to Continue … – Business Wire (press release)

Restructuring

LUXEMBOURG–(BUSINESS WIRE)–Pacific Drilling S.A. (OTCPink: PACDF) today announced that, with the aim to optimize its capital structure pending recovery in the floating rig drilling industry, it and certain of its domestic and international subsidiaries have filed petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for…

US consumer agency sues Freedom Debt Relief for misleading consumers – Reuters

Debt Help

WASHINGTON (Reuters) – The U.S. Consumer Financial Protection Bureau said on Wednesday it filed a lawsuit against Freedom Debt Relief, the largest U.S. debt-settlement services provider, and its co-Chief Executive Andrew Housser, alleging that they deceived consumers. The CFPB said its suit alleges that Freedom charges consumers without settling their debts as promised, makes customers…

Corporate insolvency: Forensic audit needed on promoters bidding for stressed assets – Hindu Business Line

Liquidation

New Delhi, Nov 12:   Forensic audits should be mandated on promoters bidding for stressed assets under an insolvency process, several legal experts have said. Only genuine promoters should be allowed to proceed for insolvency proceedings or bidding for Stressed Assets, they said. “The conducting of the forensic audit of the Corporate debtor is essential to…

Debt payment delays could lead to ‘liquidity crunch’, warns McGrathNicol – The Australian Financial Review

Bankruptcy

Smaller contractors and building materials companies could face a liquidity crunch if big construction and engineering groups keep delaying payments to suppliers, McGrathNicol has warned. Construction and engineering companies paid suppliers 10.5 days more slowly in 2016-17 than they did a year earlier, reversing the previous trend of paying suppliers faster, according to the insolvency…

‘It was bleak and life changing’ – Finbarr Filan on bankruptcy, guilt and his Westlife brother, Shane – Independent.ie

Bankruptcy

Shafin Developments, the property company the brothers established together, went bust in 2012. The singer, faced with a bill of 23m, was declared bankrupt. His brother Finbarr has revealed he was declared bankrupt last Monday to the tune of 15 million.   In a column in the Sunday Business Post, the Sligo businessman, who is chair…