In this article, we consider the new Subchapter V of Chapter 11, which is open to small businesses with under $7.5 Million in debt. With minimal fanfare, the Small Business Reorganization Act (SBRA) was passed in August 2019, to come into effect in February 2020, ushering in Subchapter V of Chapter 11. Nobody could have…
Bankruptcies will be an inevitable part of the economic crisis brought on by the coronavirus pandemic, but that same upheaval is complicating the process of unwinding and restructuring businesses that are no longer viable. Lawyers and bankers tasked with restructuring firms or helping companies file bankruptcy proceedings say this situation, along with government aid, might…
Friday, May 08, 2020 8:35 a.m. EDT by Thomson Reuters By Maha El Dahan, Roslan Khasawneh and Anshuman Daga DUBAI/SINGAPORE (Reuters) – Phoenix Commodities Pvt Ltd, a trader of agricultural products with offices in Dubai and Singapore, is being liquidated after amassing more than $400 million in potential trading losses, according a document prepared by…
Photo byAnastasiia ChepinskaonUnsplash Battle victory could be close, but the war is not over – experts are warning insolvencies could spike in the coming months and linger for years post-COVID-19. Last quarter (January to March 2020), personal insolvency rates fell 16.5% on the same quarter last year – the lowest level since the December quarter…
JAKARTA (Reuters) – National flag carrier Garuda Indonesia will seek to restructure $500 million of Islamic bonds due to mature next month, the deputy of the state-owned enterprises ministry said on Friday. “We plan to ask for restructuring of the maturing global sukuk,” Kartika Wirjoatmodjo said via text message. “We have engaged with an adviser,…
While most of The Last Dances commentary on Michael Jordan is flattering, Jordans career featured several controversies that will be explored in upcoming episodes. One was his shocking decision to retire from the NBA in October 1993. Jordan was only 30 years old at time. He was healthy and seemed to be at his professional…
Michael Jordan’s incredible gambling habits were revealed in ‘The Last Dance’, from alleged $1.2m debts on golf bets to games of rock, paper, scissors worth $100,000… but did his love of big-money wagers cause his 1993 retirement? Michael Jordan’s extensive gambling habits were covered in The Last Dance They revealed that the former Chicago Bulls…
Altus Intelligence. One of the fail safe features of the drone is its ability to make a soft landing from about 10 metres above the ground, through the use of a parachute. A New Zealand-based drone company that established a foothold in the United States has gone into liquidation. Altus Unmanned Aerial Solutions International Ltd…
The company’s existing shareholders had lost money even before the coronavirus crisis. Virgin’s share price was only 19 cents one year ago, less than half the value of four years ago. The shares fell to 8.6 cents before going into a trading halt last Tuesday. Loading The priority for the government is the welfare of…
Australia could face a “tsunami” of bankruptcies when government support packages and existing capital run dry as a result of COVID-19, a lead financial institution has warned. Malcolm Howell, bankruptcy trustee and partner at insolvency firm Jirsch Sutherland, forecasts that the majority of these bankruptcies will come in 12 to 18 months time thanks to…