STUFF CBL insurance was put into liquidation in May 2020. (File photo) A third man charged in relation to an alleged multimillion-dollar fraud linked to collapsed insurer CBL will have a separate trial to two other men accused. CBL Insurance chief executive Peter Alan Harris and chief financial officer Carden Mulholland are set to go…
Creditors vote today on THAI rehab plan Some stakeholders reject debt haircuts Thai Airways aircraft remain grounded at Suvarnabhumi airport as the airline’s creditors vote today whether to accept its debt rehabilitation plan.Apichit Jinakul If Thai Airways International Plc (THAI) were to go under on decision day, which is today, creditors would only be paid…
Photograph: Shutterstock Acknowledging its taking a tremendous risk, fast-casual chain Cosi asked a judge this week to dismiss its bankruptcy case so it can apply for the Restaurant Revitalization Funda plan approved Tuesday by the court. Early this month, Cosi asked a U.S. Bankruptcy Court judge in Delaware to speed up its bankruptcy proceedings so…
Revlon Inc. is expanding its restructuring efforts, again. The latest restructuring effort, called the Revlon Global Growth Accelerator, is meant to allow the beauty company to reinvest in its brands to drive sales and profit growth. Revlon said it would work to boost organic growth for its brands in order to deliver a mid-single compound…
The amount of the financing was not disclosed, but the IMF and World Bank put Sudans total external debt at an estimated $49.8 billion as of the end of 2019. Tuesday 11/05/2021 A file picture shows International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaking in Washington. (REUTERS) WASHINGTON The IMF executive board on Monday…
SAN JOSE, Calif., May 11, 2021 /PRNewswire/ –When you’re struggling with credit card debt, rising balances on your monthly statements and collection calls can add to your anxiety. However, you don’t have to face your creditors alone. Many credit counseling agencies offer debt management plans (DMPs), which allow a counselor to act as an intermediary…
New Look entered into a CVA in September 2020 as a result of the trading difficulties experienced during the Covid-19 pandemic. It did so as part of a wider restructuring exercise, which also involved a scheme of arrangement of its finance creditors. The CVA is New Looks second, following a CVA in 2018. The 2020…
As the COVID-19 crisis continues to hurt economic activity, promoting and encouraging the rehabilitation of distressed but potentially viable businesses should be at the top of lawmakers priorities.But many insolvency systems fall short in moving quickly to save viable businesses. This is in part because bankruptcy carries social stigma, which encourages debtors to delay recognition…
NBCC and Suraksha group, which are in the race to acquire Jaypee Infratech under the insolvency resolution process, have submitted revised bids and improved their offers for financial creditors. TopicsNBCC|Jaypee Infra insolvency|Jaypee Infra State-owned NBCC and Suraksha group, which are in the race to acquire Jaypee Infratech under the insolvency resolution process, have submitted revised…
This is the final part of our three-part series on revenue clawbacks. The scenario: a customer or teaming partner goes bankrupt and then they (or a trustee) demand you return money they already paid you for services or goods duly rendered. In the first entry, we discussed the definition of preferences and the policy purpose…