JAKARTA — Attempts by one of Indonesia’s biggest textile companies, Sri Rejeki Isman (Sritex), to appease its creditors and remain operating ended in defeat on Friday when a court declared it insolvent. More than 12,000 workers will lose their jobs when the business is foreclosed on Saturday, dealing a blow to President Prabowo Subianto’s efforts…
It was mid-afternoon on Friday, but it was impossible to look away from the ASX screens that would deliver the news on whether Star Entertainment had managed to survive the day. Administrators are at the ready, advisers are working overtime and the statements have surely been drafted, but the casino operator is still clinging to…
Lilium Aerospace GmbH has filed for insolvency at the Weilheim District Court. The court ordered provisional insolvency administration and appointed lawyer Dr. Robert Hänel from Anchor Rechtsanwälte as provisional insolvency administrator. The company was originally founded to continue the development of an electric flying taxi with investor money after the insolvencies of Lilium GmbH and…
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DENYSOFF/Shutterstock An icon of American orange juice is facing a money crisis. According to Debwire (via CNN), Tropicana Brands Group, whose eponymous orange juice brand is one of the best, has recently suffered a 10% loss in quarterly income and a 4% quarterly revenue loss. The consistently lagging…
Lilium Aerospace, a prominent player in the burgeoning electric vertical take-off and landing (eVTOL) industry, has once again found itself in turbulent skies. The company has now filed for insolvency for the second time. This latest filing comes amid financial setbacks after a promise of funding support failed to materialize. Lilium becomes the latest casualty…
TEMPO.CO, Jakarta – The Sritex bankruptcy liquidators could not work properly to recover loans owed to creditors. There were threats from senior police officers. THE protracted bankruptcy proceedings of Sri Rejeki Isman, or Sritex, a company with 50,000 employees, are the result of government interference. The plan to save the integrated textile company through a…
Satellite internet provider Brdy, which offered a mix of satellite and wireless (5G) broadband solutions to rural parts of the UK, appears to be in difficulty after customers of the service started reporting a lack of support and connection problems. Shortly after that, the same users noted how their accounts had been taken over by…
Elon Musk ‘warns’ at Donald Trump’s cabinet meeting: America will go bankrupt, if we don’t … The Times of India Read the original article here
New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Thursday set aside the insolvency proceedings against Coffee Day Enterprises Ltd (CDEL), which owns the Cafe Coffee Day chain. A two-member NCLAT bench of Chennai bench comprising justices Sharad Kumar Sharma and Jatindranath Swain set aside an earlier order passed by the Bengaluru bench of…