New York CNN — Joann, the fabrics and crafts retailer, has filed for bankruptcy for a second time within a year and announced that it’s seeking a sale. The 82-year-old retailer said in statement Wednesday that sluggish sales and inventory issues forced Joann to file for Chapter 11 again. Joann first filed for bankruptcy in…
Pan Brothers Closes In on $537 Million Debt Restructuring Bloomberg Read the original article here
Repeat offender Leslie Crossland again breached the rules of his director disqualification by managing two companies when he was not allowed to do so He also committed a bankruptcy offence in 2020 during the course of interviews with Insolvency Service officials Crossland was assisted in breaking his director ban by his son, Richard Crossland, who…
(Bloomberg) — Creditors of Austrian motorcycle maker KTM AG have approved a restructuring plan that will write off 70% of what they’re owed. The company now has three months to secure about €800 million ($840 million) of cash to finance the turnaround. Citigroup Inc. is leading the fundraising effort and KTM parent Pierer Mobility has…
Tesla Automation GmbH, a subsidiary of Tesla Inc. TSLA, has reached an agreement to purchase assets from the German technology company Manz AG. According to the press release issued on Tuesday, the deal involves acquiring Manz’s Reutlingen facility along with over 300 employees working there. Tesla Automation plans to manage this new location moving forward.…
Mechanical engineering company Manz: Tesla subsidiary buys part of insolvency A subsidiary of the electric car manufacturer Tesla wants to take over more than 300 employees from the insolvent mechanical engineering company Manz as well as corresponding facilities in Reutlingen near Stuttgart in Swabia. A corresponding purchase agreement between Tesla Automation GmbH and the insolvency…
Whistleblower claims exposing corporate corruption in Byju’s insolvency process; implicates Ernst and Young and GLAS Trust in illegal activities MSN Read the original article here
In a significant development, the National Company Law Tribunal (NCLT), Kochi Bench, has ordered the liquidation of Greenlace Builders and Developers Private Limited, a real estate and construction company based in Kochi, Kerala. The decision came after the Committee of Creditors (CoC) voted in favor of liquidation, citing the company’s inability to continue operations and…
Motorbike Maker KTM’s Creditors Take 70% Hit in Restructuring MSN Read the original article here
Lilium, the German eVTOL (electric vertical takeoff and landing) aircraft manufacturer, has shut down operations after failing to secure critical funding. This marks the company’s second insolvency filing in a matter of months, bringing an end to what was once seen as a revolutionary force in the urban air mobility sector. Lilium’s collapse follows years…