The Australian Government is taking decisive action to ensure the continuity of essential regional air services following Rex Airlines’ entry into voluntary administration in 2024. In a significant move, the government has acquired $50 million of debt from PAGAC Regulus Holdings Limited (PAG). PAX is currently Rex’s largest creditor. This acquisition aims to prevent the…
One of the country’s biggest agribusinesses is joining court proceedings against oil company Olivado. Seeka chief executive Michael Franks said his company was “particularly exercised” about the case. Far North Avocado Suppliers, in liquidation itself, has applied to have Olivado liquidated at the High Court at Whangārei next month. Seeka has joined the action against Olivado…
Pedestrians pass a branch of The Body Shop on Regent Street in central London. Photo: AFP The Body Shop New Zealand has appointed voluntary administrators A buyer has not been found for the New Zealand business, after its UK parent went into administration last year Administrators are planning to sell all stock and to start…
Surprise move on Rex Airline’s $50m debt news.com.au Read the original article here
A growing number of small businesses in financial strife are turning to small business restructuring (SBR) instead of voluntary administration, using the system to retain control of their affairs while managing their debts. But the SBR system is causing some creditors to ask if it provides the same deterrents against business failure as voluntary administration…
Star Entertainment’s safe harbour adviser has begun preparing its lender group for a potential voluntary administration, as the embattled casino operator runs out of solutions to solve a potentially terminal cash crunch. Street Talk can reveal FTI Consulting’s restructuring specialists on Monday held a meeting via video link with Star’s biggest lenders, running them through…
“Placing the company into liquidation will preserve the assets and maximise the potential returns to all creditors, without the risk of a fire sale at reduced values to the detriment of unsecured creditors.” Franks said packaging company Enpac was owed about $78,000, while the figures for Far North and Seeka were about $260,000 and $350,000…
NCLT has ordered the liquidation of Tulip Hotels after the company failed to secure a bidder during its insolvency resolution process. The decision comes after the 180-day timeline for finding a resolution plan expired. New Delhi, Jan 19 (PTI) NCLT has directed for the liquidation of debt-ridden Tulip Hotels, as the tribunal failed to receive…
The National Company Law Tribunal (NCLT) has ordered the liquidation of Tulip Hotels after the failure to secure a resolution plan within the stipulated timeline during the Corporate Insolvency Resolution Process (CIRP). Initiated on May 16, 2023, based on a plea by Yes Bank, the CIRP was launched due to a default of INR 900…
Mosaic Brands, the owner of Rivers, Millers and Katies, has entered voluntary administration. The ASX-listed company, which operates over 700 stores and employs around 3000 staff, confirmed the decision on Monday after efforts to restructure informally fell short. Mosaic had attempted several changes,… Read the original article here