Spirit Airlines is again facing uncertainty over its future, with discussions underway that could lead to a liquidation of the company, according to reports by The Wall Street Journal, Bloomberg and CNBC. Sources cited by those outlets say the Florida-based carrier is in talks with creditors and that a decision on a possible wind-down could…
A deal proposed for the creditors of a group of collapsed construction companies belonging to Descon’s Danny Isaac has been struck down by the Federal Court of Australia. A court case heard by Justice Cameron Moore last month—the outcome of which was published last week—dealt with an arrangement to wind down three Adcon Group companies. …
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Tongaat Hulett’s liquidation hearing has been postponed after a deal was reached between the sugar giant’s business rescue practitioners and the Industrial Development Corporation (IDC). This deal relates to the Post-Commencement Funding (PCF) facility between the IDC, Tongaat and its business rescue practitioners. A PCF facility is funding secured by a business rescue practitioner for…
Spirit Airlines’ exit from bankruptcy appears to be in jeopardy amid multiple reports that its liquidation could be near as the result of spiraling war-driven fuel prices. A Wednesday hearing in U.S. Bankruptcy Court in New York designed to win approval of the airline’s reorganization plan was adjourned until April 23, according to court records.…
Tongaat Hulett’s liquidation proceedings have been halted after the company received further funding, allowing it to extend its business rescue proceedings. The company was set to enter liquidation proceedings, but it received an extension of the Post-Commencement Funding (PCF) facility from the Industrial Development Corporation (IDC). The facility has been extended to 30 June 2026…
Tongaat head office stripped of expensive paintings and antiques ahead of a possible visit by liquidators. Photo supplied. Tongaat Hulett escaped liquidation on Thursday after the Industrial Development Corporation (IDC) agreed to increase its funding to R2.5-billion, allowing mills to open and 3.8 million tons of cane to be processed. More than 18,000 growers –…
Tongaat head office stripped of expensive paintings and antiques ahead of a possible visit by liquidators. Photo supplied. Tongaat Hulett escaped liquidation on Thursday after the Industrial Development Corporation (IDC) agreed to increase its funding to R2.5-billion, allowing mills to open and 3.8 million tons of cane to be processed. More than 18,000 growers –…
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