UK insolvency and restructuring experts have been bombarded for months, as industries hardest hit in the pandemic have suffered an onslaught of company failures and emergency refinancings. But specialists across accountancy, investment banking and law are now preparing for a fresh wave of corporate distress in the autumn, when government furlough and loan schemes that…
By LoadstarEditorial 25/08/2020 PRESS RELEASE Swissport has received a binding commitment from an ad hoc group of senior secured creditors (the AHG), subject to final documentation, for the provision of an interim super senior facility of 300 million euros, which delivers immediate liquidity for Swissport to trade through the COVID-19 market crisis and the restructuring…
Swissport also received a binding commitment from an ad hoc group of senior secured creditors (AHG) for an interim financing of 300m. Credit: Swissport International AG. Sign up here for GlobalData’s free bi-weekly Covid-19 report on the latest information your industry needs to know. Swissport, a company which offers airport ground and cargo handling services,…
But Australian Restructuring Insolvency & Turnaround Association chief executive John Winter said that could be a dangerous path. “A move to a debtor-friendly system is going to send shockwaves through any business that provides loans or trade credit,” Mr Winter said. “It’s all based on this notion that some people who ruined a business should…
Administrators for collapsed travel chain STA Travel say they will not offer refunds to customers who cancelled their holidays because of the COVID-19 pandemic. STA Travel appointed administrators from Deloitte on Saturday after weeks of refund claims from angry customers forced to ditch their travel plans amid domestic and international border closures. The chain, which…
Australian universities unveil job cuts of up to 30 percent By Mike Head24 August 2020 Assisted by the role of the National Tertiary Education Union (NTEU) in continuing to push through historic cuts in jobs, wages and conditions, Australian university managements are unveiling plans to intensify their offensive, eliminating thousands more jobs. In line with…
Retailing collective Super Retail Group has reported a 20 per cent slide in profit for the full year after repayments costs related to the company’s $62 million underpayment scandal continue to weigh on the business. The company, which operates Supercheap Auto, Rebel Sport, BCF and MacPac, told investors on Monday its statutory net profit after…
NORWALK, Conn.–(BUSINESS WIRE)–Frontier Communications Corporation (OTCMKTS: FTRCQ) (Frontier or the Company) today announced that the U.S. Bankruptcy Court for the Southern District of New York has confirmed the Companys Plan of Reorganization (the Plan), subject to final documentation. Upon emergence, the Company will have reduced its total outstanding indebtedness by more than $10 billion and…
Australian national cabinet exploits pandemic for economic restructuring By Mike Head22 August 2020 Despite continuing COVID-19 deaths, especially in Australias chronically-underfunded aged care facilities, yesterdays meeting of the bipartisan ruling national cabinet focused on further reopening the economy for the benefit of corporate profit. The federal, state and territory government leaders paid lip service to…
NORWALK, Conn.–(BUSINESS WIRE)–Aug 21, 2020– Frontier Communications Corporation (OTCMKTS: FTRCQ) (Frontier or the Company) today announced that the U.S. Bankruptcy Court for the Southern District of New York has confirmed the Companys Plan of Reorganization (the Plan), subject to final documentation. Upon emergence, the Company will have reduced its total outstanding indebtedness by more than…