Michael Neumeister has joined Cooley as a partner in the firms business restructuring practice and global litigation department in Los Angeles, the firm said Tuesday. Neumeister will support clients in financial distress on a range of matters, including in out-of-court restructurings and as debtors in Chapter 11 cases in California and across Cooleys global platform,…
South Australian small businesses are facing a choice between calling in the liquidators or bringing in restructuring firms to go on payment plans amid mounting tax debts owed to the Australian Tax Office (ATO). At an information night held three weeks ago by licensed small business restructuring (SMB) firm Small Business Restructuring, five clients representing…
Money-losing SSG.COM, once the most popular online shopping mall in South Korea, is asking some of its employees to volunteer to leave the company for the first time since its inception amid intensifying competition in the countrys e-commerce market. According to sources in the countrys retail industry on Friday, SSG.COM has launched a voluntary redundancy…
The England and Wales Court of Appeal recently handed down its first judgment relating to a restructuring plan under Part 26A of the UK Companies Act 2006: Re AGPS Bondco Plc [2024] EWCA Civ 24. Restructuring plans were a 2020 innovation in UK insolvency law, as described in our earlier alert. At first instance, the…
The Board of Utenos Trikotazas Proposes to Shareholders to Approve the Restructuring of the Company The Management Board of Utenos Trikotazas (hereinafter – the Company) has decided to submit a proposal to the shareholders to initiate restructuring of the Company. The restructuring would be intended to ensure the company’s solvency and long-term business potential. Global…
Dive Brief: Toy company Basic Fun on Friday filed for Chapter 11 in bankruptcy court in Delaware. The company sells its owned and licensed brand portfolio, which includes iconic toys by Lite Brite, Tonka, Knex, Lincoln Logs and the Care Bears, to Walmart, Target, Amazon and amusement parks. Basic Fun said the 2017 bankruptcy of…
The European Commission has approved the restructuring plan of SAS Scandinavian Airlines (SK, Copenhagen Kastrup), stressing that Denmarks and Swedens participation in the process is in line with European Union state aid rules, a company statement said. The effectiveness of SASs chapter 11 plan of reorganisation remains subject to various conditions precedent, including approvals from…
Sequoia Financial Group has announced it is restructuring its business and reducing headcount by 10 per cent. The firm said it will move from having four reporting divisions to having two for FY24-25; the new divisions will be licensee & adviser services and legal & administration services. Licensee and adviser services will include Interprac Financial…
One-time insurance unicorn wefox has secured 25 million in fresh capital amid a brutal restructuring effort to keep the ailing business afloat. Over the past 18 months, wefox has undertaken a rigorous process to streamline its operations, focusing on shedding non-core assets and enhancing its core strengths. In May it warned investors that it may…
Over 80% of industry experts expect volume of restructurings to continue rising Regulations favoring liquidation over rehabilitation seen as biggest challenge, with survival further hampered by inexperienced management teams and rising interest rates North America and Europe experiencing significant restructuring WILMINGTON, Del.–BUSINESS WIRE– The volume of new corporate restructuring mandates is set to continue rising…