Summary The English High Court1 exercised its discretion to sanction a restructuring plan proposed by Prezzo Investco Limited (the Company), the parent company of Prezzo Trading Limited which is the operator of an Italian casual dining chain. The plan was opposed by HMRC, which had both secondary preferential claims and unsecured claims. In sanctioning the…
Most of the companys bondholders have agreed to accept bonds that are worth less than what they were owed but that are secured against real estate and other assets. Carvana, the troubled used-car retailer, on Wednesday announced that it had reached a debt restructuring agreement with most of its bondholders in an effort to lower…
Fran Wang and Yihui Xie Jul 18, 2023 4.17pm Beijing | China Evergrande Group is seeking to complete one of the countrys biggest debt restructurings after posting a combined loss of more than $US81 billion ($118.6 billion) over two years. The defaulted real estate giant asked to convene meetings for offshore creditors to approve its…
HONG KONG, July 18 (Reuters) – China Evergrande Group’s (3333.HK) huge liabilities and diminishing cash disclosed in its long-overdue reports for the past two years raises questions about the viability of its restructuring plan and operations, creditors and analysts said. A comment from Evergrande’s auditor that it did not express an opinion on the reports…
A parliamentary committee has delivered a damning review of Australias insolvency system, calling for an independent and comprehensive review that addresses the system as a whole. The Parliamentary Joint Committee on Corporations and Financial Services released its report this week, Corporate Insolvency in Australia, saying the system is overly complex, difficult to assess and creates unnecessary…
SAN DIEGO, July 13, 2023–(BUSINESS WIRE)–Dalrada Financial Corporation (OTCQB: DFCO, “Dalrada”), a problem-solving innovator that takes on complex, multi-disciplinary global challenges in clean energy innovation, precision manufacturing, and advanced technology, announced today that it will be continuing its restructuring efforts to reduce overall expenses by approximately $3 million annually, through streamlined operations and well-defined leadership…
SAO PAULO, July 12 (Reuters) – Brazilian airline Azul announced on Wednesday it is launching a public offering of senior secured notes due 2028, fulfilling its pledge to raise additional capital as it moves forward with a broader restructuring plan. Azul, Brazil’s largest airline in number of flights and cities served, said in a statement…
SAN FRANCISCO, July 11, 2023 (GLOBE NEWSWIRE) — Shift Technologies, Inc. (Nasdaq: SFT), a consumer-centric omnichannel used auto retailer, today announced a plan to restructure and reduce the Companys workforce to better align people and responsibilities with the Companys omnichannel sales strategy. The restructuring plan is the result of a review by the Companys recently…
Shift Technologies, Inc. SAN FRANCISCO, July 11, 2023 (GLOBE NEWSWIRE) — Shift Technologies, Inc. (Nasdaq: SFT), a consumer-centric omnichannel used auto retailer, today announced a plan to restructure and reduce the Companys workforce to better align people and responsibilities with the Companys omnichannel sales strategy. The restructuring plan is the result of a review by…
SAN FRANCISCO, July 11, 2023 (GLOBE NEWSWIRE) — Shift Technologies, Inc. (Nasdaq: SFT), a consumer-centric omnichannel used auto retailer, today announced a plan to restructure and reduce the Companys workforce to better align people and responsibilities with the Companys omnichannel sales strategy. The restructuring plan is the result of a review by the Companys recently…