Hudson’s Bay asked an Ontario court Wednesday to approve a restructuring agreement that will give it a few extra days timeline to save the six stores it has so far spared from liquidation.
A new version of the agreement will force the retailer to start liquidating those stores on April 8 — if it hasn’t found a likely transaction by then to repay some of what it owes its senior secured lenders, Bank of America, Pathlight Capital and Restore Capital — just three days after the deadline it originally asked for.
Ashley Taylor, a lawyer for Hudson’s Bay, told Ontario Superior Court Judge Peter Osborne the agreement wasn’t “a very satisfying outcome.”
It wasn’t exactly what the department store wanted either, he reasoned, but was the…
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The UK Supreme Court’s recent decision in El-Husseini and another v Invest Bank PSC [2025] UKSC 4 has clarified the circumstances in which section 423 of the Insolvency Act 1986 (the Act) provides protection against attempts by debtors to “defeat their creditors and make themselves judgment-proof”. This is a critical decision for insolvency practitioners, any corporate or fund which is involved in distressed deals and beyond to acquirers who were not aware they were dealing in distressed assets. It is potentially good news for the former, improving or fine-tuning weapons deployed for the benefit of creditors. It is potentially awkward news for the latter, who may have to look rather more broadly at insolvency issues when…
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PHOENIX – February 19, 2025 – Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, today announced that the Company and certain of its subsidiaries have filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Nikola has also filed a motion seeking authorization to pursue an auction and sale process under Section 363 of the U.S. Bankruptcy Code.
Nikola has filed a number of customary “first day” motions with the Court to ensure its limited operations are able to continue, including authorization to meet its obligations to…
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TEMPO.CO, Solo – A total of 10,665 workers of the textile giant Sritex have been terminated, per January to February 26, 2025, as court declared the company bankrupt. The workers came from four companies under the Sritex Group: PT Sritex Sukoharjo, PT Bitratex Semarang, PT Sinar Panja Jaya Semarang, and PT Primayuda Boyolali.
Slamet Kaswanto, the coordinator of the Sritex Group Workers’ Union, confirmed the number. “Yes, that’s roughly the latest number,” said Slamet in a brief message sent to Tempo on Friday, February 28, 2025.
When asked further about the mass layoff faced by the workers, Slamet merely said he’s still attending a creditors’ meeting at the Semarang District Court.
A similar statement was made by Sritex…
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Payments infrastructure start-up Kevin reportedly declared insolvent by court in Lithuania FinTech Futures
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The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Barun Mitra (Technical Member) has held that a fresh period of limitation under Section 18 of the Limitation Act, 1963 (Limitation Act) for the purpose of filing an application under section 7 of the Insolvency and Bankruptcy Code, 2016 (Code) begins from the date the balance sheet is signed by the authorized signatories of the corporate debtor, not from the date it is uploaded on the Ministry of Corporate Affairs (MCA) website.
Brief Facts:
A Loan Agreement had been executed between the IL&FS Financial Services Ltd (Financial Creditor) and the Adhunik Meghalaya Steels Pvt. Ltd. (Corporate Debtor) on 27.02.2015 for a…
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TORONTO — Canada’s oldest company will begin liquidating most of its stores this morning.
Hudson’s Bay says all but six of its locations will be selling off their inventory.
The company is aiming to wrap up the liquidation by June 15. Gift cards will be accepted until April 6, but loyalty points cannot be used.
The six stores omitted from the liquidation sales include the flagship on Yonge Street in Toronto, as well as a location in the city’s Yorkdale mall and another farther north in Hillcrest Mall in Richmond Hill, Ont.
The remaining three span downtown Montreal, the Carrefour Laval mall and Point-Claire, Que.
The liquidation comes after the company filed for creditor protection earlier this month, saying it was facing…
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Garment and fabric printer Direct on Demand Print managing director Matthew Armitage has called himself “the biggest loser” of his business’ failure after the firm entered liquidation on 7 March.
Direct on Demand Print (DODP) ceased trading on 24 January, with Armitage confirming a number of redundancies were made the same day. Liquidators Mark Tailby and Craig Ridgley of Mercian Advisory were appointed on 7 March.
While DODP’s website – and those of its three key brands, towel printer Tawul, merchandiser Kids Merch, and flag merchant Terrace Flags – remain online, the firm’s phone has been disconnected.
The three brands have now been listed separately under the website of Direct…
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Gambling Addiction Facts – Understanding Problem Gambling ReadWrite
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A record 29.7 trillion rupees ($346 billion) of sovereign bonds are due over the next five years, a result of pandemic-era borrowing and Modi’s infrastructure-spending binge. To tackle the burden, the Reserve Bank of India and the government are swapping maturing debt with longer-dated notes.
These refinancing debt auctions are gaining momentum thanks to an increasingly influential player: households. They’ve been pouring money into insurers, which in turn are buying heaps of long-dated sovereign bonds. The demand is so great that the head of Life Insurance Corp. of India, the nation’s largest, even…
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Kim Sae Ron’s desperate cry for help to Kim Soo Hyun over debt repayment: ‘Oppa, please help me. We were toge Indiatimes.com
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The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Arun Baroka (Technical Member) and Mr. Barun Mitra (Technical Member) has held that an order passed by the Adjudicating Authority after considering all necessary materials essential for determining the issue cannot be recalled. Therefore, it cannot be said that such an order was obtained by playing fraud on the court on which ground only an order can be recalled.
Brief Facts:
Sarga Udaipur Hotels & Resorts Private Limited (Corporate Debtor) entered into a loan agreement with Housing and Urban Development Corporation Limited (HUDCO) for an amount of Rs.6907.92 Lakhs.
Corporate Insolvency Resolution…
