What is a phoenix company?

A phoenix company is a business acquired from a formal insolvency process, often by existing directors. This process must adhere to strict guidelines to protect creditor interests.

Phoenixism can have a bad reputation, particularly where the new entity is under the same ownership and control as the previous entity. Nevertheless, it is a part of a dynamic framework to reinvigorate business assets.

The insolvency process for a phoenix company

There is a positive side to insolvency processes. They are an important mechanism for releasing assets stifled by a legacy of debt and inefficiency into a new entity free of such drags.

Use various insolvency processes to free up moribund assets.

The role…

One of Hudson’s Bay’s lenders says it’s willing to back changes to a restructuring agreement that would give the retailer more time to find a way to save six stores it has so far spared from liquidation.

A lawyer for Restore Capital LLC says his client is open to revising a deadline that would force the ailing department store to start liquidating its six surviving stores on April 8, if it hasn’t found a likely transaction to give it a way forward by the day before.

Linc Rogers says Restore is willing to give Hudson’s Bay until April 30 because he wants to resolve some of the disagreement that has sprung up in court.

Landlords have opposed the agreement, saying its early April deadline conflicts with another process the court approved…

KUWAIT CITY, March 27: The Secretariat General of Awqaf sent a letter to the Ministry of Social Affairs announcing its donation of KD1 million for the third National Campaign to Pay the Debts of Citizens. This increases the total donation collected through the campaign to more than KD 7 million; with 15,325 donors so far. Sources disclosed the total amount is expected to exceed KD 10 million; especially in the final days of the holy month of Ramadan, as several cooperative societies will donate at least KD100,000.

Meanwhile, Kuwaiti Minister of Social Affairs and Minister of State for Family and Childhood Affairs Dr. Amthal Al-Huwailah affirmed Thursday that Kuwait has always crafted historic humanitarian…

Clothing retailer Jeanswest has collapsed, with more than 90 stores set to close within months and hundreds of employees set to lose their jobs.

The company confirmed the news on Wednesday, with administrators citing increasingly tough trading conditions in the Australian retail sector.

Jeanswest entered administration in January 2020, but was rescued by Hong Kong business Harbour Guidance.

Administrators from Pitcher Partners said the decision to close the brand came after five years of struggling to revive the company, with shoppers spending less due to the higher cost of living.

“The owners have done everything they can to keep Jeanswest going,” administrator Lindsay Bainbridge said in a statement.

Ola Electric responded by strongly disputing the claims and also contended that it would take all necessary legal steps to protect its interests.

The company mentioned it was already in the process of renegotiating contracts with its vehicle registration agencies including Rosmerta. This renegotiation was cited as the reason for a temporary dip in vehicle registrations on the government’s Vahan portal in February 2025, leading to a discrepancy between reported sales figures and official registration data. This discrepancy had also drawn scrutiny from the Ministry of Heavy Industries and the Ministry of Road Transport and Highway

While the company claimed sales of 25,000 units, only about 8,600 were registered, a discrepancy attributed to…

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Meetings and Events Australia (MEA), the country’s longest-standing industry body for the events sector, will be entering voluntary administration after 50 years of service to the events industry.

MEA will cease operations and appoint an administrator with MEA noting that rising operating costs and declining financial backing had made it unsustainable. These challenges were compounded by the emergence of new industry bodies, such as the Australian Business Events Association, which redirected funding away from MEA.

Vanessa Green, Chair of MEA advised “it is with great sadness and immense pride that we share this news. MEA has been a cornerstone of the Australian…

US data center operator Switch has raised $3.5 billion, which it will use to refinance its existing debt.

The DigitalBridge-owned company has secured the cash in two separate transactions – a $2.4 billion commercial mortgage-backed security loan (CMBS) and a $1.1 billion asset-backed security (ABS) issuance.

A statement from Switch said the company will use the cash to “refinance the majority of the company’s outstanding acquisition financing, which supported the take-private transaction led by DigitalBridge and IFM Investors in December 2022.”

“We are thrilled to announce the completion of two landmark transactions: our third ABS and our inaugural CMBS issuances,” said Thomas Morton, president of Switch.

“These comprised $3.5…

Source: Straits Times

Article Date: 21 Mar 2025

Author: Selina Lum