8 February 2023, 04:57 PM
Insolvency Guardian Media Centre
Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
(Bloomberg) — GPS Hospitality LLC, which operates networks of fast-food chains Burger King and Popeyes Louisiana Kitchen, is huddling with advisers about how to manage a shrinking cash pile amid revenue headwinds, according to people with knowledge of the discussions.
The Atlanta-based franchisee tapped law firm Paul Hastings and investment bank Houlihan Lokey Inc. for help managing its debt load and the risk of breaching some of its terms, said the people, who asked not to be identified discussing private conversations. A group of creditors to GPS is working with lawyers at Paul Weiss Rifkind Wharton & Garrison for advice on options and to protect their interests.
GPS Hospitality’s stores are of a model that typically performs well…
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Lilium, the German eVTOL (electric vertical takeoff and landing) aircraft manufacturer, has shut down operations after failing to secure critical funding. This marks the company’s second insolvency filing in a matter of months, bringing an end to what was once seen as a revolutionary force in the urban air mobility sector.
Lilium’s collapse follows years of financial uncertainty. The company, which had developed a futuristic air taxi concept, had briefly recovered after securing an emergency investment deal in late 2024. That funding, however, ultimately proved insufficient, and as investor confidence dwindled, Lilium found itself unable to secure further financial backing.
The latest insolvency filing leaves…
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Lilium, the German eVTOL (electric vertical takeoff and landing) aircraft manufacturer, has shut down operations after failing to secure critical funding. This marks the company’s second insolvency filing in a matter of months, bringing an end to what was once seen as a revolutionary force in the urban air mobility sector.
Lilium’s collapse follows years of financial uncertainty. The company, which had developed a futuristic air taxi concept, had briefly recovered after securing an emergency investment deal in late 2024. That funding, however, ultimately proved insufficient, and as investor confidence dwindled, Lilium found itself unable to secure further financial backing.
The latest insolvency filing leaves…
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The sector faces mounting financial risks that could jeopardise operations and, ultimately, impact patient safety.
Setting the scene – rising demand and sector pressures
According to the Office for National Statistics (ONS), the UK population is expected to reach 70 million by mid-2026, with the number of people aged 85 and over projected to rise by one million over the next 15 years. This demographic shift will place significant pressure on care homes, increasing demand for quality services and further stretching already limited resources.
Further, whilst we expand more on the reasons below, the care home sector is facing significant increased costs and financial pressure. Care England reports “Recent findings highlight a growing…
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Aspial Lifestyle Limited Announces Liquidation and Striking Off of Dormant Subsidiaries TipRanks
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DebtBook, a software provider for government and nonprofit treasury teams, has a new debt management tool.
The company’s Sizing feature, announced Tuesday (Feb. 25), lets treasury departments structure, compare and analyze their financing options in-house.
“Traditionally, government and nonprofit treasury teams have had limited access to the tools necessary to model new debt issuances in-house,” DebtBook said in a news release.
“With DebtBook’s Sizing feature, treasury teams can structure new money issues, compare financing scenarios, and layer proposed issues into their existing debt portfolio — all within the same platform they use for ongoing debt management.”
According to the release, the Sizing feature lets…
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German eVTOL developer Lilium Aerospace has filed for insolvency for the second time after a planned investor rescue failed to materialize.
The company, which initially filed for insolvency in October 2024, had hoped to secure a €200 million (US$210 million) investment from a group of European and North American investors under the Mobile Uplift Corporation consortium. The funding, once described by Lilium as a “major breakthrough,” never arrived, forcing the company to file for insolvency again on Feb. 21.
“While talks about alternative solutions are still ongoing, the chance for restructuring right now is highly unlikely and therefore, operations will be stopped,” the company stated.
Meanwhile, Lilium employees…
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The
National Bank of Ukraine (NBU) declared JSC Forward Bank, owned by Russian
citizen Rustam Tariko, to be insolvent, the central bank reported on Feb. 8.
The NBU took this decision due to the irreversible deterioration of the bank’s financial condition.
The bank has been considered problematic since Nov. 24, 2022…
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Carolyn Geason-Beissel/MIT SMR | Getty Images
Technical debt is an anchor, dragging down business leaders’ efforts to run a tight ship. The accumulated costs and effort from IT development shortcuts, outdated applications, and aging infrastructure sap a company’s ability to innovate, compete, and grow.
A degree of technical debt is inevitable. To remain agile, businesses often choose to deploy new technologies as quickly as possible, knowing that they may have to pay to fix their systems later. Addressing this trade-off is becoming more critical as companies adopt artificial intelligence. With over $2.41 trillion in annual costs in the United States alone, tech debt…
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News | Crafts chain Joann now plans to shut all its stores in liquidation CoStar Group