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Big Lots Inc.’s efforts to stay in business are beginning to unravel, putting the discount retailer that employs more than 27,000 people at risk of liquidation, according to court records and people with knowledge of the matter.
A valuation appraisal of the bankrupt company’s inventory came in lower than expected, which threatens the economics of the sale of the chain to private equity firm Nexus Capital Management LP, said the people, who asked not to be identified discussing a private matter. At the same time, landlords have demanded that Big Lots explain why it hasn’t closed the deal with Nexus, which agreed to buy the company after it filed for Chapter 11 in September.
An official committee of unsecured creditors on Monday…
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The 323 most profitable of 407 properties in northern Ontario owned by insolvent real estate companies have been sold.
It’s the latest development in the high-profile collapse of a group of 11 companies that owned houses and apartments in Timmins, Sault Ste. Marie, Sudbury, Kirkland Lake, Capreol, Val Caron and Temiskaming Shores.
An excavator was on the scene July 22 at the Kimberly Avenue building, located across from the Living Space Homeless Shelter in Timmins. (Photo from video)
The 407 properties had a total of 631 units.
The group was one of the largest real estate owners in northern Ontario when it declared insolvency in January under the Canadian Companies’ Arrangement Act.
Axis Trustee Services Limited, acting on behalf of Blacksoil Capital Private Limited and Blacksoil India Credit Fund, has successfully initiated a Corporate Insolvency Resolution Process (CIRP) against Redkenko Health Tech Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The case, filed before the National Company Law Tribunal (NCLT) Mumbai Bench, centers around an alleged financial default amounting to ₹5.65 crore by the health tech company.
Redkenko Health Tech Private Limited, better known as Kenko Health, had shut operations early this year following a financial and operational crisis. Redkenko Health was a health financing company that provides comprehensive plans covering OPD & IPD…
A Delaware bankruptcy judge on Thursday greenlighted grocery automation firm Takeoff Technologies’ Chapter 11 liquidation plan after hearing no opposition….
Big Lots does not expect to complete a planned sale of its business to private equity firm Nexus Capital Management LP, putting the discount retailer that employs more than 27,000 people at risk of liquidation.
The company said it continues to work toward completing an alternative transaction with Nexus or another party, and aims to complete that by early January, it said in a release.
A valuation appraisal of the bankrupt company’s inventory came in lower than expected, which threatened the economics of the sale of the chain to Nexus, Bloomberg reported earlier on Thursday. At the same time, landlords had demanded that Big Lots explain why it hadn’t closed the deal with Nexus, which agreed to buy the company…
An insolvency administrator has put KTM’s shares in MV Agusta up for sale, as the Austrian auto giant continues to reel in from a financial crisis.
KTM’s parent company Pierer Mobility AG had acquired a 25.1 per cent stake in MV Agusta in November 2022, before taking over the majority of the company in March of this year.
Now, its entire 50.1% stake in the Italian motorcycle company is being sold, according to an announcement made by a regional court in Ried im Innkreis in Upper Austria on 17 December.
The administrator is also selling all shares in MV Agusta Services as part of insolvency proceedings against KTM.
Rumours suggest that former owner Timur Sardarov may be interested in buying back shares in…
