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Fortune Rise Acquisition Corporation Announces Termination of Business Combination Agreement with Water On Demand, Inc. and Subsequent Liquidation AccessWire Read the
German aircraft maker Flight Design has run out of cash and filed for insolvency.
The managing director of Flight Design filed for insolvency in court with outstanding debts in the ‘mid-six-figure’ range.
The court appointed lawyer Marcello Di Stefano, a partner in specialist insolvency company Diligens, as provisional insolvency administrator.
Mr Di Stefano said, “The company’s order situation is good and the products have a very good reputation on the international market, and the outstanding debts are manageable.”
One of the first tasks is enabling the financing of business operations, said Mr Di Stefano.
“This would make it possible to maintain the Flight Design Group with its EASA Design and Production Organizations…
Fortune Rise Acquisition (FRLA) announced the termination of its Business Combination Agreement with Water On Demand, Inc. and its subsequent liquidation. The mutual termination was executed on December 9, 2024. As FRLA did not make the required monthly extension deposit on December 5, 2024, the company will cease operations and proceed with liquidation.
The company will redeem 100% of its Offering Shares at approximately $11.94 per share, with the trust account balance at approximately $10.0 million as of December 11, 2024. FRLA will retain $50,000 for dissolution expenses. The company has 843,183 remaining public shares. All warrants will expire worthless, and FRLA ceased…
Lorraine brings 30+ years of legal experience in bankruptcies, out-of-court restructurings, sovereign debt restructurings and creditors’ rights controversies. She interfaces with auditors, government regulators, investment bankers and others, and develops and implements mediation and litigation strategies, and negotiates reorganization plans and complex corporate and finance documents. She also regularly provides commercial law and bankruptcy advice in…
SARASOTA, Fla., Dec. 16, 2024 (GLOBE NEWSWIRE) — Oragenics, Inc. (NYSE: OGEN), a biotechnology company advancing innovative treatments for brain-related health conditions, today announced the conversion of its remaining outstanding convertible Series A and Series B Preferred Shares into common stock. The conversion helps simplify the company’s capital structure and eliminates approximately $2.35 million in liquidation preference, effectively removing a significant overhang on the company’s stock.
Holders of the Company’s remaining 5,417,000 Series A Preferred Shares and 4,050,000 Series B Preferred Shares exercised their right to convert their shares into a total of approximately 22,000 common shares. The…
Court-appointed receivers and monitors who take control of companies now routinely bill about $1,100 an hour. These fees are considered senior claims in a bankruptcy or restructuring, so the advisers get their cheques before anyone else gets repaid.Adrien Veczan/The Canadian Press
In 2010, brothers Sam and Jasvir Johal started a used-truck dealership in Mississauga, and over the next decade their business grew at a blistering pace across Canada and the United States. As it expanded, Pride Group Holdings Inc. morphed into a conglomerate that offered new and used truck sales, leasing and financing, logistics, equipment maintenance, fuel sales and roadside rescue.
State health officials have taken the first step — creating a template — toward their pledge of sharing North Carolina’s innovative medical debt relief blueprint with other states.
The N.C. Department of Health and Human Services unveiled last week its medical debt toolkit website that features its groundbreaking collaboration with the state’s 99 hospitals who volunteered to participate.
The key to the N.C. collaboration is the hospitals agreeing to eliminate $4 billion in medical debt owed by an estimated 2 million low- and middle-income households.
Hospitals would forgive more than a decade of existing medical debt for eligible North Carolinians and prevent the accumulation of new debt going…
