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) — Shimao Group Holdings Ltd. won a Hong Kong court decision to dismiss a creditor petition to liquidate the defaulted Chinese developer, buying more time to complete its debt restructuring plan.
The Hong Kong High Court granted the dismissal Monday after the company said in an October filing that some banks and bondholders have indicated their approval of its $11.5 billion restructuring plan with some sweeteners added.
The development adds to the momentum gained by Shimao to push through the restructuring plan and continue operations. Once one of China’s biggest developers with five-star hotels as its landmark projects, the company was on an expanding list of distressed builders facing legal battles that were launched…
Bangladesh-based companies have been doing business with Mosaic Brands for several years.
Experts say Mosaic Brands struggled in retail due to rising competition from online ‘fast fashion’ outlets including Temu and Shein.
FTI Consulting has been appointed as administrator, while KPMG will act as receiver and manager.
Mosaic Brands Limited is one of Australia’s largest fashion retail groups. Its ‘fast fashion’ — inexpensive, low-quality clothing which mimics high-end brands and styles — labels include Millers, Rockmans, Noni B, Rivers, Katies, Autograph, W Lane, Crossroads and Beam.
According to Bangladesh Garments Manufacturer and Exporters Association (BGMEA) sources, 23 Bangladeshi exporters are affected as the company…
New reports suggest that Bruno Mars‘ heavy gambling habits might have landed him in serious trouble. It is said that the singer, who at one time supported himself by working as a professional poker player, has racked up huge debts at the table over the course of his career.
A Vegas insider told News Nation, “He owes millions to the MGM (from gambling).” According to the source, he has accumulated debts of as much as $50 million. “(MGM) basically own him,” the Vegas insider added. “He makes $90 million a year off of the deal he did with the casino, but then he has to pay back his debt… after taxes (Mars makes $1.5 million per night).” $90 million after taxes amounts to approximately $60 million.
A Canadian charter bus company that provides buses for Los Angeles airports is asking a California bankruptcy judge to grant U.S. recognition to its efforts to sell the company in a…
On 19 November, judicial member Mahendra Khandelwal of the Delhi bench of the NCLT (National Company Law Tribunal) pulled up Engine Lease Finance B.V., the engine lessor of budget airline SpiceJet, for keeping a settlement pending in the IBC forum to leverage settlements with the airline.
“Both the Ld. Counsels submitted that the parties are trying to settle the matter amicably therefore, sought time. Pleadings are complete. The adjournment on the similar ground was sought on the last date of hearing i.e. 08.10.2024. Last opportunity is given to the parties to either settle the matter, failing which the matter will be proceeded as per law,” the NCLT order stated.
TOPSHOT – Australian biker Toby Price powers his KTM during the 2018 Dakar Rally Stage 5 between San … [+] Juan De Marcona and Arequipa in Peru, on January 10, 2018. / AFP PHOTO / Franck FIFE (Photo credit should read FRANCK FIFE/AFP via Getty Images)
AFP via Getty Images
In the early 1990s, Austria-based motorcycle maker KTM was a small-scale motorbike producer turning out just 6,000 machines per year from a small workforce. Prospects for the company were dim against competition from a resurgent BMW and other euro bike makers.
Following a large investment from Indian scooter and vehicle maker Bajaj Auto and a few ownership changes, KTM grew to become one of Europe’s most successful motorbike brands, including fielding a…
Business insolvencies are running at more than double the rate of last year, and one economist says the failure rate exceeds that of the global financial crisis.
There were 72 liquidations in October administered by the Insolvency and Trustee Service, just down from 74 in September.
Of those, 37 were in Auckland.
In comparison, there were only 58 in the year to June 2019.
Simplicity chief economist Shamubeel Eaqub said the rate of insolvencies was double what it was at this time in 2023.
“It’s consistent with what I would expect and I’d expect this to continue.”
He said the coming months would be tough for many businesses, if they were not in hospitality or retail.
The government has announced plans to eliminate $16 billion worth of student debt.
Students with tertiary education debt would have 20 per cent of their loan debt wiped.
The prime minister said the next election is about the next generation.
The Albanese government is promising to cut tertiary student and apprentice debts if it wins the next federal election, under a suite of new policies unveiled at the weekend.
Labor is pledging to cut a further 20 per cent off all student loan debts by 1 June 2025, which it says will wipe around $16 billion in student debt for around three million Australians.
Separately, it will also introduce legislation to establish 100,000 fee-free TAFE places from 2027, in addition to its announcement on…
