Insolvency Guardian Media Centre
Summary
- Africa remains at the epicentre of the global debt crisis, with existing debt frameworks insufficient for addressing the complexities faced by African countries.
- There is a real need to reduce debt burdens, especially for countries facing vulnerabilities like climate change.
- There is a need for comprehensive reforms in global financial and debt structures and to enhance African countries’ voices and decision-making power within these frameworks.
- The upcoming South African G20 presidency, combined with the African Union’s newly established permanent seat, represents a strategic opportunity to place Africa’s debt concerns at the forefront of the G20 agenda and advocate for systemic reforms.
- South Africa has shown a…
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The Pierer Mobility Group has announced that KTM is entering into voluntary restructuring in order to avoid bankruptcy amid ongoing financial woes in the company.
KTM’s financial problems have led to a number of drastic measures in recent months, with its board of directors slashed from six to two while several rounds of staff layoffs have been carried out.
In recent weeks it was reported that KTM would be laying off up to another 300 employees, while all production would be ceases in January and February.
This comes as its share prices have plummeted 90% since their peak in February of 2022, with the company not expecting to secure the necessary financing to cover the “high three-digit million”…
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Jet Airways an erstwhile premium airline operating primarily in
Indian air space has been suffering financial distress for almost a
decade now. After being relegated to insolvency proceedings under
the Insolvency and Bankruptcy Code, 2016 (IBC), the Company and its
lenders had finally seen some hope of being airborne again when a
resolution plan was approved under the IBC regime. However, the
approval of the resolution plan has till date not resulted in
ultimate resolution of the Company. Recently the Hon’ble
Supreme in its judgment dated 07.11.2024 directed for liquidation
of the Company. The Hon’ble Supreme Court while rejecting the
request of the erstwhile Successful Resolution Applicant (SRA) of
Jet Airways for grant of…
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The family running Rocks Brewing has told The Crafty Pint they’re “devastated” after the business entered voluntary administration this week. The Sydney-based brewing company appointed insolvency solutions and business turnaround firm Jirsch Sutherland on October 29, with brewing operations and their Tap House continuing as usual for the time being.
Rocks beers first appeared on tap at Harts Pub in The Rocks close to fifteen years ago, initially brewed at a number of sites around New South Wales, before they opened their brewery and venue in Alexandria. The Osborn family took control of the business in 2018, running a multifaceted operation: brewing their own beers as well as beverages for others, operating a…
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The directors of SolarZero said in a statement: “This difficult decision follows work to explore a range of options to restructure the company. Regretfully, SolarZero and its key stakeholders were unable to find a viable solution to sustain the business.
“This is a tough day for SolarZero teams, who have worked hard to build a more sustainable New Zealand. Today’s decision is not a reflection on their work or commitment.”
Earlier this year, SolarZero transformed its financing model to raise US$195 million in debt facilities under a scalable ‘split-series’ structure. This effectively split the business into two series: the Customer and Battery series.
The Customer Series sought to ensure broad appeal and…
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The motorcycle giant said it had financing requirements currently amounting to “a high three-digit million” sum.
KTM is reportedly billions in debt, will temporarily cease production, and is facing further layoffs.
KTM addressed its 5000 employees on Wednesday to announce the restructuring where CEO Stefan Pierer said the business was facing “major challenges” financially.
“The proceedings give the opportunity to continue to manage the assets under supervision and to reorganize the KTM Group independently. All other subsidiaries of KTM AG, in particular all sales companies, are not affected,” a Pierer Mobility statement read in part.
“The aim of the proceedings is to agree a reorganization plan…
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New Delhi: In a relief for SpiceJet, Ireland-based aircraft lessor Aircastle has withdrawn its insolvency case against the budget airline after reaching a $5.6 million settlement.
Both parties informed the National Company Law Tribunal (NCLT) in Delhi about the settlement on Wednesday, after which the tribunal approved the withdrawal of the case.
This marks another instance of the airline settling its disputes with creditors after raising ₹3,000 crore through a qualified institutional placement (QIP).
In October, the airline had announced the resolution of a $23.39 million dispute with Aircastle (Ireland) Designated Activity Co. and Wilmington Trust SP Services (Dublin) Ltd. The matter was settled for $5 million, along with an…
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Now, the incoming Trump administration will have to determine how to resume the collection of defaulted student debt that has been paused since the beginning of the pandemic.
“It’s going to be insanely complicated,” said Michael Brickman, a senior Education Department official during the first Trump administration, to Politico. “You really can’t overstate the mess that this new administration is inheriting.”
Brickman added that the Biden administration’s “misadventures around loan forgiveness” that were rejected numerous times by courts have created “a really chaotic situation that’s going to have to be fixed.”