Historic German sausage producer Fleischerei Holzapfel declares bankruptcy MSN
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Dairy company Synlait is in a desperate fight for survival.
Photo: Eiliv Aceron for Unsplash
Debt laden dairy company Synlait Milk will raise close to $218 million from its two main shareholders to preserve its future.
It revealed details of its desperately needed equity raise after the close of markets on Tuesday night.
Synlait’s two major shareholders have committed to pay well above its recent market price to ensure its survival.
Major shareholder Bright Dairy of China will supply the bulk of the money, $185m, buying new shares at 60 cents each – double the recent market price. That would lift its stake to just over 65 percent.
Meanwhile Synlait’s major customer A2 Milk will invest nearly $33m, at 43 cents a share, a 43…
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By Ben Zigterman · August 20, 2024, 4:30 PM EDT
A Delaware bankruptcy judge said he would let residential solar technology company SunPower Corp. liquidate its remaining solar panels and other inventory that are not part of the company’s primary bankruptcy…
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Australia’s mining sector has been ranked third for business insolvencies, with the average rate of insolvencies across all sectors hitting 38% in May this year.
According to financial services provider CreditorWatch’s Business Risk Index, Australian insolvencies — those businesses in a state of financial distress — have reached record highs, with the mining industry suffering a 72% year-on-year increase.
CreditorWatch says the mining industry’s insolvency rate has risen steeply for both small and large businesses.
The electricity, gas, water and waste services industry is ranked first, with an 89% year-on-year increase, followed by education and training, which saw an increase of 87%.
The increases,…
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A Mosgiel-based freight transport business has been put in liquidation, by shareholder resolution, after the loss of a “significant” contract at short notice.
Trevor and Emma Laing, of Laing Insolvency Specialists, have been appointed joint liquidators of Clough Transport Ltd, whose sole director and shareholder is Malcolm Clough.
In their initial report, the liquidators said the reasons cited included the contract loss, a lack of work and difficulties getting drivers.
They were aware a creditor of the company had begun proceedings in the High Court and they were making further inquiries as to the status of those proceedings.
The company was incorporated in October 2018 and provided freight services on a contract basis.
The…
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Insolvencies at decade high as retail, hospitality, building firms buckle The New Daily
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Provisional liquidators have been appointed to Atherton Corporate (UK) Ltd and Atherton Corporate Rescue Limited
The companies offered a service to facilitate the sale of distressed companies as an alternative to using insolvency practitioners
Provisional liquidators have been appointed to two connected companies offering corporate rescue and restructuring services following investigations by the Insolvency Service.
The Official Receiver was appointed as provisional liquidator of Atherton Corporate (UK) Ltd at the High Court in London on Monday 29 July.
Julie Tait of Grant Thornton UK LLP was appointed as provisional liquidator of Atherton Corporate Rescue Limited at the Court of Sessions in Scotland on…
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The Iowa Superintendent of Banking has closed a Sac City bank — the first bank closing in Iowa since 2011. Citizens Bank in Sac City opened in 1929. According to a news release issued Friday night by the Iowa Banking Division, the bank was declared insolvent after bank examiners “identified significant loan losses that previously […]
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Phil Murphy, governor of New Jersey, speaks during the 2023 State of the State Address at the New Jersey State House in Trenton, New Jersey, US, on Tuesday, Jan. 10, 2023. Murphy proposed expanding the number of liquor licenses in the state and providing shore towns with funding to help upgrade their boardwalks. Photographer: Aristide Economopoulos/Bloomberg via Getty Images
NEW JERSEY – NJ Gov. Phil Murphy announced he is eliminating $100 million in medical debt for almost 50,000 New Jersey residents.
“Medical debt can follow someone for decades. We are wiping the slate clean for thousands and making a real impact on their lives,” Murphy said in a post on X.
Today we’re announcing the elimination of $100 million in medical debt for…
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Operational creditors continue to get little of insolvency proceeds MSN
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A proposal to alleviate student debt for lawyers relocating to the North Coast, has been labelled as ‘groundbreaking’.
The initiative, hoping to address the backlog of legal services in the area and aims to improve access to justice in under-served communities.
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More companies in England and Wales went bust in the last year than at the height of the financial crisis, the latest insolvency figures show.
There were 25,551 insolvencies in the 12 months from August 2023 to July 2024, new data from the Insolvency Service released this morning shows.
That’s more than in the year from August 2008 to July 2009, when 25,186 insolvencies were recorded (see data here). That period covered the collapse of Lehman Brothers in September 2008, which was followed by the ‘Great Recession’ of 2009.
Rebecca Dacre, partner at Forvis Mazars, the international audit, tax and advisory firm, says:
“The latest insolvency figures are a strong…
