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Dallas-based Steward Health Care, the largest physician-led hospital operator in the country, filed for Chapter 11 bankruptcy this morning in the U.S. Bankruptcy Court for the Southern District of Texas, following months of financial struggles including missed payments to its landlord and vendors.

Steward operates more than 30 hospitals across eight states, according to a spokesperson for the company. The filing marks…

EY-Parthenon teams were appointed as insolvency administrators in March 2021. From the start, a unique aspect to this engagement was the media attention. Given the size and impact of this bankruptcy, this was a hurdle both Abengoa and EY-Parthenon had to overcome and engage with regularly throughout the process.

Loan requests

Initially, the EY-Parthenon teams were asked to advise the bankruptcy of the parent company, with the ambition to find an alternative way ahead for the subsidiaries of Abengoa, where the majority of employees and debt were housed.

With support from EY teams, the subsidiaries requested help from the state-owned company SEPI, who are often used as a tool to implement government…

Breakfast Seminar | Event | Canberra

This event will be held on Thursday, 14 March 2024.

We are delighted to extend a special invitation to you for our upcoming seminar ‘Insolvency Trends, Small Business Restructuring, Industry Pressures & Solutions’ focused on providing a comprehensive update on the insolvency market, small business restructuring, and addressing critical pressure points for businesses in 2024.  

In the discussion, Jon, Frank and Adam will explore the following areas through a thought-provoking discussion:

• Insolvency Market Update: The team will unpack the ASIC and bankruptcy data to provide you with insights into the current state of the insolvency market in the ACT and nationally.  Including insights into the ACT…

Brittney is part of the federal political bureau, covering politics, the public service and economics. Brittney joined The Canberra Times in 2021 and was previously the property reporter. Got a news tip? Get in touch: [email protected]

Brittney is part of the federal political bureau, covering politics, the public service and economics. Brittney joined The Canberra Times in 2021 and was previously the property reporter. Got a news tip? Get in touch: [email protected]

The Covid-19 pandemic that hit in March 2020 hammered the Irish hospitality and retail sectors.

One company that was directly in the firing line was Moriarty’s a family run craft shop and restaurant in the Gap of Dunloe in Kerry that was largely dependent on American visitors for its business.

The company survived this near-death experience by becoming one of the first SMEs in Ireland to use a new small company rescue process called Scarp, introduced by the Government at the end of 2021.

Having wiped out substantial debts, Moriarty’s is once again thriving, and looking to expand its business beyond the Gap of Dunloe.

Denis Pio Moriarty is a son of the founders and runs the business with other family members. He joined host Ciarán…

“We are seeing thousands of tax defaults lodged every month now, so the ATO has basically said enough is enough, time’s up, if you can’t pay this debt or at least come to an arrangement with us about how to pay it then you are in big trouble,” she said.

Genuine Guide Gear, also known as G3, is a well-respected player in the outdoor sports industry. It is particularly known for its high-quality backcountry skiing and snowboarding equipment. Founded in 1995 and based in Vancouver, British Columbia, G3 has built a reputation for designing innovative, reliable gear that caters to the needs of backcountry enthusiasts. Products include backcountry skis and splitboards, bindings, skins, avalanche safety gear, and more.

Now, the company is facing an uncertain future after a debt restructuring process was recently announced. According to court documents, the Supreme Court of British Columbia has…

Torrent Power has moved the National Company Law Appellate Tribunal (NCLAT) to challenge the NCLT order approving Sarda Energy and Mining’s (SEML) resolution plan for the debt-ridden SKS Power Generation.

Last week, the Mumbai bench of the National Company Law Tribunal (NCLT) approved Sarda Energy and Mining’s bid and rejected applications, including that of Torrent Power, to acquire SKS Power Generation (Chhattisgarh). Torrent Power had raised objections over the selection process, describing it as discriminatory and contended that it had proposed the highest upfront payment. The Torrent group firm also sought a copy of the approved plan, which was rejected by the NCLT.

Torrent Power’s petition is scheduled for hearing on Tuesday,…

Lusix, the lab-grown diamond company founded by Israeli billionaire Benny Landa, has asked an Israeli court for protection from creditors under the country’s insolvency law, according to an article in CTech.

The move is meant “to consolidate a debt arrangement and set the company on a new path through a merger with another Israeli [lab-grown diamond] company,” said the report in the Israeli publication.

Lusix is believed to be hoping for a merger with Isrough, partially owned by Ofer Mizrahi. CTech said that “most of Lusix’s shareholders are willing to transfer the requested funds” if the merger goes through.

Its report quoted legal filings that said Lusix now owes 103 million shekels (around…

Kaisa Group has unveiled its long-awaited debt workout plan to avoid a showdown during next month’s liquidation court hearing in Hong Kong, the first time the Shenzhen-based developer is restructuring its finances since defaulting on US$12 billion of offshore bonds in 2021.

The developer offered its creditors several payment options, including new notes denominated in US dollars, and mandatory convertible bonds (MCB) that can be exchanged into new Kaisa shares, according to a filing to the Hong Kong stock exchange on Tuesday.

Six tranches of senior notes totalling more than US$5 billion and eight tranches of MCBs with an aggregate principal amount of US$4.8 billion will be allocated to creditors, based on their respective ratios in the…

Katie Price will have her income from the social media platform TikTok suspended as part of efforts to pay off money owed under her two bankruptcies, a judge has ruled.

The former model was declared bankrupt in November 2019 and again in March this year, and is due to face questions over her finances in London later this month.

In February, a judge at a specialist bankruptcy court ordered that she must pay 40% of her monthly income from the adult entertainment website OnlyFans until February 2027.

Barristers for the trustee of her bankruptcies had previously asked for the order to be extended to cover TikTok, but lawyers for the platform said that while it did not oppose the move, it could not consent to it due to the mechanisms of how…