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Highly indebted African countries are facing stark trade-offs between servicing expensive debt, supporting high and growing development needs, and stabilising
Redback Technologies, an Australian inverter and battery company, is trying to secure new investment after entering voluntary administration this week.
Less than 15 months after the multi-million dollar Sunshine Private Hospital was officially unveiled, the hospital is now closed and has entered into voluntary administration.
ABC Radio Melbourne reported on May 28, that the Sunshine Private Hospital was cancelling surgeries and relocating patients as it was placed into voluntary administration.
Health Worker Union (HWU) spokesperson Jake Mcguinness said it was disappointing that staff were given “such little notice” of the hospital’s closure.
“It’s very dissapointng that workers were only given a very short timeframe to make themselves aware of it,” he said.
Mr Mcguiness said the Sunshine Private Hospital was a project that was “a little…
Listeners of “The Ramsey Show” often find themselves nodding along to stories that could be their own. The stories feature all-too-common scenarios of financial distress with the teller seeking a glimmer of hope. In a particularly compelling segment, John from Texas shared his overwhelming battle against debt — a tale that resonates with many.
At age 28, with a wife, a 9-month-old daughter and working toward a doctorate, John’s financial load is crushing: $300,000 in student loans, $40,000 in personal loans, $26,000 in credit card debt and more.
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With an annual household income of $57,000, John, under advice from his parents, contemplated filing for Chapter 7 bankruptcy. His attorney suggested delaying the filing to see…
Highly indebted African countries are facing stark trade-offs between servicing expensive debt, supporting high and growing development needs, and stabilising domestic currencies.
Government debt has risen in at least 40 African countries over the past decade. As a result, some are experiencing a bad combination of high debt, elevated development spending needs amid budget shortfalls, and unfavourable exchange rate pressures.
These issues have become more pressing since 2022, when persistently high inflation prompted major central banks around the world to embark on the most aggressive monetary tightening campaign in decades. Monetary policy tightens when central banks raise interest rates.
Elon Musk wrote, “America will go bankrupt” in response to a post by a user on his social media platform X.
Elon Musk expressed worry that the United States could go bankrupt soon. In a post on his social media platform X (formerly Twitter), Elon Musk wrote, “Overspending must stop or America will go bankrupt” in response to a post by X user @WallStreetSilv who claimed that in sometime 100 percent of US taxpayer’s money will be used to pay interest on national debt.
Elon Musk said that he is worried that US could go bankrupt soon. (Reuters)
What post did Elon Musk agree to?
“This is an amazing number to watch in the next few years. Individual income taxes are about 1/2 of the govt…
Telco equipment supplier NetComm Wireless has entered voluntary administration after operating for over 40 years.
Documents listed by the Australian Securities and Investments Commission (ASIC) on March 13 show Kate Conneely and Rahul Goyal from Cor Cordis have been appointed administrators of the company.
NetComm Wireless provides telecommunications infrastructure equipment to telco companies in Australia and other markets. It saw large profits back in 2018 off the back of expansion in the 5G, fixed-wireless, fibre to the curb and industrial IoT spaces.
SmartCompany understands that a divestment process was run by Casa Systems — a US company that acquired NetComm back in 2019 — in the second half of…
Press Briefing on Sri Lanka’s 2024 Article IV Consultation and the Second Review under the Extended Fund Facility
June 14, 2024
PARTICIPANTS:
Moderator:
HUONG LAN “PINKY” VU
Communications Officer
Speakers:
PETER BREUER
Senior Mission Chief for Sri Lanka
KATSIARYNA SVIRYDZENKA
Deputy Mission Chief for Sri Lanka
SARWAT JAHAN
Resident Representative in Sri Lanka
* * * * *
T R A N S C R I P T
MS. VU: Good morning, everyone. I think we can start now. Good morning
to those who are joining us from Sri Lanka and Asia. And good afternoon,
good evening to those who are connecting from other parts of the…
Fabric and crafts retailer Joann declared bankruptcy on Monday amid spending cutbacks from consumers and higher operating costs. The retail chain said it plans to keep its 800-plus stores open while it works through the restructuring process.
Hudson, Ohio-based Joann, which filed for Chapter 11 bankruptcy, reported between $1 billion and $10 billion in debt. In court…
Redback Technologies, an Australian inverter and battery company, is trying to secure new investment after entering voluntary administration this week.
Brisbane-based Redback Technologies has entered voluntary administration and is now actively seeking new investment.
McGrathNicol Restructuring has been appointed as voluntary administrator of Redback Operations Pty. Ltd., with McGrathNicol confirming that partners Anthony Connelly, Mark Holland and Jamie Harris were appointed on March 5.
The administrators said they are working with Redback Operations’ employees, customers and suppliers while they “call for expressions of interest for the sale or recapitalisation of all or part of…
On July 26, 2024, CMS approved the plan of North Carolina Governor Roy Cooper and the North Carolina Department of Health and Human Services (NCDHHS) to use North Carolina’s Medicaid program to increase reimbursements to hospitals that forgive medical debts. The program would relieve as much as $4 billion in existing medical debt for families and individuals dating back to 2014, and it would also help prevent new debt in the future.
On July 1, 2024, Governor Cooper and NCDHHS announced that NCDHHS had submitted a request to CMS to approve the plan, which allows hospitals to elect whether to participate in the program and requires them to satisfy a set of conditions to be eligible for an increased amount of Medicaid funds. Hospitals…
Fashion retailer Express Inc. is reportedly considering various options, including Chapter 11 bankruptcy, as it faces increased competition in the fast-fashion space. But its struggles have been a long time in the making, retail analysts say.
Express, which Bloomberg reported last week was in talks with lenders to help finance a possible bankruptcy process, has grappled with lower demand for multiple quarters as consumers cut back on discretionary spending or funnel dollars to e-commerce giants like Amazon or Shein. Express’s CEO Tim Baxter resigned in September a day after Express reported net sales for the second quarter of fiscal year 2023 fell 6% year-over-year to $435.3 million. The company’s new CEO, Stewart Glendinning, told…
Australian swimwear brand Tigerlily has fallen into voluntary administration for the second time.
Tigerlily was founded nearly 25 years ago in Sydney. The boho inspired swimwear company fell into voluntary administration for the first time in 2021 following the fallout from the Covid 19 pandemic. It was rescued just months later, by fellow Australian company Crumpler under Crescent Capital.
“When I set out as the Tigerlily CEO, I always knew it would be an uphill battle, stepping into a business in crisis. I was excited to rebuild and mend a business that had lost its way,”
Travis Wright, CEO of Tigerlily wrote on her LinkedIn. Wright joined the business shortly after its first stint under administration.
