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.
Rite Aid filed for Chapter 11 bankruptcy protection Sunday, a casualty of a miserable environment for drug stores, exacerbated by its runner-up status to bigger chains and expensive legal battles for allegedly filling unlawful opioid prescriptions.
The bankruptcy was not a surprise. Its bigger rivals, CVS and Walgreens, are also facing many of the same problems. They, too, are closing stores as Amazon and big-box chains like Walmart, Target and Costco serve as more customer-friendly alternatives to nationwide pharmacy chains.
But Rite Aid is in much worse financial shape than its competitors and…
MGM Grand Resorts International has denied reports that Bruno Mars is in debt with the entertainment company via a statement received by Complex.
“We’re proud of our relationship with Bruno Mars, one of the world’s most thrilling and dynamic performers,” MGM wrote in the statement. “From his shows at Dolby Live at Park MGM to the new Pinky Ring lounge at Bellagio, Bruno’s brand of entertainment attracts visitors from around the globe. MGM and Bruno’s partnership is longstanding and rooted in mutual respect.”
The message continued, “Any speculation otherwise is completely false; he has no debt with MGM. Together, we are excited to continue creating unforgettable experiences for our guests.”
Billionaire and owner of top companies like Tesla, SpaceX, and X Corp, Elon Musk, issued a stark warning to the United States about its spending habits, suggesting that continued overspending could lead the country to bankruptcy.
“Overspending must cease or America faces bankruptcy,” Musk emphasized on Twitter.
His remarks came in response to a tweet highlighting the significant portion of tax money being allocated towards servicing the national debt. Economist E.J. Antoni pointed out, “It took 63% of all personal income taxes in Feb to pay the interest on the debt – no roads, no military, no schools, no social security – JUST INTEREST.”
In a retweet, another user underscored the alarming trajectory, stating, “This is an astounding…
Women walk past a closed Cafe Coffee Day shop in Srinagar, Wednesday, July 31, 2019. Photo: PTI
3 min read Last Updated : Aug 13 2024 | 1:53 PM IST
Coffee Day Insolvency Proceedings NCLT:Coffee Day Enterprises share price were under pressure for a second day on Tuesday. At 1:20 PM, Coffee Day shares were down 15 per cent at Rs 33.89 per share as against 364 points, or 0.46 per cent, dip in the benchmark BSE Sensex.
In two days, Coffee day Enterprises share price has tumbled 28.6 per cent after the company informed the exchanges that the National Company Law Tribunal (NCLT), Bengaluru bench, has admitted the company for insolvency proceedings.
In an exchange filing, after market hours on Friday, the company said: “With…
The prime minister, Anthony Albanese, has suggested the government is looking to reduce the rate of student debt indexation in response to debts growing by more than 4% this year.
Albanese said on Thursday that “there’s a range of areas we need to do much better for the younger generation and Hecs is one of them” and that announcements would be made “pretty soon” on changes to make the student loan “simpler and fairer”.
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 policy.
A company director who ran “female empowerment” festivals in two states last year is potentially facing criminal charges for running events despite the company becoming insolvent at least a year beforehand.
The Dodgers fired Shohei Ohtani’s longtime friend and interpreter Ippei Mizuhara on Wednesday amid allegations of Mizuhara engaging in a “massive theft” of Ohtani’s funds to bet on sports.
Mizuhara’s firing came on the same day the Los Angeles Times dropped a bombshell report detailing his alleged ties to Mathew Bowyer, a Southern California bookmaker under federal investigation. More than a dozen people have been charged as part of a wider probe into illegal sports gambling by the same prosecution team, including former Dodgers star Yasiel Puig.
Ohtani’s representatives inquired into Mizuhara’s actions after the Times discovered that Ohtani’s name had surfaced in the investigation into Bowyer.
Reported today by mtb-news.de, Internetstores GmbH, a subsidiary of Signa Sports United (SSU), has declared insolvency as it filed with the Stuttgart District Court. The latest filing follows news last Friday that one of SSU’s major subsidiaries Tennis-Point GmbH also declared insolvency with the warning from SSU that “other legal entities of the SIGNA Sports United group, including SIGNA Sports United N.V. as ultimate parent company of the SIGNA Sports United group, are currently in the course of preparing similar filings.”
The SSU subsidiary of Internetstores GmbH was made up of a collection of mainly cycling-based brands with…
Online book retailer Booktopia has appointed voluntary administrators after it failed to secure enough funding to avoid collapse.
The Australian online business has appointed Keith Crawford, Matthew Caddy and Damien Pasfield from McGrathNicol to oversee a sale, or the selling of parts.
“The Administrators are undertaking an urgent assessment of Booktopia’s business while options for its sale and/or recapitalisation are explored,” an ASX statement reads.
“The shares of Booktopia Group Limited (Administrators appointed) will remain suspended from trading during the administration process. Shareholder updates will be uploaded to the ASX platform as required.”
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Last month, Booktopia entered a sudden trading halt…
Prime Minister Anthony Albanese has promised to make the student loan system “simpler and fairer” to address the growing debt burden on recent graduates.
Mr Albanese on Thursday conceded high rates of indexation on student loans and increased student contributions for some areas of study such as arts and law have sent average student debt skyrocketing in the past three years.
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