Earlier today, Fisker finally did what has seemed inevitable these past few turbulent months: declared bankruptcy.
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Rex Airlines enters voluntary administration Moree Champion
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Former high-flying start-up WeWork has filed for bankruptcy, marking a fresh low for the co-working company that struggled to recover from the pandemic and its failed initial public offering in 2019.
WeWork, the SoftBank Group-backed start-up whose meteoric rise and fall reshaped the office sector globally, sought US bankruptcy protection on Monday, after its bets on companies using more of its office-sharing space soured.
WeWork at Harris Street, Sydney. Credit: Edwina Pickles
The move represents an admission by SoftBank, the Japanese technology group that owns about 60 per cent of WeWork and has invested billions of dollars in its turnaround, that the company cannot survive unless it renegotiates its pricey leases in…
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Popular drinks company Billson’s collapses The North West Star
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JKNThe Thai owner of the Miss Universe pageant, which was once part of former US president Donald Trump’s business empire, has filed for bankruptcy a year after buying it for $20m (£16.4m).
JKN Global Group has said it would try to resolve a “liquidity problem”.
Its chief executive, Anne Jakapong Jakrajutatip, is a transgender woman who bought the firm as the pageant became more inclusive.
But the firm has loaded up on debt which it is seeking to restructure.
“The company can continue its operation while being under the rehabilitation plan,” JKN said.
Funding for the deal was raised through bonds but the firm missed a repayment deadline of around $12m which was…
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Australian airline Rex has entered into voluntary administration, the second domestic airline to fail this year in a market dominated by Qantas Airways Ltd.
Regional Express Holdings Ltd., as Rex is formally known, has appointed Ernst & Young as administrators, according to a statement on Tuesday. Domestic flights on Rex’s fleet of Boeing Co. 737 jets have been canceled, with passengers affected being contacted by the airline, according to the statement. Regional flights operated using Saab 340 aircraft are unaffected and will continue to operate.
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The company behind the global Miss Universe competition has filed for bankruptcy just a week out from its international beauty pageant.
Overnight, Thailand-based JKN Global Group submitted a petition for “business rehabilitation” into a Thai court.
That’s the nation’s equivalent of declaring bankruptcy and securing the protections that come with it, including urgently restructuring the business in the hopes of turning things around.
The company’s hearing date has been set for the Thai Bankruptcy Court on January 29 and it will continue operating in the meantime. That means the Miss Universe competition, slated to run next Saturday, will go ahead.
JKN Global Group purchased the global Miss Universe brand for US$20 million (A$31…
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Rex Airlines enters voluntary administration Mudgee Guardian
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Once said to be worth about £40million, Katie Price has been declared bankrupt again.
Bankruptcy is a legal process when a person or business is unable to repay spiralling debts. The I’m A Celebrity… Get Me Out Of Here star owes £761,994.05 to HM Revenue and Customs (HMRC), a court has been told. It has been five years since the former glamour model was first declared bankrupt in 2019.
This week’s news only adds to the reality TV star’s woes after Price was fined £880 for driving without a licence or insurance. In her latest podcast The Katie Price Show released on 14 March, Price admitted she was struggling with feeling “so drained at the minute”.
The queen of reality TV – who has five children Harvey, Junior, Princess, Bunny and…
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Rex Airlines enters voluntary administration Port Macquarie News
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LDRBristol City Council’s plan to balance its books when it comes to supporting children with additional needs could exceed the time and money currently proposed.
If the authority misses its targets for children with special educational needs and disabilities (SEND), the council ‘will be effectively bankrupt’.
During an election debate on BBC Radio Bristol’s John Darvall programme, Green councillor Tony Dyer said he was doubtful a Safety Valve programme, which includes more school place for SEND children, would be delivered on time.
“Our concerns for this are the timeframes are very tight. We think it’s going to…
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Rex enters voluntary administration, grounds 737s Bunbury Mail
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“Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently,” the company said in a statement. “After evaluating all options for our business, we determined that proceeding with a sale of our assets under Chapter 11 is the most viable path forward for the company.”
For anyone paying close attention, this isn’t that surprising. Fisker has been sounding the warning about its dwindling cash stockpile for months. It did all the things you’re supposed to do to rein in costs. It laid off over 15 percent of its…