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.
Amsterdam-based Rodeo Software, a cloud-native project management software provider, has been declared bankrupt by the court in Amsterdam by termination
Express Inc., the clothing retailer that’s a staple in US malls, filed for bankruptcy with plans to sell itself.
The company received an offer from brand manager WHP Global and mall landlords Simon Property Group Inc. and Brookfield Properties to purchase the company’s operations and most of its stores, according to a statement on Monday. The company will use the bankruptcy process to facilitate the sale.
A slowing economy and rising costs pushed a record number of businesses into insolvency last month, but the overall number of jobs fell by just 6600, supporting data suggesting smaller firms were hit hardest.
The unemployment rate edged from 3.7 per cent to 3.8 per cent as people seeking work increased to 20,600, largely driven by migration. The jobless rate is below the Reserve Bank’s indicative forecasts published in February.
MGM Resorts has denied claims that Bruno Mars owes the hospitality empire millions of dollars in gambling debt.
The company’s response comes after NewsNation reported last week that Mars, 38, landed himself in gambling debt of over $50 million at MGM — a large portion of which is being paid off from the money made from the singer’s residency at Park MGM in Las Vegas, according to a source.
MGM Resorts International said in a statement to PEOPLE, “We’re proud of our relationship with Bruno Mars, one of the world’s most thrilling and dynamic performers. 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.”
Esprit Europe GmbH and six other German companies of the fashion group will file for insolvency under self-administration on Wednesday, the company said, as Hong Kong-listed apparel group Esprit Holdings seeks to restructure its European business.
This is the second insolvency procedure within four years for Esprit, which had laid off around a third of its workforce and closed 100 branches during the Covid-19 pandemic.
The company had filed for bankruptcy in Belgium and Switzerland in March.
Business operations will continue “until further notice,” the group said, adding around 1500 employees would be directly affected by the insolvency.
A financial investor has expressed interest in significant parts of…
Simply sign up to the Chinese business & finance myFT Digest — delivered directly to your inbox.
Zhongzhi, the conglomerate at the centre of China’s $3tn shadow banking market, has filed for bankruptcy, saying that it was “severely insolvent”.
A Beijing court accepted a bankruptcy and liquidation application from Zhongzhi on Friday, stating that the group was unable to pay its debts.
In an open letter to investors, Zhongzhi said not only that it was “severely insolvent” but that management had “run wild” after the 2021 death of founder Xie Zhikun. It added that total assets amounted to just Rmb200bn ($28bn) against obligations of up to Rmb460bn.
All Rex flights between capital cities have been grounded and the airline has entered voluntary administration just hours after the Albanese government suggested it would intervene to ensure the nation’s third-largest carrier didn’t collapse.
Late on Tuesday, EY – formerly known as Ernst & Young – announced it had been appointed as administrators of the company, and that the airline’s Boeing 737 operations between capital cities such as Sydney, Melbourne and Brisbane had been grounded, with Virgin Australia stepping in to offer impacted passengers rebooking “free of charge”.
Rex’s regional operations with its Saab 340 turboprop planes remained unaffected by the administration and would continue to operate.
Lucky for him, that’s what he likes to hear: Bruno Mars is not $50 million in gambling debt with MGM in Las Vegas — according to the casino company itself. NewsNation previously reported the $50 million figure, citing an anonymous Las Vegas insider who claimed that the singer’s post-tax nightly income of $1.5 million from residencies with MGM was largely being used to pay off his debt. “MGM basically own him,” the source suggested. The report painted a picture so dire that it sounded like Mars could be one bad blackjack hand away from being…
Amsterdam-based Rodeo Software, a cloud-native project management software provider, has been declared bankrupt by the court in Amsterdam by termination of the suspension of payment on Wednesday, April 24.
The announcement comes a week after the Dutch company got into a controversy following allegations of financial irregularities.
A brief overview
As a result, US-based growth equity firm PSG Equity, which invested in Rodeo in 2022, has taken legal action against the company’s founder, Pieter Vos, seizing €67M.
Rodeo Software has informed its shareholders of potential financial irregularities within the organisation, prompting an investigation led by forensic accountants.
Vos, who founded Rodeo in 2016 and was the CEO until…
Australian insolvencies hit a record high in March, according to the latest data released by the corporate regulator. In total, 1131 businesses went bust in the month, which was the largest number since ASIC started collecting these statistics in 1999. Intensifying labour and input costs are a killer for companies with little pricing power.
Seasonally adjusting the data, we get the same result: corporate failures hit a 25-year high despite the fact the economy continues to expand and maintained a historically very low 3.9 per cent unemployment rate in March.
Every eligible hospital in North Carolina has opted in to Gov. Roy Cooper’s medical debt relief initiative, which promises extra payments to hospitals that agree to forgive old medical debt and beef up their charity care policies, state officials said Monday.
The program calls for hospitals to wipe out about $4 billion in medical debt for nearly 2 million low- and middle-income patients across the state, according to the N.C. Department of Health and Human Services.
“This will make a tremendous difference in the lives of North Carolinians,” said Cooper, a Democrat. “Unlike most other debt, medical debt is not a choice. People don’t choose to have accidents and get cancer and suffer a heart…
