Insolvency Guardian Media Centre
Macaus Gaming Inspection and Coordination Bureau (DICJ) told senior representatives of the citys gaming industry on Monday that it will consider both Macaus employment market and ROI for investors in determining the length of licenses to be issued under the upcoming re-tendering process for Macaus gaming concessionaires.
The update formed one of the few pieces of new information provided by the government during a face-to-face consultation with Macaus casino and junket operators, held yesterday on the fifth floor of the DICJ offices at the World Trade Center on the Macau peninsula as part of the 45-day public consultation process announced last week to consider proposed amendments to the gaming law.
The DICJ also confirmed its intenti…
Read the full article at: https://www.asgam.com/index.php/2021/09/21/dicj-holds-concessionaire-junket-consultation-on-re-licensing-a-whos-who-of-macaus-big-guns-in-the-room/
Alan J. Brody, a Restructuring & Bankruptcy shareholder in global law firm Greenberg Traurig, LLP’s New Jersey office, will co-chair the 2021 Turnaround Management Association (TMA) Mid-Atlantic Networking Summit on Sept. 23-24 at the Hard Rock Hotel & Casino in Atlantic City, NJ. The conference is the “premier event for the Mid-Atlantic region” and will provide attendees with “networking, dealmaking, and professional development” opportunities, according to TMA.
ATLANTIC CITY, N.J., Sept. 20, 2021 /PRNewswire-PRWeb/ — Alan J. Brody, a Restructuring & Bankruptcy shareholder in global law firm Greenberg Traurig, LLP’s New Jersey office, will co-chair the 2021 Turnaround Management Association (TMA) Mid-Atlantic Networking Summit on Se…
Read the full article at: https://finance.yahoo.com/news/alan-brody-co-chair-turnaround-231500019.html
The Melbourne Star observation wheel is facing a multimillion-dollar debt bill after it was forced to close, becoming the latest high-profile casualty of the COVID-19 pandemic.
MB Star Properties Pty Ltd announced earlier this month the company was going into liquidation because travel restrictions and lockdowns had exacerbated financial struggles and made it impossible to sustain the business.
The Melbourne Star wheels location has long been controversial, with many critical of views that were crowded by residential skyscrapers.Credit:Eddie Jim
A creditors report filed with the Australian Securities and Investments Commission on Monday shows the tourist site that has become a feature of Melbournes city skyline has racked up more t…
Read the full article at: https://www.theage.com.au/national/victoria/melbourne-star-faces-3-9m-liquidation-debt-bill-20210921-p58te0.html
Citron Research
- The looming debt crisis faced by China’s second largest property developer was on Andrew Left’s radar nearly 10 years ago.
- The famed short-seller said China’s Evergrande would be “severely challenged from a liquidity perspective” in a 2012 report.
- Hong Kong subsequently imposed a five-year ban on Left from trading in its stock market due to the report.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Evergrande, China’s second largest property developer, is on the verge of insolvency and has sparked a global stock market sell-off on Monday due to contagion fears.
While the reaction in markets has been panicked, short-seller Andrew Left o…
Read the full article at: https://markets.businessinsider.com/news/stocks/andrew-left-evergrande-warning-looming-debt-insolvency-citron-research-2021-9
NEW YORK, Sept. 20, 2021 /PRNewswire/ — Katten announced today that its Insolvency and Restructuring practice was honored by The M&A Advisor in five categories of the 15th annual Turnaround Awards, known as one of the restructuring and distressed investing industry’s benchmarks for excellence.
“Ours is a group of exceptionally talented attorneys with a wealth of skills and experience, and it is quite satisfying when others acknowledge these successes we’ve had for our clients,” said Steven J. Reisman, co-chair of Katten’s Insolvency and Restructuring practice. “The engagements that earned these latest distinctions are some of the largest, most sophisticated and highest-profile Chapter 11 cases of th…
Read the full article at: https://finance.yahoo.com/news/katten-bankruptcy-team-wins-numerous-204500185.html
An American flag flies outside of the U.S. Capitol dome in Washington, U.S., January 15, 2020. REUTERS/Tom Brenner/File Photo
WASHINGTON, Sept 20 (Reuters) – Top Democrats in the U.S. Congress on Monday said they would aim to continue funding the government and increase its borrowing authority in a single bill in coming days, setting up a showdown with Republicans who have vowed not to approve more debt.
House of Representatives Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer said the bill, which must pass by Oct. 1 to avoid the third partial government shutdown in the past decade, would also suspend the nation’s borrowing limit until after the 2022 elections that will determine which party controls Congress.
Senate Republica…
Read the full article at: https://www.reuters.com/business/democrats-include-suspension-us-debt-limit-funding-bill-2021-09-20/
August 2021 saw the number of company insolvencies reach their highest level since the first UK lockdown, with businesses balancing the easing of restrictions with the end of government support.
There were 1,348 registered company insolvencies in August 2021, according to figures released by the Insolvency Service 71% higher than in the same month in the previous year, but 1% lower than the pre-pandemic figure in August 2019.
August 2021 saw 1,256 Creditors Voluntary Liquidations (CVLs), the highest level seen since January 2019, more than double the number in August 2020 and 30% higher than in August 2019. Other types of company insolvencies, such as compulsory liquidations, remain comparatively low, driven in part by temporary restric…
Read the full article at: https://www.icaew.com/insights/viewpoints-on-the-news/2021/sep-2021/company-insolvencies-hit-18-month-high
Shining a Light on Structured Dismissals
This article provides a discussion of the June 9, 2021 decision In re KG Winddown, where U.S. Bankruptcy Judge Martin Glenn clarified some unresolved issues about structured dismissals in Chapter 11 bankruptcy cases that stemmed from the 2017 U.S. Supreme Court decision in Czyewski v. Jevic Holding.
Navigating Preference Actions in Retail Industry Restructurings
In charting ones course through bankruptcy proceedings, there are specific pitfalls and considerations that debtors, creditors, and their legal and financial advisors should be aware of and approach carefully when preference actions are involved.
Understanding When the Bankruptcy Stay Keeps the Government at Bay
General experience with th…
Read the full article at: https://www.law.com/newyorklawjournal/2021/09/20/corporate-restructuring-bankruptcy-5/
After getting rapped for accepting Vedanta group’s bid that would give just 5 per cent of their outstanding loans, lenders to Videocon Industries on Monday approached the insolvency appellate tribunal NCLAT seeking fresh bids for the debt-laden consumer durable firm.
Billionaire Anil Agarwal’s Twin Star Technologies had offered Rs 2,962 crore to takeover Videocon Industries, which was 4.15 per cent of the admitted claims of Rs 64,838.63 crore of lenders.
SBI, the leading lender of Videocon Industries, has approached the National Company Law Appellate Tribunal (NCLAT) requesting for a rebidding of the 13 companies of the debt-ridden group, on account of strong observations against Rs 2,962 crore takeover bid by Anil Agarwal’s T…
Read the full article at: https://www.business-standard.com/article/companies/videocon-insolvency-lenders-make-u-turn-approach-nclat-for-fresh-bids-121092001057_1.html
This is up 71% when compared to the 788 figure reported in August 2020 though it is similar to the 1,366 registered in August 2019.
As for creditors voluntary liquidations (CVLs), there were 1,256 handed in August 2021 – which is the highest level seen in the series since January 2019. The number of registered company insolvencies were also similar to pre-pandemic levels, driven by a higher number of CVLs – although other types of company insolvencies remained lower.
For individuals, 614 bankruptcies were registered in August 2021 – this was 22% lower than in August 2020 and 54% lower than August 2019. However, the 1,714 debt relief orders (DROs) registered were 29% higher than in August 2020 but remained lower than pre-pandemic levels….
Read the full article at: https://www.creditstrategy.co.uk/turnaround-restructuring-insolvency-news/turnaround-restructuring-and-insolvency-news/company-insolvencies-up-71
August 2021 saw the number of company insolvencies reach their highest level since the first UK lockdown, with businesses balancing the easing of restrictions with the end of government support.
There were 1,348 registered company insolvencies in August 2021, according to figures released by the Insolvency Service 71% higher than in the same month in the previous year, but 1% lower than the pre-pandemic figure in August 2019.
August 2021 saw 1,256 Creditors Voluntary Liquidations (CVLs), the highest level seen since January 2019, more than double the number in August 2020 and 30% higher than in August 2019. Other types of company insolvencies, such as compulsory liquidations, remain comparatively low, driven in part by temporary restric…
Read the full article at: https://www.icaew.com/insights/viewpoints-on-the-news/2021/sep-2021/Company-insolvencies-hit-18-month-high
The number of gamblers banned from Swiss casinos rose sharply last year to over 10,000, driven by the growth in online gambling sites, the Swiss newspaper NZZ am Sonntag has reported.
This content was published on September 20, 2021 – 12:26
NZZ am Sonntag/RTS/sb
At the end of last year, a total of 72,322 people were banned from playing at Swiss casinos in person and online according to new statistics from the Federal Gambling Commission (CFMJ)External link, published in th…
Read the full article at: https://www.swissinfo.ch/eng/gambling-bans-spike-in-switzerland/46962054