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MANILA, Philippines--(BUSINESS WIRE)--Philippine Airlines Inc. (PAL) announced today that it has entered into a series of agreements with substantially all
MANILA, Philippines–(BUSINESS WIRE)–Philippine Airlines Inc. (PAL) announced today that it has entered into a series of agreements with substantially all of the Companys lenders, lessors, and aircraft and engine suppliers, as well as its majority shareholder, to allow the Company to successfully restructure and reorganize its finances to navigate the COVID-19 crisis and emerge as a leaner and better-capitalized airline.
The restructuring plan, which is subject to court approval, provides over US$2.0 Billion in permanent balance sheet reductions from existing creditors and allows the airline to consensually contract fleet capacity by 25% and includes US$505 Million in long-term equity and debt financing from PALs majority shareholder a…
Frankfurt (Germany), Sep 3 (EFE) .- The selective of the Frankfurt Stock Exchange DAX will be made up of 40 companies, ten more than until now, as of September 20, and the index of medium-sized companies MDAX falls from 60 to 50 companies.
Deutsche Boerse, manager of the Frankfurt Stock Exchange, reported today in a statement that the ten companies that leave the MDAX and will be listed in the selective are: Airbus, Zalando, Siemens Healthineers, Symrise, HelloFresh, Sartorius, Porsche Automobil Holding, Brenntag, Puma and Qiagen NV
This is the largest index reform in the history of the DAX, according to the Deutsche Brse.
The extension of the DAX closes an extensive reform process, which began in the summer of 2020, refo…
Editor’s note: The ripples of “double reduction” are being felt even a month after it came into effect, as one more private tutoring institute, called JurenGiant in English, declared bankruptcy on Aug 31, a day before the start of a new school semester. Why is the tutoring sector reform important? And what could be the benefits and side effects of the reform? Two experts share their views on the issue with China Daily’s Yao Yuxin. Excerpts follow:
Prep schools should change roles to survive
The education authorities’ move is meant to reduce the total amount of time required to do school homework and ease the burden of on-campus or after-school training programs (or double reduction) on students.
It’s yet another example of how the pandemic’s economic recovery has been uneven: While overall credit card debt is on the decline, others are seeing their balances mushroom into huge figures.
Money Management International, a nonprofit credit counseling agency, recently analyzed the credit card balances of renters who sought financial assistance from the organization. Renters have been particularly hard-hit by the pandemic, and federal aid allocated by Congress to address their crisis has been painfully slow to reach households. More than a third of Americans are renters.
The typical renter seeking the agency’s help carried around $3,000 in credit card debt in 2019, Money Management Internat…
The promoters of McLeod Russel India, the countrys largest tea producer in India, have reached a settlement with financial creditor, Techno Electric & Engineering, paving the way out of insolvency.
Aditya Khaitan, chairman and managing director, McLeod Russel India, did not comment. P P Gupta, managing director, Techno, said, The matter stands closed to our satisfaction. This is now behind us and we wish the company good luck.
The interim resolution professional (IRP) of McLeod Russel moved an application under Section 12A in the National Company Law Tribunal (NCLT) seeking withdrawal of CIRP of the corporate debtor, which was heard on Friday. An order was passed. It was not uploaded till the time of going to press.
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The best way to manage your credit cards is to pay off every charge you make in a given month. In other words, you should only use your credit card if you have the actual cash to afford the purchase.
Youve probably heard this advice before. But if youre currently carrying an outstanding balance on your credit cards, you are far from alone.
Theres no point in beating yourself up if your credit card balances have crept up higher than you intended. Everyone makes mistakes. But it is important to acknowledge that the debt is costing you money and come up with a plan to improve you…
Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations.
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When you have past due debts, you may be looking for solutions to pay it off or help avoid a creditor lawsuit. Paying off collectors in full is one option, but you may also consider settling unpaid debts.
A settled debt simply means that a creditor has agreed to accept less than whats owed as final payment. There are companies that offer debt settlement or debt relief services, and its also possible to work out a settlement with creditors yourself.
Should you settle for less or is it better to pay in ful…
This is the first article in ‘Back to Basics’, a series of articles looking at insolvency processes in Scotland. In this article I examine the court process for winding up a company.
A winding up petition is a form of legal action that can be used when a company is unable to pay its debts as they fall due. Sections 122 to 124 of the Insolvency Act 1986 (the Act) deal with how to wind up a company in Scotland.
When is a company deemed unable to pay debts?
Section 123 of the Act states that a company is deemed unable to pay its debts if:
a) the company owes more than 750 and has failed to comply with a statutory demand served on the company requiring payment to be made within 21 days;
b) a charge for payment has been served on the compa…
The promoters of McLeod Russel India, the countrys largest tea producer in India, have reached a settlement with financial creditor, Techno Electric & Engineering, paving the way out of insolvency.
Aditya Khaitan, chairman and managing director, McLeod Russel India, did not comment. P P Gupta, managing director, Techno, said, The matter stands closed to our satisfaction. This is now behind us and we wish the company good luck.
The interim resolution professional (IRP) of McLeod Russel moved an application under Section 12A in the National Company Law Tribunal (NCLT) seeking withdrawal of CIRP of the corporate debtor, which was heard on Friday. An order was passed. It was not uploaded till the time of going to press.
Gaming giant Tabcorp has supported the call for banning credit card use by Australians on online gaming platforms, such as betting apps, but its CEO believes such a mandate should be the responsibility of banks.
Appearing before a joint committee as part of its inquiry into the regulation of the use of financial services, such as credit cards and digital wallets, for online gambling in Australia, Tabcorp CEO David Attenborough said while his organisation would not oppose a ban on credit cards for online wagering, it would oppose a ban for online lotteries.
“I’m not sitting here saying I accept a ban on credit cards for gambling. I’m saying if the committee decides it’s going to ban it, we’re not going to oppose…
Chief Minister Datuk Seri Hajiji Noor looking at the view after officiating at the opening ceremony of the Sky Bridge in Kota Kinabalu on Friday
KOTA KINABALU: The city’s long-delayed RM31.5mil pedestrian Sky Bridge project has finally been completed with the state government’s intervention.
Chief Minister Datuk Seri Hajiji Noor Friday officially opened the Sky Bridge whose project was delayed for over three years following the bankruptcy of the project’s developer in 2018.
Hajiji said the completion of the project showed that the Gabungan Rakyat Sabah government is a proactive and caring government.
“It will benefit the public, in terms of convenience and also safety since there have been accidents reported (involving pedestrians …
Over the last 73 years, Polaroid cameras have come in and out of fashion. Polaroid revolutionized instant film photography and then felt the backlash of the digital era. Business Insider recently explored the cultural phenomenon of Polaroid in a YouTube video entitled The Rise and Fall of Polaroid Cameras. But how exactly did Polaroid go from beloved to bankrupt?
The first Polaroid camera was introduced in 1948 at a department store in Boston. Invented by Edwin Land (who also invented polarizers and ND filters), the Polaroid Model 95 produced sepia-colored film that developed in just 60 seconds. Never before had a camera been able to offer the photographer a nearly instant image and customers loved the results.
