Bankruptcy: The bankruptcy of Funafli, headquartered in Voss. stock photos
Helicopter company Funafli has declared bankruptcy after the increasingly difficult situation during the Corona crisis worsened.
The daily camper and its owner, Sverre Underbakke, told Fonnafly E24 that the company had been hit hard by the Corona crisis, which has caused tourism to disappear.
We did not receive any support from the government, we tried different solutions, but we did not reach the finish line, Underback tells E24Whoever reports the news first.
Fonnafly operates helicopter services related to photography, film, taxi and sightseeing, as well as frei…
Read the full article at: http://www.modularphonesforum.com/funafli-helicopter-company-is-bankrupt/
MCLEAN, Va.–(BUSINESS WIRE)–GTT Communications, Inc. (OTC: GTTN), GTT or the Company, a leading global cloud networking provider to multinational clients, announced today that it has entered into a Restructuring Support Agreement (RSA or the agreement) with key stakeholders, including holders of a majority of its secured and unsecured debt and I Squared Capital, to implement a comprehensive restructuring of the Companys remaining balance sheet following completion of the pending sale of its infrastructure division.
The agreement places GTT on a path to improve its capital structure and execute its long-term business strategy. Pursuant to the RSA, the Company expects to expeditiously close the previously announced sale of its infrastru…
Read the full article at: https://www.businesswire.com/news/home/20210902005389/en/GTT-Enters-into-Restructuring-Support-Agreement-with-Key-Stakeholders-to-Improve-Capital-Structure-and-Execute-Business-Strategy
Haiti, one of the worlds poorest countries, is also vulnerable to the harsh realities of the climate crisis. Only a few days after the earthquake, the country experienced heavy rain as tropical Storm Grace approached, causing flooding and significant challenges for the humanitarian response.
Haiti is also still recovering from an earthquake that struck in 2010 in which 250,000 lives were lost and 1.5 million were displaced.
Just like many other countries in the Caribbean and around the world, Haitis crushing debts are hampering its ability to respond to crises. The origins of Haitis build-up of unjust debt are linked to colonialism.
After the successful slave rebellion of 1804 that secured the country independence from French rule, the …
Read the full article at: http://www.cadtm.org/Earthquakes-storms-and-colonial-debt-The-need-for-debt-relief-in-Haiti
Out of 3.4 million farmers working in the United States, fewer than 50,000 are Black, according to the most recent Census of Agriculture taken in 2017. That disproportionately small number is due in large part to historic racial discrimination in federal farm programsand now efforts to address that history are themselves being attacked as discriminatory.
Black farmers, most of whom work land in the South, suffered yet another blow from the U.S. government earlier this summer when a federal judge halted $4 billion worth of debt relief that was targeted to Black and other disadvantaged farmers through the American Rescue Plan, the economic stimulus bill passed by Congress and signed into law by President Biden in March. Opponents, w…
Read the full article at: https://www.milwaukeeindependent.com/syndicated/debt-relief-black-owned-farms-blocked-white-farmers-claim-discrimination-wisconsin/
Difficulties for Videocon Industries promoter Venugopal Dhoot is increasing as the National Company Law Tribunal (NCLT) Mumbai has now approved the request of State Bank of India (SBI) for personal insolvency case against Dhoot. As per the information Dhoot had given personal guarantee to SBI for a loan of Rs 6157.
Speaking on the matter Brajesh Kumar Mishra, Assistant Editor at Zee Business, said that till now whatever recovery was made by the banks were done by property resolution, but the companies can invoke personal guarantee for the recovery amount left after property resolution and company resolution plan.
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He informed that SBI had filed a case of personal insolvency against Venugopal …
Read the full article at: https://www.zeebiz.com/companies/news-nclt-approval-to-sbis-request-for-personal-insolvency-case-against-videocon-industries-promoter-venugopal-dhoot-what-does-this-mean-164346
When a public utility declares bankruptcy, tensions can arise between the functions of state regulators, who oversee utilities, and bankruptcy courts, which seek to offer debt relief. Researchers expect that the strain on utilities will increase as climate change makes weather worse, possibly upping the number of bankruptcies those companies file. Recent years have seen several newsworthy bankruptcy filings, including one of the largest investor-owned utilities companies in the country after the 2019 California wildfires, as well as several companies in Texas after the 2021 cold snap.
Key Takeaways
- When a public utility declares bankruptcy, tensions can arise between the functions of state regulators, who oversee utilities, and bank…
Read the full article at: https://www.investopedia.com/when-a-utility-goes-bankrupt-5195318
Problem gambling is an issue that affects people all over the world, with an increase in leisure time during the Covid-19 pandemic thought to contribute to a rise in cases but Spain is a country that has it under control. At least thats the view of Mikal Arana, director general of the countrys gambling regulator, DGOJ, who recently said that betting is not a public health issue.
Yet new proposals from his own organization seem to contradict that. A new DGOJ public directive sets out the most dramatic reforms to the countrys gambling regulation in years, with mandatory self-imposed limits for players and a ban on credit card use for intensive players.
While many sectors have welcomed the increased awareness about the problem, there are …
Read the full article at: https://www.neweurope.eu/article/spains-new-gambling-restrictions-will-they-work/
BELGRADE (Serbia), September 2 (SeeNews) – German company DL-Holding plans to launch a project for the construction of a business park in Belgrade, the Serbian Chamber of Commerce said.
DL-Holding will assume the ownership of the factory of insolvent brewer Beogradska Industrija Piva (BIP) in Belgrade after signing an agreement to acquire the company in consortium with Serbian car dealer Auto Cacak for 2.09 billion dinars ($21 million/17.8 million euro), the Serbian Chamber of Commerce said in a press release on Wednesday.
“Our partner will further develop the locations of BIP in Krnjaca and Cacak, while DL-Holding with its experience and investments will contribute to making the location on the Mostar interchange in the center of Belgr…
Read the full article at: https://seenews.com/news/germanys-dl-holding-to-build-business-park-in-belgrade-chamber-of-commerce-752771
IBBs Commercial Services Group is pleased to announce the appointment of Sonia Jordan who joins as a Partner in the Corporate Restructuring and Insolvency team from 01 September 2021.
Sonia is an experienced and well-respected Restructuring and Insolvency Partner with a transactional and contentious practice who has led on some high-profile administrations during 25 years as an insolvency specialist including Habitat, MFI, Allied Carpets, Sofa Workshop, Little Chef. Sonia has a broad insolvency industry reach, uniquely spanning restructuring and advisory to forensic asset recoveries.
Sonia will join Commercial Litigation Partner, Sarah Jackson and Senior Solicitor, Ami Bhatt to give IBB a dedicated team of specialists that has a wealth…
Read the full article at: https://www.ibblaw.co.uk/insights/press-release/ibb-law-llp-grows-its-corporate-restructuring-and-insolvency-practice
In the five years since Indias bankruptcy code came into force, almost every third company admitted for resolution has faced liquidation.
The number of companies liquidated is more than three times the number where a resolution plan was worked out. A higher level of liquidation is possible because most distressed companies admitted for resolution had turned defunct or ceased operations years ago.
The trend appears to go against the primary objective of the Insolvency and Bankruptcy Code, 2016, which is insolvency resolution. Only upon failure of the corporate insolvency resolution process to yield a resolution plan does the liquidation process commence.
With the role of the liquidator assuming importance in the corporate insolvency p…
Read the full article at: https://www.moneycontrol.com/news/business/bankruptcy-regulator-seeks-to-fix-flaws-in-liquidation-process-7415101.html
PETALING JAYA: The Covid-19 pandemic has caused large-scale business losses and closures, leading to many entrepreneurs losing the shirt off their back.
In just the first four months of this year, a total of 2,954 debtors have already been declared bankrupt.
The number would have been higher if not for the many financial packages introduced by the government to cushion the blow on businesses, but according to economists these rescue packages were merely a band aid.
Sunway University economist Dr Yeah Kim Leng had pointed out earlier that initiatives such as the loan moratorium only delayed the inevitable for many businesses.
The moratorium only defers loan repayment to help financially troubled borrowers avoid bankruptcy. Once it is lif…
Read the full article at: https://www.thesundaily.my/local/lack-of-business-closures-causing-many-to-go-bankrupt-XX8275321
Creditors of NMC Health, the former FTSE 100 private healthcare group embroiled in a massive fraud scandal, have approved a restructuring that will allow 34 group companies to exit administration in Abu Dhabi and to continue to operate the core business.
In a vote in the United Arab Emirates yesterday, creditors gave overwhelming support for an effective debt-for-equity swap called a deeds of company arrangement.
A new holding company will be created and controlled by creditors with a future value estimated at $2.25 billion.
Unsecured creditors, including Barclays, are owed an estimated $7.2 billion and are expected to receive 15.5 per cent of the debt, or $1.1 billion. However, returns could increase as the administrator bottoms out t…
Read the full article at: https://www.thetimes.co.uk/article/debt-deal-restores-nmc-health-qnk33hwpj
