Insolvency Guardian Media Centre
Bill Ackmans special-purpose acquisition company has abandoned plans to buy a $4bn stake in Universal Music Group after a backlash from regulators and investors.
The acquisition of a 10 per cent stake in Universal Music, home to artists such as Taylor Swift and Lady Gaga, will instead be done by the billionaires Pershing Square hedge fund.
The restructuring marks the end of Ackmans efforts to strike a first-of-its-kind deal by a Spac after agreeing last month to buy the stake from Vivendi, Universals owner.
That deal, which had been struck by his Spac called Pershing Square Tontine Holdings, will now be completed by entities controlled by his Pershing Square hedge fund.
In a letter to PSTH investors on Monday, Ackman blamed problems th…
Read the full article at: https://www.ft.com/content/e819d8c9-2f0f-43f5-a652-1dd216da31f1
Academics, university staff and students, workers and youth took part in a lively online public meeting last Saturday to discuss the political issues posed by the historic government-management offensive against university jobs and conditions in Australia and internationally.
Many questions were raised and answered about the need for a network of rank-and-file committees to fight against the ruling elites exploitation of the COVID-19 pandemic to accelerate the pro-business restructuring and decimation of public education.
A full video of the event can be viewed below.
The Committee for Public Education (CFPE) and International Youth and Students for Social Equality (IYSS…
Read the full article at: https://www.wsws.org/en/articles/2021/07/19/macq-j19.html
SINGAPORE – Shares of CapitaLand were traded heavily on Monday (July 19) after the company filed notices for an extraordinary general meeting and a scheme meeting on the Singapore Exchange (SGX) the day before.
CapitaLand is seeking shareholders’ approval for the privatisation of its real estate development business and listing of its fund management and property investment arm.
The shares were trading at $3.86 at noon, up five cents or 1.31 per cent from the previous close. More than 11.7 million shares had exchanged hands since the market opened.
The company first proposed the restructuring in March. Notices of the meetings, which will be held on August 10 at 2pm, were issued after Evercore Asia (Singapore), CapitaLand’s independen…
Read the full article at: https://www.straitstimes.com/business/companies-markets/capitaland-shares-jump-after-egm-called-for-approval-of-restructuring
Renewed calls for the continuation of widespread supports for SMEs have been made amid fears of an escalation in company failure rates.
While the Government has moved to push into law new rescue legislation aimed at making it cheaper, easier, and faster for small companies to restructure if in trouble, there is rising concern that insolvency rates will increase when Covid supports begin to be phased out. The hospitality sector is a particular area of concern.
New figures from credit risk analyst CRIFVision-Net show a healthy rise in the number of newly-registered companies in the first half of this year, but an equally high number of company failures.
The figures show a 42% year-on-year rise to …
Read the full article at: https://www.irishexaminer.com/business/economy/arid-40340021.html
WOULD you rather lose your only home that provides shelter to you and your loved ones or find ways to safeguard it.
The ongoing Covid-19 pandemic is certainly not helping as it has led many to lose jobs and take pay cuts, leading to financial instability.
With that, repaying loans and mortgages may not be a priority for some. Even though the moratorium is a huge relief, a loan or mortgage needs to be repaid sooner or later with accrued interest.
Defaulting and refusing to repay loans and mortgages can lead to severe consequences if you are declared bankrupt.
Then the assets under your name will be acquired by the Official Assignee and sold or converted to cash.
The payment is then made on a prorated basis to the creditor. Normally, for …
Read the full article at: https://www.thestar.com.my/business/business-news/2021/07/19/saving-your-only-home
Property giant CapitaLand’s restructuring plan is “fair and reasonable”, the independent financial adviser (IFA) in the deal said in a letter last Saturday.
The company’s independent directors have thus recommended that shareholders give the green light to both a capital reduction exercise and a scheme of arrangement when they vote on the planned transaction next month.
CapitaLand in March proposed to split its business into a privately held real estate development arm, as well as a new listed unit for investment management platforms and lodging.
Proposed entity CapitaLand Investment Limited (CLI) would become the largest real estate investment manager (REIM) on the Singapore bourse, with pro forma real estate assets under management…
Read the full article at: https://www.straitstimes.com/business/companies-markets/independent-adviser-says-capitalands-restructuring-plan-fair-and
Image: Heron Resources
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FTI Consulting will continue to care and maintain the Woodlawn zinc-copper mine following Heron Resources decision to enter voluntary administration after struggling to restart the operation, which has been inoperative since March 2020
On Friday, Herons board of directors appointed Chris Hill, David McGrath and Mike Ryan of FTI Consulting as voluntary administrators of the company and its subsidiaries.
The appointments follow a resolution by the Herons directors that the company has been unable to secure a suitable transaction for Woodlawn through the strategic process announced in August 2020.
According to a company statement, Heron and its advisors have conducted a comprehensive and wide-ran…
Read the full article at: https://www.australianmining.com.au/news/heron-holds-woodlawn-hope-as-administrators-called-in/
MANILA, Philippines Metro Pacific Investments Corp. (MPIC), the tollways and infrastructure conglomerate chaired by tycoon Manuel V. Pangilinan, is restructuring its logistics group to focus more on a certain part of the logistics supply chain.
MPIC president and CEO Jose Ma. K. Lim told The STAR the conglomerate is studying whether to just focus on warehousing logistics or on the last-mile component of the business.
We are restructuring our logistics to be more specific about which part of the logistics supply chain we will focus on, Lim said.
Lim said the company is also looking at the different kinds of warehousing logistics such as specialized logistics instead of finis…
Read the full article at: https://www.philstar.com/business/2021/07/19/2113416/mpic-restructure-logistics-business
The National Company Law Tribunal, Chennai, has approved the Resolution Plan submitted by MK Rajagopalan, Chairman and Managing Director of MGM Healthcare Group, on the Insolvency and Bankruptcy case of Appu Hotels Ltd, which operates Le Meridien Chennai, Coimbatore and the Riverside Spa and Resorts.
R Sucharitha, Member (Judicial) and Anil Kumar, Member (Technical), NCLT, Chennai, passed the order on July 15 based on an application filed by Tourism Finance Corporation of India (financial creditor) on May 5, 2020, initiating the corporate insolvency resolution process in relation to Appu Hotels (debtor). The list of financial and operational creditors were listed as on December 14, 2020 and fair value was at 730.88 crores and liquidatio…
Read the full article at: https://www.thehindubusinessline.com/companies/clears-423-cr-resolution-plan-for-appu-hotels/article35395141.ece
The past year has been unprecedented for families across the United States. While the trajectory of the country from both a health and economic standpoint is improving day by day, we witnessed a pandemic claim the lives of friends and loved ones, while tens of thousands of businesses were shuttered and millions lost their jobs. The livelihoods of thousands of Ohioans were thrown into turmoil as bills began to pile up on kitchen counters across the Buckeye State.
One of the main impediments for many Americans is that while there are a multitude of ways to get into debt, there are precious few options to help Americans get out of it. For Ohioans, help is on the way. Debt settlement could become an available option for consumers who are st…
Read the full article at: https://www.crainscleveland.com/opinion/personal-view-ohioans-deserve-more-financial-options-debt-relief
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In 2016, Max Leong brought S$500 with him into a casino and walked out later that night with a staggering haul of S$20,000.
While this would be a dream come true for many, it was in fact the start of a nightmare for Leong, as he quickly became addicted to gambling, and racked up over S$40,000 in credit card debts after a few short years.
With his family relationships strained and creditors breathing down his neck, Leong eventually realised that he had only one way out: To work harder than he had ever done before, in order to escape his financial prison.
It took two years of Leong working 14 hours a day, seven days a week to finally pay off his many debts; the fi…
Read the full article at: https://mothership.sg/2021/07/grab-driver-credit-card-debts/
SINGAPORE (THE BUSINESS TIMES)- Property giant CapitaLand’s restructuring plan is “fair and reasonable”, the independent financial adviser (IFA) in the deal said in a letter on Saturday (July 17).
The independent directors have thus recommended that shareholders green-light both a capital reduction exercise and a scheme of arrangement when they vote on the planned transaction next month.
CapitaLand in March proposed to split its business into a privately-held real estate development arm, as well as a new, listed unit for investment management platforms and lodging.
Proposed entity CapitaLand Investment Ltd (CLI) would become the largest real estate investment manager (REIM) on the Singapore bourse, with pro forma real estate assets un…
Read the full article at: https://www.straitstimes.com/business/companies-markets/shareholder-value-in-capitaland-restructuring-plan-is-fair-and-reasonable