Insolvency Guardian Media Centre
Quinsigamond Community College in Massachusetts plans to clear the unpaid balances of students enrolled during the pandemic, using over $2.5million from federal coronavirus relief funds.
The debt forgiveness program aims to help students complete their degrees after a trying academic year.
By eliminating this debt, we are taking an equitable approach to higher education. We find that students with debt are less likely to enroll or stay in college, Luis G. Pedraja, president of the college, said in a release. This eliminates that barrier. As we recover from the pandemic, we want to give our students in need a fresh start to a better life and a way to enter the workforce with the skills and knowledge they need, and our businesses need, in…
Read the full article at: https://www.insidehighered.com/quicktakes/2021/06/10/community-college-cancels-student-debt
Centuria Capital Group has launched a new fund that invests solely in a $224 million building in Victoria.
The Centuria Government Income Property Fund (CGIPF) will become the new owner of 1 McNab Avenue, a 14-storey building located in Footscray. CGIPF will raise $133 million to fund the transaction.
State Trustees, City West Water and the Victorian government’s Treasury and Finance Department are some of the current tenants.
In 2014, the Victorian government partnered with the now-defunct construction company Grocon, which went into voluntary administration in November 2020, to revitalise 1 McNab Avenue, Footscray, as a government work precinct.
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Read the full article at: https://www.financialstandard.com.au/news/centuria-launches-unlisted-fund-179778614
PANDEMIC costs and the high price of cattle have been named as key impacts leading to the placing of prominent live cattle exporters the North Australia Cattle Company, and its southern counterpart, into voluntary administration.
The company, once the live export logistics business of Elders, has accumulated debts owed to trade creditors of approximately $3.6 million.
Western Australia’s Jimmy Trpcevski and Melissa Lau have been appointed as voluntary administrators on behalf of insolvency company Jirsch Sutherland.
A statement from Jirsch Sutherland said it was early days in the process and the administrators were undertaking investigations, assisted by the company’s directors.
“The company was impacted by COVID, due to delays in …
Read the full article at: https://www.farmweekly.com.au/story/7280466/live-exporter-nacc-in-voluntary-administration/?cs=5170
The head of a major Bundaberg farming group has been declared bankrupt two years after the collapse of several of his companies owing an estimated $80 million.
Guy Barbera, who headed the Barbera family farming empire for years, was made a bankrupt in the Federal Circuit Court in March following an application by several creditors including the liquidator of one of the failed companies.
The Barbera family have been farming zucchinis, capsicums and tomatoes in the region for almost 50 years and at one stage employed hundreds of workers across the state’s salad bowl.
The bankruptcy comes as liquidators of other failed companies in the Barbera group including Barbera Fresh and Barbera Farms prepare to launch a public examination in the Fe…
Read the full article at: https://www.themorningbulletin.com.au/news/barbera-patriarch-declared-bankrupt-as-liquidators/4265765/
Read the full article at: https://ktla.com/news/local-news/ex-hollywood-exec-sentenced-for-stealing-22m-from-firm-representing-influencers-using-to-pay-gambling-debt/
Indonesias embattled flag carrier Garuda has revealed the dire extent of its downsizing of operations as it urgently seeks to restructure its business and stem losses, and may need to consider a future largely focused on domestic flying.
Garuda currently operates just 53 aircraft of its fleet of 142, it says in a response to wide-ranging queries from the Indonesia Stock Exchange on its operations and restructuring.
The latest details revealed by Garuda paint a grim picture of a carrier whose troubles started before the pandemic.
Garuda says it is in the process of conducting a comprehensive study, which includes operational aspects, strategy, business transformation and finance, as part of restructuring efforts that take into accoun…
Read the full article at: https://www.flightglobal.com/strategy/garuda-paints-grim-picture-amid-restructuring/144090.article
By Ludwig Burger
Tamara Rogers, Chief Marketing Officer forGSKConsumer Healthcare, said in an interview for the Reuters Marketing Interactive Week that the business would take the increased debt in its stride because of its cash flow prospects.
As a consumer business we have a very good cash flow, so were expecting with the growth rates that we are anticipating to be able to manage that burden, Rogers said.
This would enable the division to make the choices we want to make around where to play. We are in sectors that are very high growth, Rogers added.
GSK is due to update investors on plans to split into two listed groups, one for pharmaceuticals and vaccines and another for consumer remedies, on June 23.
The consumer group has 10 b…
Read the full article at: https://www.fxempire.com/news/article/gsk-consumer-arm-confident-that-growth-cash-flow-will-help-with-debt-739169
State-owned NBCC and Suraksha group are in the fray to acquire the debt-laden realty firm Jaypee Infratech Ltd (JIL) and complete over 20,000 pending flats for homebuyers
Jaypee Infratech’s Interim Resolution Professional (IRP) Anuj Jain has filed an application before the Supreme Court seeking extension of timeline for completion of its resolution process till the first week of July.
State-owned NBCC and Suraksha group are in the fray to acquire the debt-laden realty firm Jaypee Infratech Ltd (JIL) and complete over 20,000 pending flats for homebuyers.
The 45 days’ time granted by the Supreme Court to complete the Corporate Insolvency Resolution Process (CIRP) expired on May 8.
I…
Read the full article at: https://www.business-standard.com/article/companies/jaypee-infra-insolvency-irp-seeks-extension-of-process-from-sc-till-july-7-121060901129_1.html
Italian police have arrested a Chinese couple accused of running a leather goods business which exploited immigrant workers it employed to make handbags for a Burberry supplier (BRBY.L), according to an arrest warrant seen by Reuters.
Tax police in Florence said in a statement that the two Chinese nationals were arrested on Wednesday as part of an investigation into alleged labour exploitation and tax fraud and that restrictive measures had been imposed on two other family members, including a ban on them leaving Italy.
British luxury group Burberry, which is not accused of any wrongdoing, had no immediate comment on the case.
The police statement, which did not name the companies involved, said the four had exploited immigrant workers from…
Read the full article at: https://www.reuters.com/world/europe/italian-police-arrest-two-labour-exploitation-probe-2021-06-09/
- This year’s G7 meeting will focus on the global post-pandemic recovery, with a renewed focus on climate action.
- But climate vulnerable countries have high levels of debt burden making a sustainable recovery even harder.
- We outline five ways investing in nature could help to solve the international debt crisis.
As G7 leaders gather on 11-13 June to discuss the urgent need to incorporate climate action into global pandemic recovery plans, its worth remembering that a precursor to policy action is the ability to afford it.
UN Conference on Trade and Development research shows that regions facing higher vulnerability to climate change are more likely to suffer from severe indebtedness. Less fiscal space means less capacity to resp…
Read the full article at: https://www.weforum.org/agenda/2021/06/5-ways-align-debt-climate-development-goals/
MMTC announced that pursuant to outstanding existing financial assistance/credit facilities Restructuring Scheme approved by Banks of MMTC in terms of above RBI guidelines, the Board of Directors of the company approved the Implementation and Signing of necessary documents in this regard on 8 June 2021. State Bank of India is the lead Banker.
Under this scheme, the company has got moratorium/deferment on recovery of interest for credit facilities upto December 2021/March 2022 and for Principal upto March 2022 by different Banks.
The final settlement is envisaged out of divestment proceeds of Neelachal Ispat Nigam (NINL).
It may be affected by cases/ Anglo Coal, Government directives and Covid-19 pandemic situation etc. Requisite…
Read the full article at: https://www.business-standard.com/article/news-cm/mmtc-update-on-debt-restructuring-scheme-121060900899_1.html
National News and Sport
Crown let man with $100k debt keep playing
Crown Melbourne has been accused of predatory behaviour after a royal commission revealed it allowed a high-roller with a $100,000 gambling debt to keep playing.
The man exchanged a $100,000 cheque for chips at the Southbank casino in May 2016.
He was a high-stakes roulette enthusiast who usually bet about $4000 per spin and once gambled continuously for 26 hours and 23 minutes.
This time he lost everything. And then his cheque bounced.
But he was encouraged to keep on gambling at Crown Melbourne’s Mahogany Room – reserved for VIPs and high-rollers – and told he could pay back the debt from his winnings.
He paid back…
Read the full article at: https://www.euroagazette.com.au/national-news-and-sport/crown-let-man-with-100k-debt-keep-playing