Insolvency Guardian Media Centre
The amount of the financing was not disclosed, but the IMF and World Bank put Sudans total external debt at an estimated $49.8 billion as of the end of 2019.
Tuesday 11/05/2021
A file picture shows International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaking in Washington. (REUTERS)
WASHINGTON The IMF executive board on Monday approved a financing plan to cover its share of debt relief to Sudan, Managing Director Kristalina Georgieva announced.
This marks a critical step in helping Sudan advance the process of normalizing relations with the international community, Georgieva said, adding that the plan relies on a broad effort of IMF member countries, including cash grants and contributions derived from IMF inte…
Read the full article at: https://thearabweekly.com/imf-approves-financing-plan-aimed-sudan-debt-relief
SAN JOSE, Calif., May 11, 2021 /PRNewswire/ –When you’re struggling with credit card debt, rising balances on your monthly statements and collection calls can add to your anxiety. However, you don’t have to face your creditors alone. Many credit counseling agencies offer debt management plans (DMPs), which allow a counselor to act as an intermediary on your behalf.
For more loan and credit education, visit myFICO’s blog at https://www.myfico.com/credit-education/blog
How Do Debt Management Plans Work?
Credit counseling agencies offer many services aimed at helping consumers manage their personal finances. A DMP is specifically for helping people who are overwhelmed by unsecured debts. Secured debts, such as auto loans and mortgages,…
Read the full article at: https://www.prnewswire.com/news-releases/how-do-credit-card-debt-management-plans-work-301287987.html
New Look entered into a CVA in September 2020 as a result of the trading difficulties experienced during the Covid-19 pandemic. It did so as part of a wider restructuring exercise, which also involved a scheme of arrangement of its finance creditors. The CVA is New Looks second, following a CVA in 2018.
The 2020 CVA was challenged by the New Look landlords in October 2020, and was progressed by the courts on an expedited basis. Lazari Properties 2 Limited reached an out of court settlement agreement with New Look ahead of the trial, and is no longer a party to the proceedings.
The landlords sought to challenge the CVA on the following grounds:
- the CVA proposal did not constitute a composition or arrangement within the meaning of sectio…
Read the full article at: https://www.pinsentmasons.com/out-law/legal-updates/high-court-dismisses-new-look-cva-challenge
But many insolvency systems fall short in moving quickly to save viable businesses. This is in part because bankruptcy carries social stigma, which encourages debtors to delay recognition of financial challenges. In many countries, the absence of early warning systems, by which auditors or corporate bodies inform the directors of identified financial threats, further explains this tendency. As a result, insolvency proceedings often get started when there is nothing left to save. What could have been the reorganization of a distressed companyi…
Read the full article at: https://blogs.worldbank.org/psd/anticipating-financial-distress-could-developing-countries-borrow-french-and-us-toolbox
NBCC and Suraksha group, which are in the race to acquire Jaypee Infratech under the insolvency resolution process, have submitted revised bids and improved their offers for financial creditors.
Go to TopState-owned NBCC and Suraksha group, which are in the race to acquire Jaypee Infratech under the insolvency resolution process, have submitted revised bids and improved their offers for financial creditors.
According to sources, NBCC and Suraksha group submitted their revised bids on Monday.
Suraksha group has now offered a line of credit of Rs 3,000 crore as working capital for construction of projects as against the earlier proposal of Rs 2,000 crore, the sources said.
It has also giv…
Read the full article at: https://www.business-standard.com/article/companies/jaypee-infra-insolvency-nbcc-suraksha-group-submit-revised-bids-121051101270_1.html
This is the final part of our three-part series on revenue clawbacks. The scenario: a customer or teaming partner goes bankrupt and then they (or a trustee) demand you return money they already paid you for services or goods duly rendered. In the first entry, we discussed the definition of preferences and the policy purpose of preference actions. In the second, we identified five specific actionable items to take to limit your exposure to them. In this finale to the series, we discuss critical steps that should be taken if you find yourself formally threatened with a preference action.
How the Stage Is Set for an Actual Preference Demand
Once your customer or teaming partner (debtor) declares bankruptcy, a trustee or lawyer for the debt…
Read the full article at: https://www.jdsupra.com/legalnews/protecting-your-company-against-revenue-9725602/
MANILA, PhilippinesTaipan Lucio Tans Philippine Airlines (PAL) announced its commitment to continue operationsincluding transporting vaccines and stranded Filipinosamid a looming restructuring plan meant to ensure its survival during the global health catastrophe.
Our flights and operations will not be affected in any restructuring, PAL said in a statement on Tuesday (May 11).
ADVERTISEMENTWe continue to increase our international and domestic flights as the market recovers with easing of travel restrictions, the flag carrier added.
PAL, which counts Japans ANA Holdings as a minority shareholder, has yet to disclose details on its restructuring plan.
FEATURED STORIES
But sources had previously said this will include a Chapter 1…
Read the full article at: https://business.inquirer.net/322709/pal-assures-continued-operations-despite-restructuring-plans
CCI has approved Kyndryl Holdings and Grand Ocean Managed Infrastructure Services’ proposal for the internal restructuring of IBM Corporation under the green channel route
The Competition Commission of India (CCI) has approved Kyndryl Holdings and Grand Ocean Managed Infrastructure Services’ proposal for the internal restructuring of IBM Corporation under the green channel route.
Green channel is an automatic approval system, whereby a combination is deemed to have been approved by the CCI upon receiving the filing of the notice for the combination by the parties concerned.
International Business Machines Corporation (IBM Corporation/ Seller) plans to spin off its global MIS Bu…
Read the full article at: https://www.business-standard.com/article/companies/cci-approves-internal-restructuring-of-ibm-under-green-channel-route-121051100723_1.html
As the first May bank holiday weekend began, the Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 (the Regulations) were enacted and came into effect for all companies entering administration on or after April 30, 2021. The Regulations are, in the main, a policy response to enhance independent scrutiny of so called phoenix transactions.
The Regulations are a welcome progression from existing, non-mandatory measures that have failed to make a meaningful impact. However, as this article sets out, there is a series of missed opportunities in the Regulations that could undermine their effectiveness and should be addressed in any subsequent amendments.
The Basics
Pre-packs
A pre-pack administration is an a…
Read the full article at: https://www.sidley.com/en/insights/newsupdates/2021/05/taming-the-phoenix-new-prepack-regulations-come-into-force
CHICAGO, May 11, 2021 /PRNewswire/ –Portage Point Partners, LLC (Portage Point), a business advisory and interim management firm that partners with stakeholders during periods of transition, underperformance and distress, announced today that Adam Chonich has joined the firm as a Managing Director.
Adam has well over a decade of turnaround and restructuring experience having advised companies across industries including automotive, retail, aviation and aerospace, distribution and logistics, energy and utilities, and travel and leisure. “Adam’s expertise bridges the chasm between core restructuring advisor and operational improvement tactician that our clients value,” said Matthew Ray, Founder & Managing Partner of Portage Point. “His …
Read the full article at: https://www.prnewswire.com/news-releases/portage-point-continues-turnaround–restructuring-expansion-with-addition-of-seasoned-advisor-adam-chonich-301288050.html
The Competition Commission of India (CCI) has deemed approved the green channel notice filed by Kyndryl Holdings LLC and Grand Ocean Managed Infrastructure Services Private Limited in relation to internal restructuring of IBM Corporation.
International Business Machines Corporation (IBM Corporation/ seller) plans to spin off its global MIS Business into a new public company, within the framework of an international corporate internal re-organisation. The target structure will be achieved by a separation of the said MIS Business into newly incorporated companies, i.e., Kyndryl Holdings LLC (Kyndryl) and Grand Ocean Managed Infrastructure Services Private Limited (Ocean India) (collectively referred as acquirers) (Proposed Transaction), a…
Read the full article at: https://www.thehindubusinessline.com/companies/ibm-restructuring-plan-gets-cci-nod/article34533023.ece
The International Monetary Fund (IMF) executive board approved on Monday a financing plan to help mobilize resources needed for the fund to cover its share of debt relief to Sudan.
The financing plan relies on a broad effort of IMF member countries, including cash grants and contributions derived from the fund’s internal resources, IMF Managing Director Kristalina Georgieva said in a statement.
“This marks a critical step in helping Sudan advance the process of normalizing relations with the international community and make progress towards achieving debt relief under the Heavily-Indebted Poor Country (HIPC) Initiative,” she added.
The IMF said on Friday it had reached a staff-level agreement with Sudan on completion of the second and fina…
Read the full article at: https://www.reuters.com/world/africa/imf-approves-financing-plan-debt-relief-sudan-2021-05-11/