Treasurer Josh Frydenberg on Monday announced …
Read the full article at: https://www.accountantsdaily.com.au/business/15640-government-flags-further-insolvency-reforms
L-R: Todd Goren, Dennis Jenkins and Brett Miller of Willkie Farr & Gallagher. Courtesy photosWillkie Farr & Gallagheris making a large push into the restructuring market by adding three partners from Morrison & Foerster who represent creditor committees in high-profile cases.
Morrison Forester partners Brett Miller, Dennis Jenkins and Todd Goren have joined Willkies business restructuring and reorganization practice in New York as partners, Willkie confirmed Monday, after Law.comreportedon the moves last week.
Read the full article at: https://www.law.com/americanlawyer/2021/05/03/willkie-enters-new-bankruptcy-niche-by-adding-3-mofo-partners/
Personal Finance
Restructuring HR through contracting
Monday May 03 2021
Depending on how the contract is drafted, an independent contractors term can be exclusive or non-exclusive. PHOTO | FILE
One of the biggest fixed costs for a business is the human resources (HR). Depending on the number of employees, the cost is usually the largest expene due to payment of salaries and other associated costs like medical cover, pensions and statutory deductions.
The statutory costs are mandatory and include National Hospital Insurance Fund(NHIF), National Social Security Fund( NSSF) and Pay-As-You-Earn (PAYE). Medical cover and pension are optional.
Due to Covid-19 economic fallout many businesses ha…
Read the full article at: https://www.businessdailyafrica.com/bd/lifestyle/personal-finance/restructuring-human-resource-through-contracting-3386278
Offshore drilling contractor Valaris, which had filed for bankruptcy in August 2020, said Monday it had on April 30, 2021, successfully completed its financial restructuring and emerged from chapter 11.
The Valaris Group’s Plan of Reorganization was approved and confirmed by the United States Bankruptcy Court for the Southern District of Texas on March 3, 2021.
“Valaris now moves forward with a strengthened capital structure, eliminating $7.1 billion of debt and securing a $520 million capital injection by issuing $550 million of new secured notes maturing in 2028. As of April 30, 2021, Valaris had $615 million of available cash, $40 million of restricted cash and $550 million of debt,” the company said.
“Today marks an important miles…
Read the full article at: https://www.oedigital.com/news/487306-valaris-completes-debt-restructuring-emerges-from-bankruptcy
One company has revealed it is now going to offer hundreds of new jobs after many were stood down due to the devastating effects of the pandemic.
Jetstar will go on a hiring blitz to fill hundreds of roles as airline switches some of its grounded international fleet towards domestic flights which are surging in demand.
Jetstar chief executive Gareth Evans revealed they were preparing for three Boeing 787s to be brought into service for domestic flights later this month, with a further two potentially added if demand persisted.
As a low fares airline, weve always been nimble, responding quickly to opportunities, but the COVID crisis has led us to be even more creative in finding new markets and different ways to use our Jetstar Group f…
Read the full article at: https://www.couriermail.com.au/news/breaking-news/jetstar-announces-it-will-create-hundreds-of-new-jobs-as-it-moves-international-fleet-into-domestic-market/news-story/039bec5f863634ea75cad4c62477f3bd
The reprieve is over. A year-long waiver on insolvency filings has ended in Germany and there are already signs that bankruptcies are starting to pick up in Europe’s largest economy.
Germany introduced the waiver last March, when the COVID-19 pandemic hit, part of a package of measures aimed at supporting businesses but which gave rise to the charge that the government was simply propping up “zombie companies” with no future.
Insolvencies duly fell. But since October, Berlin has phased out the waiver. This year only firms awaiting state aid provided since November were exempt from filing – until now. Monday is the first business day that exemption no longer applies.
“The expiry of the supposed protection means a return to regular competit…
Read the full article at: https://www.reuters.com/world/europe/times-up-zombie-german-firms-insolvency-waiver-expires-2021-05-03/
Rivet is a specialised transport and logistics, contract mining, equipment hire and maintenance and aviation services business run by former Asciano Ltd managing director Rowsthorn and SMS Mining Services founding director Daniel Sweeney. Adaman is backed by Rivet and the Mitchell Group and has two gold projects in Western Australia. (Interestingly, Adaman went into voluntary administration on Monday),
Varde taking out the debt stack makes it possible to formally stitch the pair together. Rivet last fronted banks for funds in late 2019, when Deutsche Bank helped it secure a $150 million debt refinancing.
Where the latest deal could get really interesting is if Varde Partners tries to bring in another of its Australian investments; the f…
Read the full article at: https://www.afr.com/street-talk/varde-partners-bankrolls-mini-min-res-mining-services-gold-play-20210503-p57oat
This would protect a company from claims being brought while its pursuing a scheme, Ashurst insolvency partner Alinta Kemeny said.
US Chapter 11
Ms Kemeny said the current schemes of arrangement framework already allowed for a debtor-in-possession model, but a costly court-driven process meant it was primarily used only by large corporations.
The Ashurst partner, who specialises in such schemes, said taking elements from the US debtor-in-possession Chapter 11 model would be a way to make the process more attractive and usable.
Two of the key things people tend to think are really valuable from a US chapter 11, other than the automatic stay, are debtor-in-possession funding and the ability to effect cross class cram down, she said.
Ad…
Read the full article at: https://www.afr.com/politics/federal/insolvency-reforms-would-benefit-from-us-style-bankruptcy-options-20210503-p57oct
As part of our economic recovery plan, the Morrison Government is pursuing further measures to improve Australias insolvency framework for both small and large businesses.
In the 2020-21 Budget, the Government announced the most significant reform to Australias insolvency framework in 30 years. These reforms, which came into effect on 1 January 2021, created a new simplified restructuring and liquidation process for small companies and has given directors the control and flexibility they need to either restructure or wind down operations.
As a result of the strength and speed of Australias economic recovery and the temporary regulatory measures put in place to protect small businesses from insolvency during the p…
Read the full article at: https://www.miragenews.com/further-insolvency-reforms-to-support-business-553165/
Insolvent Laurentian University has cleared a critical obstacle to move forward on its plan for eventual financial stability after a judge on Sunday agreed to the terms of a stay that would protect the university from its creditors until Aug. 31.
Justice Geoffrey Morawetz of Ontario Superior Court has agreed to allow the university to cut ties with three federated universities, which will qualify Laurentian for a $10-millionloan that will allow it to operate while it looks at further ways to reduce its debt.
While Laurentian moves forward, it comes at the expense of Laurentian’s federated partners: University of Sudbury, Thorneloe and Huntington.
In his decision Sunday, Morawetz said he will give reasons for overruling the court chall…
Read the full article at: https://www.cbc.ca/news/canada/sudbury/federated-universities-insolvent-ccaa-sudbury-court-1.6011300
Jetstar will go on a hiring blitz to fill hundreds of new roles as airline switches some of its grounded international fleet towards domestic flights which are surging in demand.
Jetstar chief executive Gareth Evans revealed they were preparing for three Boeing 787s to be brought into service for domestic flights later this month, with a further two potentially added if demand persisted.
As a low fares airline, weve always been nimble, responding quickly to opportunities, but the COVID crisis has led us to be even more creative in finding new markets and different ways to use our Jetstar Group f…
Read the full article at: https://www.theaustralian.com.au/news/latest-news/jetstar-announces-it-will-create-hundreds-of-new-jobs-as-it-moves-international-fleet-into-domestic-market/news-story/039bec5f863634ea75cad4c62477f3bd
Car park giant NCP has started a formal “last resort” process to pull out of contracts for unprofitable parking facilities and implement cut rents, as it reels from the impact of stay-at-home orders due to the coronavirus pandemic.
The company said it had seen revenues drop by 80% and the plan to restructure the business will be put to creditors at the end of May.
NCP’s Japanese owner, Park 24, said it backs the plan and will cut funding if it does not succeed. NCP said this would tip it over into insolvency.
If the plan fails 1,000 jobs hang in the balance and the future of its business looks uncertain.
T…
Read the full article at: https://au.news.yahoo.com/ncp-restructuring-plan-coronavirus-park-24-jobs-164332875.html