Houston-based Diamond Offshore Drilling has emerged from chapter 11 after completing a financial restructuring.
Diamond Offshore had been working on the restructuring since filing for chapter 11 in April 2020. The company has merged with a reduction of over $2.1bn of debt after the equitization of senior unsecured note obligations. It also has over $625m of new available capital.
Raj Iyer, the new chairman of Diamond Offshore, commented: I am extremely pleased to have such an experienced and uniquely qualified Board of Directors. They undoubtedly have the necessary financial and business expertise and industry knowledge to oversee Diamonds post-emergence strategy.
Ive had the opportunity to engage with the Companys stakeholders t…
Read the full article at: https://splash247.com/diamond-offshore-completes-restructuring-exits-chapter-11/
By Catrin Haf Jones
BBC Wales political correspondent
image copyrightGetty ImagesTackling the impact of council tax on the poorest people should be a “high priority” for the next Welsh government, a charity has said.
Citizens Advice Cymru said council tax arrears were the “biggest debt problem” faced by those seeking help from them.
Council tax bills went up by at least twice the rate of inflation in 2021-22.
Labour, Plaid Cymru and the Liberal Democrats have all suggested reforming the tax, while the Tories said they would freeze it for two years.
Core funding from the Welsh government covers between two-thirds and three-quarters of each c…
Read the full article at: https://www.bbc.com/news/uk-wales-politics-56893758
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Read the full article at: https://www.livelaw.in/law-firms/articles/insolvency-personal-guarantors-companies-uncertainty-173206
Scores of ‘zombie companies’ have been kept alive in order to receive final government stimulus measures before being shut down, according to a leading insolvency expert.
Revive Financial partner Jarvis Archer said the “clean up” of zombie companies was under way with an increase in liquidation appointments across a range of industries. A ‘zombie company’ is defined as a failing firm that needs a bailout to successfully operate.
“While the end of JobKeeper has not brought the predicted tsunami of insolvency appointments, the numbers are bigger,” said Mr Archer.
“Many companies we’re seeing have been dormant for months, often since the first COVID lockdowns in early 2020, but have been kept open to obtain the final government stimul…
Read the full article at: https://www.qt.com.au/news/zombie-firms-kept-alive-to-grab-government-cash/4246530/
Paul Rossi was a director of Independent Derivative Traders Ltd, which traded as Futex and provided access to a financial markets trading platform for sub-contracted independent traders.
The company was jointly managed by Rossis brother Mark Rossi and Daniel Goldberg.
Independent Derivative Traders was incorporated in March 1995 but 11 years later in February 2016, the company was insolvent due to difficult trading conditions and increased running costs, which meant it could not meet all of its liabilities.
The directors received professional advice that all of Independent Derivative Traders creditors should be treated equally and the directors had an obligation to look after its creditors interests and not to worsen their position.
How…
Read the full article at: https://www.accountancydaily.co/financial-services-bosses-banned-trading-while-insolvent
French govt reportedly offers loan to wheelmaker
Talks with union end at Poitou iron foundry
Financier collapse compounded pandemic impact
London Alvance Aluminium, part of the GFG Alliance Group, confirmed April 26 that its three downstream engineering businesses in France have been placed into voluntary administration on structural market changes and a lack of working capital.
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This follows the collapse of GFG Alliance’s major financier, Greensill Capital, in March.
The reported existence of a Eur2 million ($2.42 million) loan from the French government to support one of the businesses was not immediately confirmed.
A …
Read the full article at: https://www.spglobal.com/platts/en/market-insights/latest-news/coal/042621-three-gfg-plants-enter-administration-in-france-after-greensill-collapse
Small businesses that have accepted government support in the form of CBILS and Bounce Back Loans may find themselves at a crossroads as they seek a way through distress into recovery. We speak to Rebecca Dacre, Partner at Mazars, and a licensed insolvency practitioner.
I work with privately owned businesses lots of them are family businesses, says Dacre. Some are doing really well. They have taken government support, and, in many cases, it’s given them not just a lifeline to survive through the coronavirus process, but also the opportunity to turn themselves around, and to come back even stronger.
She cites examples of companies that would have failed before the pandemic, but the opportunity to furlough staff has given them the breath…
Read the full article at: https://www.icaew.com/insights/viewpoints-on-the-news/2021/april-2021/government-support-and-the-day-of-reckoning-for-small-businesses
HOUSTON, April 26, 2021 /PRNewswire/ –Diamond Offshore Drilling, Inc. (“Diamond” or the “Company”) announced today that, on April 23, 2021, it and its debtor affiliates emerged from their chapter 11 process after successfully completing a financial reorganization pursuant to their joint plan of reorganization.
The restructuring significantly delevers the Company’s balance sheet and provides substantial liquidity for the Company, resulting in the equitization of approximately $2.1 billion in senior unsecured note obligations and providing the Company with over $625 million of new available capital.
In accordance with the joint plan of reorganization, a newly constituted Board of Directors of the Company was appointed, consisting of Raj…
Read the full article at: https://www.prnewswire.com/news-releases/diamond-offshore-completes-financial-restructuring-301276701.html
Newly-engaged Katie Price celebrated bankruptcy as the “best thing that’s ever happened to me”.
Once worth a staggering 45million, the former glamour model revealed her bankruptcy has allowed her to have the last laugh.
In a new interview, the mother-of-five said everyone who tried to get “everything” out of her “financially” no longer can take from her because she’s bankrupt.
She told OK! magazine : Ive been sucked dry in the past. I was mentally abused and broken by everyone. Its not like I have skeletons in my closet but everyone tried to get everything they could out of me. But now, I can go to sleep at night and I just think, F**k it.
My b…
Read the full article at: https://www.mirror.co.uk/3am/celebrity-news/broke-katie-price-declares-bankruptcy-23983963
The VIP casino patron, who got the Singaporean courts favour not to pay his baccarat debt of AU$43 million to a gambling venue in Australia, will now have to explain the reasons for his unwillingness to appear before an Australian court to finally sort the matter out.
As Casino Guardian reported at the beginning of the month, a Brisbane judge has overruled the bid of Dr Wong Yew Choy to set aside the legal action started by The Star Entertainment against him. The Brisbane-based casino operator is seeking to finally get the money owed by the high-roller for his gambling losses generated in 2018 at The Star Gold Coast casino.
At the time he decided that The Star Casino has the right to take its legal claims against the VIP gambler to…
Read the full article at: http://www.casinoguardian.co.uk/2021/04/26/singaporean-gambler-will-have-to-appear-in-australian-court-over-au43-million-debt-to-the-star-entertainment/
26 April 2021
Global strategy consulting firm Roland Berger has added three new partners to its Restructuring practice in Germany and France.
In France, Roland Berger admitted the 48-year-old Benot Hochet into its Paris partnership. Appointed a partner and co-head of the French Restructuring, Performance & Transformation practice, Hochet has ben tasked with expanding the firms footprint in the segment, working alongside fellow co-head Ambroise Lecat (a 15-year Roland Berger veteran).
Hochet brings over 15 years of experience in corporate turnaround situations across a broad range of sectors to the role. After starting his career at Accenture, he then spent over a decade at Alvarez & Marsal, after which he found…
Read the full article at: https://www.consultancy.eu/news/6091/roland-berger-adds-three-partners-to-restructuring-practice
Small Caps | 12:28 PM
This story features ACCENT GROUP LIMITED. For more info SHARE ANALYSIS: AX1
Accent Group has stepped into apparel, taking on the challenge of reinvigorating a struggling retail operation
-Potential for upside from a small investment
-Time-consuming restructure of Glue Store likely
-Not without risks
By Eva Brocklehurst
In the pursuit of growth, Accent Group ((AX1)) will expand from a focus on footwear byacquiring the youth-oriented Glue Store retail operation along with several brands from Next Athleisure for $13m.
The deal makes strategic sense, Morgan Stanley assesses, with the potential of strong upside for a small investment. It will broaden the apparel offering from Accent and offer the opportunity for cross…
Read the full article at: https://www.fnarena.com/index.php/2021/04/26/accent-steps-up-investment-in-apparel/