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The Australian operations of Greensill Capital officially ceased at 5pm yesterday, raising questions about impacts to Australian agricultural companies which
The successive defaults of large companies such as Boashang Bank, Yongmei Group, Huachen Automotive and Tsinghua Unigroup recently sent shockwaves across the market. Restructuring lawyers discuss the defaults, how they feel the Chinese government will ensure orderly bankrupt
At the start of 2020, bankruptcy and restructuring experts had predicted more bond defaults in China. A series of surprising events eventually confirmed the prophecy. Data showed that in 2020, there were around 33,700 bankruptcy investigations in China, up nearly one-half compared to 2019. There were also around 83,600 bankruptcy cases, double of that in 2019.
2020 reversed many of our inherent understanding. First, the insolvent companies were not limited to priv…
BALTIMORE (WJZ) Maryland Attorney General Brian E. Frosh has filed charges against a California-based tax debt relief company in connection to their offer and sale of tax debt relief services to Marylanders.
The Consumer Protection Division alleges National Tax Experts, Inc. mailed advertisements to Maryland consumers that looked to be from a Maryland court or another government agency. The mailings threatened imminent bank account seizures or other collection actions unless the consumer immediately called a toll-free number that connected them to National Tax Experts.
Democratic senators say a provision in the $1.9 trillion stimulus package signed by President Joe Biden last week paves the way for him to cancel student debt for a broad swath of borrowers.
As part of the law, borrowers who have any student debt cancelled through the end of 2025 wont face a tax bill over the discharged debt. Previously, cancelled student loan debt (with a few exceptions, including debt discharged through Public Service Loan Forgiveness) was typically considered income for tax purposes.
That tax treatment has been one of the major arguments critics have leveled against proposals urging Biden to cancel student debt. Senator Chuck Schumer, the majority leader, told reporters Monday that with the provision now law, that argu…
Losing all her money taught Kerry who her real friends are (Picture: Bailey-Oscar)
Kerry Katona, 40, has been on more roller coasters financially than a week at Alton Towers.
As a founding member of chart toppers Atomic Kitten and a winner of Im A Celebrity she has made millions but also been declared bankrupt twice. Now Kerry is back in the green and fighting fit.
After finding true love on a dating app, Kerry Katona and her fianc, Ryan Mahoney have worked with the UK developer of online dating solutions Appmi to launch their own new dating app, Marnii, to provide singletons with a safe and secure platform to find long-term relationships.
Businesses have been hit hard this year by the pandemic, with many stores closing every week.Bankruptcy has been on the rise as the economic toll continues to affect almost every industry. Here in the Upstate, stores we used to visit to often such as Brooks Brothers, Belk and Stein Mart are now going through bankruptcy proceedings.
While some of these locations wont have to shut their doors, the companies are still in dire shape thanks to 2020 and the novel coronavirus.
Weve been seeing a lot more [bankruptcies], Harriet Wallace, partner with Fox Rothschild LLP in Greenville, says.
Greenvilles rise in bankruptcies is far from unique. According to investment bank Jefferies, large companies declared bankruptcy 244% more between July a…
Nokia on Tuesday said it plans to slash up to 10,000 jobs over the next two years as it forges ahead with a corporate restructuring.
The layoffs are part of a cost-cutting effort that will help free up funds for investments in research and development along with 5G and other projects, the Finnish telecom giant said.
Nokia expects to have 80,000 to 85,000 employees after it implements the scheme over the next 18 to 24 months, down from about 90,000 today. The exact number of layoffs will depend on market developments in the next two years, the company said.
Decisions that may have a potential impact on our employees are never taken lightly, Nokia CEO Pekka Lundmark said in a statement. Ensuring we have the right setup and capabilities i…
Noteholders are Expected to Receive Approximately 91-96% of the Par Valueof the Existing Notes
Luckin Coffee Maintains Strong Liquidity Position and Continues to Execute on Growth Strategy
Company Actively Pursuing Several Options to Achieve Certainty of Funding
BEIJING, March 16, 2021 (GLOBE NEWSWIRE) — Luckin Coffee Inc. (in Provisional Liquidation) (Luckin Coffee or the Company) (OTC: LKNCY) today announced that it has entered into a restructuring support agreement (the RSA) with holders of a majority of Luckin Coffees $460 million1 0.75% Convertible Senior Notes due 2025 (the Existing Notes). The holders of Existing Notes who are party to the RSA (the Restricted Group) collec…
The past year has fractured our world in countless ways. Now, as people look to pick up the pieces, those managing debt need to account for their position in our uneven economic recovery.
Those who remain unemployed or underemployed might continue to rely on debt to get by. Meanwhile, those whose finances have held steady or improved may be primed to wipe out debt.
Economists and politicians are trying to predict how th…
Businesses have been given much needed breathing space during the Covid-19 pandemic with the governments extension of insolvency measures until 2022. Mitchell Charlesworth corporate recovery partner, Jeremy Oddie, and associate, Julie Webster, discuss the announcement.
The government announced that it is extending the powers it has under the Corporate Governance and Insolvency Act and intends to make temporary amendments or modify the effects of corporate insolvency and governance legislation for an additional year.
The government laid the regulations on 11 February 2021 in Parliament ahead of the power expiring on 30 April 2021.
The government previously updated the rules in December 2020, when several Covid-19 related …
According to an EY letter dated December 29, the scope of work included contingency planning analysis that would estimate a range of what return financial creditors may get from the sale of Arriums assets.
It was my understanding it was a tool to be used in negotiations with lenders, Mr Bakewell told the court. To show them the difference in various options … That was the purpose, as it was described to me.
During December 2015 and into January and February 2016, Arrium was negotiating on a proposed capital restructure from either private equity firms Kohlberg Kravis Roberts or GSO Capital Partners.
Haircut for lenders
Initially, the KKR proposal would have required lenders to take between a 35 per cent and 50 per cent haircut on thei…
The Australian operations of Greensill Capital officially ceased at 5pm yesterday, raising questions about impacts to Australian agricultural companies which accessed supply chain finance through firm.
It is understood Greensill Australia employed about 40 staff, based mainly in Sydney, who were advised of their retrenchments with immediate affect yesterday.
Parent company Greensill Capital filed for insolvency in the United Kingdom last week after a failure to secure ongoing insurance coverage for its global supply chain financing business and concerns over its asset valuations led to major partners including Credit Suisse withdrawing funding support. Corporate insolvency firm Grant Thornton was appointed as administraotrs of the UK an…
Its been a whirlwind year for Australian swimwear brand Jets. In May last year, when its former parent group PAS went into voluntary administration, its future was up in the air. But within three months, rival brand Seafolly acquired it and by the end of year, Jets had relaunched online. Here we chat with Jets creative director Rachel Allen about the brands new direction, its latest collection and the current swimwear market. How would you describe the new direction for the Jets bran
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The successive defaults of large companies such as Boashang Bank, Yongmei Group, Huachen Automotive and Tsinghua Unigroup recently sent shockwaves across the market. Restructuring lawyers discuss the defaults, how they feel the Chinese government will ensure orderly bankruptIt is understood Greensill Australia employed about 40 staff, based mainly in Sydney, who were advised of their retrenchments with immediate affect yesterday.
