Insolvency Guardian Media Centre
Thailands Central Bankruptcy Court has granted low-cost carrier Nok Air a one-month extension to file its rehabilitation plan.
In a 15 March stock exchange disclosure, Nok chief Wutthiphum Jurangkool says the court allowed the carrier up to 15 April to submit its business restructuring plans.
The troubled carrier had asked for a deadline extension, citing several important aspects of the proposal, which it says requires the all-aspect analysis, consideration and formulation of the debt structure, capital structure, and organisational structure.
This is in addition to legal issues and contractual obligations with employees, business partners, and debtors; as well as in conjunction with financial estimates, capacity for debt repayment…
Read the full article at: https://www.flightglobal.com/airlines/troubled-nok-given-extension-to-submit-rehabilitation-plan/142910.article
However, unions argue the reforms will entrench the permanent casual and some crossbenchers have raised some concerns about the reforms.
Mr Winter noted the well founded view that many businesses faced a back-pay liability from the rulings if they employed a casual for more than a single shift in the past six years, even if they paid them casual loading.
He said the risk was likely to be the greatest in sectors hardest hit by the pandemic, including hospitality, tourism, retail, events and the arts, which also were some of the largest employers of casuals.
The Morrison government has estimated employers face a back-pay liability of up to $39 billion due to the decisions.
The Australian Securities and Investment Commission has also advis…
Read the full article at: https://www.afr.com/work-and-careers/workplace/crossbench-warned-of-massive-job-losses-if-it-rejects-ir-reforms-20210316-p57b3s
U.S. Treasury Secretary Janet Yellen will meet on Tuesday with Jubilee USA Network, a non-profit group that advocates for debt relief for developing countries, and senior religious leaders from large U.S. Christian and Jewish faith groups.
WASHINGTON: U.S. Treasury Secretary Janet Yellen will meet on Tuesday with Jubilee USA Network, a non-profit group that advocates for debt relief for developing countries, and senior religious leaders from large U.S. Ch…
Read the full article at: https://www.channelnewsasia.com/news/business/yellen-to-meet-religious-leaders–ngo-group-pushing-for-debt-relief-14417946
news, local-news, Canberra, Canberra Airport, Virgin Australia, Travel, Coronavirus
Virgin Australia has reopened its lounge at Canberra Airport as the airline expects domestic travel to strengthen. Canberra’s lounge is the last of the airline’s seven to reopen after they all closed on March 24, 2020, right before the airline entered voluntary administration. A Virgin Australia spokesperson said the airline was looking forward to welcoming guests as they returned to domestic travel. “As travel demand continues to strengthen, and state borders remain open, we’re excited to offer a fantastic network of domestic lounges for our frequent flyers to access at major airports around Australia,” the spokesperson said. “Guests of our Canberra …
Read the full article at: https://www.canberratimes.com.au/story/7168970/virgin-australia-lounge-reopens-at-canberra-airport/?cs=14225
The opportunity to be included in a local ag tech precinct has led to one of the region’s largest names in agriculture pulling the pin on a proposed three-storey development.
Greensill Farming have withdrawn an application lodged with the Bundaberg Regional Council for an office building in Qunaba but say the timing has nothing to do with Greensill Capital entering voluntary administration last week.
According to documentation the determination date for the Change (Other) for Material Change of Use for Office development application decision was March 10, 2021.
Greensill Farming CEO Damien Botha said as part of an exciting opportunity locally, the company was now co-located at the Bargara AgTech Precinct with Burnett Mary Regional Grou…
Read the full article at: https://www.qt.com.au/news/withdrawn-why-greensill-farming-pulled-3-storey-of/4216870/
The fifth oldest airline in the world, Czech Airlines, has been declared bankrupt in Prague last week. The airline is in debt to 266 creditors, mostly suppliers, and 230,000 passengers who are awaiting refunds for canceled flights. The total debts equal $82 million.
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Czech Airlines (SA) declared bankrupt
The Municipal Court in Prague has declared the fifth oldest airline in the world, Czech Airlines, bankrupt. The future now looks acutely uncertain for this 98-year old Prague-based airline. The Municipal Courts Insolvency Register lists Czech Airlines as being in bankruptcy, with INSKOL being the insolvency administrator.
The Court has asked…
Read the full article at: https://simpleflying.com/czech-airlines-bankrupt/
IRVING, Texas, March 15, 2021 /PRNewswire/ –Cicis announced today that it has successfully emerged from Chapter 11 protection, swiftly completing the process in less than two months. The reorganization, which has strengthened the corporate team, company operations and financial structure, coincides with the simultaneous D&G Investors acquisition of the brand.
Cicis Enterprises entered into an agreement to sell the company to D&G Investors when it announced its restructuring plans in early February. D&G Investors, a newly-formed affiliate of SSCP Management and Gala Capital Partners, is a highly accomplished restaurant investment, ownership and operations team with a combined 60-plus years of success at the franchisee and franchisor lev…
Read the full article at: https://www.prnewswire.com/news-releases/cicis-successfully-completes-restructuring-301247480.html
Eurozone treasuries are set to agree Monday they will only start addressing their countries mounting debt piles once the health crisis is over.
According to a draft statement obtained by POLITICO ahead of its discussion at a Eurogroup videoconference, ministers will signal their commitment to keep their budget strategies in lockstep and continue spending for as long as needed to recover from the economic crisis.
Measures intended to cut down the growing debt pile will be applied only once the coronavirus recovery has a strong foothold, ministers will agree.
We are united in our approach that until the health crisis is over and recovery is firmly underway, we will continue to protect our economy through the deployment of the necessary l…
Read the full article at: https://www.politico.eu/article/coronavirus-economy-eurozone-debt-aid/
A company that sold spyware to Italian cops has declared bankruptcy.
In 2019, Motherboard reported that a company named eSurv was distributing malware on the Google Play Store. At the time, our investigation found that eSurv had infected around 1,000 targets, several of them just innocent citizens that did not commit any crime. A few months prior, prosecutors opened an investigation accusing eSurv employees of spying on innocent Italians.
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On March 4, a court in Catanzaro, the southern Italian city where eSurv was based, declared the company bankrupt.
The story of eSurv is a textbook example of government spyware gone awfully wrong. The company started selling video surveillance software for homes and offices. Then, afte…
Read the full article at: https://www.vice.com/en/article/z3vame/government-spyware-firm-that-put-rogue-apps-on-play-store-goes-bankrupt
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The federal government should target any debt forgiveness to those who truly need it.
It is important to remember that student loan borrowers are different from most Americans: Theyve gone to college. College students, as a group, earn more, are better educated, live longer, and come from more affluent backgrounds than other Americans. Those advantages are apparent among student loan borrowers.
More than half of student debt 56 percent is owed by households with a graduate degree. Thats in part because the programs where students graduate with the most debt are mostly professional degree programs like the MBA, law school, or medical school. Indeed, a disproportionate amount of student debt is owed by borrowers at a …
Read the full article at: https://www.bostonglobe.com/2021/03/15/opinion/student-loan-debt-relief-should-be-targeted-those-who-need-it/
Read the full article at: https://www.nwahomepage.com/news/local-churches-organizations-help-relieve-medical-debt-for-arkansans/
In 2017, Australian luxury accessories brand Oroton went into voluntary administration, but fast forward three years and the retail business is gearing up for global expansion. When Oroton came out of voluntary administration, there was the dream of being a relevant international brand and here we are with a range of orders from Selfridges, Bloomingdales and were on Net-a-Porter, too. So that international demand is there which excites us, CEO David Kesby told Inside Retail. A maj
Read the full article at: https://insideretail.com.au/sectors/fashion-accessories/oroton-ceo-reveals-global-expansion-plans-202103