MARYVILLE, Tenn.–(BUSINESS WIRE)–Feb 24, 2021–
Ruby Tuesday today announces its successful emergence from bankruptcy. A Delaware bankruptcy judge confirmed the casual dining restaurant chains Chapter 11 plan of reorganization on February 17. The company had sought bankruptcy protection on October 7, 2020. The bankruptcy allowed Ruby Tuesday to shed liabilities, including leases from closed locations that were significantly impacted by COVID-19, and to strengthen its core business of 209 corporate-owned and operated locations. The successful emergence from Chapter 11 will allow Ruby Tuesday to reinforce the brands commitment to its existing guests, while continuing to develop virtual delivery-only brands to capitalize on its core s…
Read the full article at: https://www.valdostadailytimes.com/news/business/ruby-tuesday-emerges-from-voluntary-chapter-11-restructuring/article_7328b8a6-8d0d-5128-b059-7d72422d06ce.html
By Dennis Sadowski, Catholic News Service
CLEVELAND Two religious leaders, including the chairman of a U.S. bishops committee, urged the Biden administration to support the release of $3 trillion in global reserve funds to help developing countries respond to the coronavirus pandemic.
Writing Feb. 23 to the White House, the leaders also called on the Group of 20 nations, or G-20, and private groups to cancel all debt and increase aid for the poorest developing countries, stop tax avoidance and create a permanent global bankruptcy process to prevent future economic crises.
The letter lays out a road map on how to deal with the structures that cause poverty, inequality and the challenges we now face in this great economic crisis, said E…
Read the full article at: https://therecordnewspaper.org/religious-leaders-urge-biden-to-support-global-coronavirus-aid-debt-relief/
Catalonia’s justice system has declared that the former director-general of Agrofruit, Xavier Guarner, is the main culprit of the company’s bankruptcy. The court’s ruling came after an investigation into the business management of Agrofruit, the company that once led the market for the export of citrus fruits to Europe. Agrofruit went into liquidation in 2018 and its 50 employees were unemployed after an ERE, as the company’s debt exceeded 50 million euro and it had negative equity of nearly 80 million euro.
The Tarragona Provincial Court ratified the ruling against the former director for the bankruptcy of the company, which amounts to 27 months in prison, a 3,000 euro fine, and compensation worth 800,902 euro. The Criminal Court 1…
Read the full article at: https://www.freshplaza.com/article/9296746/agrofruit-s-road-to-bankruptcy/
KPMG has entered exclusive talks about a 400m sale of its UK restructuring business in a deal that could be spearheaded by one of the most prominent figures in the UK accountancy profession.
Sky News has learnt that HIG Europe is in detailed negotiations to acquire the business, which will represent the most valuable disposal to date by one of Britain’s big four auditors.
Sources said that the transaction could be announced as early as next week.
John Connolly, a former chairman of Deloitte, is understood to be in talks with HIG about becoming chairman of the new standalone business.
KPMG’s UK restructuring arm has acted as admi…
Read the full article at: https://news.sky.com/story/kpmg-close-to-clinching-400m-sale-of-restructuring-arm-to-hig-12227839
Countries eligible to borrow from the International Development Association (IDA)the World Banks fund for the poorest countriesentered the COVID-19 crisis already facing elevated debt levels and weak fiscal positions. The pandemic is now placing enormous pressure on these countries to finance additional expenditures for relief and recovery amid shrinking fiscal revenues and limited access to sustainable financing. This intensifies debt risks at a time when these countries are already vulnerable.
Almost one year into the crisis, the proportion of IDA countries (assessed using the Low-Income Country Debt Sustainability Framework) in or at high risk of debt distress has climbed to 55 percent from 50 percent, continuing the deteriorating tr…
Read the full article at: https://blogs.worldbank.org/voices/new-policy-help-worlds-poorest-countries-manage-debt-vulnerabilities
VBS liquidators are going after KPMG SA to try and recover some of the funds lost in large-scale fraud that the firm’s auditors failed to report. Photo: Getty Images
- VBS liquidator Anoosh Rooplal isgoing after KPMG SA to try to recover some of the funds lost in large-scale fraud that the firm’s auditors failed to report.
- They filed summons at the Johannesburg High Court on Tuesday.
- The summons shows that KPMG lead audit partner on the VBS account Sipho Malaba was severely conflicted when he took on the account.
Liquidator of the defunct VBS Mutual Bank,Anoosh Rooplal is suing KPMG SA for R863.6 million plus interest for signing off the bank’s 2017 financial statements as correct when there were material statements and fraud that…
Read the full article at: https://www.news24.com/fin24/companies/banks/vbs-liquidators-sue-kpmg-sa-for-r863m-after-it-signed-off-on-fraudulent-financials-20210224
EPIC Insurance Brokers and Consultants has announced a number of organizational and restructuring changes across the company.
Tom ONeil has been named president of EPIC. In this role, he will work directly with EPIC CEO Steve Denton to grow the business across its entire platform. ONeil previously led the companys West and Northwest regions and integrated several large acquisitions that expanded the companys footprint.
The company is also being restructured into super regions in order to provide more consistency and overall organizational strength. These regions will be Northeast, Midwest/Southeast and West.
- Northeast: Len Scioscia will lead the region as president. Scioscia joined EPIC through its Prime Risk Partners acquisition i…
Read the full article at: https://www.insurancebusinessmag.com/us/news/breaking-news/epic-announces-restructuring-247433.aspx
Fears of credit rating downgrades will deter the worlds poorest countries from taking advantage of debt relief being offered under the G20 common framework, World Bank chief economist Carmen Reinhart said.
In November, the G20 group of major economies launched a framework designed to streamline a process to help countries defer or negotiate down their debt as part of a wider relief programme.
Ethiopias application in January to the programme which foresees private creditor participation prompted Fitch and S&P to slash its sovereign rating.
Countries will weigh that in especially those countries which are still hoping to access private capital, to tap capital markets, Reinhart said in an interview. The prospect of being downgraded is g…
Read the full article at: https://www.hellenicshippingnews.com/downgrade-fears-will-deter-countries-from-joining-g20-debt-relief-framework-world-bank/
A once-popular Asian restaurant in the heart of Maroochydore’s entertainment strip has shut its doors for good after its parent company went bust owing about $1.4 million.
Liquidators were appointed on Friday to wind up Akane Pty Ltd, which had traded as Akane Teppanyaki and Whisky Bar, a large restaurant which had operated on Ocean St.
Jarvis Archer of Revive Financial was appointed as external administrator to conduct the liquidation of the company directed by Paul Lap Po Chan of Tewantin.
Mr Archer said Mr Chan had advised that the business had stopped trading on March 16 last year, after the introduction of COVID-19 restrictions and did not reopen.
Why not us? Stadium funding flows, just not to Coast
Mooloolaba masterpiece worth al…
Read the full article at: https://www.sunshinecoastdaily.com.au/news/covid-cooks-popular-coast-teppanyaki-bar-company/4203325/
This week, two separate research teams from the US and China have called for China in particular to implement such debt swaps in exchange for efforts by developing nations to increase nature conservation, as well as climate adaptation and mitigation.
The researchers conclude that by implementing such debt swaps, China could not only help to relieve fast-spreading indebtedness in the developing world, but also provide precious finance to countries that are vulnerable to both climate change and environmental degradation.
Triple-win solution
The firststudyis a policy brief entitled, Debt-for-nature swaps: A triple-win solution for debt sustainability and biodiversity finance in the Belt and Road Initiative (BRI)?
The study is published byI…
Read the full article at: https://www.eco-business.com/news/explainer-how-china-could-offer-debt-swaps-to-help-developing-nations-tackle-climate-change-2/
Debt has a way of piling up faster than many of us realize. If you have a lot of high-interest credit card debt, for example, it can feel like youll never make any progress. Fortunately, it’s possible to get out of debt more quickly if you go about it in the right way. Plus, you could save a substantial amount of money in the process. Here are five strategies for paying off your debt.
Key Takeaways
- Paying off debt can seem overwhelming, but it doesn’t have to be if you have a plan.
- Knowing where your money currently goes is the first step. Then you can begin to cut unnecessary expenses and use the spare cash to pay off debt.
- You’ll save money and pay your debt off faster if you start with your highest-interest debts.
- A debt conso…
Read the full article at: https://www.investopedia.com/how-to-get-out-of-debt-in-five-steps-5113832
