Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Alice McCall emerged from voluntary administration on December 11 through a deed of company arrangement (DOCA), SV Partners administrator Ian Purchas has revealed toRagtrader.
According to Purchas, Alice McCall owed $2.3 million to its largest related-party creditor – the title holder of the intellectual property – $5 million to ordinary unsecured creditors, $130,000 to redundant employees and $400,000 to the bank.
As part of the DOCA, creditors voted to accept a 10 cents on the dollar dividend, while employees will receive 100 cents on the dollar.
Speaking on the process, Purchas said that a restructuring option was the best course of action for the business, especially seeing as the IP holder of the Alice McCall trading name was not …
Equinox, backed by billionaire Stephen Rosss Related Cos., reached a deal that releases it from a limited guarantee of SoulCycles $265 million credit facility with lender HPS Investment Partners, the people said, asking not to be identified discussing a private matter.
As part of the deal, Equinox will also add additional protections to its borrowings, said the people. Equinox struck a forbearance deal with HPS last May to delay the payment deadline until Feb. 15.
Equinoxs guarantee originally required it to buy back at leas…
Following President Bidens lead, the chairman of the House Agriculture Committee proposed an extension until Sept. 30 of the temporary 15% increase in SNAP benefits on Tuesday. ChairmanDavid Scottalso included a sweeping proposal for the government to pay off USDA loans and USDA-guaranteed loans held by socially disadvantaged farmers to put our Black farmers in a better position after decades of discrimination.
Scott unveiled the $16.1-billion package, which would become part of a $1.9-billion coronavirus relief bill, ahead of a committee vote scheduled for Wednesday afternoon. The package has $3.6 billion for food donations to fight hunger and to protect food system workers from COVID-19;$1 billion for nutrition assistance in Puerto Ri…
The High Court has declined to approve a Personal Insolvency Arrangement (PIA) that would have allowed a car sales executive to write off approximately190,000 in debt mainly owed to financial institutions.
The PIA was sought in respect of Keith Cremin of Subulter, Cecilstown, Mallow, in County Cork.
He owed money to Pepper Finance Corporation DAC, which opposed the PIA, Bank of Ireland, Everyday Finance and the Revenue Commissioners.
In a judgement, Mr Justice Mark Sanfey held that it would be unfair to impose the PIA, involving a very substantial write off of a preforming loan where no default arises, on the objecting creditor.
Mr Cremin, the judge said, has no other pressing insolvency issues and the application for a PIA, which was…
Greenwise Debt Relief is not one of our top-rated life debt relief companies. You can review our list of the best debt relief companies for what we think are better options.
Countrywide Debt Relief grants potential customers a free consultation where they can learn about their debt relief options, which include a process known as debt settlement as well as their debt consolidation programs. Just note that these two debt relief strategies may work better for different types of people. Where debt settlement asks you to stop paying bills and begin saving money in a separate account to settle your debts later on, debt consolidation programs can help you negotiate interest rates and combine your debts into a more manageable plan.
Whats left of Yahoo! after a sale of its online businesses to Verizon Communications is a company called Altaba.
David Paul Morris/Getty Images
Altaba has made two significant distributions to its shareholders under its liquidation plan. Now, the company, formerly Yahoo!, is expected to ask a Delaware court for authority to make another sizable payment at a hearing scheduled for April 20 to 22.
Shares of Altabatechnically liquidating escrow receiptshave traded this year around $14.50 in institutional markets. The company recently filed its annual report, disclosing a year-end 2020 net asset value of $15.50 a share
It ended 2020 with net assets of just over $8 billion, largely cash and short-term marketable securitie…
Under Armour delivered a stronger-than-expected financial performance in the final months of 2020 as the atheltic apparel maker boosted online sales of apparel and footwear and reined in costs.
The Baltimore-based sports brand improved despite challenges of the coronavirus pandemic and an ongoing business restructuring, the company said Wednesday.
Advertisement
Improving brand strength and consistent operational execution delivered better than expected results in quarter, said Patrik Frisk, Under Armour president and CEO, in a statement. Our global team was exceptionally resilient and disciplined amid a highly challenging year.
Under Armour reported net income for the quarter that ended Dec. 31 of $184 million, or 40 cents a sh…
What is the Small Business Restructuring Process (SBR)? On 1 January 2021 some of the most significant changes to insolvency law in three decades were introduced following amendments to the Corporations Act.
The new laws allow small businesses the flexibility to restructure their debts whilst allowing directors to remain in control of the business. The new laws also provide for a new simplified liquidation process.
Who is Eligible? To be eligible for the restructuring process, the total liabilities of the company must not exceed $1 million. This includes secured debts and related party debts, but excludes employee entitlements.
In addition, the company must not have been under restructuring or been subject of the simplified liquidation p…
The President of the African Development Bank (www.AfDB.org), Dr. Akinwumi A. Adesina, has called for fair access to COVID-19 vaccines for Africans and said debt relief would help African economies recover faster and better from the pandemic.
Speaking on 8 February at a virtual event held in his honour as the outgoing African of the Year of African Leadership Magazine, the Bank President warned that so long as the coronavirus was unchecked in any part of the world, no one would be safe.
There is light at the end of the tunnel it just happens to be a very long tunnel. I am very positive that African economies will bounce back over the next two years, but the speed of recovery will depend on ensuring that Africa gets enough vaccines fo…
The Centre must brace for a surge in fresh corporate bankruptcy filings after the ongoing pandemic-induced freeze lifts by the end of the financial year. The Insolvency and Bankruptcy Code (IBC) was suspended for six months from March last before being extended to December and subsequently for the full financial year.
Latest Insolvency and Bankruptcy Board of India (IBBI) statistics reveal that at least 73.8 per cent of the Corporate Insolvency Resolution Processes (CIRP) initiated till date has ended up in liquidation. This is attributed to avoidable legal complexities and a lack of matching stakeholder ecosystem and awareness.
Bijoy Pulipra, Company Secretary and Insolvency Professional, told BusinessLine here that it is high time ind…
Germany-based Nice Solar Energy has opened the proceedings for self-administered insolvency at the Heilbronn District Court, in Germany. The insolvency proceedings under self-administration have been possible since 2012 under German insolvency law. Various PV companies have already used this process.
The CIGS thin-film photovoltaics specialist will now have three months to present a restructuring plan.In the meantime, business operations continue …
Lenders to Kishore Biyanis Future Group are planning to proceed with the restructuring of the debt owed by group companies under the Reserve Bank of Indias one-time restructuring scheme, three people with direct knowledge of the matter said.
Lenders led by State Bank of India have asked for restructuring plans to be submitted so they may conclude the process under the scheme by March 31. The scheme was invoked in November 2020, giving lenders time till May 2021 to implement a plan.
The companies seeking debt restructuring include flagship Future Retail Ltd., fast-moving consumer goods company Future Consumer Ltd., apparel company Future Lifestyle Fashions Ltd., logistics firm Future Supply Chain Solutions Ltd, among others, according to…
