COPENHAGEN, Denmark (AP) Norways government said Friday it will give low-cost carrier Norwegian Air Shuttle a 1.5 billion kroner ($173 million) loan as long as the ailing company manages to raise at least 4.5 billion kroner ($520 million) from other investors.
The government had put several conditions for participating in the Norwegian airlines restructuring, including that the Oslo-based company must get new capital from private investors.
The state has no ambitions to become an owner of Norwegian, stressed Trade Minister Iselin Nyboe. A formal proposal for the loan was presented Friday to Parliament.
Earlier this month, the airline said it will end its long-haul operations and instead focus on European destinations as it str…
Read the full article at: https://www.heraldextra.com/business/norwegian-air-to-get-government-loan-in-restructuring/article_b6ec09e0-8dac-5612-985b-8436b7a34a31.html
The makers of the personal finance app Charlie have revamped the tool to focus squarely on getting consumers out of debt and soon hope to add banklike products, such as loan refinancing and a debit card.
The app, which first launched in 2016, started as a chatbot that analyzed users transactions and provided budgeting recommendations. Those features remain, but the San Francisco company unveiled several new components for its 500,000 users on Jan. 27.
We were trying to address every line item on a users budget, Ilian Georgiev, Charlie’s CEO and co-founder, said in an interview. Whereas now, from talking to users, we saw one of the biggest problems is figuring how to get out of debt, so we are focusing the entire experience around that….
Read the full article at: https://www.americanbanker.com/news/budgeting-app-charlie-pivots-to-help-users-reduce-debt
Ushering in significant behavioural changes, the insolvency law has redefined the debtor-creditor relationship with more than 80 per cent of the corporate debtors getting resolved before official announcement of resolution process till September 2020, according to the Economic Survey.
The Insolvency and Bankruptcy Code (IBC) has rescued 308 corporate debtors as on December 2020 through resolution plans and they had Rs 4.99 lakh crore to creditors.
“However, the realisable value of the assets available with them, when they entered the CIRP (Corporate Insolvency Resolution Process), was only Rs 1.03 lakh crore. Under the Code, the creditors recovered Rs 1.99 lakh crore, which is more than 193 per cent of the realisable value of the…
Read the full article at: https://www.business-standard.com/article/economy-policy/ibc-redefines-debtor-creditor-relationship-says-economic-survey-121012901316_1.html
The number of individuals unable to pay their debts rose to 31,059 between October and December, a 57% increase from the third quarter, the Insolvency Service said on Friday.
- Total personal insolvencies in 2020 were down 9% compared with 2019
- Figures distorted by government response to the pandemic, including reduced enforcement, enhanced support for firms and individuals and forbearance by lenders
- Company insolvencies rose 17% from the third quarter to 3,071 but were down 27% on the year
To contact the reporter on this story:
Andrew Atkinson in London at [email protected]
To contact the editor responsible for this story:
Fergal…
Read the full article at: https://news.bloomberglaw.com/bankruptcy-law/england-wales-individual-insolvencies-rise-9-on-year
INCREASING numbers of individuals declared themselves bust in the final three months of 2020.
Official data from the Insolvency Service shows there were 31,059 individual insolvencies in the four quarter of 2020, up 57% on the previous three months.
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The Insolvency Service said this was mainly driven by an increase in registrations of individual voluntary arrangements (IVAs) a formal agreement to repay creditors a reduced amount for a set period – while the number of bankruptcies also increased.
The number of individual insolvencies was down 9% annually during 2020 to a three-year low of 98,897 but the Insolvency Service said the reduction was at least partly driven by…
Read the full article at: https://www.thesun.co.uk/money/13888735/sharp-rise-in-bankruptcies-and-ivas/
Keppel has announced that it is restructuring its Offshore & Marine (O&M) business so it will be well-placed to support the energy transition.
In a statement issued yesterday (28 January), Keppel said that the company will be restructured into three parts, separating construction and ownership of legacy drilling rig assets from its core yard operations which will also become slimmer, asset-light and people-light.
As part of its stance on combating climate change, Keppel O&M will exit the offshore rig building business, after completing the existing rigs under construction. In addition, Keppel O&M will not undertake any new project requiring large upfront capex or without milestone payments.
The three parts of the business will be: Rig …
Read the full article at: https://www.bunkerspot.com/global/52353-global-keppel-restructuring-offshore-and-marine-business
In May 2019, a gold Ford Transit exploded against the backdrop of Canary Wharf in Londons financial district, sending paper fluttering through the air. With this act, 1.2m of high interest debt carried by local people living in east London had been cancelled.
Yet there was a bigger shock to come. Those debts had been purchased on the secondary market for just 20,000 a tiny fraction of their face value even though the sums debtors were being pursued for were rising by the day.
This symbolic scene from Bank Job was designed to blow open the way the debt industry operates; the WTF moment that draws people in, enrages them, and explodes the shameful secret of problem debt into a topic of national conversation, according to its creators.
…
Read the full article at: https://www.ft.com/content/86418c40-8d42-4005-a813-f1697b3a00e0
The number of personal insolvencies recorded in England and Wales fell to a three-year low in 2020.
The Insolvency Service said there were 111,424 individual insolvencies in 2020 a total which was down by 9% on 2019.
It marked the lowest annual figure since 98,897 personal insolvencies were recorded in 2017.
The service said the fall in cases was driven by low volumes of bankruptcies and debt relief orders (DROs), which both decreased by 25% from the previous year.
The number of individual voluntary arrangements (IVAs) in 2020 was higher than the number registered in 2019, although the increase from the previous year was small, it said. IVAs are agreements whereby money is shared out between creditors.
The service said the fall in p…
Read the full article at: https://www.eveningexpress.co.uk/news/business/personal-insolvencies-fell-to-three-year-low-across-2020/
Receivership activity in the U.S. insurance industry decreased sharply year over year in 2020, but insurers were still adversely affected by a struggling economy brought on by the COVID-19 pandemic.
Regulators placed eight underwriters into liquidation and four into rehabilitation last year, according to an S&P Global Market Intelligence analysis. That compared with 22 companies put into liquidation or rehabilitation in 2019.
Net total assets of companies under receivership in 2020 totaled $2.42 billion, a dramatic decrease from $7.85 billion in 2019.
Midwestern Dental Plans Inc. of Dearborn, Mich., was one company on the list directly affected by the pandemic. The company was a network of dental providers comprised of seven offices be…
Read the full article at: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/receivership-roll-call-2020-62251264
The private mental health services company Vastaamo, which has been at the centre of a hacking and blackmail scandal since October, has been placed into liquidation.
The decision was made by the companys owners, management and board of directors at an emergency general meeting held on Thursday and announced in a Friday morning press release.
“The decision was very difficult, and the situation is extremely unfortunate for the companys personnel and customers,” the release read.
Liquidation is a procedure by which a company can be wound up even if it is not bankrupt.
During the course of t…
Read the full article at: https://yle.fi/uutiset/osasto/news/hacked_therapy_centre_vastaamo_goes_into_liquidation/11762655