Insolvency Guardian Media Centre
More than 100 oil and gas companies declared bankruptcy in 2020 after the coronavirus pandemic plunged the energy sector into the worst downturn in a generation.
Forty-six exploration and production companies and 61 oil-field service companies filed for Chapter 11 bankruptcy last year, according to Haynes and Boone, a Dallas law firm tracking bankruptcies. The 107 oil and gas bankruptcies in 2020 were the most since 142 bankruptcies were filed during the last oil bust in 2016.
Since 2015, more than 500 bankruptcies have been filed in the North American oil and gas industry, Haynes and Boone said in its latest bankruptcy report published this month. In hindsight, 2020 stands out over this dismal period for the industry setting a number o…
Read the full article at: https://www.houstonchronicle.com/business/energy/article/More-than-100-oil-and-gas-companies-filed-for-15884538.php
Nearly a year ago, Casey Urlacher found himself charged with nine others in a sports gambling case that could have put him in federal prison.
That prison threat still looms over most of his co-defendants. But late Tuesday, President Donald Trump granted a full pardon to Urlacher, mayor of north suburban Mettawa and brother of Chicago Bears great Brian Urlacher.
Throughout his life, Mr. Urlacher has been committed to public service and has consistently given back to his community, the White House wrote in its announcement. It also called Casey Urlacher a devoted husband to his wife and a loving father to his 17-month-old daughter.
The lead defendant in the case that included Urlacher, Vincent Uncle Mick DelGiudice, is expected to plead g…
Read the full article at: https://chicago.suntimes.com/2021/1/20/22240168/casey-urlacher-pardon-president-trump-sports-gambling-indictment
Customers who have gone for loan restructuring between December and March 31 will be roughly about 1-1.2% of our portfolio, says Shyam Srinivasan, MD & CEO, Federal Bank
Earlier, you had projected that Rs 3,500-crore loans will need to be restructured but the request has come for only Rs 1,500 crore. It is great news but how did this drastic fall come about?
The big difference between last quarter and this quarter is the reality. People have started seeing businesses doing better and generally the preference is not to be a restructured customer. December end is one milestone as in the retail and corporate customers had a chance to seek restructuring and we have seen experientially people have not opted to. Either they have paid or the situ…
Read the full article at: https://economictimes.indiatimes.com/markets/expert-view/shyam-srinivasan-on-why-federal-bank-restructured-book-is-half-of-estimates/articleshow/80368458.cms
RateSetter has outlined the benefits of a debt consolidation loan, such as reducing a borrowers monthly payments.
A debt consolidation loan rolls your existing borrowing into one loan so instead of paying monthly repayments for each of your debts, you pay a single monthly payment to one loan provider.
Read more: RateSetter to stop receiving IFISA transfers
RateSetter said a debt consolidation loan gives a borrower better control of their finances with one single monthly payment on the same date each month to the same lender.
The platform added that it should allow borrowers to save money by paying off higher interest credit like credit cards with one lower rate of interest, depending on the total cost of the borrowing and any fees invo…
Read the full article at: https://www.p2pfinancenews.co.uk/2021/01/20/ratesetter-outlines-benefits-of-debt-consolidation-loans/
THE Singapore Exchange (SGX) has raised queries regarding New Silkroutes Group’s wholly-owned oil-trading subsidiary, International Energy Group (IEG), which the group has not been successful in winding up.
The agreement for the disposal of IEG to TK Energy lapsed on June 30 last year, after the buyer failed to disburse loans to New Silkroutes Capital and IEG.
In a regulatory filing on Wednesday, New Silkroutes said that in view of the global pandemic and the challenging energy market, the management and the board believe that the energy business is not sustainable and that IEG will not be able to fulfil its debt obligations – and this is after taking into account the cash flow projections commencing in the second quarter of 2021.
“In …
Read the full article at: https://www.businesstimes.com.sg/companies-markets/sgx-queries-on-new-silkroutes-liquidation-of-oil-trading-unit
Nearly a year ago, Casey Urlacher found himself caught up with nine others in a sports gambling indictment that could have put him in federal prison.
That prison threat still looms over most of his co-defendants. But late Tuesday, President Donald Trump granted a full pardon to Urlacher, mayor of north suburban Mettawa and brother of Chicago Bears great Brian Urlacher.
Throughout his life, Mr. Urlacher has been committed to public service and has consistently given back to his community, the White House wrote in its announcement. It also called Casey Urlacher a devoted husband to his wife and a loving father to his 17-month-old daughter.
The lead defendant in the case that included Urlacher, Vincent Uncle Mick DelGiudice, is expected to…
Read the full article at: https://chicago.suntimes.com/2021/1/20/22240168/casey-urlacher-pardon-president-trump
Despite the fact that many of us treat “debt” like a dirty word, millions of Americans are drowning it in. Even after a huge bump in debt repayments this year, Americans are still past due on their credit card payments to the tune of $945 billion. On top of that, we also collectively owe $1.7 trillion dollars in student loan debt, according to the Federal Reserve of St. Louis. It can be daunting to deal with debt, but you dont have to do it alone. Here are a few manageable steps you can take to pay back what you owe.
1. Cover your most essential costs (even if it means skipping a payment).
If you cant feed yourself or keep a roof over your head, you need to prioritize those basic needs before you start paying down any debt,…
Read the full article at: https://www.today.com/money/5-step-plan-paying-debt-2021-today-t206099
Ascent Partners has formed a strategic alliance with turnaround professionals Rodgers Reidy / TBA Solutions, in order to provide Australian printers who have experienced significant sustained downturns, with options for the pathway forward.
The five or more options may include modifying their business and trading on, or going down the new Chapter 11 Debtor in Possession path, or in some cases exit from the industry via voluntary administration / liquidations.
Ascent Partners director, Richard Rasmussen says, Unfortunately, many printers are still experiencing 30 per cent plus declin…
Read the full article at: https://www.print21.com.au/industry/ascent-teams-up-provide-turnaround-solutions
One of Melbournes major large format print businesses Magnify Media is in voluntary administration, with debts approaching $5m.
Four parties are currently in discussions with the administrator over buying the business, which is continuing to trade on a week-by-week basis, and is being offered for sale on a sale or DOCA basis.
Magnify has known debts to unsecured creditors of $3.6m. Major creditors include the ATO which is owed $1.23m, Billboard Media owed $528,000, Freight Focus Management owed $474,000, HP owed $234,000, and Celmac, owed $228,000.
In addition, Magnify owes $1.13m in unpaid priority employee entitlements, including around $500,000 in unpaid…
Read the full article at: https://www.print21.com.au/sign-and-display/magnify-media-in-admin-as-debts-mount
CreditorWatch chief executive officer Patrick Coghlan. Source: supplied.
Small businesses have begun registering for temporary restructuring relief, under Australias new insolvency regime that began on January 1.
Records published by the Australian Securities and Investments Commission show four businesses have so far made declarations that they are eligible for temporary restructuring relief.
Among the businesses to make declarations are a Queensland-based travel agency and a workwear business.
The first declaration was made on January 11, 10 days after the new insolvency laws came into effect.
Announced by Treasurer Josh Frydenberg in September, and legislated for in December, the reforms to Australias insolvency regime include …
Read the full article at: https://www.smartcompany.com.au/finance/small-businesses-new-temporary-restructuring-relief-insolvency-laws/
The company had added to its workforce to help with its coverage of the 2020 election, and with the election over the company is adjusting its staffing to account for the less intense news cycle.
Fox News Digital is laying off staff as a continuation of restructuring plans the company first announced last fall. The new cuts also reflect a news cycle that may be less intense in the aftermath of the election, and with Joe Biden set to take office tomorrow.
As we conclude the 2020 election cycle, Fox News Digital has realigned its business and reporting structure to meet the demands of this new era,” a Fox News spokesperson said in a statement to The Hollywood Reporter. “We are confident these chan…
Read the full article at: https://www.hollywoodreporter.com/news/layoffs-hit-fox-news-digital-amid-restructuring
Many Texas residents are struggling with tens of thousands of dollars in credit card debt and personal loans, made even worse due to financial problems caused by the COVID-19 pandemic.
Many people are unable to qualify for debt consolidation loans because of the high borrower requirements., but there are options to resolve overwhelming debt problems without a new loan or bankruptcy.
Its important that companies understand the consumer protections specific to Texas, so that you can take advantage of them during your plan for debt relief. Always research a company with the Better Business Bureau before doing business, advises Debt Redemption Texas Debt Relief.
When choosing a company to either reduce interest rates or negotiate principle…
Read the full article at: https://www.ksat.com/sa-live/2021/01/19/need-help-with-debt-relief-debt-consolidation-key-things-to-consider-before-diving-in/