Insolvency Guardian Media Centre
Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.
Leaders of the 20 biggest world economies (G20) will debate this weekend how to deal with the unprecedented COVID-19 pandemic that has caused a global recession and how to manage the recovery once the coronavirus is under control.
Continue Reading Below
High on the agenda are purchases and global distribution of vaccines, drugs and tests for low income countries that cannot afford such expenses themselves. The European Union will urge the G20 on Saturday to invest $4.5 billion to help.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“The main theme will be to step up global cooperation to address the pandemic,” said a senior G20 official tak…
Read the full article at: https://www.foxbusiness.com/markets/g20-to-discuss-post-pandemic-world-back-debt-relief
ROME, Nov 20 (Reuters) – Italy will use its forthcoming presidency of the Group of 20 major global economies to try to secure further debt relief for African states, a senior Italian diplomat said on Friday.
Italy takes over the annual rotating presidency of the G20 on Dec. 1 and will look to build on a deal struck by major international creditors in April that was aimed at relieving the worlds poorest nations of debt payments.
Every further move, due to the diversity of the G20 membership, is not going to be so easy, but we will work in order to achieve a good result, said Pietro Benassi, diplomatic advisor to Prime Minister Giuseppe Conte.
Benassi, who is helping to draw up Italys G20 agenda, told a conference th…
Read the full article at: https://www.reuters.com/article/g20-italy-africa-debt/italy-to-pursue-africa-debt-relief-during-g20-presidency-diplomat-idUSL1N2I61BD
BRUSSELS (Reuters) – Leaders of the 20 biggest world economies (G20) will debate this weekend how to deal with the unprecedented COVID-19 pandemic that has caused a global recession and how to manage the recovery once the coronavirus is under control.
High on the agenda are purchases and global distribution of vaccines, drugs and tests for low income countries that cannot afford such expenses themselves. The European Union will urge the G20 on Saturday to invest $4.5 billion to help.
The main theme wil…
Read the full article at: https://www.reuters.com/article/g20-saudi/g20-to-discuss-post-pandemic-world-back-debt-relief-idUSKBN28102O
President-elect Joe Biden is facing mounting pressure to extend student loan debt relief or forgive thousands of indebted dollars for the millions of people who had their loan payments suspended throughout the pandemic.
With payments expected to resume in the new year, action on this front could help many who are out of work or facing financial hardship. Such relief could have a significant impact beyond the pandemic for Black student loan borrowers who are regularly forced to take on higher debt loads to afford college.
Student loan debt hit a record $1.6 trillion among 45 million borrowers in February, and has only increased during the pandemic. Bidens Plan for Education Beyond High School during his presidential campaign to forgive…
Read the full article at: https://www.nbcnews.com/news/nbcblk/biden-under-pressure-forgive-student-debt-here-s-why-it-n1248469
Grocon has called in administrators over the groups construction companies, citing its loss from Infrastructure NSWs handling of the Sydney Central Barangaroo project.
In a Friday announcement, Grocon chief executive Daniel Grollo said administrators had been contacted over the groups legacy construction companies founded by his grandfather more than 70 years ago.
Grollo would not confirm which entities were being placed into administration but told The Urban Developer that 52 entities, largely the legacy construction companies throughout the organisation, would be going into administration over the weekend.
Grocons The Ribbon development in Sydney and the Northumberland developmenta $111 million 12-storey office development in Melbour…
Read the full article at: https://theurbandeveloper.com/articles/grocon-places-construction-arm-into-administration
On 10 November 2020 we held a webinar as part of the IHL series looking at the Corporate Insolvency and Governance Act which came into force in the summer.
During the session our panellists outlined the new rules and gave some practical tips for contracts, and other useful steps to think about.
You can watch the webinar below:
Set out below are the key takeaway points:
Corporate insolvency The new rules
The Corporate Insolvency and Governance Act 2020 (or CIGA for short) came into force on 26 June 2020.
In particular:
- it introduced a new form of company moratorium, which sits outside of the insolvency regime and which can be a precursor to insolvency
- it introduced a new restructuring plan, and
- it introduced new rule…
Read the full article at: https://www.shoosmiths.co.uk/insights/comment/webinar-corporate-insolvency-the-new-rules
Kate Nicholls of trade body UKHospitality says that the sector is facing a “tough winter”, with businesses needing “enhanced grant support to keep venues alive and a solution to the ongoing rent debt problem that continues to linger over the sector”.
Of course, the impact is not even across all parts of the market. While London is heavily reliant on business travel, events and international tourism, hotels with leisure-oriented businesses and subsectors more attractive to UK ‘staycationers’, such as aparthotels, are expected to recover more quickly. Market expectation is that consumers will feel safer in aparthotel accommodation for the foreseeable future, which is likely to assist even those aparthotels in major cities and currently …
Read the full article at: https://www.pinsentmasons.com/out-law/analysis/hotels-restructuring-for-recovery
A Boxborough man accused of holding a man against his will and assaulting him over a three-day period over a purported gambling debt was arraigned in Ayer District Court, the Middlesex district attorneys office announced Thursday.
Corey Convey, 34, was ordered held, pending a dangerousness hearing on Nov. 23, at his arraignment Wednesday, prosecutors said in a statement. Convey is charged with assault and battery with a dangerous weapon, strangulation, kidnapping and intimidation of a witness, the statement said.
Convey and a male attended a poker game in October, and after the game Convey became angry over money he believed the male owed him, according to prosecutors. He drove the male to his Boxborough apartment and assaulted him incl…
Read the full article at: https://www.boston.com/news/local-news/2020/11/20/boxborough-man-charged-after-alleged-3-day-assault-over-purported-gambling-debt
Joseph R. Biden Jr. will assume the presidency in two months amid dual catastrophes: a raging, once-in-a-century pandemic and a devastated economy. Its a moment that calls for bold and immediate action. And student-debt relief might be one of the big issues the new president moves on quickly.
An idea once in the margins enters the political mainstream. Not everyone is happy.
Could it really happen? Yes, it could.
In just a few short years, student-debt forgiveness has shifted from a long-shot rallying cry by activists to a mainstream idea within the progressive wing of the Democratic Party.
Student loan debt is holding back a whole generation from buying homes, starting small businesses, and saving for retirement all things we rely…
Read the full article at: https://www.chronicle.com/article/after-biden-is-sworn-in-does-student-debt-relief-come-next
Chinese state owned automaker Huachen Automotive Group has been declared bankrupt and has entered a debt restructuring programme, according to local reports.
The company, headquartered in the north eastern Liaoning province, owns four listed companies including Brilliance China Automotive Holdingswhich has a 50:50 joint venture with BMW Group.
Huachen Automotive, in a statement on 16November, said its debts exceeded CNY6.5bn (US$990m), causing insurmountable cashflow problems. In October the company defaulted on a CNY1bn (US$152m) bond.
The Shenyang Municipal Intermediate People’s Court in Liaoning 20November approved the bankruptcy and restructuring petition by the company’s creditors, after accepting that Huachen Automotive Group ha…
Read the full article at: https://www.just-auto.com/news/bmws-chinese-partner-huachen-declared-bankrupt_id198895.aspx
FORT WORTH, Texas–(BUSINESS WIRE)–FTS International, Inc. (NYSE American: FTSI) (FTSI or the Company) today announced that it has successfully completed its fully consensual financial restructuring and has emerged from Chapter 11.
Michael Doss, Chief Executive Officer, commented, Today is an important day for FTSI. We have quickly and efficiently completed our financial restructuring and emerge with sufficient cash and revolving credit capacity to deploy stacked fleets, invest in new technology, rebuild working capital and create long-term value for our stakeholders.
FTSI is a leader in the pressure pumping space and with the entire organization focused on enhancing the value proposition to our customers, we will continue to set re…
Read the full article at: https://www.businesswire.com/news/home/20201119006212/en/FTS-International-Completes-Financial-Restructuring
FILE PHOTO: Chinese Finance Minister Liu Kun attends a news conference on China’s economic development ahead of the 70th anniversary of its founding, in Beijing, China September 24, 2019. REUTERS/Florence Lo BEIJING (Reuters) – China has extended debt relief to developing countries worth a combined $2.1 billion under the G20 framework, the highest among the groups members in terms of the amount deferred, the countrys Finance Minister Liu Kun said on Friday.
Lius comments come as African countries, hammered by the COVID-19 pandemic, face another debt crisis, and will need more long-term help than the latest G20 Debt Service Suspension Initiative (DSSI) offers them to ward off trouble ahead and keep …
Read the full article at: https://uk.reuters.com/article/us-china-debt-g20/china-says-has-given-2-1-billion-of-debt-relief-to-poor-countries-idUSKBN28009A