FORT WORTH, Texas–(BUSINESS WIRE)–Nov 19, 2020–
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 wi…
Read the full article at: https://www.thedailytimes.com/business/fts-international-completes-financial-restructuring/article_5bf7cb05-8ac2-5855-9bb2-a860e625ac54.html
The Supreme Court on Thursday held that “any creditor of a company in liquidation” can become a party to the winding up petition against the defaulting firm and seek transfer of the plea from a high court to a National Company Law Tribunal (NCLT), set up under the new law on insolvency and bankruptcy.
A bench headed by Chief Justice S A Bobde and justices A S Bopanna and V Ramasubramanian was faced with two legal questions as to what are the circumstances under which a winding up proceeding pending in a High court could be transferred to the NCLT and at whose instance, such transfer could be ordered.
In a judgement, penned by Justice Ramasubramanian, it has been held that the winding up proceedings is a continuous legal process and under t…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/any-creditor-of-firm-in-liquidation-can-seek-transfer-of-winding-up-plea-from-hc-to-nclt-sc/articleshow/79307771.cms
Nov 19, 2020 8:00 AM
thyssenkrupp reaches agreement on the restructuring of the automotive plant construction business in Germany
thyssenkrupp has reached an agreement with the employee representatives on the restructuring of the German sites of the System Engineering unit. The negotiating partners have concluded a framework agreement and a social plan for all seven affected sites in Germany. As a result of the negotiations a total of 385 jobs will be cut across these sites in a socially compatible way.
Felix Bader, Chief Human Resources Officer at thyssenkrupp System Engineering: ‘With this agreement we have reached an important milestone in the splitting and reorganization of thyssenkrupp’s automotive plant construction business…
Read the full article at: https://www.marketscreener.com/quote/stock/THYSSENKRUPP-AG-436698/news/thyssenkrupp-reaches-agreement-on-the-restructuring-of-the-automotive-plant-construction-business-31818281/
WITH DEBTS looming and dollars scarce, Zambia has wrestled in recent months with a predicament. It knew that failing to pay bondholders would be damaging. But paying only them, having failed to pay others in full, could be worse. Other creditors would blow off my legs, the countrys finance minister said. So on November 13th Zambia became the sixth government to default on its bonds this yearafter Argentina, Belize, Ecuador, Lebanon and Suriname. Others may follow. Although financial markets have regained much of the composure they lost in March, many countries still have more debt than they can comfortably handle. Thirty-eight governments have a credit rating that denotes a material risk of default or worse, twice the number at the en…
Read the full article at: https://www.economist.com/leaders/2020/11/21/many-countries-need-debt-relief
A pharmacy embroiled in an ongoing PBS fraud case has unsuccessfully tried to pay its liquidators using funds confiscated by the Australian Federal Police
Pharmacy Depot Hurstville has had a motion to allow debts incurred by its liquidators to be met out of funds restrained by the Australian Federal Police (AFP) rejected.
The pharmacy and its two directors are currently involved in a Federal criminal case for allegedly perpetrating fraud by obtaining in excess of $18 million in fraudulent PBS claims.
Restraining orders were made on the basis that the pharmacy directors, through Pharmacy Depot, were reasonably suspected of having committed the offences of obtaining a financial advantage from the Commonwealth by deception, and dealing wit…
Read the full article at: https://ajp.com.au/news/bid-for-over-half-a-million-denied/
By Dearbail Jordan
Business reporter
image copyrightGetty ImagesRoyal Mail has said revenue from parcel deliveries has surpassed letters for the first time, fuelled by a surge in online shopping during the pandemic.
The postal group said turnover from parcels now makes up 60% of its total revenue, which rose by nearly 10% in the first half of its financial year.
But it was not enough to stop a sharp drop in profits, due to a number of costs including extra staff to sort the increased parcel volume by hand.
Pre-tax profit fell 90.2% to 17m.
During the six months to 27 September, Royal Mail’s increased costs included 85m related to Covid-19 as well as 147m on voluntary redundancies due to a continuing restructuring of the …
Read the full article at: https://www.bbc.com/news/business-54998908
The Research Insights has published an innovative data, titled as Corporate Development And Restructuring Consulting Services market. To discover the desired statistics for prediction of the current and future trends, it uses the primary and secondary research techniques. This report is summarized with provisions of the industries as well as requirements of the customers. It lists the different features of the leading key players.
Corporate Development And Restructuring Consulting Services helps businesses that are facing major financial and operational challenges, including rapidly deteriorating performance trends, excessive leverage, liquidity concerns, loss of key management or clients, and refinancing risk. The business restructurin…
Read the full article at: https://prnewsleader.com/news/2108493/corporate-development-and-restructuring-consulting-services-market-2020-2026-deloitte-pwc-strategy-ey-kpmg-accenture-ibm-mckinsey-company/