Insolvency Guardian Media Centre
Translated into western culture via Haitian voodoo and West African mythology, the living dead have certainly been reanimated in a plethora of movies and television series over the last couple of decades.
Now they are slouching further into the corporate world.
“In the corporate world, a zombie is defined as a company which hasnt actually died but is not earning enough cash profit to meet its interest payments.
According to British think tank Onward, one in every five firms in the Old Dart is a zombie and the figure is, well, rising up.
Zombies are bad, according to Onward, causing slower employment growth that could mean over 400,000 fewer jobs created in a recovery that takes over twice as long, and lower productivity leading to GBP41…
Read the full article at: https://bluenotes.anz.com/posts/2020/09/andrew-cornell-column-zombie-corporates?adobe_mc=MCMID=91931573662167745648708078606479228630|MCORGID=67A216D751E567B20A490D4C@AdobeOrg|TS=1600153200
Thailand‘s Central Bankruptcy Court granted (14-Sep-2020) Thai Airways‘ business restructuring petition and appointed the following planners as nominated by Thai:
- Chaiyapruk Didyasarin;
- Chakkrit Parapuntakul;
- Pirapan Salirathavibhaga;
- Boontuck Wungcharoen;
- Piyasvasti Amranand;
- Chansin Treenuchagron;
- EY Corporate Advisory Services.
The planners will prepare the plan as soon as possible and it is expected that Thai will propose the reorganisation to the Court within 4Q2020. The official receiver will call a creditors’ meeting to consider the restructuring around early 2021 and the Court will issue an order approving the plan and appoint the plan administrator within 1Q2021. [more – original PR]
Read the full article at: https://centreforaviation.com/news/thailands-central-bankruptcy-court-grants-thai-airways-business-restructuring-petition-1023964
Translated into western culture via Haitian voodoo and West African mythology, the living dead have certainly been reanimated in a plethora of movies and television series over the last couple of decades.
Now they are slouching further into the corporate world.
“In the corporate world, a zombie is defined as a company which hasnt actually died but is not earning enough cash profit to meet its interest payments.
According to British think tank Onward, one in every five firms in the Old Dart is a zombie and the figure is, well, rising up.
Zombies are bad, according to Onward, causing slower employment growth that could mean over 400,000 fewer jobs created in a recovery that takes over twice as long, and lower productivity leading to GBP41…
Read the full article at: https://bluenotes.anz.com/posts/2020/09/andrew-cornell-column-zombie-corporates?adobe_mc=MCMID=57994931573662167747978708078606479228|MCORGID=67A216D751E567B20A490D4C@AdobeOrg|TS=1600138800
On 25 June 2020, the new Corporate Insolvency and Governance Act (the “Act”) received Royal Assent. We anticipate that the changes introduced by the Act will have a significant impact on the future direction of the UK restructuring market.
The purpose of the Act is to promote a stronger rescue culture in the UK, providing companies in financial distress with a better chance of being restructured on a going concern basis (in a similar way to a U.S. Chapter 11). The changes introduced by the Act were initially put forward by the Government in 2016, and were subject to consultation in 2018. A new restructuring regime for the UK had therefore been anticipated. However, in response to COVID 19, the timing of the implementation of the Act was…
Read the full article at: https://www.jdsupra.com/legalnews/key-implications-of-the-uk-s-corporate-71149/
Still waiting for the building to be rebuilt, residents say many of them lost jobs or suffered pay cuts during the lockdown; request MHADA to expedite the project; developer blames residents for delay in documentation
Not a single new brick has been laid on the Bandra East site where Govinda Tower crashed in 1998. Recorded as one of the citys deadliest building collapses that left 33 people dead, it has also drawn one of the most apathetic responses from the authorities. The survivors are still waiting for their houses and have alleged that developer RNA Corps arm, AA Estate, has no intention of reconstructing the building. Moreover, over two decades later, they are still waiting for the compensation announced when the building crashed.
Li…
Read the full article at: https://mumbaimirror.indiatimes.com/mumbai/other/no-aid-in-22-yrs-residents-face-a-harsher-lockdown/articleshow/78096846.cms
Bangkok
THAI Airways International Pcl, the nation’s flagship carrier, got court approval for its business restructuring on Monday.
The Central Bankruptcy Court decided that the airline can proceed with its business reorganisation plan, a crucial step forward for the embattled company, which has around 350 billion baht (S$15.3 billion) of debt, according to Chansin Treenuchagron, its acting president.
The flagship carrier is facing one of its biggest challenges in its 60-year history as the pandemic hits the country’s tourism-dependent economy. The company’s shares jumped as much as 10.7 per cent, the most since Aug 5. Shares of Nok Airlines Pcl, a budget carrier which Thai Airways holds a stake in, also rose.
The Covid-19 crisis ha…
Read the full article at: https://www.businesstimes.com.sg/transport/court-gives-approval-for-thai-airways-restructuring
Online service SoloSuit wants to help Americans who are being sued for a debt fight back using automated tools. The company, which is launching its service nationwide today at TechCrunch Disrupt 2020, guides users through preparing a response to their lawsuit, optionally having a consumer protection attorney look over the entire document on their behalf, then handing the printing and court filing.
The idea for Solosuit came from founder, George Simons, who had bought a car during his first year of law school and struggled to find an attorney who would help him out. That prompted the realization that there are likely millions of people across the U.S. who also can’t find attorneys to take cases for a variety of reasons. For example, the…
Read the full article at: https://au.finance.yahoo.com/news/solosuit-launches-app-help-u-184847987.html
The low down
According to the OECD, the UK economy will shrink by 11.5% this year and by as much as 14% in the event of another lockdown. Unsurprisingly, the government has rushed through legislation to avert a deluge of corporate insolvencies, pushing it through parliament in just six weeks. It moves UK law closer to Chapter 11 of the USs Bankruptcy Code, providing protection from creditors and weakening the position of dissenting creditors who could block a rescue plan to which others agree. But the supervision and professional advice needed to assert a right to greater protection from creditors are not cheap, and critics claim only bigger companies can use the new laws. Meanwhile, insolvency practitioners and lawyers warn that Brexi…
Read the full article at: https://www.lawgazette.co.uk/features/a-new-chapter-for-insolvency-law/5105600.article
Century 21, New Yorks famed discount department store, has declared bankruptcy and will likely close all of its stores.
According to a report byBloomberg, the company announced its fate after insurance providers refused to pay approximately $175 million USD in claims under business interruption policies, coverage retailers have sought to offset losses caused by the coronavirus pandemic. While retailers across the board have suffered greatly due to COVID-19, and Century 21 is no exception, we are confident that had we received any meaningful portion of the insurance proceeds, we would have been able to save thousands of jobs and weather the storm, CEO Raymond Gindi said in a statement.
The shuttering of Century 21s original Brooklyn loc…
Read the full article at: https://hypebae.com/2020/9/century-21-closing-stores-bankrupt-new-york-sale-announcement
TORONTO & BROSSARD, Qubec–(BUSINESS WIRE)–Bitfarms Ltd. (Bitfarms, or the Company) (TSXV:BITF) is providing an update with respect to its previously issued press release dated August 20, 2020, in which it disclosed that it had reached an agreement with Dominion Capital LLC (Dominion) to amend certain terms and conditions of two of its US$5,000,000 loan tranches. Further, Bitfarms announces that the additional leased 1,000 new generation miners disclosed in the press release dated August 20, 2020 have been installed and are now fully operational.
Restructuring of Existing Notes
The Company has entered into an agreement with Dominion to amend its second loan tranche of US$5,000,000, to extend the maturity date from the original due date…
Read the full article at: https://www.businesswire.com/news/home/20200914005217/en/Bitfarms-Announces-Amendment-to-Notes-Restructuring-and-Provides-Operational-Update
By NJ Ayuk, Executive Chairman, African Energy Chamber on September 14, 2020
Flatten the curve. Do you remember that phrase? It was on everyones lips back in the spring, when the novel coronavirus (COVID-19) pandemic began rampaging across the world in earnest.
At the time, the idea was that the best way to combat the germ known as SARS CoV-2 was to go home and stay there long enough for hospitals, clinics, and other medical facilities to build up the capacity needed to handle the expected flood of new patients. Most of us expected that this departure from routine would be a temporary thing. We hoped it wouldnt last long …
Read the full article at: https://www.africaoilandpower.com/2020/09/14/senegalese-president-macky-sall-is-right-about-african-debt-relief-and-the-g20-shouldnt-stop-there/
Kerkez / Getty Images
- Debt consolidation loans aren’t bad if they help you lower your interest rate or free up your cash flow.
- Options abound for small business owners who are seeking debt consolidation loans, but only those with strong financials and a good credit score are eligible for an SBA loan or a bank loan.
- Alternative lenders may charge higher rates, but if you streamline your payment schedule, it may be worth it.
- This article is for small business owners who need to consolidate debt but don’t know which lender is right for them.
Loans are a necessity for many small business owners, who use them to support cash flow or pay unexpected expenses. But for those with multiple debts, it can be difficult to manage all of the due…
Read the full article at: https://www.businessnewsdaily.com/15810-how-to-choose-a-debt-consolidation-loan.html