BRI Ferrier, the external administrator of now-bankrupt forex broker Union Standard International Group PTY LTD (USGFX), has issued a notification informing its decision to put the broker under immediate liquidation.

This came two weeks ahead of the expiration of the extending convening period for the administrator.

The Most Diverse Audience to Date at FMLS 2020 Where Finance Meets Innovation

As detailed in the circular sent to the brokers clients and creditors, BRIs decision was propelled by the difficulties it faced in conducting its external administration from Soe Hein Minn, the director and the majority shareholder of the broker, and his representatives.

BRI said that they were prevented from dealing with the Companys affairs…

Read the full article at: https://www.financemagnates.com/forex/brokers/usgfx-to-enter-liquidation-as-shareholders-remain-unhelpful/

Ground-handling firm Swissport is set to be taken over by a group of creditors under a 1.9 billion ($2.3 billion) debt-for-equity swap as part of an extensive financial restructuring.

Once the process is completed, seven institutions a group collectively known as AHG will control more than 75% of Swissports equity, unless a third party is identified which might be interested in acquiring the company.

Swissport is currently owned by Chinas HNA Group but the senior secured creditors taking part in the transaction are primarily US and UK entities.

AHG comprises funds linked to financial institutions SVP Global, Apollo Global Management, TowerBrook Capital Partners, Ares Management, Barclays Bank, Cross Ocean Partners and King Street Capi…

Read the full article at: https://www.flightglobal.com/air-transport/creditors-to-take-over-swissport-under-debt-for-equity-restructuring/139962.article

Date: 31.08.2020

Liquidators have remuneration and funds-handling application approved

Redstar’s late model prime movers and trailers were eventually sold off via auction

New details have emerged on the complex company structure of Redstar Transport and its liquidation process, which has been ongoing since December 2018.

Liquidators Martin Francis Ford and Stephen Graham Longley recently applied to the Victorian Supreme Court under section 65-45 of the Insolvency Practice Schedule (IPS) of the Corporations Act to have their remuneration approved and bypass certain funds-handling compliance provisions to hasten Redstars wind-up.

Section 64-45 empowers the court to make directions regarding the payment, deposit or custody …

Read the full article at: https://www.fullyloaded.com.au/industry-news/2008/supreme-court-insight-on-redstar-liquidation-process

With more SMEs and NFPs under financial stress, directors must be alert to the signs of insolvency.

As economic activity ramps up following COVID-19, directors of many organisations are facing brutal business realities. After thebushfire disastersandthe lockdown, many are in significant distress and the outlook for cashflow is grim. Following on from long days and workarounds, a period of constrained demand, knock-on effects to suppliers and customers, and changed consumer priorities now present daily challenges with depleted cash reserves and constrained access to capital.

For some, it may well be too much. Companies into which owners have poured their energy, aspirations and capital will not go the distance. Others will require feats …

Read the full article at: https://www.businessnews.com.au/article/3-insolvency-stages-to-watch-for

In this year of coronavirus and stay-at-home orders, quite a few companies in the retail sector have declared bankruptcy, including Modells, J. Crew, Neiman Marcus and the parent company of Mens Wearhouse.

Just because a company declared bankruptcy doesnt mean its going out of business; bankruptcy is often used by companies to reorganize their debts and later reemerge. But one prominent company wont be coming back.

Lord & Taylor, the clothing retail chain that had been Americas oldest continuously operating department store, announced this week that it is going out of business, and will close its thirty-eight remaining stores as well as its e-commerce operation. The decision comes less than a month after the companys bankruptcy filing…

Read the full article at: https://nationalinterest.org/blog/coronavirus/rip-lord-and-taylor-bankrupt-retail-chain-close-after-nearly-200-years-167978

SINGAPORE (THE BUSINESS TIMES) – Keppel Corporation, which owns a 40 per cent stake in upstream oil and gas company KrisEnergy, on Sunday (Aug 30) said it is prepared to support the final restructuring proposal of the debt-hit firm.

In a bourse filing, Keppel Corp said it has evaluated KrisEnergy’s debt workout plan, which it believes is a “deliverable plan”.

“But for KrisEnergy’s restructuring to be successful, the company would require the support of its stakeholders as the final restructuring proposal is subject to receipt of inter-conditional approvals across stakeholder groups,” said Keppel.

KrisEnergy had earlier warned that it is likely to face liquidation without comprehensive restructuring.

Keppel noted that – based on its f…

Read the full article at: https://www.straitstimes.com/business/companies-markets/keppel-corp-prepared-to-support-krisenergys-final-restructuring-proposal

China says it has struck agreements with half of the 20 low-income nations that have requested debt restructurings as part of their efforts to tackle the coronavirus pandemic.

Work on this is progressing well, the Chinese foreign ministry said, adding that the World Bank and major developed nations still held most of the debt of a number of heavily indebted countries.

Beijing is negotiating under a G20-led debt standstill scheme for low-income countries launched in April, in a move designed to help them focus on tackling the health and economic crises triggered by the pandemic. The scheme, known as the Debt Service Suspension Initiative, allows eligible countries to freeze bilateral loan repayments until the end of the year.

Chinas tal…

Read the full article at: https://www.ft.com/content/6900c595-151b-4cfd-90bb-0be9967b7999

ATLANTA The Coca-Cola Co. is reorganizing, reducing its number of operating units from 17 to 9 and creating a platform services group. Platform services is intended to improve scale and expertise throughout the nine new operating units.

We have been on a multi-year journey to transform our organization, said chairman and chief executive officer James Quincey. The changes in our operating model will shift our marketing to drive more growth and put execution closer to customers and consumers while prioritizing a portfolio of strong brands and a disciplined innovation framework. As we implement these changes, were continuing to evolve our organization, which will include significant changes in the structure of our workforce.

The companys…

Read the full article at: https://www.foodbusinessnews.net/articles/16724-coca-cola-co-restructuring-business

Launched in Australia back in 2017, Miniso is headquartered in Guangzhou, China,

It is understood the company suffered from a lockdown decline in foot traffic, and it did not have a very strong e-commerce strategy.

Minisos local landlords, including ASX-listed centre owners Scentre Group, GPT Group, Vicinity Centres and Stockland, are not receiving rent payments during the pandemic.

Other creditors, including ANZ Bank, the Australian Taxation Office and parent company Tabata Holdings, are owed more than $6 million combined, with the China-based parent the largest creditor.

Earlier this month an application was granted to the joint and several voluntary administrators of Miniso Master Franchisee Pty Ltd toextend the convening period for …

Read the full article at: https://www.propertyobserver.com.au/finding/commercial-investment/retail/116690-discount-retailer-miniso-australian-master-franchisee-collapses-into-voluntary-administration.html

Srei Infrastructure Finance vice chairman Sunil Kanoria said the RBI restructuring package is somewhat “restrictive and not a workable solution”

Topics
Financial Advisor|RBI|NBFCs

The loan restructuring package

announced by the Reserve Bank of India evoked mixed reactions from experts in the financial sector, as some found it helpful for the tourism industry, while others described the guidelines of the scheme as “restrictive” to the NBFCs.

Tourism Finance Corporation of India MD and CEO Anirban Chakraborty said hotels and the hospitality sector are under the MSME segment in the loan restructuring framework of RBI.

The emergency credit line extended to the borrowers is a good measure to help the sector sustain for the next two…

Read the full article at: https://www.business-standard.com/article/economy-policy/financial-experts-express-mixed-feelings-on-rbi-s-restructuring-package-120082900524_1.html

Gambling is an activity that is enjoyed by many people around the world. From playing blackjack to participating in poker tournaments, people are not only entering casinos but they are playing online now too. But do you know what the laws and rules are in Australia when it comes to gambling? There have been several changes in the law over the years and it is important that you are aware of them.

The Federal Government Stepped In

Over the years, since new technology has emerged, the states in Australia were no longer left in charge of the rules and regulations on gambling. Instead, the Federal Government decided it was time to make some changes and ensure that the law protected the people. Indeed, this came with…

Read the full article at: https://www.australiantimes.co.uk/at/what-are-the-legal-rules-when-it-comes-to-gambling-in-australia/