Insolvency Guardian Media Centre
multilang-release
UPM-Kymmene Corporation Stock Exchange Release (Inside Information) 26 August 2020 at 13:00 EET
UPM plans restructuring and streamlining to ensure performance
To ensure future competitiveness of UPM Communication Papers, UPM announces plans for permanent closing of UPM Kaipola paper mill in Finland, sale of UPM Shotton paper mill in Wales and streamlining Communication Papers business function teams. In addition, UPM Biorefining and UPM Specialty Papers announce plans for reorganising and streamlining activities in Finnish pulp mills, UPM Forest and UPM Tervasaari mill in Finland. The planned actions would result in annual cost savings of EUR 75 million. Dec…
Read the full article at: https://www.globenewswire.com/news-release/2020/08/26/2083863/0/en/UPM-plans-restructuring-and-streamlining-to-ensure-performance.html
THE WHAT? Inglot Cosmetics has become the latest victim of the COVID-19 pandemic as its owners announced that it would place the Irish holding company into liquidation, according to a report published by the Irish Times.
THE DETAILS The Swarbrigg family will continue to run the brand as an online and wholesale operation, closing all 20 stores. Creditors will schedule a meeting later this month to appoint a liquidator.
THE WHY? The brand attributed store closures to the impact of COVID-19 and the immense challenges facing the retail sector via its Instagram page last month with social distancing rules rendering close contact services such as make-up application impossible.
Read the full article at: https://www.globalcosmeticsnews.com/inglot-cosmetics-enters-into-liquidation/
The Insolvency, Restructuring and Dissolution Act 2018 (the “IRDA”) came into force on 30 July 2020. The consolidation of all personal and corporate insolvency and debt restructuring legislation into a single statute, along with other legislative changes, seeks to further strengthen Singapore’s position as an international debt restructuring hub. This note highlights the new restrictions on ipso facto provisions effected by the IRDA, which will be of particular interest to loan market participants.
Restrictions on ipso facto clauses
Ipso facto1clauses allow a party to terminate or modify the operation of a contract (including accelerating payment) upon the occurrence of certain events of default such as a counterparty’s insolvency or …
Read the full article at: https://www.jdsupra.com/legalnews/ipso-facto-clauses-under-the-insolvency-82977/
CHICAGO (AP) A 79-year-old used car dealer fatally shot a 40-year acquaintance during an argument over a gambling debt, Cook County prosecutors said Saturday.
The Chicago Tribune reports that James Kelley, 72, was killed by a gunshot wound to the back about 3:25 p.m. Wednesday at Dunmores Auto Sales in Chicagos Grand Crossing neighborhood.
Willie Dunmore was charged with first-degree murder and held on a $200,000 bond. Prosecutors said at Dunmores bond hearing that he and Kelley had known each other for four decades and that Kelley repeatedly went to the auto dealer to collect on an old gambling debt.
A friend of Kelleys drove him there again Wedn…
Read the full article at: https://www.mystateline.com/news/state-news/gambling-debt-is-fatal-shooting-motive-prosecutors-say/
UNION, N.J., Aug. 25, 2020 /PRNewswire/ –Bed Bath & Beyond Inc. (Nasdaq: BBBY) today announced a major realignment of its organizational structure, estimated to generate future annual pre-tax cost savings of approximately $150 million. This represents a portion of the anticipated savings from the previously disclosed comprehensive restructuring plan, which is expected to deliver annualized improvement in Earnings before Interest, Income Taxes, Depreciation and Amortization (EBITDA) of between approximately $250 million to $350 million, excluding one-time costs, over the next two-to-three years.
The realignment will further simplify the Company’s operations, support investment in its strategic growth plans, and provide additional finan…
Read the full article at: https://www.prnewswire.com/news-releases/bed-bath–beyond-inc-announces-next-steps-in-accelerated-restructuring-plan-301118280.html
Virgin Atlantic has today shared an important update in its billion-dollar restructuring plan. The United Kingdom-based carrier has announced that its creditors have voted in favor of its proposal to get its finances back on track amid the impact of the global health crisis.
Adapting to the challenges
It has been well-publicized that the airline is going through a solvent recapitalization in British courts. Additionally, it also applied for Chapter 15 bankruptcy protection in New York to protect its assets in the United States.
In a press release seen by Simple Flying, a Virgin Atlantic spokesperson highlighted …
Read the full article at: https://simpleflying.com/virgin-atlantic-restructuring-plan-approved/
Administrators for scandal-hit payments firm Wirecard said on Tuesday that the insolvent company would lay off more than half its remaining German staff.
Wirecard’s workforce will be cut by 730 from around 1,300 staff currently, with 570 kept on at the firm’s base near Munich.
“The economic situation of Wirecard was and is extremely difficult in light of the lack of liquidity and the well-known scandalous circumstances,” the company’s insolvency administrator Michael Jaffe said in a statement.
“The usual restructuring and cost-adjustment measures are not sufficient,” he added.
“The number of employees and all other cost positions at all insolvent companies have to be adjusted to the corporate reality.”
Wirecard’s entire board of managemen…
Read the full article at: https://au.news.yahoo.com/insolvent-wirecard-slash-more-half-142312263.html
KUALA LUMUR: The Dewan Rakyat passed amendments to the Insolvency Act to increase the bankruptcy threshold from RM50,000 to RM100,000.
The Insolvency (Amendment) Bill 2020 was passed with a simple voice vote in the House.
Minister in the Prime Minister’s Department Datuk Takiyuddin Hassan said the bankruptcy threshold was increased as a responsive move by the government following current issues related to insolvency.
Earlier when tabling the Bill for its second reading, Takiyuddin said four amendments have been done since 1976 to raise the threshold from RM1,000 then to RM50,000 in 2017.
He said raising the bankruptcy threshold over the years had allowed debtors to avoid being declared as bankrupts.
Based on statistics, he said there w…
Read the full article at: https://www.thestar.com.my/news/nation/2020/08/25/dewan-rakyat-passes-amendments-to-insolvency-act-bankruptcy-threshold-now-rm100k-from-rm50k-previously
Administrators for scandal-hit payments firm Wirecard said on Tuesday that the insolvent company would lay off more than half its remaining German staff.
Wirecard’s workforce will be cut by 730 from around 1,300 staff currently, with 570 kept on at the firm’s base near Munich.
“The economic situation of Wirecard was and is extremely difficult in light of the lack of liquidity and the well-known scandalous circumstances,” the company’s insolvency administrator Michael Jaffe said in a statement.
“The usual restructuring and cost-adjustment measures are not sufficient,” he added.
“The number of employees and all other cost positions at all insolvent companies have to be adjusted to the corporate reality.”
Wirecard’s entire board of man…
Read the full article at: https://au.finance.yahoo.com/news/insolvent-wirecard-slash-more-half-142312263.html
PRESS RELEASE
Swissport has received a binding commitment from an ad hoc group of senior secured creditors (the AHG), subject to final documentation, for the provision of an interim super senior facility of 300 million euros, which delivers immediate liquidity for Swissport to trade through the COVID-19 market crisis and the restructuring process. The 300 million euros adds to the more than 200 million euros liquidity Swissport still had as of 18 August.
In addition, an agreement in principle has been reached for a comprehensive restructuring and refinancing of Swissport, involving senior secured creditors, led by the AHG, lenders under Swissports PIK facility agreement (the PIK Lenders) and HNA Group C…
Read the full article at: https://theloadstar.com/swissport-secures-300-million-euros-additional-liquidity-and-reaches-agreement-in-principle-on-comprehensive-restructuring/
UK insolvency and restructuring experts have been bombarded for months, as industries hardest hit in the pandemic have suffered an onslaught of company failures and emergency refinancings.
But specialists across accountancy, investment banking and law are now preparing for a fresh wave of corporate distress in the autumn, when government furlough and loan schemes that have kept thousands of businesses afloat and millions employed come to an end.
Peter Marshall, managing director at Houlihan Lokey, an investment bank, said there was a feeling of the calm before the storm.
Most larger companies had dealt with their immediate liquidity issues caused by the pandemic through agreeing covenant waivers with their creditors, for example, he s…
Read the full article at: https://www.ft.com/content/0f6ec106-f5cc-4581-ac7b-870ee13eb1bf
Thousands of travellers who booked trips with STA Travel could find themselves out of pocket, after the company was placed into voluntary administration.
Source: istock.com
Some people said they were promised refunds or credit notes by STA, but they had battled for weeks to get an answer about what happened to their money.
Emily Vale and her partner were looking forward to their first trip home to the UK since they moved to New Zealand five years ago.
“So we had a big three-week trip planned with returning flights booked with STA Travel,” Vale said.
They had booked the trip last year – well before Covid-19 all but put a stop to international travel.
Vale said they were meant to take off in April, but by the end of March i…
Read the full article at: https://www.tvnz.co.nz/one-news/new-zealand/travellers-face-losses-sta-travel-goes-into-voluntary-administration