The cash-strapped airline filed for Chapter 15 bankruptcy protection in New York, a move that allows a foreign company with US assets to protect itself from creditors as it works to secure a private rescue plan.

The move coincides with its stablemate Virgin Australias unrelated announcement it will axe 3000 staff about a third of its workforce and ditch Tigerair Australia under its plan to emerge from voluntary administration.

London-based Virgin Atlantic, which is co-owned by Richard Bransons Virgin Group and US airline Delta, has been particularly hard-hit by the COVID-19 pandemic as it flies only long-…

Read the full article at: https://www.news.com.au/travel/travel-updates/health-safety/virgin-atlantic-files-for-bankruptcy-amid-coronavirus-pandemic/news-story/fe06f29d63b004b8b3902d6aee79b0f3

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Read the full article at: https://www.skynews.com.au/details/_6178269074001

If youre in a deep financial hole, is it worth considering bankruptcy and what happens if you do? We get some expert insight.

By Mark van Dijk

It can happen to anyone even famous folks like Mike Tyson, 50 Cent and Donald Trump (six times!) but what exactly does it mean? And what happens when you declare yourself bankrupt or insolvent?

First of all, you dont declare yourself bankrupt, says Rohan Lamprecht, an attorney at insolvency law specialists Dionne Lamprecht Inc. You can only be declared bankrupt by a court, under the Insolvency Act. It gets technical in that you can apply to have yourself placed under voluntary sequestration, or your creditors can bring an involuntary application against you. Either way, the person seeking the o…

Read the full article at: https://www.biznews.com/thought-leaders/2020/08/05/bankrupt-mean

With millions of Americans out of work and much of the economy still shut down, more and more people are falling further into debt.

First, dont panic. says Leslie Tayne, a debt settlement attorney based in New York. Debt goes up and down in your life, and sometimes you take it on when you dont want to.

This is one of those times where many people are being forced into debt due to unprecedented circumstances around the coronavirus pandemic. In fact, nearly a third of Americans are dealing with a lower income due to coronavirus.

The first step to getting out of debt is to focus on your goals, says Tayne. Once youve set your goals, theres a few other things youre going to want to take a look at.

Here are six tips for bouncing back from de…

Read the full article at: https://www.bankrate.com/personal-finance/ways-to-bounce-back-from-crushing-debt/

Former marketing services powerhouse Salmat will ask its general meeting at the end of the month for approval to delist, wind itself up, and appoint liquidators.

The company, which enjoyed supersonic growth for 35 years, sold its last two operational divisions earlier in the year. Its marketing solutions business was acquired by IVE, and its microsourcing business by Probe BPO. The board considered the options with the money received, and has now concluded that what has been a stellar run has come to an end.

The voluntary liquidation will see a 66.5-cents-per-share payout to shareholders. All directors will vote in favour of the winding-…

Read the full article at: https://www.print21.com.au/news/end-of-era-as-salmat-seeks-to-wind-itself-up

Virgin Atlantic has declared itself bankrupt and is seeking protection from creditors in the US, according to a court filing in New York on Tuesday.

The airline is seeking the protection under chapter 15 of the US bankruptcy code, which allows a foreign debtor to shield assets in the country. The announcement comes little more than a month after Virgin Atlantic announced it had secured funding to survive for another 18 months.

Virgin Atlantic flies only long-haul international routes and suspended flights in April due to the coronavirus pandemic.

The bankruptcy is the second from a Virgin Group airline this year. Virgin Australia, the countrys second largest airline, went into administration in April, owing $6.8bn to more than 12,000 cr…

Read the full article at: https://www.theguardian.com/business/2020/aug/04/virgin-atlantic-files-for-bankruptcy-as-covid-continues-to-hurt-airlines

NEW YORK, Aug. 04, 2020 (GLOBE NEWSWIRE) — Epiq, a global legal services company, announced today that its corporate restructuring business has earned the top ranking in the advisory league tables for claim agent retentions in Chapter 11 bankruptcy cases according to Debtwires Restructuring Data Report.

Epiq leads the claims agent industry YTD July with a total of 38 company side engagements.Debtwires league tables track all professional retentions in large Chapter 11 bankruptcy cases filed in the United States.

Were pleased to have the distinction of being the top performer in the corporate restructuring claims administration industry, said Deirdre OConnor, managing director of corporate res…

Read the full article at: http://www.globenewswire.com/news-release/2020/08/04/2072448/0/en/Epiq-Leads-in-Debtwire-Corporate-Restructuring-Claims-Agent-League-Tables.html

Updated: 2:12 p.m., Tuesday, Aug. 4, 2020

FBI agents raided a Downtown Cleveland high-rise office building that has been linked to Ukrainian oligarchs in a 2019 lawsuit alleging money laundering.

A bureau spokeswoman confirmed agents were present at One Cleveland Center on East 9th Street Tuesday morning. The building belongs to Optima Management Group, a real estate company that also owns 55 Public Square and is an investor in the Westin Cleveland hotel.

Agents also raided a building in Miami on Tuesday, according to FBI Cleveland spokeswoman Vicki Anderson. No one was taken into custody during either raid, she said.

In a May 2019 lawsuit filed in Delaware, Ukrainian commercial lender PrivatBank alleged oligarchs Igor Kolomoisky and Ge…

Read the full article at: https://www.ideastream.org/news/fbi-raids-cleveland-offices-linked-to-ukrainian-oligarchs

PizzaExpress has put its UK business up for sale and warned of 1,100 job cuts as it takes more drastic action to stave off collapse as the coronavirus crisis deepens for the casual dining sector.

The 55-year-old Italian pizza chain will close 67 restaurants 15 per cent of its UK estate and offload its Chinese business as part of a sweeping restructuring deal agreed with Hony Capital, the Chinese private equity firm that owns the group.

Hony, which bought PizzaExpress in a debt-fuelled 900m deal in 2014, has agreed to take the Chinese arm of the business, leaving PizzaExpresss UK and international sites, as well as the brand, in the control of its senior secured creditors unless a buyer is found.

The arrangement, which will also see 1…

Read the full article at: https://www.ft.com/content/dfbe31b2-257d-4d35-aed6-cee19387e692