Insolvency Guardian Media Centre
Andorra-based European LED screen and lighting manufacturer Llum Creativa, trading as ARCH LED, has been declared insolvent. An administrator, Lourdes Alonso Martnez, has been appointed by the court in Andorra and creditors have 30 days to make contact.
The company was founded in 2003 by Belgian entrepreneur Sebastian Clement, and initially served the entertainment and architectural lighting markets, going on to manufacture products in Belgium, Andorra and Dubai. Most recently, the company reported that it had collaborated with another supplier on an LED staircase at the Berlin offices of Google and YouTube which won an industry award.
Among other projects listed on the companys website and Vimeo channel are the supply of a 1500-cabine…
Read the full article at: https://www.avinteractive.com/news/business/european-led-screen-manufacturer-insolvency-23-07-2020/
Steve Jackson
Innocean executive creative director Steve Jackson is departing the agency as part of a wider restructure.
Jackson has been with the agency, which has clients such as Hyundai and Kia, since early 2017 and has also previously worked at DDB and Droga5 as creative director. He leaves Innocean due to a restructure as part of the business global digital acceleration ambitions.
These decisions are difficult at the best of times and even more so in the current rapidly evolving consumer and business environment, says Jasmin Bedir, Innocean Australia CEO.
Bedir, who stepped into the CEO role last month, says further shake-ups will be announced as she plans to develop a 21st century agency model for Innocean and further drive its …
Read the full article at: https://www.adnews.com.au/news/innocean-ecd-steve-jackson-exits-in-agency-restructure
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From Commentary
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5 minute read
When the Menzies government took office in December 1949, Australias public debt stood at 120 per cent of GDP. By the time Robert Menzies retired, on Australia Day, 1966, that proportion had dropped below 50 per cent. With the Treasurer on Thursday announcing eye-watering debt and deficits, the lessons of that achievement deserve to be at the forefront of public attention.
Unlike the Whitlam government, which relied primarily on inflation, then running at an annual average rate of 11 per cent, to erode the real value of public debt, the Menzies government which kept the average inflation rate to below 3 per cent did not secure debt reduction by expropriating savers. I…
Read the full article at: https://www.theaustralian.com.au/commentary/menzies-showed-the-way-to-selfreliant-recovery/news-story/8472416e124279cd87fadec79e996f82
VANCOUVER, British Columbia, July 23, 2020 (GLOBE NEWSWIRE) — Euro Manganese Inc. (TSX-V / ASX: EMN) (the “Company” or “EMN“) announced today that, further to its announcement of July 6, 2020, it has commenced the restructuring of the Companys board of Directors (the “Board“). Effective today, the Company has accepted the resignations from Dr. Roman Shklanka, Mr. Harvey N. McLeod, Mr. Daniel Rosicky and Mr. Jan Votava.
Dr. Shklanka and Mr. McLeod will remain as part of a newly formed strategic advisory committee, reporting directly to the Board, while Mr. Votava remains a key member of the executive team as Managing Director of Mangan Chvaletice s.r.o., the Companys Czech subsidi…
Read the full article at: https://www.globenewswire.com/news-release/2020/07/23/2067001/0/en/Euro-Manganese-Commences-Board-Restructuring.html
British High Commissioner to India Philip Barton says no time frame can be given for Mallyas extradition.
IN LONDON Vijay Mallya has managed to stave off the attempt by Indian banks to declare him bankrupt. UKs chief insolvency and companies court Judge Briggs on Thursday refused permission to both Mallya as well as the consortium of Indian banks led by the State Bank of India (SBI) to appeal the two judgments delivered by him on April 9 and July 22.
This would add significantly to the period when the case could reach a logical conclusion. On July 7, Mallya had told the UK court that the assets he is offering to state-owned Indian banks to pay off the debt of Rs 9,834 crore exceeds the amount he owes them. The next hearing in the case will…
Read the full article at: https://mumbaimirror.indiatimes.com/coronavirus/news/vijay-mallya-wards-off-bid-to-declare-him-bankrupt/articleshow/77137841.cms
Its a regular sight for anyone familiar with influencer advertising. Love Island star Sam Gowland, 24 – who has around 1.5 million followers across his social platforms – films himself bounding up the drive of his home surrounded by all his prize possessions. You might think years of reality TV and endorsements were behind Gowlands net worth, but not according to the man himself.
Ive got my dream car, my dream house and this beauty today he points at a Porsche in his driveway all from a 25 investment, he excitedly says as he walks into his house. I cannot stress enough, if you want in guys, swipe on the link and get involved.”
In the video which he uploaded to Snapchat last month, he brazenly states to his fans many of whom may be u…
Read the full article at: https://www.vice.com/en_ca/article/xg845j/reality-tv-influencers-advertising-gambling-betting-tips
- Closes $13.0 million mortgage-backed refinancing at 6.5%
- Retires $7.3 million of short-term higher rate debt
- Revenues and cash flow from consolidated cannabis operations continue to increase
NORWOOD, Mass., July 23, 2020 (GLOBE NEWSWIRE) — MariMed Inc. (OTCQX: MRMD) (the Company or MariMed), a leading multi-state cannabis and hemp operator focused on health and wellness, today announced that it has completed actions to restructure its debt, which will reduce interest costs while maximizing financial flexibility.
The Company closed a $13.0 million mortgage-back refinancing secured by its Massachusetts real estate, replacing a $4.8 million mortgage secured by one of the properties. This…
Read the full article at: https://www.globenewswire.com/news-release/2020/07/23/2066660/0/en/MariMed-Announces-Debt-Restructuring-Actions-and-Improved-Revenues-and-Cash-Flow.html
23 Jul 2020
Nearly two thirds of insolvency professionals who expect personal insolvencies to rise this yearbelievethe increase will kick inbetween October and December,a study has found.
R3, the trade body for insolvency, restructuring, advisory and turnaround professionals, conducted a member survey and found that most insolvency practitioners (IPs) anticipate the rise to emerge only at the end of 2020, with business failure being a key trigger. A total three in 10 of IPs surveyed think the rise will occur later, between January and Marc…
Read the full article at: https://www.creditstrategy.co.uk/news/news-top-stories/personal-insolvency-professionals-predict-spike-in-cases-through-q4-12891
When the pandemic eventually recedes and you feel comfortable shopping in malls again, theres a good chance the retail landscape will look very different. For instance, there will be far fewer Ann Taylor, Lane Bryant, and Loft stores to shop from. Ascena Retail Group, the umbrella company that owns these brands along with Catherines, Justice, and Lou & Grey, has just filed for bankruptcy.
These brands, which were once popular among women looking for affordable workwear for the office, survived the retail apocalypse in the wake of the Great Recession, only to be hit hard when the coronavirus pandemic landed. Ascena had a large fleet of brick-and-mortar stores across all of these brands, and these physical locations were forced to clos…
Read the full article at: https://www.fastcompany.com/90531633/heres-why-the-owner-of-ann-taylor-loft-and-lane-bryant-is-bankrupt
Its a regular sight for anyone familiar with influencer advertising. Love Island star Sam Gowland, 24 – who has around 1.5 million followers across his social platforms – films himself bounding up the drive of his home surrounded by all his prize possessions. You might think years of reality TV and endorsements were behind Gowlands net worth, but not according to the man himself.
Ive got my dream car, my dream house and this beauty today he points at a Porsche in his driveway all from a 25 investment, he excitedly says as he walks into his house. I cannot stress enough, if you want in guys, swipe on the link and get involved.”
In the video which he uploaded to Snapchat last month, he brazenly states to his fans many of whom may be u…
Read the full article at: https://www.vice.com/en_us/article/xg845j/reality-tv-influencers-advertising-gambling-betting-tips
MAN Energy Solutions has announced the launch of what it calls a comprehensive program to ensure the future viability of the company. It stated that extensive cost-cutting and restructuring measures are the necessary next steps on the way to the companys transformation into a solutions provider for sustainable energy supply. In addition, the company is preparing for a prolonged period of stagnant sales as a result of the Covid-19 pandemic.
To achieve this, according to MAN, it plans to cut costs by 450 million euros and increase its operational flexibility, among other objectives. The aim is to achieve an operating margin of 9% and improve the companys cash and liquidity position by 2023, even taking the global economic impact of COVID…
Read the full article at: https://www.cruiseindustrynews.com/cruise-news/23268-man-launched-cost-cutting-and-restructuring-efforts.html
Restructuring Support Agreement Supported by Over 68% of Secured Term Lenders; Files Voluntary Chapter 11 Petitions to Implement Financial Restructuring Plan
COVID-19 Pandemic Disrupted Meaningful Progress Underway to Optimize Balance Sheet and Accelerated Need for Proactive, Strategic Step Forward to Protect the Business for All Stakeholders
Talented Leadership Team Established Over the Past Year Remains Focused on
Driving Sustainable Growth and Profitability
Ann Taylor, LOFT, Lane Bryant, Justice and Lou & Grey Continuing to Serve Customers; Company to Close All Catherines Stores and Enters Into Asset Purchase Agreement to Sell Catherines Intellectual Property Assets
Secure…
Read the full article at: https://www.globenewswire.com/news-release/2020/07/23/2066420/0/en/ascena-retail-group-Reaches-Comprehensive-Restructuring-Agreement-to-Strengthen-Financial-Position.html