Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
The IMF Executive Board approved debt relief under the Catastrophe Containment and Relief Trust to provide US$ 7.63 million (SDR 5.48 million) over the next 3 months, and potentially up to US$ 24.97 million (SDR 17.96 million) over the next 21 months.
IMF debt relief will help free up resources for public sector health needs including other emergency spending and help mitigate the balance of payments shock posed by the COVID-19 pandemic.
Given the risks ahead, it will be important to ensure close cooperation with multilateral organizations and donors and ensure adequate budget allocations toward health and other priority spending.
Washington, DC The Executive Board of the International Monetary Fund (IMF) today approve…
Etihad Cargo has enjoyed three successive months of more than $100m in revenue, but Abdulla Mohamed Shadid, MD cargo and logistics, is to step down in November, according to a source at the airline.
In a note to staff seen by The Loadstar, Mr Shadid said that the cargo arm was expecting another $100m+ month in July. May, when revenues hit $114m, was a record for the carrier.
Etihad has been undergoing a deep restructuring, he said, the benefits of which will be felt for years to come as we embark on the new five-year plan. Not even a global pandemic could get in the way of this remarkable transformation.
He said the restructuring was now all but complete, and added: I thought long and hard about how much mor…
The coronavirus pandemic has hurt countless companies and forced them to rethink on their business strategies and restructuring plans.
Amid shrinking demand, stalling of operational activities, and growing uncertainties, several companies took steps to reduce their cost base. At the same time, many divested their non-core asset or non-core business to focus on their core business.
Fleet leasing provider Eclipx signed an agreement with Growth Factor Group to sell its entire stake in Right2Drive for up to A$26.5 million.
The sale of Right2Drive would accomplish the non-core divestment program of Eclipx, which is an essential component of the Companys Simplification Plan, devised a year back, way before the current unforeseen sce…
A UK recruitment director has been banned for six years for paying himself a 150,000 bonus prior to the recruitment firm entering liquidation.
Roy Davies has been banned from acting as a director or directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company.
The recruitment firm, LTG Recruitment Limited, was incorporated in April 2015 and Davies was appointed a director at the same time.
Davies used the ‘EMS’ brand name extensively across various recruitment companies, including LTG Recruitment, but only a year after incorporation, LTG Recruitment entered liquidation in October 2016 and this brought the company t…
Air Serbia has commenced intensive communication with special purpose vehicles set-up by Etihad Airways in 2015 called Etihad Airways Partners I BV and Etihad Airways Partners II BV, over the restructuring of its multi million dollar debt. The carrier previously informed the funding vehicle that due to the financial strain caused by the coronavirus Covid-19 pandemic it may not be able to meet its obligations and payments. Air Serbia has sent its creditors at EAP I BV and EAP II BV a joint proposal with the revised amounts and loan repayment deadlines, in good faith that a mutually acceptable solution can be reached through negotiations. It is important to note that Air Serbia, in relation to the creditors, as well as others such as ba…
UK High Street stalwart Marks and Spencer is to cut hundreds of jobs as coronavirus continues to hit trading.
The retailer said 950 store management and head office jobs were at risk because it needed to accelerate its restructuring.
A spokesperson said the move marks “an important step” in it becoming a “stronger, leaner” business.
M&S was already undergoing a transformation that included cutting costs and closing some stores.
The firm said that due to the pandemic, those measures would be accelerated under a programme called “Never The Same Again”. M&S said it now wanted to “make three years’ progress in one”.
M&S said it had started collective consultation with employee representatives and has set out plans to first offer voluntary redund…
A local travel company specialising in educational tours has gone into liquidation, citing COVID-19 and issues with its insurance company as the final nails in the coffin.
Antipodeans Abroad has been showing high schoolers, schoolies and university students the world for almost 30 years, but COVID-19s travel restrictions and cancellations have all but wiped the company from the face of the earth.
The Australian Securities and Investments Commission (ASIC) has confirmed the company is under external administration, and 7 News has reported Hall Chadwick has been called in as liquidator.
7 News also said the companys Sydney headquarters and Melbourne offices were locked up and empty, potentially leaving thousands of students and parents ou…
The COVID-19 Pandemic has disrupted business activities leading to a significant business loss in many sectors primarily hospitality, tourism, airlines, and retail industry, pushing operators towards insolvency
Government stimulus programs such as job-keeper program and a temporary moratorium on director liability for insolvent trading are set to become ineffective from September end to November, pointing towards a possible uptick in insolvencies
Letter of extension for the stimulus measures and other relief programs to December 31 from the Australian Institute of Company Directors, indicates prevailing uncertainty of businesses in Australia
Voluntary Administration allows an insolvent company to be evaluated by an independe…
The shareholders general meeting has approved the financial restructuring plan
Implementation of the first tranche of the New Money facility for an amount of c. 240 million
Paris (France), 20 July2020 Technicolor (EuronextParis: TCH; OTCQX: TCLRY) announces that, on the basis of information received, all resolutions required to implement the financial restructuring plan have been approved, with a very large majority, for the shareholders general meeting to be held today at 10am. Also, as planned, the first part of the new financing (the New Money) was concluded on July 17th and will be made available during the day, for an amount of c. 240 million (net of …
A man enters TOT headquarters on Chaeng Watthana Road. The state telecom plans to position itself as an infrastructure sharing provider. PATTARAPONG CHATPATTARASILL
State telecom enterprise TOT plans to cut almost one-third of its 83 divisions and reduce its existing senior executive vice-president (SEVP) positions from 14 to nine as part of its restructuring in preparation for a merger with CAT Telecom early next year.
The restructuring, which also includes a 15% cost reduction, is due to start in October.
The merger of the state telecom enterprises into National Telecom (NT) is scheduled to be completed in January 2021. The date was postponed from July this year bec…
Image caption“Buy now, pay later” allows customers to delay payment or split it into smaller instalments
Buy now, pay later service Klarna has seen a boom in business during Britain’s lockdown.
That includes a 105% increase in the number of running shoes purchased using its services, a 60% hike in beauty product sales and “significant uplift” in purchases of bicycles and cycling accessories.
“We saw our volumes increase during that period just reflecting the increase in digital transactions generally,” Luke Griffiths, Klarna’s vice president, told BBC Radio 5 Live’s Wake Up To Money.
However, as sales increased but more shoppers faced the financial uncertainty of lockdown, the company did tighten its rules on lending.
