Insolvency Guardian Media Centre
The deal was unanimously approved by secured lenders and reduces Suzlon’s term debt substantially.
It also replaces the balance of debt it owes to its lenders with debt securities and shares
Suzlons CFO Swapnil Jain said: This debt restructuring will ease the pressure on our cash flows significantly and give us headroom for ramping up business operations.
We have reduced our fixed cost steeply and brought down the interest costs by more than 70%.
This has resulted in substantial reduction in the break-even point from pre-restructuring levels, ensuring a long-term sustainable business case. It improves our overall competitiveness in the marketplace, and now Suzlon is back to business from a position of strength.
Suzlon’s share price ro…
Read the full article at: https://www.windpowermonthly.com/article/1688426/suzlon-completes-debt-restructuring-deal
Every day at 7pm, New Yorkers have cheered, applauded and banged pots and pans for frontline workers. One of those they have cheered for is Shana-Kay Henry, a physician assistant in the city, who, like thousands of others, is praised as a hero for her brave caretaking efforts during the pandemic.
In her case, Henry worked as an ER physician assistant, caring for Covid-19 patients. What the applauding masses may not know about her and many others like her, though, is her other affliction: student debt.
Henry owes $223,000 for her education, including a masters degree from Touro College School of Health Sciences, amassed in pursuit of her dream of a medical career and of becoming …
Read the full article at: https://www.theguardian.com/world/2020/jul/02/frontline-workers-student-debt-relief-covid-19
THE FOUR-LANE, 62-km toll road being built between Masiaka, a business hub in Sierra Leone, and Freetown, the countrys capital, promises shorter journey times, fewer accidents and smoother drives. It is nonetheless controversial. Awarded to China Railway Seventh Group, the project added over $160m to the countrys foreign debt, according to the China-Africa Research Initiative (CARI) at Johns Hopkins University. The work has suffered delays, which the company blames on the pandemic and the need to compensate property owners, reports the Concord Times, a local newspaper. The firm has also complained that some lorries pass by the toll booths, not through them.
Projects like these have mushroomed across Africa and other developing countri…
Read the full article at: https://www.economist.com/finance-and-economics/2020/07/04/the-poorest-countries-may-owe-less-to-china-than-first-thought
TheRoyal Albert Hall will go bust by March next year if it doesnt receive urgent financial support, the iconic venues chief executive has warned.
The West London venue, which was the busiest live music venue in the world last year, has lost 12m after closing its doors for more than 100 days due to coronavirus.
Now, the i newspaper reports that it will not survive to its 150th anniversary in March next year if funding is not received.
Chief executive Craig Hassall told the publication: The Government support has been very oblique and vague. We have lobbied hard and consistently across the sector. But [Culture Secretary] Oliver Dowdens roadmap for recovery has no dates and nothing firm.
There is no guidance from Governmen…
Read the full article at: https://www.nme.com/news/music/royal-albert-hall-will-go-bust-by-next-year-without-urgent-financial-support-2700255
In order to survive, companies and lenders alike will have to weather the storm, demonstrate a level of a…
The financial impact of COVID-19 will depend on how long it lasts and the depth of the fall in output. The main cost of COVID-19 will no doubt be unemployment occasioned by the inevitable financial distress of companies (a conservative prediction currently estimates the number of people to become unemployed to be in the millions). In order to survive, companies and lenders alike will have to weather the storm, demonstrate a level of agility and solidarity as well as consider corporate restructuring techniques to combat the effect of this pandemic. These techniques may include a subordination of debts.
First, back to the basics:…
Read the full article at: https://iclg.com/briefing/13767-south-africa-restructuring-and-insolvency-covid-19-subordinated-debt-in-business-rescue
Decades before Rick Blangiardi began his run for Honolulu mayor, he took part in financial schemes in Hawaii and Kansas that led him to file for bankruptcy and landed the scams ringleaders behind bars.
The former television executives involvement got the attention of the Federal Deposit Insurance Corp., or FDIC, which sued him and others in 1985.The case was reported by local media at the time but hasnt been reexamined since he announced his candidacy for public office.
Blangiardi says he was an unwitting pawn in a scam and that his testimony helped put those who orchestrated it in jail.
It was a very scary time in my life, he said in a recent interview with Civil Beat. We were the victims here, not the perpetrators.
First-time mayor…
Read the full article at: https://www.civilbeat.org/2020/07/how-rick-blangiardi-got-caught-up-in-a-1980s-bank-fraud-scheme/
Throughout the coronavirus crisis, CBS is providing weekly updates on the number of bankruptcies pronounced by Dutch courts. The weekly updates are normally released on Thursdays at 12.00 p.m.
Not including sole proprietorships, there were 30 bankruptcies in week 26. This is 43 down on the previous week. In addition, 1 sole proprietorship was declared bankrupt, 11 fewer than in the previous week.
| 2019 | 1 | 17 |
|---|---|---|
| 2019 | 2 | 7…
Read the full article at: https://www.cbs.nl/en-gb/news/2020/27/31-bankruptcies-in-week-26 Turbine manufacturer Suzlon has completed debt restructuring with the unanimous approval of its secured lenders. The company said the term debt is reduced substantially with interest of 9% a year repayable over 10 years starting today. It added that the balance debt of secured consortium lenders has been replaced by 0.01% optionally convertible debenture of the company and 0.0001% compulsorily convertible preference shares of its subsidiary redeemable or convertible in 20 years. Suzlon founder and chairman Tulsi Tanti said: Consortium of lenders led by State Bank of India and the company have worked together to protect the interests of all the stakeholders involved, thereby protecting the Indian wind energy sector, saving thousands of… Read the full article at: https://renews.biz/61350/suzlon-concludes-debt-restructuring/  Aussie spending has been turbulent in 2020, with the devastating effects of the bushfires into the outbreak of COVID-19.  In fact, according to Deloitte Access Economics latest quarterly Retail Forecasts subscriber report (Q2, 2020), retail spending has been a rollercoaster so far this year. The report revealed that after the surge in spending growth in the March quarter, Deloitte predicts that it will contract again by 4.0% in the June quarter. 2020 has been a tumultuous year for retailers. Were not even halfway through, but across the whole sector we expect calendar 2020 to register a record breaking fall in real retail sales, Deloitte Access Economics partner and Retail Forecasts principal author David Rumbens said. But while t… Read the full article at: https://mozo.com.au/personal-loans/articles/aussie-spending-why-now-s-the-time-to-consolidate-your-debt | Source: Aeromxico
Mexico City, July 01, 2020 (GLOBE NEWSWIRE) — Company Obtains Court Approval of All Requests at “First Day” Hearing Aeromexico Continuing to Serve Customers and Operatewith Focus on Health and Safety of Employees and Customers
Mexico City, July 1, 2020 — Grupo Aeromexico S.A.B. de C.V (Aeromexico or the Company) (BMV: AEROMEX) today announced that is has received Court approval of all “First Day” motions that were presented at the First Day hearing that was held on July 1, 2020 following the Companys voluntary Chapter 11 filing on June 30. The Court orders will help support Aeromexicos ongoing operations throughout the restructuring process. We are pleased with the Courts prompt consider… Read the full article at: https://www.globenewswire.com/news-release/2020/07/02/2056618/0/en/GRUPO-AEROMEXICO-COMPLETES-FIRST-STEP-IN-RESTRUCTURING-PROCESS.html The Corporate Insolvency and Governance Act (the Act) received Royal Assent on 25 June 2020 and is now in force. As anticipated in our client alert of 26 May 2020, the Act represents the most extensive changes in the insolvency landscape since the Enterprise Act came into force in 2003. The provisions of the Act contain both:
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