Insolvency Guardian Media Centre
NEW YORK–(BUSINESS WIRE)–G-III Apparel Group, Ltd. (NasdaqGS: GIII) today announced the restructuring of its retail operations segment.
The restructuring of the retail operations segment includes the closing of 110 Wilsons Leather and 89 G.H. Bass stores. The Company has hired Hilco Global to assist in the liquidation of these stores, which will begin immediately or as stores reopen.
Morris Goldfarb, G-IIIs Chairman and Chief Executive Officer, said, We have completed a comprehensive review of our retail operations segment. With a focus on enhancing shareholder value, we have made the difficult decision to close all of the Wilsons Leather and G. H. Bass stores and have entered into agreements for the early lease termination of a si…
Read the full article at: https://www.businesswire.com/news/home/20200604005201/en/G-III-Apparel-Group-Ltd.-Announces-Restructuring-Retail
Tabcorp Holdings has reached an agreement with its US debt holders that will enable the ASX gambling group to postpone payments on their debt agreements.
Last month, Tabcorp announced it had entered into negotiations with US debt holders to get new covenant terms on its AUS $2.1 billion corporate debt tranche, maximising financial flexibility as it looks to navigate COVID-19 headwinds.
Tabcorp has stated by releasing a market filing that US bond holders will require the group to postpone the next two covenant interest payments covering the trading periods of June 30 and December 31, 2020.
Tabcorp will see the redemption on interest repayments null its investor dividend incentives for the fiscal year ending June 30 a figure previously …
Read the full article at: https://inkedin.com/blog/2020/06/05/tabcorp-reaches-agreement-for-debt-postponement/
Low-cost carrier AirAsia will lay off 111 flight attendants, 172 pilots, and 50 engineers as part of its restructuring plans, CEO Riad Asmat announced yesterday.
Affected employees will be notified within 24 hours via email, Riad reportedly said. He did not elaborate on the details of the compensation the airline would provide to retrenched staff.
The restructuring plan comes as AirAsia suffers losses due to the collapse of the aviation industry amid the COVID-19 pandemic. Riad said that it was a necessary step for the airline to ensure it could continue to operate.
Employees from other business divisions, including long-haul budget carrier AirAsia X, may also be laid off, Riad said. However, he did not reveal the exact number of staff…
Read the full article at: https://coconuts.co/kl/news/airasia-retrenches-more-than-300-employees-as-part-of-corporate-restructuring/
Thailand’s cabinet has approved a plan to restructure troubled Thai Airways’ finances through a bankruptcy court.
The plan for a court-led restructuring of the national carrier replaces a previous proposal of a government-funded rescue package that was heavily criticised in the country.
The state-controlled airline’s troubles are the latest example of how the coronavirus pandemic is crippling the global airline industry.
Colombia’s Avianca Holdings SA and Virgin Australia Holdings Ltd have filed for bankruptcy protection since the pandemic broke out.
Airlines around the world have grounded the bulk of their capacity due to government directives and border restrictions.
Thai Airways, though, had been in trouble even before the outbr…
Read the full article at: https://www.9news.com.au/world/thai-cabinet-approves-thai-airways-rescue/e61f12f7-7ae0-4387-b945-0ec2112a5bd5
Image copyright Getty Images“It’s like a last-ditch attempt to get the last bit of money out of a gambler. I was just disgusted.”
Dave, not his real name, has fought gambling addiction nearly his entire life and now has 50,000 of gambling debt spread over up to six credit cards.
He’s talking about when he recently saw an advert about a way that lets people gamble using credit on their mobile phone.
Just six weeks after a ban on using credit cards came into effect, politicians and charities say the regulator – the Gambling Commission – must take urgent action to shut down this “loophole”.
The Commission told the BBC’s Money Box programme it’s watching closely for any unintended consequences of the ban and will consider further inte…
Read the full article at: https://www.bbc.com/news/business-52918582
SUBCONTRACTORS will likely be the big losers from the collapse of council-favoured Ri-Con Contractors with the latest report revealing they are unlikely to see a cent of the almost $5 million owed.
The report lodged with ASIC by liquidator Worrells revealed the company, which won multimillion-dollar contracts with the Gympie, Sunshine Coast and Noosa councils, was likely trading insolvent from the middle of last year.
It went into liquidation in January.
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The new Kilkivan Equestrian Centre was built by Ri-Con.
At the time $1.1 …
Read the full article at: https://www.cqnews.com.au/news/massive-blow-for-subbies-in-chaos-left-by-ri-con-c/4030171/
by
By Sandrine Bradley
LONDON (LPC) – The UK government could face hefty losses on loans made to struggling businesses during the Covid-19 pandemic due to its new insolvency law that can force lenders to accept unfavourable terms during a debt restructuring process.
The new Restructuring Plan’, part of the government’s Corporate Insolvency & Governance Bill being debated in parliament this week, empowers one class of creditors to force a debt restructuring plan on another class of creditors, in what is known as a cross class cramdown.
It therefore gives a majority of creditors the power to force a debt restructuring onto a single class of creditors who do not agree with it.
This cou…
Read the full article at: https://wincountry.com/news/articles/2020/jun/04/uk-insolvency-law-poses-hefty-losses-for-government-backed-loans/1025928/?refer-section=business
Group of Seven finance ministers on Wednesday said a debt relief initiative for the world’s poorest countries could be extended beyond the end of the year to help deal with the economic fallout from the coronavirus pandemic.
In a lengthy joint statement, the G7 finance ministers urged all official creditors to join the initiative, called for strengthened reporting of public debt data, and said all creditors – public and private – should make responsible lending decisions in line with debt sustainability guidelines.
In an apparent reference to practices reportedly used by China, a major creditor for low-income countries, the ministers of the world’s most advanced economies also said creditors should fully disclose terms of public debt…
Read the full article at: https://news.cgtn.com/news/2020-06-04/G7-Debt-relief-for-poorest-countries-could-extend-beyond-2020-R2CJziDynu/index.html
SUBCONTRACTORS will likely be the big losers from the collapse of council-favoured Ri-Con Contractors with the latest report revealing they are unlikely to see a cent of the almost $5 million owed.
The report lodged with ASIC by liquidator Worrells revealed the company, which won multimillion-dollar contracts with the Gympie, Sunshine Coast and Noosa councils, was likely trading insolvent from the middle of last year.
It went into liquidation in January.
RELATED
* Mayor slams Hartwig’s Ri-Con call
* Sensational claim council knew subbies not paid months ago
* Gympie council says it was told subbies paid
* Gympie subbies in lurch as another builder goes bust
The new Kilkivan Equestrian Centre was built by Ri-Con.
At the time $1.1 …
Read the full article at: https://www.dailymercury.com.au/news/massive-blow-for-subbies-in-chaos-left-by-ri-con-c/4030171/
Introduction
Local business
Regulated business
International business
Comment
Jersey imposed travel restrictions in response to the COVID-19 crisis in March 2020 and has been operating a full lockdown for all residents, apart from essential workers, since 30 March 2020.
Most employees in the Jersey financial services industry are now working from home and there has been no interruption to business continuity for the sector.
The government, the courts and the Jersey Financial Services Commission (JFSC), including the Companies Registry and the Security Interests Registry, are all operating using a mixture of remote working and essential worker presence. The JFSC has confirmed that while its physical premises are closed, a f…
Read the full article at: https://www.internationallawoffice.com/Newsletters/Insolvency-Restructuring/Jersey/Ogier/COVID-19-restructuring-and-corporate-recovery-measures
Having multiple loans complicates business bookkeeping. Multiple loans may also impact business cash flow during the month.
Should you consider business debt consolidation? Absolutely. Even if youre easily managing multiple loans and cash flow, you might save money through debt consolidation.
An investigation into small business debt consolidation that helps you save money? Sounds like a good idea. Lets take a look.
What is Debt Consolidation?
Lets get the simple definition out of the way. Debt consolidation is when you take multiple loans, including fixed loans and lines of credit, and combine the debt into one loan.
Can You Consolidate Business Debt?
As you took on the trappings of adult life, you accumulated financial responsibil…
Read the full article at: https://smallbiztrends.com/2020/06/business-debt-consolidation.html
IT IS ALMOST a law of nature. Just as the female praying mantis eats her mate after copulation, so too can borrowers and lenders fall swiftly out of love. One minute they are sweetly wooing each other to consummate a deal. Then, the moment it is done, they are at each others throats.
So it is odd that African governments and their creditors have not yet fallen out. They have plenty to quarrel about. Africas debt crisis has been simmering for some time. Two years ago the IMF was already anxious about a growing number of African countries in debt distress or at high risk of it. This crisis was brought to the boil by covid-19, which has caused economies to shrink and tax revenues to plunge. Governments have ramped up spending to fight th…
Read the full article at: https://www.economist.com/middle-east-and-africa/2020/06/06/african-governments-face-a-wall-of-debt-repayments