APC Automotive Technologies, LLC, together with certain of its subsidiaries, (APC or the Company), today announced that it has entered into a comprehensive Restructuring Support Agreement (the RSA) with key stakeholders, including its asset-based lenders, 74% of its term loan lenders that are eligible to vote, and significant financial sponsors (the RSA Parties).
The restructuring transaction contemplated under the RSA will reduce APCs outstanding indebtedness by approximately $290 million on a net basis, significantly strengthening the Companys balance sheet and enhancing financial flexibility going forward. The RSA represents the commitment of the RSA Parties to support a compreh…
Read the full article at: https://www.oleantimesherald.com/business/apc-automotive-technologies-enters-comprehensive-restructuring-support-agreement-with-debt-and-equity-holders/article_2058e518-f380-56ce-92c6-d8545691c49f.html
An Auckland concrete con artist who ripped off customers and operated a business for years while bankrupt has been jailed.
Gordon Paul Bayne was sentenced at the Auckland District Court on Wednesday to two years and six months in jail, after pleading guilty to three charges under the Insolvency Act 2006.
Judge Evangelos Thomas said the most serious of the charges was managing a concreting business while bankrupt, through which he concealed $650,000, along with concealing property from the Official Assignee (OA) and misleading the OA.
According to the summary of facts, Bayne declared bankruptcy on February 4, 2016 – his fourth time. He was in debt in the order of $200,000 to $300,000.
However, he then illegally ran …
Read the full article at: https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12337008
Rachel Edwards has faced mental health difficulties for decades. Bouts of depression have also brought financial problems for the 43-year-old grandmother.
She believes that letters, warning about falling behind on debt and which lenders are compelled to send by law, are often counter-productive.
“You get these letters and they make you bury your head even further – and that makes both your mental health and your debt problems worse,” said Mrs Edwards, from Bridgend.
“You know what they are, you open them to look at what you owe, then put them on the side and leave them there.”
She is supporting a campaign by the Money and Mental Health Policy Institute calling for a change in the law to end the requirement to send the “thuggish” letters whic…
Read the full article at: https://au.news.yahoo.com/coronavirus-debt-letters-money-problems-230122275.html
Clive Palmer’s failed Queensland Nickel refinery was insolvent in the days before administrators were called in, a judge has found.
Key points:
But Justice Debra Mullins dismissed the liquidators’ claim against Mr Palmer’s flagship company Mineralogy, worth more than $100 million.
The judgment follows a mammoth Supreme Court civil trial into Queensland Nickel’s (QNI) 2016 collapse, which left 800 people out of work.
“This judgment vindicates my faith in the judicial system in Queensland,” Mr Palmer said.
“It’s a shining example that truth a…
Read the full article at: https://www.abc.net.au/news/2020-06-03/clive-palmer-and-queensland-nickel-court-ruling/12314878
Published: 2 Jun 2020, 15:28
Leclanch is undergoing a strategic reorganisation of the company and said it has secured funding for its manufacturing and R&D activities while also announcing a pivot towards becoming a green tech software and systems integration company.
After first revealing that the reorganisation would be forthcoming in September of last year, the Switzerland-headquartered battery and battery storage systems manufacturer said in a letter to shareholders dated yesterday (1 June 2020) that further restructuring steps are required to overcome the current balance sheet situation. The company had announced fresh funding in February of this year that it said would enable it to treble its cell manufacturing capacity ….
Read the full article at: https://www.energy-storage.news/news/leclanche-requires-restructuring-to-overcome-balance-sheet-situation-and-pi
June 02, 2020 04:00 ET Source: FTI Consulting, Inc.
LONDON, June 02, 2020 (GLOBE NEWSWIRE) — FTI Consulting, Inc. (NYSE: FCN) today announced the appointment of Matt Callaghan as a Senior Managing Director in the firms Corporate Finance & Restructuring segment in London, where he will lead the UK mid-market and insolvency offering.
Mr Callaghan joins FTI Consulting following a 17-year career with PwC, where he led a large number of high-profile and complex restructuring and insolvency cases. Having been based in both Leeds and London during this time, he has worked with a wide range of mid-market businesses and their stakeholders, including financial institutions, UK Government and corporates. Mr Callaghan has experience across a…
Read the full article at: https://www.globenewswire.com/news-release/2020/06/02/2041968/0/en/Matt-Callaghan-Joins-FTI-Consulting-s-Corporate-Finance-Restructuring-Segment-as-Senior-Managing-Director.html
Italian giant Eni is reportedly considering a major reorganisation of its business in response to the current market that would see it breaking off into two separate units.
According to a report by Italian media outlet IlSole24
Eni has been approached for comment.
Eni, which recently reported nearly 3 billion ($3.3 billion) of losses for the first quarter of the year, put its business plans under review
Eni suffers disappointment at Mexico exploration we…
Read the full article at: https://www.upstreamonline.com/finance/eni-studying-business-restructuring-report/2-1-817975
In a file photo, Cardinal Philippe Nakellentuba Oudraogo of Ouagadougou, Burkina Faso waves as he leaves St. Peter’s Basilica after a consistory at which he was made a cardinal by Pope Francis at the Vatican Feb. 22, 2014. (Credit: Paul Haring/CNS.)
ROME Cardinal Philippe Oudraogo, who is now recovered after contracting the coronavirus, has issued a statement insisting that the pandemic is not a punishment from God, and appealing for debt forgiveness to help cushion Africa from the economic devastation of the pandemic.
In his May 31 statement, Oudraogo asked bilateral and multilateral aid agencies to take a closer look at Africa, which he said lacks sufficient resources and safety kits to fight the COVID-19 pandemic.
Undoubtedly, initi…
Read the full article at: https://cruxnow.com/church-in-africa/2020/06/after-recovering-from-covid-19-african-cardinal-calls-for-debt-relief-for-continent/
Need to know
The people who spoke to us about their long-term credit card debt reveal the financial and emotional toll this debt can take
No- or low-interest balance transfer offers often leave people with more debt than they started with
CHOICE is calling on the banks to offer a six-month payment deferral on all credit products, with no additional interest charged on loans, among other measures
Early in April, Lody Stewart, a financial counsellor at the Financial Rights Legal Centre, took a call from a woman who was worried about her credit card debt. It was one of about 20 such calls she would take that week.
Maureen*, 84, had been making the minimum monthly repayments on two credit cards for as long as she could remember. One was…
Read the full article at: https://www.choice.com.au/money/credit-cards-and-loans/credit-cards/articles/what-never-ending-credit-card-debt-is-doing-to-australians
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