Insolvency Guardian Media Centre
Venezuelas opposition plans to treat equally creditors ensnared in the countrys $150bn web of defaulted debt if President Nicols Maduro is removed after weeding out inflated, fraudulent, or corrupt claims.
In a new policy paper, advisers to US-backed opposition leader Juan Guaid sketch out how his administration would go about restructuring Venezuelas huge and varied stock of debt, which includes unpaid supplier invoices, expropriation claims and defaulted bonds, among other instruments.
Given the complexity of the claims, the opposition government plans to hold all its foreign creditors to the same terms no matter the kind of debt held, which public entity issued it, and whether or not the creditor had previously gone to a court…
Read the full article at: https://www.ft.com/content/f8c70f3a-9d18-11e9-9c06-a4640c9feebb
* Italian banks trying to offload unlikely to pay loans
* Hedge fund DKCM in talks to take on some from Intesa
* Deal could herald others, vital to restoring banks health
By Valentina Za
MILAN, July 3 (Reuters) – How do you value a bank loan on the brink of default in an economy flirting with recession?
As it prepares to commit to buying billions of euros of such loans in Italy by mid July, U.S. hedge fund Davidson Kempner Capital Management (DKCM) has deployed legions of number crunchers to find out.
Their task is fiendishly complicated, with businesses survival chances often hinging on the prospects for debt restructurings, turnaround plans, securing new investment or even hiring new managers.
But the implications of their work go far …
Read the full article at: https://www.reuters.com/article/italy-loans-value/italy-counts-on-army-of-number-crunchers-to-win-bad-loan-war-idUSL8N24357J
Policy decisions in France are aimed at reducing or even eliminating the use of phytosanitary products in agriculture. The economic situation of companies in the EXEL Industries group that manufacture agricultural sprayers is coming under increasing pressure, particularly if they mainly sell to the French market. Our companies are currently having to consider some serious issues. However, thanks to new technology and precision spraying, the quantities of phytosanitary products used can be significantly reduced.
To improve our capacity for innovation, consolidate our expertise for the benefit of farmers, and increase the impact of our brands, EXEL Industries will restructure its agricultural spraying business.
Guerric Ballu, Chief Execut…
Read the full article at: https://globenewswire.com/news-release/2019/07/03/1877655/0/en/EXEL-Industries-is-to-restructure-its-agricultural-spraying-business.html
A local company, led by a group of familiar Iron Range names, has successfully secured a portion of the assets of ERP Iron Ore with the hope of reviving scram mining operations.
Scram mining previously was conducted on the West Range by Magnetation, a company experiencing rapid growth from 2008 to 2015. The firm got its start extracting ore from existing waste piles and tailings basins.
By early 2015, the company employed more than 400 people among four operations. Not long after, plummeting iron ore prices left the mining firm insolvent. When Magnetation declared bankruptcy, its assets included Plant 1 near Keewatin, Plant 2 in Taconite, the Jesse Load Out Facility and the newly built Plant 4, just north of Grand Rapids. There also was a …
Read the full article at: http://www.businessnorth.com/businessnorth_exclusives/company-plans-to-revive-mining-on-west-range/article_74f993ee-9d36-11e9-940f-5755872216a4.html
By the end of fourth quarter 2018, total household debt in the United States reached a new high of $13.54 trillion. A new Economic Inquiry study found that nonprofit credit counselingwhich reaches millions of consumers a year and provides financial education, individualized financial counseling, and debt restructuring servicescan be an effective strategy for addressing consumer debt issues.
For the study, researchers analyzed the credit of counseled individuals versus a matched comparison group of noncounseled individuals….
Read the full article at: https://phys.org/news/2019-07-credit-consumer-debt.html
Independent senator Jacqui Lambie says she wants to see Tasmanias debt from the federal government relieved if she is to pass Scott Morrisons full tax cuts agenda.
Senator Lambie, in a statement to her supporters today, writes that she cannot in good conscience support tax cuts while the Tasmanian state government owes $157m to the Commonwealth in social housing debt.
The Tasmanian independent is the key vote the Prime Minister needs to pass through the cornerstone of his economic policy and election agenda.
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Read the full article at: https://www.theaustralian.com.au/nation/politics/jacqui-lambie-demands-tasmania-debt-relief-for-tax-cuts-support/news-story/b0d078680cd288abe5015711404a00b8
Debenhams only Australian store is set to shut its doors and abandon the Australian market entirely in early 2020.
The decision comes after Greenlit Brands subsidiary, PSEA Dept Store, confirmed its Debenhams Australia franchise terminated.
Having a strong presence overseas, Debenhams failed to reach similar popularity in Australia, with the majority of electronics sold in the market being only toys.
Both franchise and brand agreements to operate the Melbourne store will be terminated, putting an end of the UK retailers Australian venture.
The announcement comes roughly three months after shareholders voted for a Company Voluntary Arrangement (CVA), which put the struggling British department store chain into the hands of its lenders.
Th…
Read the full article at: https://www.channelnews.com.au/debenhams-australia-set-to-close-in-2020/
Troubled live exporter Wellard has voluntarily suspended its shares, pending the release of an announcement about a proposed recapitalisation and restructure.
The suspension follows the company putting its shares into a trading halt on Monday, foreshadowing the announcement, which was planned for Wednesday but is now set to be released by Friday.
The announcement relates to discussions Wellard is engaged in to recapitalise its business or restructure its operations, including its position with its convertible noteholders.
Shares were valued at 2.4 when the halt was called Monday morning.
The stock has plummeted 40 per cent from 4 since June 11 when the company revealed a default had triggered a hike in repayments of its debt of $15 million…
Read the full article at: https://thewest.com.au/business/agriculture/wellard-suspends-shares-ahead-of-recapitalisation-plans-ng-b881248698z
Debenhams sole Australian store is set toclose after Greenlit Brands subsidiary, PSEA Dept Store confirmed itsDebenhams Australia franchise terminated.
Bothfranchise and brand agreements to operate the Melbourne outlet will be terminated putting an end to the embattled UK retailers Australian venture.
The announcementcomes roughly three months after shareholders voted for a Company Voluntary Arrangement (CVA).
The arrangement put the struggling British department store chain into the hands of its lenders. The result of which saw CEO Sergio Bucher resign and the business enter voluntary administration.
Debenhams Australia franchise terminated
In April, Debenhams announced plans to close 22 stores in the UK, a move it said woul…
Read the full article at: https://www.franchisebusiness.com.au/news/debenhams-australia-franchise-terminated/
The Committee of Creditors (CoC) of BS Ltd has requested resolution plan applicant United Trade Co to improve its offer and modify its terms.
Formerly known as BS TransComm Ltd, BS is an infrastructure and engineering, procurement and construction (EPC) firm operating in the segments of power transmission & distribution and telecom.
In its ninth meeting, the CoC reviewed United Trades proposal and asked it to enhance the resolution amount and modify the other terms of the resolution plan.
Following an order of the National Company Law Tribunal (NCLT) in November 2018, BS has been undergoing the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code (IBC), 2016.
In its petition, the SBI-led lenders had said BS w…
Read the full article at: https://www.thehindubusinessline.com/news/bs-ltds-lenders-request-bidder-united-trade-to-enhance-resolution-plan/article28263566.ece
What happens when a Saudi company goes bust
What happens when a company gets into difficulties and has no option but to cease trading? Often, the answer is that it goes into liquidation.
This may be simply defined as the process by which a companys operations are brought to an end, and its property and assets redistributed. One of the aims behind liquidation is to recoup as much as possible of the money owed to the companys partners, who have priority access to the cash once their creditors are paid and they have fulfilled any other obligations.
Under Saudi law, when a company is wound up it is immediately in liquidation. The first task is to appoint liquidators. By law, while the directors of the company have no more power, they may …
Read the full article at: http://www.arabnews.com/node/1519646
A new report from Muscle Cars And Trucks, citing unnamed sources, says General Motors has canceled development of the sixth-generation Chevy Camaro Z/28. The news comes after last weeks revelation the automaker is rumored to discontinue the Camaro after 2023 with the seventh-generation Camaro program shelved for now.
Deliveries for the sixth-generation Camaro have been abysmal, falling steadily since its 2016 introduction. Last year, just under 51,000 found homes. Sales figures for 2019 arent looking much better. However, sales for its crosstown competitor, the Ford Mustang, are also down, though nowhere near as extreme as Camaro sales. GMs hesitation with another costly development program makes sense.