Insolvency Guardian Media Centre
A wave of letters sealed in canary yellow envelopes will descend upon Syracuse, New York, and the surrounding region in just a few weeks. They contain good news for the recipients: Thanks to the efforts of a local high school senior, their medical debt has been wiped out.
While some high school seniors were slacking off during their final months of school, Talia Zames, 18, launched a campaign to raise $15,000 in an effort to pay off old medical debt from those in her own community.
To help connect her donated dollars with those in need, Zames coordinated with the nonprofit RIP Medical Debt. The organization locates unpaid medical debt and then uses charitable donations to forgive old, outstanding debts for pennies on the dollar.
In 2016, th…
Read the full article at: https://www.cnbc.com/2019/07/01/meet-the-18-year-old-who-helped-wipe-out-6-point-7-million-dollars-in-medical-debt.html
Cosmetics and fragrance giant Coty Inc. said it would restructure its operations and take a $3 billion write-down on the multibillion-dollar beauty business it acquired nearly three years ago from Procter & Gamble Co.
Coty, whose products include OPI nail polish and CoverGirl makeup, said Monday it struck a deal with creditors to provide enough funding to carry out a restructuring plan that will downsize staffing and product offerings while reorganizing the business into distinct geographic units.
…
Read the full article at: https://www.wsj.com/articles/struggling-beauty-giant-coty-to-restructure-operations-11561983526
State-owned steel producer PT Krakatau Steel has denied rumors that the company will layoff more than 2,000 people in an effort to improve its financial performance.
The rumor is false, Krakatau Steel president director Silmy Karim said in a statement. There are many ways for a company to restructure its organization and firing employees is not always the way.
The rumor emerged following a report that the company was to carry out restructuring as part of its efforts to make the company profitable.
He said one of the moves would be streamlining, which ledpeople to believethat thecompany would layoff thousands of its employees.
Instead of laying off employees, he explained, the company would transfer the employees to its subsidiaries to …
Read the full article at: https://www.thejakartapost.com/news/2019/07/02/krakatau-steel-denies-it-will-carry-out-layoffs.html
Committed to Operating Its Business as Usual, Including Providing Powerful Home Security to Customers Without Interruption
Secures Commitment of $245 Million in Debtor-in-Possession Financing to Support Business Operations
ENGLEWOOD, Colo., July 01, 2019 (GLOBE NEWSWIRE) — Monitronics International, Inc. (Monitronics or the Company), the wholly owned subsidiary of Ascent Capital Group, Inc. (Ascent) (NASDAQ: ASCMA), today announced that it has voluntarily initiated its previously announced planned financial restructuring under Chapter 11 of the U.S. Bankruptcy Code to effectuate its partially pre-packaged Plan of Reorganization (the Plan).
Under the terms of the proposed Plan, which now has the support of holders of approximately 9…
Read the full article at: https://globenewswire.com/news-release/2019/07/01/1876595/0/en/Monitronics-International-Files-Voluntary-Chapter-11-to-Restructure-and-Strengthen-Balance-Sheet.html
We appear to have another casualty in the increasingly competitive strobe market. According to ProfiFoto, TheDistrict Court of Wrzburg has ordered the provisional insolvency administration of the assets of German lighting manufacturer Hensel-Visit GmbH & Co. KG (Hensel). This isnt bankruptcy or the end of the business, yet, although the company does have a significant challenge on its hands.
Essentially, insolvency is when a company is unable to pay its debts on time.Hensel puts their current situation down to unsatisfactory sales development over recent months and the high costs of ongoing investment into developing new products.
According to the report on ProfiFoto, a provisional insolvency administrator has been appointed to help He…
Read the full article at: https://www.diyphotography.net/german-lighting-manufacturer-hensel-goes-into-provisional-insolvency/
Anyone who has ever set up their own business knows that, despite the cliche its not personal, its just business, when things start to go wrong and your business starts to struggle, it can feel very personal indeed. Whatever the reasons for the situation you and your business find yourselves in, its very unlikely that this was something you ever planned for; but if there is a chance of saving your business its important you do start thinking about the action you need to take to try and make sure you come out the other side.
It can be tempting to avoid addressing the underlying issues that are causing the problem, with the vain hope that if you simply continue to keep running the business the way youve always run it things will eventually …
Read the full article at: https://www.thelondoneconomic.com/lifestyle/my-business/does-calling-in-an-insolvency-practitioner-mean-the-end-for-your-business/01/07/
Shoe retailer Office could close some of its roughly 100 stores as part of a restructuring programme, Sky News has reported.
The firm has appointed consultancy Alvarez & Marsal, to draw up plans for a company voluntary arrangement or CVA, a procedure used by insolvent businesses, Sky said citing sources.
…
Read the full article at: https://www.independent.co.uk/news/business/news/office-shoes-close-stores-restructuring-high-street-a8983851.html
The owners of an embattled up-market Perth restaurant are begging the public to help pay their overdue debts after they were forced to shut the business last week.
Kiren and Kelli Mainwaring have owned Co-Op Dining, a trendy fine-dining restaurant in the citys east, since 2012.
But since closing the restaurants doors, the couple have turned to popular crowd-funding site, GoFundMe, frantically seeking donations from the public to bail them out of debt.
The restaurant markets itself as a space that provides a regional degustation menu, in modern surroundings with a non-pretentious atmosphere.
Customers can choose between degustation menus of five or 10 courses, featuring unusual concoctions like charcoal eggs with salt bush and chocolate, miso…
Read the full article at: https://www.news.com.au/lifestyle/food/restaurants-bars/closed-perth-restaurant-uses-gofundme-to-help-pay-staff/news-story/268c3c642abd113dfe6fbbc1b9fb7dc0
Personal_Finance / Debt & Loans
Jul 02, 2019 – 09:18 AM GMT
By: Sumeet_Manhas
If you have lots of unsecured debts such as credit card loans or student loans, your efforts to repay those debts could chop off a huge chunk of your monthly budget. Thus, you need to choose a good debt relief option. Debt consolidation involves taking a single loan to repay off different liabilities and consumer debts. In effect, several debts are merged into a single, larger debt with more favourable pay off conditions. Better pay off terms may include lower monthly instalments or lower interest or both.
Does it work?
There are different ways you can lump your debts into a single monthly payment. For instance, you ca…
Read the full article at: http://www.marketoracle.co.uk/Article65218.html
Enchanted Diamonds, an international online diamond retailer headquartered in New York City, has unexpectedly declared bankruptcy leaving customers in the lurch.
The business which was registered as Online Diamonds International Corporation and formerly operated a showroom in Times Square filed for Chapter 7 bankruptcy in a New York court on 20 June. In the filing, it was listed as having debts of US$1.7 million (AU$2.4 million).
A Chapter 7 bankruptcy does not involve a repayment plan; instead, it enlists a trustee to sell the debtors assets and use the proceeds to pay creditors. It is mostly equivalent to liquidation under Australian law.
The news came after six Enchanted Diamonds customers complained to the media that they …
Read the full article at: https://www.jewellermagazine.com/Article/8347/International-diamond-retailer-goes-bankrupt
In recent years, the business has been a source of regulatory and political headaches while losing ground and talent to rivals.
Deutsche Bank now plans to tell hundreds of US equities and rates traders that they will no longer be employed there, people familiar with the matter told Bloomberg. Chief Executive Officer Christian Sewing may present a major restructuring plan as early as this week, slashing as many as 20,000 positions worldwide.
After a slow drip of news and rumoursabout potential job cuts, with limited direct communication from Sewing, a number of US staffers have grown to resent their London and Frankfurt-based counterparts, according to interviews with nearly a dozen current and former employees. Kerrie McHugh, a spokeswoman…
Read the full article at: https://www.afr.com/business/banking-and-finance/investment-banking/at-deutsche-nyc-there-s-empty-seats-blank-screens-20190702-p523a2
On Monday, the Hecs (Higher Education Contribution Scheme) repayment threshold fell to the lowest it has ever been.
From now on, anybody earning over $45,881 a year will have to start repaying their student loans effective immediately.
Two years ago, the repayment threshold was $56,000, but Australias Coalition government lowered that to $52,000 last year as a budget-saving measure, and it has now been lowered again.
How much will I have to pay?
Its a common misconception that you only start paying your Hecs debt once you graduate. In fact, you start paying it the moment your income goes over the threshold.
If youre just over the cut-off, you will have to pay 1% of your total income. And thats pre-tax, not after.
So if you earn $45,88…
Read the full article at: https://www.theguardian.com/australia-news/2019/jul/02/hecs-debt-repayment-changes-why-more-people-will-be-forced-to-pay-off-student-loans