Insolvency Guardian Media Centre
Nine has confirmed it will no longer continue with some of its smaller sporting events as part of the latest restructuring of theformer publishing empires assets.
The $31 million sale to endurance sports company, The IRONMAN Group, include events like The Sun-Herald City2Surf presented by Westpac, The Sydney Morning Herald Half Marathon, Carmans Womens Fun Run, Melbourne Corporate Triathlon and Spring Cycle.
The IRONMAN group already operates a global portfolio of eventsin Australia such as the Blue Mountains ultra trail race and Noosas Runaway marathon.
It is expected that around half of the employees within Nines division will move with the sale, but, Nines publications will still continue to have an ongoing relationship with their respec…
Read the full article at: https://ministryofsport.com.au/nine-parts-with-sporting-events-amid-restructuring-of-assets/
Australian LGBTIQ publication Star Observer has announced the company has entered voluntary administration and is up for sale.
The publication announced on Thursday the board of directors of the company, Gay & Lesbian Community Publishing Limited, had appointed Trent McMillen from MaC Insolvency as administrator on Friday, May 10.
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Cash flow is the lifeblood of any small organisation, Star Observer chairman Sebastian Rice said.
The Star Observer is an LGBTI community owned not-for-profit that has always relied on advertising revenue to raise money. We do not receive any government funding.
The board saw an unexpected slowdown in our advertising clients paying their bills, which caused us to run low on cash in the bank.
We needed…
Read the full article at: https://qnews.com.au/lgbtiq-publication-star-observer-goes-into-voluntary-administration/
Doug Ford had a private plan to surprise Ontarians.
His first budget would recast him as a kinder, gentler premier. Not too tough, not too soft just right.
It didnt go according to plan.
By holding back the bad news under the guise of a good-news budget Fords Tories are belatedly paying a heavy price. Not as high a price, however, as ordinary Ontarians facing the daily drip-drip-drip of cascading cutbacks in recent weeks.
It all adds up to billions of dollars slashed from local education, transit, health care and social services. And it has provoked a growing backlash.
On paper, the budgets title is Protecting What Matters Most.
In reality, its not protecting what matters most to Tories their political survival.
Fords popularity is tumbling…
Read the full article at: https://www.thestar.com/politics/political-opinion/2019/05/20/revealed-doug-fords-post-budget-plan-to-declare-bankruptcy.html
DETROIT – Ford revealed details of its long-awaited restructuring plan Monday as it prepared for a future of electric and autonomous vehicles by parting ways with 7,000 white-collar workers worldwide, about 10 percent of its global salaried workforce.
The major revamp, which had been underway since last year, will save about $600 million per year by eliminating bureaucracy and increasing the number of workers reporting to each manager.
In the U.S. about 2,300 jobs will be cut through buyouts and layoffs. About 1,500 have left voluntarily or with buyouts, while another 300 have already been laid off. About 500 workers will be let go starting this week, largely in and around the companys headquarters in Dearborn, Michigan, just outside…
Read the full article at: https://www.japantimes.co.jp/news/2019/05/21/business/corporate-business/seeing-rough-road-ahead-ford-sheds-7000-white-collar-jobs/
Ford Motor is laying off 7,000 salaried employees as part of CEO Jim Hacketts restructuring plan to reduce bureaucracy, cut costs and turn the automaker into a more agile company prepared for a future that extends beyond its traditional business of producing and selling cars and trucks.
The cuts represent about 10% of the automakers salaried employees. Some buyouts and layoffs have already occurred, according to an email sent to employees by Hackett. The contents of the email were initially reported by the WSJ. TechCrunch has since reviewed the email.
Some 1,500 employees opted for voluntary buyouts, which occurred in November 2018, according to a spokesperson. Ford expects to complete the restructuring efforts by August globally. …
Read the full article at: https://techcrunch.com/2019/05/20/ford-will-slash-7000-salaried-jobs-by-august/
Robert Smith, a private equity executive worth an estimated $4.47 billion, is donating approximately $40 million of his fortune to pay off the student loan debt of the graduating class of Morehouse College.
Morehouse, an elite, all-male historically black college in Atlanta, had a graduating class of 396 this year. Graduates of historically black colleges and universities (HBCUs) like Morehouse have historically faced higher debt burdens, a burden whose repayment is made more difficult by income disparities faced by black Americans.
Im usually not a huge fan of massive donations to elite colleges. Smith donated $50 million to his alma mater Cornell a few years ago; given the schools $7.2 billion endowment, it felt a lot like Smith was…
Read the full article at: https://www.vox.com/future-perfect/2019/5/20/18632520/morehouse-college-graduation-class-size-robert-f-smith-billionaire
(Adds details, context)
CARACAS, May 20 (Reuters) – Venezuelas opposition has hired veteran debt lawyer Lee Buchheit to help restructure the countrys more than $150 billion debt burden, suggesting it could take a tough approach to dealing with investors holding defaulted bonds.
Buchheit, a former Cleary Gottlieb attorney who has represented several governments in debt talks with bond investors, published an academic article last year suggesting ways for a future Venezuela government to minimize debt repayments.
The move comes nearly four months into a power struggle between President Nicolas Maduro and Juan Guaido, the head of the opposition-controlled National Assembly who in January invoked the countrys constitution to assume an interi…
Read the full article at: https://www.reuters.com/article/venezuela-politics-debt/update-1-venezuela-opposition-hires-veteran-lawyer-buchheit-to-help-restructure-debt-idUSL2N22W0EJ
NEW YORK–(BUSINESS WIRE)–Global law firm Goodwin
announced today that Howard
Steel has joined its Financial
Restructuring practice as a partner in the New
York office. Steels arrival comes on the heels of the firms West
Coast expansion of the practice with the recent
addition of partner Nathan Schultz in San Francisco.
Steel represents creditors committees, bondholders, lenders, indenture
trustees, landlords, and individual secured and unsecured creditors in
all aspects of corporate restructuring. He has extensive experience in
SIPA proceedings, mass tort cases and distressed debt trading. Steels
experience extends across industries, includ…
Read the full article at: https://www.businesswire.com/news/home/20190520005517/en/Leading-Financial-Restructuring-Lawyer-Howard-Steel-Joins
Despite Japans reputation for being one of the most welcoming nations for fintech, online crypto gambling has struggled to take off in light of the countrys strict regulation. In late March, the blockchain-based, decentralized application (DApp) platform Tron announced that it would block gambling DApps in Japan, bringing the issue of regulating crypto gambling back to public attention. Cointelegraph takes a look at the legal and cultural approaches to gambling in Japan, along with how developers believe attempts to halt crypto gambling can only last so long.
Tron complies with Japanese legislation
On March 31, Tron announced in a press release that it would remove gambling DApps in Japan in order to comply with local regulation.
The press…
Read the full article at: https://cointelegraph.com/news/cash-coins-and-casinos-japan-struggles-to-regulate-online-gambling
CARACAS, May 20 (Reuters) – Venezuelas opposition has hired veteran debt lawyer Lee Buchheit to help restructure the countrys more than $150 billion debt burden, suggesting it could take a tough approach to dealing with investors holding defaulted bonds.
Buchheit, a former Cleary Gottlieb attorney who has represented several governments in debt talks with bond investors, published an academic article last year suggesting ways for a future Venezuela government to minimize debt repayments.
In late October, Buchheit co-authored the paper arguing that Venezuela would be a candidate to benefit from a potential U.S. executive order protecting its assets from seizure by creditors. That could facilitate an orderly resolution that would entice to…
Read the full article at: https://www.reuters.com/article/venezuela-politics-debt/venezuelan-opposition-hires-veteran-lawyer-buchheit-to-help-restructure-debt-idUSL2N22W0BX
BOCA RATON, FL / ACCESSWIRE / May 19, 2019 / Resolvly is a seasoned and reputable debt solutions company. Started by Gregory Fishman in Boca Raton in 2014, the company continues to protect families and individuals from unfair debt collection practices. This includes harassing phone calls from creditors, as well as repetitive billing and other unscrupulous collection practices. With years of extensive industry experience, Resolvly continues to help individuals with unsecured debt solutions. As a dedicated businessman and visionary, Gregory Fishman remains committed to helping …
Read the full article at: https://www.apnews.com/ACCESSWIRE/1b315f748b33fa4f4fae846ab7de9924
Specialist legal practice OSM Partners has named Andrew Croughan as new partner and head of personal insolvency and Raymond Lambe as a new partner in the corporate and commercial litigation department.
Andrew Croughan has over 10 years experience in the area of commercial litigation, dispute resolution and insolvency and has acted in cases before all courts including the Supreme Court and Court of Appeal.
An insolvency specialist, he advises on all aspects of personal insolvency and bankruptcy law where he both advises and represents clients in contentious matters. He acts for financial institutions, receivers, blue chip companies and private clients.
Raymond Lambe is an experienced litigator and specialises in financial services dis…
Read the full article at: https://www.lawsociety.ie/gazette/top-stories/two-named-as-partners-at-osm/