Insolvency Guardian Media Centre
ISTANBULTurkeys Finance Minister Berat Albayrak announced a $5 billion plan to help the countrys banks cope with a rise in corporate defaults, a remedy analysts said may not be enough to erase the towering debt left by a decade of credit-fuelled growth and avert protracted economic recession.
Mr. Albayrak, the son-in-law of President Recep Tayyip Erdogan, said Wednesday that the government would make the funds available to a number of state-run lenders to help them cope with bad debts, especially in the energy and construction…
Read the full article at: https://www.wsj.com/articles/turkey-unveils-5-billion-plan-to-help-banks-manage-bad-debts-11554896102
FRANKFURT (Reuters) – Credit Agricole needs to reduce costs at its investment bank but will stop short of restructuring, a senior official said as the industry faces slowing revenue.
FILE PHOTO: A Credit Agricole logo is seen outside a bank office in Vertou near Nantes, France, February 11, 2019. REUTERS/Stephane Mahe/File Photo
Xavier Musca, deputy chief executive officer of the French lender, told journalists that there were too many investment banks not sufficiently focused on their business.
But Credit Agricole already restructured in 2011 and 2012 to downsize the investment bank to refocus, he said.
We will not announce a restructuring, Musca said. We will need to reduce costs, but it will not be a restructuring as announced by other…
Read the full article at: https://www.reuters.com/article/us-credit-agricole-investment-bank/credit-agricole-investment-bank-needs-to-cut-costs-deputy-ceo-says-idUSKCN1RM15V?il=0
April 9 (Renewables Now) – German wind turbine maker Senvion SA (ETR:SEN) is officially entering preliminary self-administered insolvency proceedings as refinancing talks have so far provenunsuccessful.
The company announced on Tuesday that Senvion GmbH has filed for self-administration proceedings to safeguard the transformation programme it launched in January. The proceedings also relate to subsidiary Senvion Deutschland GmbH.
According to the press statement, main shareholder Centerbridge and Senvions lenders and major bond holders are supporting the decision to file the petition. The debt-laden wind turbine manufacturer noted that full recovery continues to be the …
Read the full article at: https://renewablesnow.com/news/update-senvion-initiates-self-administered-insolvency-proceedings-650113/
Nearly eight years into addiction recovery, Nicole Zoellner is still paying off $180,000 in gambling debt.
The Perry woman is married and has two children who now know of her struggles with a gambling addiction. She said she didnt tell her husband about her problem until several months into recovery. She broke the news at a family counseling session at A Chance to Change, an Oklahoma City-area nonprofit that provides classes, workshops and prevention programs for those with addiction or mental health issues. Zoellner still attends regular sessions.
Read the full article at: https://oklahomawatch.org/2019/04/09/the-invisibles-dealing-with-a-gambling-addiction/
Udacity, the $1 billion online education startup, has laid off about 20 percent of its workforce and is restructuring its operations as the companys co-founder Sebastian Thrun seeks to bring costs in line with revenue without curbing growth, TechCrunch has learned.
The objective is to do more than simply keep the company afloat, Thrun told TechCrunch in a phone interview. Instead, Thrun says these measures will allow Udacity from a money-losing operation to a break-even or profitable company by next quarter and then moving forward.
The 75 employees, including a handful of people in leadership positions, were laid off earlier today as part of a broader plan to restructure operations at Udacity. The startup now employs 300 full-time…
Read the full article at: https://techcrunch.com/2019/04/09/udacity-restructures-operations-lays-off-20-percent-of-its-workforce/
Nearly eight years into addiction recovery, Nicole Zoellner is still paying off $180,000 in gambling debt.
The Perry woman is married and has two children who now know of her struggles with a gambling addiction. She said she didnt tell her husband about her problem until several months into recovery. She broke the news at a family counseling session at A Chance to Change, an Oklahoma City-area nonprofit that provides classes, workshops and prevention programs for those with addiction or mental health issues. Zoellner still attends regular sessions.
Read the full article at: http://oklahomawatch.org/2019/04/09/the-invisibles-dealing-with-a-gambling-addiction/
Operations Continuing Without Interruption
Receives Court Approval of First Day Motions to Support Normal Business Operations
Granted Interim Approval to Pay All Vendors and Suppliers in Full
Granted Interim Approval to Access up to $85 Million of DIP Financing
DALLAS, Texas, April 09, 2019 (GLOBE NEWSWIRE) — Southcross Energy Partners, L.P.(OTC: SXEEQ)(Southcross or the Company) today provided an update on its court-supervised restructuring process.
The Companys operations across its asset base continue in the normal course and have been uninterrupted since the April 1, 2019 Chapter 11 filing. Southcross is continuing to provide customers the quality service they expect from the Company and to pay all pre- and post-petition amou…
Read the full article at: https://globenewswire.com/news-release/2019/04/09/1801632/0/en/Southcross-Energy-Provides-Update-on-Court-Supervised-Restructuring-Process.html
April 9 (Renewables Now) – German wind turbine maker Senvion SA (ETR:SEN) is officially entering preliminary self-administered insolvency proceedings as refinancing talks have so far provenunsuccessful.
The company announced on Tuesday that Senvion GmbH has filed for self-administration proceedings to safeguard the transformation programme it launched in January. The proceedings also relate to subsidiary Senvion Deutschland GmbH.
According to the press statement, main shareholder Centerbridge and Senvions lenders and major bond holders are supporting the decision to file the petition. The debt-laden wind turbine manufacturer noted that full recovery continues to be the …
Read the full article at: https://www.renewablesnow.com/news/update-senvion-initiates-self-administered-insolvency-proceedings-650113/
FRANKFURT (Reuters) – A German court on Tuesday approved an application for insolvency from wind turbine manufacturer Senvion, although the company said it was also continuing to look at new funding options and various potential investors had shown interest.
The Hamburg-based company, which has more than a billion euros of debt, said it had applied for preliminary self-administration proceedings because refinancing discussions with lenders had not yet been successful.
Shares in Senvion were down 40.5 percent at 1519 GMT, having fallen as much as 55 percent earlier in the day.
Senvion has faced delays and penalties related to big projects, while the wind industry as a whole has seen falling prices and increased competition as it moves a…
Read the full article at: https://www.reuters.com/article/us-germany-senvion/german-wind-turbine-maker-senvion-files-for-insolvency-idUSKCN1RL271
Greenwood Village-based Empower Retirement, the nations second largest administrator of retirement plans, is rolling out a program to make it easier for employers to provide what is becoming an increasingly popular benefit with younger workers student loan assistance.
Under the new offering, provided in conjunction with CommonBond Inc., a student loan payment platform, employers can make additional payments toward employees student loans or they can make extra retirement plan contributions for employees focused on paying down their loan balances.
The CommonBond platform also offers tools to help borrowers better manage their loans, such as knowing when it makes sense to refinance or what loan forgiveness options are available to them.
T…
Read the full article at: https://www.denverpost.com/2019/04/09/empower-retirement-student-loans/
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FRANKFURT, April 9 (Reuters) – Indebted German wind turbine manufacturer Senvion said on Tuesday it was filing for insolvency but was also continuing to look at new funding options and various potential investors had shown interest.
The Hamburg-based company, which has more than a billion euros of debt, said it had applied for preliminary self-administration proceedings because refinancing discussions with lenders had not yet been successful.
Deutsche Boerse suspended trading in Senvion shares at 1145 GMT because an announcement from the company was pending. They were down 20.8 percent.
Senvion has faced delays and penalties related to big projects, while the wind industry as a whole has seen falling prices and increased c…
Read the full article at: https://www.reuters.com/article/germany-senvion/update-1-german-wind-turbine-maker-senvion-files-for-insolvency-idUSL8N21R4LB
Senvion GmbH has filed for self-administered restructuring proceedings after refinancing discussions with lenders have so far not come to a positive conclusion.
These preliminary self-administration proceedings relate to Senvion GmbH as well as its subsidiary Senvion Deutschland GmbH.
The objective of the proceedings is to allow Senvion to proceed with the transformation process that was started earlier this year by the CEO and Management Board. In parallel, lenders and major bondholders are currently continuing discussions around a financing offer to secure the continuation of operations which may allow the company to successfully exit this process, the German turbine maker said.
Although we could not yet wi…
Read the full article at: https://www.offshorewind.biz/2019/04/09/senvion-files-self-administered-restructuring/