Insolvency Guardian Media Centre
Net SE, the company behind the photographic brands Meyer Optik Goerlitz, CP Goerz and Oprema Jena, has been declared insolvent and will be wound up.
German blog Photoscala reports that insolvency proceedings have started for the assets of Net SE, thus throwing the fate of all of its many crowdfunded lens campaigns into doubt.
The Meyer Optik brand had launched several lenses on Kickstarter this year, and now it seems likely all those backers will never receive their glass and possibly their money back.
Photoscala reports that any claims should be addressed to a law firm called Lieser.
Net SE filed for bankruptcy earlier this summer.
Read the full article at: https://camerajabber.com/company-behind-meyer-optik-goerlitz-lenses-to-be-wound-up/
The US Bankruptcy Court for the Southern District of New York has approved US retailer Sears Holdings first day motions for its voluntary Chapter 11 restructuring.
The retailer filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code yesterday. This approval is expected to improve the companys liquidity position and allow it to continue business operations throughout the financial restructuring process.
The court authorised the company to access its $300m senior priming debtor-in-possession (DIP) financing from its senior secured asset-based re…
Read the full article at: https://www.retail-insight-network.com/news/sears-receives-court-approval-chapter-11-restructuring/
LOS ANGELES, Oct. 16, 2018 /PRNewswire/ — After a period of unprecedented growth, national wholesale insurance brokerage, managing general agent and program underwriter Worldwide Facilities announces an organizational restructuring. The company will reorganize into three divisions: Worldwide Brokerage, Worldwide MGA, and Worldwide Programs.
The driving force for this change is the significant growth that Worldwide Facilities has experienced in recent years. Having grown from about $550 million in gross written premium 3 years ago, the company now places approximately $1.5 billion in premium, with MGA and Program underwriting contributing 35% of that figure.
“We have evolved, on a deliberate and intentional basis, to a much…
Read the full article at: https://www.prnewswire.com/news-releases/worldwide-facilities-announces-organizational-restructure-promotes-eric-stuckman-and-hank-haldeman-to-president-roles-300731272.html
- A Perth-based startup with an app promising cheap international money transfers has been put into liquidation.
- The Federal Court was told that Bux Global raised at least $65 million.
- Evidence was given to the court that cash raised went to fund the private expenses of those associated with the startup and that the app didnt do what it was meant to.
Bux Global, a fintech with an app promising to disrupt the way multi-billion dollar international payments are made, raised tens of millions of dollars from investors, some of them reportedly high profile sportspeople, before going under.
A Federal Court judge, who appointed Ferrier Hodgsons Martin Jones and Andrew Smith as liquidators, says investors put at least $65…
Read the full article at: https://www.businessinsider.com.au/bux-global-startup-liquidation-perth-fintech-2018-10
Sears, an anchor of retail life for generations of Americans, filed for bankruptcy on Monday and said it was closing almost 150 stores, the latest marquee victim of the online era.
Founded in 1886 as a mail order catalog company, it went on to pioneer the department store industry, selling all things to all people, and by the mid-20th century had built a vast empire that stretched across North America.
But in recent decades the company struggled in a quickly shifting retail environment, battered by competition from big-box stores and then by the meteoric rise of Amazon and other e-commerce players.
Sears Holdings Corporation, also the parent company for Kmart, which merged with Sears in 2005, said in a statement it had filed for bankruptcy …
Read the full article at: https://au.news.yahoo.com/sears-once-mighty-us-retailer-files-bankruptcy-005217109–spt.html
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BERLIN, Oct. 15 (Xinhua) — Chinese investment, together with a Swiss partner, has helped a 120-year-old insolvent German rail system company back to life, the chief executive officer (CEO) of Molinari Rail Systems GmbH told Xinhua on Monday.
“At the end of 2016 before the acquisition, the situation of the railway systems company in the (German city of) Dessau was not very good. It had already been at the edge of insolvency for half a year,” said Jan Harder.
Harder is very proud that, in the past two years, Molinari Rail Systems has made a comeback in the German rail industry as a reliable partner.
A total of 45 employees were kept on after the acquisition. Nowadays that number has grown to over 70, said He Ha…
Read the full article at: http://www.xinhuanet.com/english/2018-10/15/c_137534726.htm
- Sears said Monday that it will close 142 more stores, part of its plans to file for Chapter 11 bankruptcy.
- Massive liquidation sales will start at the stores soon, the company said.
- Sears has closed hundreds of stores already in an effort to stay afloat, including 46 which are due to close next month.
- The company said that all stores will keep operating in the short-term, and that the company will continue trading into the crucial holiday period.
Sears confirmed plans to shut down 142 more stores as it filed for Chapter 11 bankruptcy on Monday, and says massive liquidation sales will start at the stores soon.
The company filed for Chapter 11 bankruptcy early on Monday, following a lon…
Read the full article at: https://www.businessinsider.com/sears-close-142-more-stores-massive-liquidation-sales-2018-10
HOFFMAN ESTATES, Ill., Oct. 15, 2018 /PRNewswire/ — Sears Holdings Corporation (“Holdings,” “we,” “our,” or the “Company”) (NASDAQ: SHLD) today announced a series of actions to position the Company to establish a sustainable capital structure, continue streamlining its operating model and grow profitably for the long term. To facilitate these actions, the Company and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York (the “Court”).
The Company expects to move through the restructuring process as expeditiously as possible and is committed to pursuing a plan of reorga…
Read the full article at: https://www.prnewswire.com/news-releases/sears-holdings-initiates-processes-to-accelerate-strategic-transformation-and-facilitate-financial-restructuring-300730768.html
HOFFMAN ESTATES, Ill., Oct. 15, 2018 /PRNewswire/ — Sears Holdings Corporation (“Holdings,” “we,” “our,” or the “Company”) (NASDAQ: SHLD) today announced a series of actions to position the Company to establish a sustainable capital structure, continue streamlining its operating model and grow profitably for the long term. To facilitate these actions, the Company and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York (the “Court”).
The Company expects to move through the restructuring process as expeditiously as possible and is committed to pursuing a plan of reorganization in the very near term as it …
Read the full article at: https://markets.businessinsider.com/news/stocks/sears-holdings-initiates-processes-to-accelerate-strategic-transformation-and-facilitate-financial-restructuring-1027614995
Sears, the one-time titan of American retail, is expected to file for bankruptcy early Monday morning US time ahead of a $US134 million ($190 million) debt payment.
For years, Sears has contended with the threat that it would become the latest big-name retailer to fall to online competition and crushing debt. The icon once known for its pristine catalogues and more recently known for decrepit showrooms and a controversial chief executive saw its stock price plunge last week after reports that it had hired an advisory firm to prepare a bankruptcy filing ahead of the October 15 payment.
A person familiar with the negotiations told The Washington Post late Sunday evening that the filing was expected after midnight on Monday, though negotiat…
Read the full article at: https://thewest.com.au/business/retail/once-mighty-us-retail-empire-sears-on-edge-of-bankruptcy-ng-b88991329z
The management of BFL Microfinance Bank has sued the Central Bank of Nigeria (CBN) for illegally revoking its operating licence.
The bank, in the originating summons filed at the Federal High Court by its counsel, Velma Solicitors, prayed the court to declare the purported revocation null and void as the bank was not solvent.
The Government, CBN and the Nigerian Deposit Insurance Corporation (NDIC) were joined in the suit as the defendants.
BFL, among other things, sought a declaration that the plaintiff was not in default of any of the provisions of the Banks and Other Financial Institutions Act 2004 to warrant a revocation of its licence.
The counsel to BFL also prayed that the cou…
Read the full article at: https://www.dailytrust.com.ng/microfinance-bank-sues-cbn-over-licence.html
LuNa Smelter Ltdhas taken over the operations of Karuruma Tin Smelter, whose activities had stalled for a long time following the failure by the previous investor, Phoenix Metal Ltd, to run it.
Luna Smelter is the parent company of Ngali Holdings and Luma Investmenta Polish-based venture firm.
Fabrice Kayihura, the Acting Managing Director of the new firm, told The New Times that their main focus is to create a sustainable industrial plant, unique for the Central and East Africa region.
He said their ambition is to become a leading African conflict free tin supplier.
Luma Investment, the majority shareholder with 75 per cent of shares, with experience in privatisation, business restructuring, finance and banking where it has executed meg…
Read the full article at: https://www.newtimes.co.rw/news/govt-secures-new-investor-karuruma-tin-refinery