Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Brett GoldbergTickPick Co-founder and Co-CEOSecondary marketplace TickPick is acquiring the brand and
ticket resale platform Razorgator, which had declared financial
No-fee ticketer TickPick has announced today that is acquired secondary ticketing marketplace, Razorgator. The deal will see TickPick acquire assets from one of the largest ticketing marketplaces after Razorgator declared it was formerly insolvent in February of this year.
Were buying everything related to the retail business, Co-Founder and Co-CEO of TickPick Brett Goldberg told Amplify. It is really the brand name, the domain name, and the user base.
The acquisition will also include alternate domain names, trademarks, and technology from Razorgator after it filed for a California assignment for the benefit of creditors earlier this year. The shut down of Razorgator left many fans with invalid tickets and ticket brokers seeking payme…
House of Fraser is to close stores, potentially putting hundreds of jobs at risk, as part of a formal restructuring deal under which the Chinese owner of Hamleys will take control of the ailing department store chain.
C.banner is buying a 51% stake in House of Fraser from its current owner Nanjing Cenbest, which will retain a minority stake.
The deal is subject to the retailer closing an unknown number of its 59 stores and renegotiating rents with landlords through a company voluntary arrangement, an insolvency process, which is expected to be launched in June.
House of Fraser said the restructuring would provide the business with an effective platform for future growth.
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Following the release of the Q1 2018 Insolvency Service insolvency statistics today, Richard Haymes, Head of Financial Difficulties at TDX Group, an Equifax company, calls for stricter rules when promoting insolvency services online:
The figures released by the Insolvency Service today, showing an increase in both company and personal insolvencies, support our expectation that the number of individual voluntary arrangements (IVAs) and Trust Deeds will grow by around 17% in 2018. Our latest research reveals a similar trend; with the number of cases continuing to rise. March saw a record volume of IVAs and Trust Deeds issued (around 6,500), up by 20% on the same period last year.
One of the main drivers of this growth, along with incre…
The Resolution Professional (RP) of Adhunik Metaliks Ltd has sought exclusion of 20 days from the mandatory 270-day timeframe required to complete an insolvency process. The 270-day deadline granted to the bankrupt company under the corporate insolvency resolution process (CIRP) expired on April 29.
While no resolution plan was approved by the Committee of Creditors (CoC) during this period, the resolution professional on Tuesday submitted a progress report and sought a 20-day extension of timeframe. A similar appeal was made by the workers union of Adhunik Metaliks. We will see if such an exclusion can be provided or not, the division bench of Justice Jinan KR and Justice Madan B Gosavi said.
Secondary marketplace TickPick is acquiring the brand and
ticket resale platform Razorgator, which had declared financial insolvency in
February.
TickPick made the announcement today, and cofounder/co-CEO
Brett Goldberg spoke with Pollstar about where Razorgator is headed after
financial woes led to many customers purchasing tickets not honored at venues.
The financial terms of the deal were not disclosed, and it
does not include the corporate ticketing business of Razorgator.
Gambling addiction is a very serious problem that effects hundreds of thousands of people in the UK. In fact, the UK Gambling Commission (UKGC), the nations gambling regulatory body, revealed in a 2017 report that approximately 430,000 adults suffer from a serious gambling problem in the United Kingdom and that almost 2 million UK residence are considered at-risk gamblers.
Taking these troubling findings into consideration, it isnt hard to believe that gambling addiction can and does bleed over into the workplace. Pathological gambling addicts have no control over their actions and will feed their addiction anywhere and in spite of the consequences.
However, gambling at work extends beyond employees betting on casino games, card …
* GIBSON BRANDS REACHES RESTRUCTURING SUPPORT AGREEMENT TO REORGANIZE AROUND CORE BUSINESSES
* GIBSON BRANDS INC – TRANSACTIONS TO BE EFFECTUATED THROUGH PRE-NEGOTIATED CHAPTER 11 FILINGS
* GIBSON BRANDS INC – SECURED $135 MILLION IN DEBTOR IN POSSESSION FINANCING
* GIBSON BRANDS – REACHED RESTRUCTURING SUPPORT AGREEMENT WITH HOLDERS OF MORE THAN 69.0% IN PRINCIPAL AMOUNT OF 8.875% SENIOR SECURED NOTES DUE 2018
* GIBSON BRANDS INC – GIBSON INNOVATIONS BUSINESS, WHICH IS LARGELY OUTSIDE OF U.S. AND INDEPENDENT OF MUSICAL INSTRUMENTS BUSINESS, WILL BE WOUND DOWN
* GIBSON BRANDS – WIND-DOWN OF GI BUSINESS IS NOT EXPECTED TO IMPACT REORGANIZATION AROUND ITS CORE MUSICAL INSTRUMENTS/PRO AUDIO BUSINESS
The Kolkata bench of National Company Law Tribunal (NCLT) ordered Binani Cement Committee of Creditors (CoC) to consider revised offer submitted by UltraTech. Dalmia Bharat Cement and UltraTech are competing to take over the assets of the company.
On April 21, UltraTech Cement, the unsuccessful bidder for Binani Cement, urged NCLT to reject the offer by Dalmia Bharat-controlled Rajputana Properties and accept its revised bid for the stressed asset. It had also suggested that the tribunal consider passing an interim order asking the lender’s committee to reconsider the offers made by both Dalmia and UltraTech
The NCLT had on April 24 reserved its order on the ongoing corporate insolvency resolution process of Binani Cement after list…
* GIBSON BRANDS REACHES RESTRUCTURING SUPPORT AGREEMENT TO REORGANIZE AROUND CORE BUSINESSES
* GIBSON BRANDS INC – TRANSACTIONS TO BE EFFECTUATED THROUGH PRE-NEGOTIATED CHAPTER 11 FILINGS
* GIBSON BRANDS INC – SECURED $135 MILLION IN DEBTOR IN POSSESSION FINANCING
* GIBSON BRANDS – REACHED RESTRUCTURING SUPPORT AGREEMENT WITH HOLDERS OF MORE THAN 69.0% IN PRINCIPAL AMOUNT OF 8.875% SENIOR SECURED NOTES DUE 2018
* GIBSON BRANDS INC – GIBSON INNOVATIONS BUSINESS, WHICH IS LARGELY OUTSIDE OF U.S. AND INDEPENDENT OF MUSICAL INSTRUMENTS BUSINESS, WILL BE WOUND DOWN
* GIBSON BRANDS – WIND-DOWN OF GI BUSINESS IS NOT EXPECTED TO IMPACT REORGANIZATION AROUND ITS CORE MUSICAL INSTRUMENTS/PRO AUDIO BUSINESS
To implement the agreement, the Company and its U.S. subsidiaries today filed pre-negotiated reorganization cases under Chapter 11 of the U.S. Bankruptcy Code. The filings will allow the Company’s Musical Instruments and Professional Audio businesses to continue to design, build, sell, and manufacture legendary Gibson and Epiphone guitars, as well as KRK and Cerwin Vega studio monitors and loud speakers, without interruption. The Restructuring Support Agreement provides funding for the musical instrument and professional audio businesses, supports the Company’s key vendors, shippers and suppliers, and provides for the restructuring of the Company’s balance sheet. Gibson will emerge from Chapter 11 with workin…
The Fringe World festival team have confirmed today that one of their largest affiliated events management companies may be preparing for voluntary administration.
JumpClimb, an independent presenter of Fringe World events, were behind a number of venues and events at the 2018 festival including the ever-changing Noodle Palace venue.
The company posted a message to their website and social media channels announcing they would be closing.
A number of artists have raised concerns over the announcement, with many losing out on their investment and earnings from the festivals 2018 run.
Fringe World has been informed that a range of artists are owed monies by JumpClimb for their Fringe World seasons, a spokesperson for Fringe Wor…
The maker of the Gibson guitar is filing for bankruptcy protection after wrestling for years with debt.
The company, founded in 1894 and based in Nashville, Tennessee, has been esteemed by generations of guitar legends including Chuck Berry and BB King.
After Chuck Berry died, his beloved cherry-red Gibson guitar was bolted to the inside of his coffin lid. David Bowie favoured the 1989 Gibson L4 when he fronted Tin Machine.
Gibson sells more than 170,000 guitars a year in more than 80 countries, according to the bankruptcy filing.
Brett GoldbergTickPick Co-founder and Co-CEO
