Fitch Ratings put a Rating Watch Negative alert on Bally’s Corp.’s debt Monday. The message follows Bally’s announcement of a $3.2 billion sale of Gamesys to Intralot.

According to Fitch, the notification “reflects elevated EBITDAR leverage from the pending combination of its international interactive business with Intralot,” as well as the risks involved with its sale and leaseback of Bally’s Twin River-branded casinos in Rhode Island.

Bally’s is expected to use the proceeds from the Gamesys sale toward retirement of debt due in 2028 and fund construction of Bally’s Chicago, the $1.7 billion megaresort currently arising in the Windy City.

“However, if leverage remains elevated or Bally’s is unable to release…

The court, however, found that MIIF is statutorily deemed to be the insurer when it assumes responsibility for a covered claim. Under G.L. c. 175D, § 5(1)(b), MIIF “shall be deemed the insurer to the extent of its obligation on the covered claims and shall have all rights, duties and obligations of the insolvent insurer to such extent.” The court emphasized that this language unambiguously entitles MIIF to seek reimbursements that the original insurer would have been eligible to claim, including for COLA payments under G.L. c. 152, §§ 34B and 65. 

In its recent decision on the autonomy of stakeholders in a voluntary liquidation process, the National Company Law Appellate Tribunal (NCLAT) decisively settled the scope of judicial intervention under Section 59 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Ld. Appellate Tribunal held that once a corporate debtor has lawfully replaced a voluntary liquidator through a board resolution and shareholder approval under Regulation 5 of the IBBI (Voluntary Liquidation Process) Regulations, 2017, the Adjudicating Authority (NCLT) cannot impose a status quo order to retain the ousted liquidator.
The appeal stemmed from a challenge to an interim order passed by the NCLT, which directed the corporate debtor to maintain the existing…

Calgary warehouse robotics startup Attabotics Inc. is filing for bankruptcy protection after running out of cash, despite heavy backing from some of Canada’s largest institutional investors and the federal government.

A source familiar with the situation said the company was burning through several million dollars a month…

Kate Moss‘ Cosmoss has officially filed to close all its operations. The skin care and wellness business, launched by the 51-year-old British supermodel in 2022, entered into liquidation proceedings on June 24, according to the company filing.

According to the filing, Cosmoss owed about $3 million to its creditors; the majority of which was owed to Moss’ personal talent agency, Kate Moss Agency. The company last submitted its financial records to Companies House in 2023. Moss is the majority shareholder of Cosmoss, followed by a boutique brand incubator called Warsaw Labs, and three separate individuals.

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Attabotics Inc., a Calgary-based robotics and automation startup, has filed for bankruptcy protection, according to multiple reports.

The company, founded in 2016 by CEO Scott Gravelle, designs and manufactures an automated storage and retrieval system, using robotics.

Attabotics reportedly had more than 300 employees, including about 250 in Calgary as of 2022. It is unclear how many, if any, of the tech company’s hundreds of employees will keep their roles.

At Attabotics’ manufacturing facility near the Calgary International Airport, a Postmedia photographer observed a few employees leaving, wheeling out personal items.

The employees declined to comment, but two were seen shaking hands and said “good luck.”

A printout on the door of…

A 35-year-old woman from Delaware is inspiring thousands online after revealing how she paid off more than $12,000 (Rs. 10.28 lakh, approximately) of her $23,000 (Rs. 19.7 lakh, approximately) credit card debt in just 30 days with the help of ChatGPT.

Jennifer Allen, a realtor and content creator, told Newsweek that although she earned a decent income, managing her finances had always been a struggle. “Not because I don’t make enough, but because I was never taught financial literacy,” she admitted. For years, she focused on working harder instead of tackling the real issue that was “poor financial habits”.

Things came to a head after she became a mother. “We weren’t living lavishly, we were just surviving. But the debt…

On Monday, June 30, Slovak travel agency HappyTravel.sk was still selling holiday packages to Egypt and Turkey. Just one day later, on Tuesday, July 1, the company declared insolvency, meaning it can no longer meet its financial obligations.

Roman Berkes, CEO of HappyTravel.sk, also stepped down as president of the Slovak Association of Travel Agencies and Tour Operators (SACKA), according to Index magazine.

The agency specialised in holidays to Turkey and Egypt, two of the most popular destinations for Slovak tourists. The reason behind the sudden insolvency remains unclear.