Melbourne-based prefab home builder Archiblox was more than $5.5 million in debt when it went into voluntary administration in February, and may have been trading insolvent for more than 18 months. These were some of the findings in a preliminary report from liquidators Vince & Associates which was handed to ASIC on May 22. The…
Frankie & Bennys owner The Restaurant Group (TRG) has confirmed it is in talks with its landlords over restructuring plans, as it looks to shed up to 120 of its sites. It is understood that the casual dining business is set to permanently close between 100 and 120 restaurants, in a move which will affect…
PITTSBURGH–(BUSINESS WIRE)–PPG (NYSE:PPG) today announced that it has approved significant and broad restructuring actions to reduce its global cost structure. The company cited weakened global economic conditions stemming from the COVID-19 pandemic and related pace of recovery in a few end-use markets, along with further opportunities to optimize supply chain and functional costs. When completed,…
Bowral two-hat restaurant Biota Dining was weighed down with liabilities of $761,708 and had just $698 in the bank when it slipped into liquidation. A report from insolvency firm SV Partners paints a bleak picture for Viles Group (formerly trading as Biota Dining), with employees owed $288,368, trade creditors $207,283, the ATO $166,057 and related…
June 8th, 2020 Jason Jiang Europe, Offshore 0 comments Norwegian offshore driller Borr Drilling has obtained significant amendments to facilities from its secured lenders and shipyards that will provide total liquidity improvement of more than $315m until the first quarter of 2022. Under the amendment agreement, the company will defer the delivery of five newbuild…