UK carrier Virgin Atlantic is to cut a further 1,150 jobs after formally securing court approvals for a restructuring plan which will unlock 1.2 billion ($1.6 billion) worth of refinancing. The fresh cuts reflect the continued challenges in restoring international air travel amid the global pandemic, in particular the key transatlantic market, which represents around…
How personal loans and 0% APR credit cards can get you out of high-interest credit card debt and back in good financial shape. (iStock) Massive amounts of credit card debt can be nerve-racking. You may have enough income each month to pay your mortgage, utilities, and other necessities, but little left to pay off credit…
The Australian Securities and Investments Commission is monitoring companies linked to the former director of a failed Coast-based training firm which pocketed almost $80 million in government funding before its collapse. The advice was given to Fairfax MP Ted O’Brien, who had sought further information from the regulator about its treatment of SmartCity Vocational College,…
The Australian Securities and Investments Commission is monitoring companies linked to the former director of a failed Coast-based training firm which pocketed almost $80 million in government funding before its collapse. The advice was given to Fairfax MP Ted O’Brien, who had sought further information from the regulator about its treatment of SmartCity Vocational College,…
Renault has detailed a plan to revive its fortunes by restructuring the business around four core pillars. One of them is Alpine, which has a new brand boss and a secure future after months of speculation. The new strategy is being deployed by the groups new boss, ex-Seat CEO Luca de Meo. The four core…
As expected, Virgin Australias creditors have voted in favour of Bain Capitals takeover proposal for the airline. Creditors convened earlier today to cast their vote, with Virgins administrators recommending all along that Bains proposed deeds of company arrangement (DOCAs) would result in the best outcome for them and the airlines future as it emerges from…
In Re PT MNC Investama TBK [2020] SGHC 149, the Singapore High Court provided guidance as to what is sufficient for a foreign company to establish standing to avail itself to the Singapore restructuring regime. Specifically, the factors expressed in the “substantial connection” test under the IRDA1are non-exhaustive and courts will consider other factors involving…
Australian banks, already facing a drag from the coronavirus pandemic, may see renewed pressure on their earnings after the reemergence of the disease led to fresh lockdowns in parts of the nation in August. At the heart of the uncertainty facing Australia’s banking sector is the loan deferrals extended to customers during the pandemic lockdown.…