SAN FRANCISCO, July 11, 2023 (GLOBE NEWSWIRE) — Shift Technologies, Inc. (Nasdaq: SFT), a consumer-centric omnichannel used auto retailer, today announced a plan to restructure and reduce the Companys workforce to better align people and responsibilities with the Companys omnichannel sales strategy. The restructuring plan is the result of a review by the Companys recently…
Unlike government bonds that typically rise while stock prices fathom bear market lows, higher-risk corporate bonds tend to fall with risk appetite and equity prices. That trend has held over the past 15 months as most corporate securities have lost value. As US junk bond prices have tumbled, their yields have risen to around 8.75%…
Australian businesses are teetering towards an insolvency cliff, as rocketing interest rates cause companies to miss payments at a record rate. Business to business trade payment defaults jumped to a high of 1586 in June – a 52 per cent increase on the previous year – according to the latest CreditorWatch business risk index. The…
A community support officer who “financially exploited a vulnerable woman” has been sacked following an investigation by the police watchdog. The Independent Office for Police Conduct (IOPC) said the unnamed Merseyside officer made frequent visits to the woman’s house and was caught on CCTV visiting her in hospital. It said when confronted, the officer admitted…
The Arkansas Economic Development Commission (AEDC) is expanding its focus on small business and entrepreneurship by restructuring its Small Business and Entrepreneurship Development Division. AEDC will consolidate resources across the agency to best leverage them in support of small businesses and entrepreneurs in Arkansas, the agency said in a press release. The new division has…
The National Company Law Tribunal (NCLT) on Tuesday dismissed a plea to initiate insolvency proceedings against Religare Enterprises Ltd observing that it was a financial service provider and does not come under the ambit of the Insolvency & Bankruptcy Code (IBC). A principal bench headed by NCLT President Justice Ramalingam Sudhakar and Atul Chaturvedi held…
MADRID/LONDON, July 11 (Reuters) – Shareholders and creditors of Spain’s largest private industrial group, Celsa, have clashed over the company’s valuation as part of a longstanding debt-restructuring dispute, legal representatives for the two camps said on Tuesday. The valuation of Celsa is key to the dispute as a low valuation could render equity worthless. Celsa’s…
In one of the largest health-related bankruptcies ever seen, US medical group Envision Healthcare Corp. and certain of its wholly owned subsidiaries have filed for Chapter 11 bankruptcy protection. As part of the process, Envision has entered into a restructuring support agreement (RSA) with its key stakeholders to restructure 60 percent of its approximately $7.7bn…
Two new programs implemented by the Biden Administration–‘On-Ramp’ and ‘Fresh Start’–will give borrowers debt relief options despite a recent ruling from SCOTUS. CENTRAL, Texas For a year, student loans have been the topic of discussion with more than half of the nation in debt. Last summer, President Biden had promised to cancel up to $20,000…
Two top restaurants in Melbourne have gone into administration after struggling to make ends meet amid the cost of living crisis and crippling lockdowns. Calia Australia, which serves modern Asian-inspired cuisine, called in insolvency experts on June 28. The business was opened in 2016 and was popular with well-heeled Melburnians who adored its Michelin-starred inspired…