The commercial office leasing business WeWork declared bankruptcy this week. It reported $19 billion in debts against $15 billion in assets. Prolific investors like Softbank Group Corp. and the Vision Fund are set to incur substantial additional losses on the venture. The filing also disclosed a $432 million loan from SoftBank to co-founder Adam Neumann,…
Another round of education legislation is headed to Gov. Gretchen Whitmers desk after Michigan lawmakers passed a budget bill that will provide debt relief for some of the most financially troubled districts in the state, as well as a bill that will change how teachers are evaluated. The bills are further illustration of how Democrats…
The Supreme Court ruling on Thursday upholding the constitutionality of the Insolvency and Bankruptcy Code (IBC) is expected to help lenders of companies under resolution and facilitate hearings in insolvency petitions against personal guarantors, according to experts. The judgment passed by the Supreme Court would further strengthen the financial sector as the personal guarantors to…
Reporter: Court Reporter 09 Nov 2023 11:04 AM Email: [email protected] The High Court has approved a Personal Insolvency Arrangement (PIA) that will see a property in Mountrath put on the market to help clear a mulit-million debt. The High Court decision allows the write-off of over 3m of debt a Dublin man owes to financial…
Pontiac schools have received financial help from the state to alleviate a portion of their debt. Passed Thursday Nov. 2, the aid was part of a $615.6 million federal supplemental spending bill that can be used to pay off emergency loans and other debt owed by local school districts. Pontiac schools will receive up to…
In a significant judgment, the Supreme Court on Thursday (November 9) upheld the constitutionality of the provisions of the Insolvency and Bankruptcy Code (IBC) relating to Personal Guarantors’ Insolvency Resolution, which were introduced through the amendments made in 2019. The Court held that these provisions (Section 95 to 100 IBC) cannot be held as unconstitutional…
Arrowood Indemnity, the runoff entity for Royal Indemnity and Royal Globe (Royal), was declared insolvent by the Delaware commissioner of insurance on November 6, 2023. This action was taken through the filing of a complaint for entry of a liquidation and injunction order with a bar date. The commissioner has suggested a bar date of…
Acutus Medical (Nasdaq:AFIB) announced today that it will lay off 65% of its workforce as part of a major restructuring. The Carlsbad, Californiabased companys most recent annual report lists 225 workers at the end of 2022, which means the layoff could involve roughly 146 workers. Restructuring will involve winding down Acutus Medicals EP mapping and…
Acutus Medical today announced it will be cutting its workforce by 65% as part of a corporate restructuring to move the company into a contract manufacturing business. The shift, Scott Huennekens, Chairman of Acutus, said, came after an extensive review by the companys board of directors in an effort to streamline operations. With the change,…