(Bloomberg) — China South City Holdings Ltd., partially owned by the city of Shenzhen, won a reprieve after creditors agreed to extend a dollar bond maturity and lower its coupon, avoiding a default as it soon faces more payment tests ahead. Most Read from Bloomberg Holders of the 9% note due July 2024 with $235…
Economic challenges and lingering effects of the COVID-19 pandemic have led to a 14-year high in annual corporate insolvency figures, as businesses increasingly resort to insolvency processes to address significant financial difficulties. The Midlands branch of R3, an insolvency and restructuring body, reports this trend based on the latest statistics from the Insolvency Service. In…
An embattled gym chain with businesses all across Australia has collapsed six months after external administrators first took over the business amid a protracted legal fight, with one of the directors going bankrupt. Mixed martial arts gym franchise UFC Gym Australia and New Zealand, which at its peak had more than 10 fitness centres in…
Restructuring and consulting firm Interpath Advisory has suffered its second consecutive annual loss. Rising interest rates have pushed more firms into financial distress, but Interpath has not seen that drive an avalanche of activity, according to its leaders. Even as rate hikes squeeze company finances, many companies which might consider restructuring are somehow avoiding it.…
A popular all-you-can-eat Japanese restaurant business has put 16 of its venues across Australia into voluntary administration, with its founder citing delayed costs from the pandemic and rising inflation. Okami businesses at Braddon and Mawson in the ACT; Cronulla, Camden, Dubbo, Marrickville, Sutherland, Pennant Hills, Penrith, and Wagga Wagga in NSW; Camberwell, Ballarat, Hampton, Melton,…