As expected, Audacy has begun prepackaged chapter 11 proceedings in U.S. Bankruptcy Court for the Southern District of Texas to restructure its balance sheet and slash its total debt from $1.9 billion to $350 million. In a Sunday morning announcement, first reported by Inside Radio in a Breaking News Alert, radios second largest ownership group…
The construction sector is currently navigating high levels of insolvency, which industry experts anticipate will continue into early 2024. This rising trend underscores the importance for builders and related professionals to be well-informed about the repercussions of insolvency on their operations, particularly regarding builders’ licences. It’s essential for construction professionals to grasp how insolvency might…
Most people have ambivalent feelings about generative artificial intelligence (Gen AI). A recent survey from Pew Research Center indicated that 52% of respondents were more concerned than excited about the use of Gen AI in daily life; just 10% were more excited than concerned and 36% were equally excited and concerned.1 This marks a notable…
From 1 January 2021, Australias insolvency framework for small businesses changed. The purpose of the change was to assist small businesses, with debts under AUD $1 million, to survive specifically, by providing these businesses with simpler, more flexible restructuring options outside the existing one size fits all voluntary administration and scheme of arrangement processes available…
SAN FRANCISCO With a large investor calling for Corbion NV to explore strategic alternatives, the company is committed to moving forward on a far-reaching restructuring program. While Amsterdam-based Corbion first announced the restructuring plan in October, launching it in response to soft weak financial results, details about the plan were shared in response to a…
HONG KONG : Shanghai-based property developer CIFI Holdings said on Wednesday it has proposed five options with different maturity extensions and haircuts to its bondholders in an effort to restructure its $7 billion offshore debt. The debt revamp proposal, which also includes swapping part of the debt for equity, aims to halve the firm’s debt…
Taeyoung E&C’s headquarters in Yeouido, western Seoul [NEWS1] Taeyoung Engineering & Construction (E&C), Korea’s 16th-largest construction company, which recently filed for debt restructuring, will announce its restructuring plan at the first meeting with creditors on Wednesday. The meeting, which the company’s main creditor, Korea Development Bank (KDB), will host, will discuss the formation operation of the…
The Parliamentary Joint Committee on Corporations and Financial Services (PJC), chaired by Senator Deborah ONeill, has handed down its final report into the effectiveness of Australias corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy. The Committee has made some far-reaching recommendations in the Final Report,…
Anna Fabrega is leaving Local Bounti as part of a company’s restructuring, and Craig Hurlbert, co-founder of Local Bounti and CEO prior to Anna Fabrega, will take up the role of CEO. According to the company, this restructuring is expected to save approximately $3.2 million on an annualized basis as a result of these actions.…
GEDERSDORF, Austria – Two-wheel mobility product supplier, KSR Group, has successfully developed a restructuring plan since applying for a chapter 11 status earlier this year. With this, 140 jobs have been retained, independent business decisions can be made again and there are even talks with potential investors, reports the company from Austria. Continue reading this…