Though Switzerland’s GDP grew substantially in the first few months of 2023 and energy prices continue to fall, the Swiss federal government’s expert group expects significantly below average growth for the Swiss economy in 2023 in its latest forecast, with a GDP growth rate of 1.1%. According to the expert group, comparatively high inflation rates…
It feels like there is a high-profile liquidation every other week. Media coverage has included stories on the collapse of tiny home companies, construction firms and homeware retailers, among many others. In just the past week, a failed pool company was under the spotlight. When businesses enter liquidation they usually leave a trail of destruction…
Global business advisory firm EisnerAmper announces that Allen Wilen, Partner and National Director of the firms Financial Advisory Services Group, has been named a Top 25 Restructuring Consultant by the Global M&A Network. This prestigious award honors the best leaders from the global restructuring, insolvency, and distressed investing communities. The Global M&A Network is a…
July 25 (Reuters) – Jack Ma-backed Ant Group (688688.SS) is planning a restructuring that will break off some non-core operations of its China financial-related business, Bloomberg News reported on Tuesday, citing people familiar with the matter. The Alibaba Group (9988.HK) affiliate is looking at excluding its blockchain, database management services and international businesses from a…
WYNYARD, UK, July 26, 2023 /PRNewswire/ — Venator Materials PLC (“Venator” or the “Company“) (OTC: VNTRQ), a global manufacturer and marketer of chemical products, today announced that the U.S. Bankruptcy Court for the Southern District of Texas (the “Court“) has confirmed the Company’s Plan of Reorganization (the “Plan“). Simon Turner, President and Chief Executive Officer of Venator, said: “We…
Nick Pike The new owner of Purplebricks has appointed restructuring specialist Nick Pike to its board of directors. The intention to appoint an additional director to the board of the company, to assist Dominique Highfield, and to provide additional experience in business transfers and company dissolutions, was stated in the Companys Circular to shareholders dated…
Purplebricks and its new owner Strike has bolstered the board with an experienced restructuring specialist. Dominique Highfield, CFO, Purplebricks Nick Pike (main picture) will work with existing CFO Dominique Highfield, providing additional experience in business transfers and company dissolutions. Highfield was the only senior manager to stay on after Purplebricks was purchased for 1 by…
July 25, 2023 Practices: Business Restructuring Law360 highlighted Ropes & Grays work representing consumer and shopping network company iMedia Brands Inc. in its Chapter 11 case in Delaware bankruptcy court. The July 21 article profiled Ryan Preston Dahl, co-chair of the business restructuring practice group, business restructuring partner Cristine Pirro Schwarzman, and business restructuring associate…
Distressed de-SPACed companies are increasingly turning to chapter 11 as a means of restructuring their debts and preserving going-concern value. TAKEAWAYS Many de-SPAC mergers in 2020 and 2021 involved pre-revenue or not-yet-profitable companies that are now struggling to remain viable as interest rates rise. At least a dozen distressed de-SPACed companies have turned to chapter…
Insolvency risk management should be core to business operations because default rates will rise steeply as mortgage holders come off fixed-rate loans, according to the latest CreditorWatch data. It said external administrations have returned to pre-pandemic rates and defaults will hit 5.8 per cent this financial year so businesses need to actively minimise risk exposure.…