Barbara Easter and her husband will be long past retirement age by the time the debts their outdoor events business, Cotswold Marquees, took on to survive the pandemic are due to end. This month, their bank will start to ask for repayments and it is not their only worry. Some wages will need to be…
Amidst a global pandemic, there were plenty of interesting bankruptcy and restructuring events and changes that occurred in 2020. We saw new Bankruptcy Code amendments go into effect (through the Small Business Reorganization Act of 2019), a government bailout in excess of $2.3 trillion (through the CARES Act), many life-long retailers on the brink of…
Credit Suisse has so far clawed back $US5.6 billion for investors in the frozen funds, but it is still grappling with several large debtors whose ability to repay the Greensill debts is in question. GFG and other companies took invoices – debts they owed or were owed – and in effect sold them to Greensill…
This builds on the liquidity boost from new share subscriptions in Dream Cruises by investment group Darting and Ocean World, a Genting HK subsidiary. Darting paid $59m cashfor its shares, while Ocean World offset nearly $248m in intercompany loans. The approved restructuring terms are only slightly differentwhat was reported here in early May. New money…
BDO Consulting Group announced that Michael Edelschick has rejoined the firms Business Restructuring & Turnaround Services practice as a Managing Director and national leader of the Bankruptcy Litigation Services group. Edelschick was previously with BDO for seven years until he was hired in 2019 to lead the post-bankruptcy executive team of a specialty supermarket chain…
HAMILTON, Bermuda, July 2, 2021 /PRNewswire/ — Seadrill Limited (“Seadrill” or the “Company”) (OSE: SDRL) (OTCPK: SDRLF) and the Issuer announce that, further to the announcement made by Seadrill and the Issuer on June 18, 2021, the Issuer and certain of its subsidiaries have today agreed key commercial terms for a comprehensive restructuring of the…
Over the past month, the National Tertiary Education Union (NTEU) and the University of Newcastle Students Association (UNSA) have waged a cynical and diversionary campaign opposing the announcement that former National Party politician Mark Vale was to become the new chancellor of the university in regional New South Wales. The NTEU, the main academic union,…
Hertz Global Holdings has completed its Chapter 11 restructuring process, the car rental company announced Wednesday. Hertz’s Chapter 11 exit plan wasapproved by a U.S. bankruptcy courton June 10. Hertz filed for bankruptcy inMay 2020. Among theplan’s features, Hertzwill eliminate over $5 billion of debt, including all of Hertz Europe’s corporate debt. Hertz also will…
The big four accountancy firm KPMG is to rebuild a unit to advise on corporate restructurings just months after selling the UK’s largest insolvency advisory business for more than 350m. Sky News has learnt that KPMG has appointed David Fletcher, a veteran in the UK restructuring market, as an associate partner in its deal advisory…
That included one alert created this month called Venice Panther, which had listed as recipients several KPMG staff involved in mergers and acquisitions. That included Sam McClure, a partner in KPMG Australias deal advisory services group. The four companies in that alert were residential aged care outfit Japara Healthcare, which has KPMG as an auditor;…