Overview On 12 May 2021, the High Court sanctioned three inter-conditional restructuring plans, under the Part 26A of the Companies Act 2006, for certain English subsidiaries of the Virgin Active group, despite major opposition of certain landlords.[1] In the landmark decision, the High Court exercised its discretion to cram-down multiple classes of dissenting landlords in…
Business India’s Tata Motors Ltd posted a surprise quarterly loss and took a US$2.05 billion charge at the luxury Jaguar Land Rover (JLR) unit, warning that a global chip crunch and surging COVID-19 cases in the country would hurt its business. FILE PHOTO: A Tata Tigor car is pictured at the assembly line inside the…
Advertisement Even before the economic upheaval of COVID-19, times were tough for traditional print media. People are increasingly consuming their news and other media via digital platforms rather than newspapers and magazines, and digital content is simply not as profitable in most cases. This has upended the business model of traditional print media companies, with…
Around half of the businesses surveyed said they had struggled to service debt payments within the past year. Photo: Dan Kitwood/Getty Images A quarter of UK workplaces expect to reduce headcount next year and a third said they already have, according to study by consultancy firm PriceWaterhouse Coopers. The forecasts come despite two-thirds saying in…
MONTRAL, May 17, 2021 /CNW/ – The economic impact of the COVID-19 pandemic is leading some businesses to consider the avenues available to them if insolvency becomes inevitable. Several companies in sectors which have been the most impacted by the financial crisis in Canada have taken this opportunity to restructure their business operations as an…
Stikeman Elliott’s restructuring lawyers have prepared this one-page guide to financial restructuring alternatives for Canadian businesses to help advise them when bankruptcy seems like the only available option. Our professionals work with businesses to outline solutions available for a successful financial restructuring, which include new cash infusions (private placement, rights offering, new senior debt or…
THE insolvency and restructuring profession rescued 297,000 jobs and returned 1.82bn to creditors in insolvency cases in 2019. That is the equivalent of around 800 jobs and 5m a day, according to a new report from R3, the insolvency and restructuring trade body. The report, The value of the profession: how insolvency and restructuring supports…
SINGAPORE – Singapore Press Holdings (SPH), which publishes The Straits Times, is restructuring its media business amid a trend of falling advertising revenues for newspapers around the world. We look at what’s behind the move. What’s happening On May 6, following a trading halt, SPH announced that it would transfer its media business to SPH…
This weeks announcement by Minister Robert Troy that the Government is set to put in place a long-promised process to allow troubled SMEs to restructure will be welcomed by many Irish companies. That they are to be put in place before the summer recess is especially heartening for the small and micro companies that comprise…
The business has been sold to H.I.G. Europe, the European affiliate of H.I.G. Capital, a global investment firm and Interpaths managing directors. The completion of the sale, which sees circa 528 staff and 22 partners transferring to the new business, means that Interpath has now launched as an independent restructuring and turnaround business. Jon Holt,…