Thousands of small businesses on the brink of collapse will be thrown a lifeline under new reforms to bankruptcy laws. The changes, to be unveiled by Treasurer Josh Frydenberg on Thursday, will cover around three-quarters of businesses subject to insolvencies today. They will draw on key features of the Chapter 11 bankruptcy code used in…
Small businesses in financial distress due to the Covid recession but still considered viable could be left in the hands of their owners rather than placed into administration under a new debt restructuring process to be unveiled by the Morrison government. The Coalition will introduce the new process for incorporated businesses with liabilities of less…
CATALIST-LISTED phosphate miner AsiaPhos is weighing a restructuring exercise to restore its financial position, the board announced on Wednesday night. The potential restructuring, which could include buying other businesses, follows an interruption of the group’s mining operations in China on the back of regulatory issues there. The board warned that negotiations and arbitration with the…
Earlier this year liquidators were told to gear up for what could be the busiest period ever as the toll of the COVID-19 pandemic was expected to wreak havoc on businesses of all sizes. But now despite being in a recession, unprecedented government interventions mean company insolvencies have slowed to a trickle. Andrew Fielding laughs…
September 22, 2020 13:23 ET | Source: TECHNICOLOR multilang-release PRESS RELEASE SUCCESSFUL COMPLETION OF THE FINAL STEPS OF THE FINANCIAL RESTRUCTURING OF THE COMPANY Paris (France), 22 September2020 Technicolor (EuronextParis: TCH; OTCQX: TCLRY) (Technicolor or the “Company“) is pleased to announce the successful completion of the final steps provided for in the accelerated financial safeguard…
Like many jurisdictions, the US has seen a surge in bankruptcy filings amid the Covid-19 pandemic. Retailers already burdened by unfavourable lease obligations and a general shift in consumer preference to e-commerce have borne the brunt of the crisis. In the first two quarters of 2020, nearly 20 major retailers sought Chapter 11 protection in…
(Bloomberg) — Abu Dhabi-based KBBO Group, once one of NMC Health Plcs biggest shareholders, has hired a turnaround specialist to restructure its $2 billion debt pile, people familiar with the matter said. The privately-held investment firm with assets in health care and food named Bruno Navarro as its chief restructuring officer, the people said, asking…
Pandemic allows firms time to restructure Focus on consolidation, M&A Large companies are taking advantage of the economic slowdown and the outbreak to restructure their businesses, aiming to prioritise consolidation or mergers and acquisitions (M&A), both locally and abroad. Funding for the deals depends on a company’s financial status, and includes using operating cash flow,…
Deloitte UK has been forced to drop plans to sell its restructuring practice after its global parent company vetoed the disposal on the grounds that it could have an adverse impact on the rest of the firm, according to three people with knowledge of the matter. The Big Four accounting firm held a call with…
September 18, 2020 14:00 ET | Source: Denbury Inc. Emerges from Chapter 11 Well-Positioned for Long-Term Success Moves Forward as Stronger Business With Significant Financial Flexibility PLANO, Texas, Sept. 18, 2020 (GLOBE NEWSWIRE) — Denbury Inc. (NYSE: DEN) (Denbury or the Company) today announced that it has successfully completed its financial restructuring and emerged from…