Nic Fildes, Telecoms Correspondent April 9, 2018 Print this page Avanti Communications, the UK satellite company, has warned that it will be put into administration unless shareholders accept a debt-for-equity swap that would allow it to raise fresh funding. If approved, the proposed swap would leave US bondholders, led by Solus Funds, controlling 42 per…
The 99-year-old co-founder of vacuum cleaner business Godfreys Group has launched a bid to buy back the struggling business and take it private. John Johnston who founded Godfreys in the 1930s with Godfrey Cohen has launched a 32¢-a-share bid through family business Arcade Finance to take the group off the ASX and set about rebuilding…
The chairman of the Australian owners of Homebase is flying to the UK for a whistlestop tour of its stores this week as the future of the struggling DIY chain hangs in the balance. The Wesfarmers chairman, Michael Chaney, is being accompanied on store visits by Archie Norman, the retail turnaround expert who chairs Marks…
Turkeys Dou Holding has applied for the restructuring of a debt burden of approximately $5.8 billion, following the roughly $6 billion restructuring process begun by Yldz Holding earlier this year, Hürriyet newspaper said. Dou chose neither to directly confirm nor deny the report in a statement in response: We are naturally in continuous communication with…
MUMBAI: Houlihan Lokey, the California-headquartered financial restructuring giant, called off its partnership with Avista Advisory Group, a debt-restructuring and advisory firm controlled by Rajiv Kochhar, brother-in-law of ICICI Bank CEO Chanda Kochhar. The move ends an eight-year-old partnership amid increasing scope for business in India under the Insolvency and Bankruptcy Code. The US firms profile…
In conjunction with the restructuring, the Company received $300 million in debtor-in- possession financing and the Company has entered into a Restructuring Support Agreement (RSA) with parties that hold or control over 78% of its secured term debt and over 89% of its unsecured term debt. Such financing, combined with cash generated from the Company’s operations, will…
U.S. footwear and apparel company Nine West filed for bankruptcy on Friday and said it would sell its Nine West and Bandolino footwear and handbag business to Authentic Brands Group. Nine West, which owns brands such as Anne Klein and Gloria Vanderbilt, said it had received $300 million in debtor-in-possession financing and had entered a…
NEW YORK, April 6, 2018 /PRNewswire/ — Nine West Holdings, Inc. (“the Company”), a leading footwear, accessories, women’s apparel, and jeanswear company with a portfolio of brands that includes Nine West, Anne Klein, and Gloria Vanderbilt, today announced that it has filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. This action…
By Rick Archer Law360 (April 4, 2018, 5:01 PM EDT) — Schulte Roth & Zabel LLP announced Monday that a new restructuring partner is joining the firms New York City office from Clifford Chance. Kristine Manoukian, who had been a partner at Clifford Chance for just under two years, has joined the firms Business Reorganization…
By Rick Archer Law360 (April 4, 2018, 5:01 PM EDT) — Schulte Roth & Zabel LLP announced Monday that a new restructuring partner is joining the firms New York City office from Clifford Chance. Kristine Manoukian, who had been a partner at Clifford Chance for just under two years, has joined the firms Business Reorganization…