A Brisbane Korean barbecue icon will live on to grill another day after what is understood to be a payroll tax scare that could have pushed it to the brink, striking a deal with creditors to keep three restaurants afloat. The restructuring plan developed with restructuring experts SV Partners was accepted by creditors Maru Hospitality Pty Ltd and…
SAN JUAN, Puerto Rico (AP) A key hearing over the future of Puerto Ricos crumbling power company and its staggering $9 billion debt began Monday in federal court following years of acrimonious talks between the U.S. territorys government and creditors seeking to recover their investments. The hearing, which is expected to last up to two…
Kate Moore has joined Dorsey & Whitney LLP as a Partner in the Finance & Restructuring group in Phoenix. (Photo: Business Wire) PHOENIX, March 04, 2024–(BUSINESS WIRE)–Kate Moore has joined Dorsey & Whitney LLP as a Partner in the Finance & Restructuring group in Phoenix, the law firm announced today. Kate advises lenders at all…
Breakfast Seminar | Event | Canberra This event will be held on Thursday, 14 March 2024. We are delighted to extend a special invitation to you for our upcoming seminar Insolvency Trends, Small Business Restructuring, Industry Pressures & Solutions focused on providing a comprehensive update on the insolvency market, small business restructuring, and addressing critical…
Secured creditors face new challenges and opportunities under the Small Business Restructuring (SBR) process, a legal framework designed to support businesses facing financial difficulties. With the SBR, secured creditors must re-evaluate their claims and adjust to a potentially altered landscape of rights and recoveries. This adjustment is not optional; it’s a mandated part of the…
The head of Alibaba Group Holdings Local Services Group (LSG), one of the six major business units being spun off from the e-commerce giant, is stepping down amid an ongoing restructuring process. Yu Yongfu, who was appointed to lead LSG after Alibaba announced its restructuring last March, will exit the unit which includes delivery business…
The transition to online shopping, interest rate increases, labor costs, maturing debt and rising inflation have collectively taken a significant toll on the retail industry, contributing to store closures and a growing number of bankruptcy filings by retail companies in recent years. Nearly 30 retailers sought bankruptcy protection in 2023. Some retailers have even filed…
In its first two years, the Dutch Act on Court Confirmation of a Restructuring Plan (Wet homologatie onderhands akkoord) (the WHOA also known as the Dutch Scheme) was mainly used for the restructuring of SMEs (See International Restructuring Newswire Q2 2022, The Dutch Scheme (WHOA) in practice: First two large restructuring plans confirmed by the…
The transition to online shopping, interest rate increases, labor costs, maturing debt and rising inflation have collectively taken a significant toll on the retail industry, contributing to store closures and a growing number of bankruptcy filings by retail companies in recent years. Nearly 30 retailers sought bankruptcy protection in 2023. Some retailers have even filed…
The England and Wales Court of Appeal recently handed down its first judgment relating to a restructuring plan under Part 26A of the UK Companies Act 2006: Re AGPS Bondco Plc [2024] EWCA Civ 24. Restructuring plans were a 2020 innovation in UK insolvency law, as described in our earlier alert. At first instance, the…