At the beginning of this year Dick Smith went into voluntary administration. Today its receivers have announced that all 363 stores across Australia and New Zealand will be closed over the next eight weeks. 2890 staff members will be affected by the closures. According to the receiver James Stewart, offers received simply werent high enough.…
Overall, does claims trading help or hinder the chapter 11 process? Should additional disclosures be required? Claims trading became a big business in the early 1980s. At that time, it mainly involved buying trade creditors claims in order to make a profit under the plan of reorganization. Since then, claims trading has grown exponentially and now involves…
Administrators have moved to sell assets owned by companies belonging to federal MP Clive Palmer, including a Bombardier Global Express aircraft belonging to Palmer Aviation, which owes $26 million. Creditors of Mr Palmer’s aviation company met yesterday in Sydney and decided to put it into liquidation. Liquidators FTI Consulting said the process would start…
McGrath Nicol executive chairman Peter Anderson has been appointed as investigating accountant to the embattled lenders of steel and iron ore group Arrium, sources said on Wednesday. Anderson has specialised in corporate recovery for over 20 years at the restructuring and insolvency firm, assuming operational responsibility for several of Australia’s more prominent listed entities and structured finance projects…
SCOTTSDALE, Ariz.–(BUSINESS WIRE)–STORE Capital Corporation (NYSE: STOR), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, today announced operating results for the fourth quarter and full year ended December 31, 2015. Highlights For the quarter ended December 31, 2015: Total revenues of $79.6 million Net income per share…
Bankruptcy is a cat that every bank and financial institution wants to bell at the earliest to offset losses. Thousands of crores of rupees are written off by banks under the guise of bad loans, when the institutions are unable to recover the outstanding dues from companies and individuals. Recently, even Reserve Bank of India…
Video will begin in 5 seconds. More video Recommended Replay video Palmer believes Queensland Nickel will survive Federal MP and owner of Queensland Nickle, Clive Palmer, has been under fire after events in the timeline of the company have come under question. Vision courtesy ABC News 24. PT2M5S 620 349 Clive Palmer’s aviation company has…
Written on the 23 February 2016 by Paris Faint RESULTS Legal has made a name for itself as an innovator in the commercial litigation space over the past decade, with founder and managing director Karl Hill (pictured) crediting it to an unconventional approach. “We’ve always tried to be slightly different from the…
Jonathan Levine has joined Morrison & Foerster as a partner with the business restructuring and insolvency group. Mr. Levine, who most recently worked with Andrews Kurth, has represented creditors committees and bondholder groups in industries including mining and energy. In addition to working on chapter 11 cases, he also has worked on out-of-court restructurings and distressed…
Seven Laura Ashley stores in Australia have been closed as the voluntary administration of the retail chain in Australia continues. The Australian arm of the homewares and clothing retail entered voluntary administration on January 7, at which time the chain was operated 38 stores in Australia. Administrators FTI Consulting confirmed this morning seven Laura Ashley…