Total credit card debt in the U.S. has reached a record high but people are putting less money toward paying it down. Americans collectively hold $1.13 trillion in credit card debt as of the end of December, according to the Federal Reserve Bank of New York’s latest Household Debt and Credit Report. On an individual…
DetailsThe company emerges from bankruptcy, financially stronger and positioned for growth under new leadership. HALETHORPE, Md., Feb. 22, 2024 /PRNewswire/ IronNet, an innovative leader Transforming Cybersecurity Through Collective DefenseSM has completed its restructuring process and emerged from Chapter 11 as a private company. IronNet emerges as a stronger business, focused on advancing innovation with their…
DetailsLDRS By Greig Watson BBC News, Nottingham The government has appointed commissioners to help run Nottingham City Council after the authority declared itself effectively bankrupt. The Labour-run authority issued a section 114 notice on 29 November, amid an in-year budget gap of 23m. Changes at the council have been overseen by a government-appointed board following…
DetailsThe long-dormant restructuring market has had a shot in the arm recently, with the City teams of US stalwarts winning lead mandates on the administration of The Body Shop and a rescue deal of Yodel. Jones Day and White & Case are handling the administration of cosmetic group The Body Shop, while Dechert and Weil…
DetailsEmbattled mainland Chinese property developer Sunshine 100 is evaluating the impact of a winding-up order for its controlling shareholder, whose beneficiaries include its chairman and executive director, according to a filing with the Hong Kong exchange. Sunshine 100 said it had recently been informed of the winding-up order, issued by a Hong Kong court dated…
DetailsMEXICO CITY In the wake of announcing the closing of a baking plant in New Mexico, Grupo Bimbo SAB de CV said it is planning a restructuring of its North American businesses. Brief comments about the restructuring were shared Feb. 19 in a call with investment analysts in connection with the release of Bimbos financial…
DetailsNormal text sizeLarger text sizeVery large text size Melbourne Rebels directors have overcome opposition from Rugby Australia to win more time from a court as they attempt to save the debt-ridden Super Rugby club. Federal Court Judge Catherine Button granted a 60-day extension on Thursday that will now allow the Rebels board to propose an…
DetailsIn short: The Federal Court has ruled Seafarms’ $2 billion prawn project on a NT cattle station is insolvent, pending an appeal. The project entered voluntary administration in February 2023. What’s next? The ABC understands Project Sea Dragon will appeal the decision. Renewed plans to build one of the world’s largest prawn farms on a remote Northern…
DetailsIt hasnt been easy for African states to finance their developmental and environmental policy objectives over the past few years. Recent events suggest that the situation may be improving. For the first time in two years, three African states have been able to access international financial markets, albeit at high interest rates. Kenya, for example,…
DetailsMove will forgive debts of people who borrowed $12,000 or less and have been repaying the money for at least 10 years. US President Joe Biden has said that his administration was cancelling $1.2bn worth of student loans for almost 153,000 people. Biden, who is undertaking a three-day campaign swing through California, made the announcement…
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