Rite Aid has filed for bankruptcy protection and plans to sell part of its business as it attempts to restructure while dealing with losses and opioid-related lawsuits. The company said Rite Aid stores will continue to fill prescriptions, and customers will still be able to visit its locations or shop online while it goes through…
DetailsReuters. Rite Aid Corporation (NYSE:) said it has reached an agreement in principle with some senior secured noteholders on terms of a financial restructuring plan. The company filed for Chapter 11 bankruptcy on Sunday. Rite Aid has received a commitment for $3.45 billion in new financing to support business operations, and announced the acquisition of…
DetailsMember Article R3 responds to September 2023 insolvency statistics Corporate insolvencies decreased by 15.2% in September 2023 to a total of 1,967 compared to Augusts total of 2,319, but when compared to September 2022s figure of 1,688 they increased by 16.5%. Corporate insolvencies increased by 35.4% from September 2021s total of 1,453 and by 112%…
DetailsChina’s largest real estate developers, China Evergrande (HK:) and Country Garden, are grappling with insolvency as they collectively shoulder a $500 billion debt. The crisis, which began in 2021 when Evergrande defaulted, has severely impacted China’s economy and shaken investor confidence. Country Garden recently announced its inability to pay nearly $200 billion of debt, signaling…
DetailsAs per the latest news, the bankrupt and infamous FTX apparently has a $150 million worth of assets tied up in Solana and Ethereum staking! On October 15, Binance Square made public a statement shedding light on FTXs substantial Solana holdings. Heres what was revealed. Understanding SOL Staking On October 13, Whale Alert reported a…
DetailsHopes of meeting the Albanese Governments plan of building 1.2 million homes over five years have taken another hit with the latest corporate insolvency data from the Australian Securities and Investments Commission: Overall corporate insolvencies hit their highest level since 2015 in August, with construction insolvencies the stand-out: This surge in construction company insolvencies reflects…
DetailsOct 16, 2023 9.00am Heavily backed digital debt collection firm InDebted, which was most recently valued at just over $200 million, has bought out smaller family-owned fintech rival Reminda, in a deal that signals an end of a recent cost-cutting drive. The start-up has raised more than $70 million since 2017 from investors including Westpacs…
DetailsOctober 16, 2023 Photo: Depositphotos.com Twice as many businesses in the Netherlands were declared bankrupt in the third quarter of 2023 compared to last year, according to figures from the chamber of commerce (KvK). The government agency said the figure was lower than the long-term average, but indicated that the recent decline in bankruptcies had…
DetailsFinancial Services Commission Chairman Kim Joo-hyun speaks during an audit session at the National Assembly in Seoul, Oct. 11. Yonhap Voluntary agreement between creditors and corporations to take effect within this month By Anna J. Park As the country’s five-year-limited law on corporate debt restructuring or workout expired on Monday, the Financial Services Commission (FSC),…
DetailsAn ATO warning about tax debt should be a red flag to any accountant that the business needs to talk to an insolvency specialist before the situation becomes irretrievable, say two specialists in the field. The earlier a warning flare went up, the more options were available to the business owner, said Jirsch Sutherland national…
Details