Initiates Voluntary Prepackaged Chapter 11 Proceedings with Overwhelming Support of Key Stakeholders, Including 85%+ of First and Second Lien Debtholders Continuing to Operate Normally, Serve Customers and Deliver High-Quality Therapies to Patients Vendors and Suppliers Expected to be Paid in Full in the Ordinary Course DUBLIN, Aug. 28, 2023 /PRNewswire/ — Mallinckrodt plc (NYSE American:…
DetailsGalaxy Digital Acquires FTXs Crypto Assets After Bankruptcy According to court records released late Wednesday, bankrupt crypto exchange FTX has recruited U.S. crypto business Galaxy as an advisor to assist in hedging and selling its crypto holdings. According to the petition, hedging bitcoin and ether will reduce FTXs exposure to adverse market swings before their…
DetailsRoy Morgan research shows 1.5 million Australian mortgage holders are now paying above a certain portion of their after tax income into their home loan, between 25 and 45% depending on income and spending. This number has risen by 642,000 over the past year after twelve of the last fifteen monetary policy decisions saw interest…
DetailsSans Drinks, the Australian non-alcoholic drinks company that went into voluntary administration in July, will be sold to online retailer Just Wines. Following the second creditors meeting held on 21 August, creditors resolved to accept the Deed of Company Arrangement (DOCA) proposal covering the business and assets of Sans Drinks. In the next three months,…
DetailsThe macroeconomic implications of zombie firms returned to the forefront of the public debate during the Covid-19 pandemic, as concerns emerged that unprecedented public support to firms may have helped zombie firms stay afloat, thus delaying a necessary creative destruction process. The existence of zombie firms is not a new phenomenon, dating back to Japans…
DetailsAug 28 (Reuters) – National Australia Bank (NAB.AX) is preparing to cut around 60 jobs of the 600-staff at its markets division and undertake a broad restructuring exercise across its seven business, the Australian Financial Review said on early on Monday citing sources. The country’s second-biggest bank would begin the layoffs as early as this…
DetailsBusinesses from technology start-ups to large multinationals increasingly turn to outsourced CFO services for a range of expertise seldom found in one individual, says Grant Thornton national managing partner Michael Pittendrigh. He said access to a pool of experts in the case of Grant Thorntons CFO service, about 50 across Australia trumped someone working solo…
DetailsGetty Images By Chris Baynes & Gemma Dillon BBC News A cash-strapped council has axed funding for community Christmas trees. Labour-run Kirklees Council said it could no longer afford to pay for community Christmas trees or subsidise the cost. It comes after the council froze all non-essential spending as it looks to save 47m. Green…
DetailsThe District Court in Tel Aviv has approved Israeli air filtration company Aura Airs request for bankruptcy. The company appealed to the court after amassing debts amounting to NIS 49 million (approximately $13 million). Additionally, the court appointed two trustees to oversee the company. The judge, Noa Grossman, jointly designated the company’s CFO, Ofer Bluemenfeld,…
DetailsHello and welcome to Simple Flying’s final ‘Sunday Reads’ weekly digest for the month of August 2023. Let’s end the month in style by taking a few minutes to look back at some of our most notable stories from the last seven days. British Airways Celebrates 75 Years Of Japan Flights BA is celebrating 75…
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