Two bills were introduced: one to appropriate funds for the Insure Louisiana Incentive Program and a second to place some restrictions on the use of those funds. BATON ROUGE, La. Legislators kicked off a special session Monday to address one agenda item: whether to approve $45 million for an incentive fund to persuade home insurers…
DetailsDOF says it is probable that the company will be judged insolvent as they put forward final proposal to shareholders (DOF file photo)Published Jan 30, 2023 1:18 PM by The Maritime Executive The new board of directors of Norwegian offshore operator DOF is back with a new proposal to refinance the company and lower its…
DetailsArrival ARVL, -2.47% said Monday that it will cut its global workforce in half, to about 800 employees, as it implements a restructuring aimed at cutting spending by about 50% to preserve cash. The stock was halted for news, until 9:00 a.m. Eastern. The Luxembourg-based electric vehicle maker also named Igor Torgov, a former Arrival…
DetailsArrival is going through another restructuring this time led by a newly appointed CEO that will slash its workforce by about 50% as the the U.K.-based commercial EV company attempts to reduce operating costs and preserve cash. The company said Monday that Igor Torgov, former executive VP of digital at the company, has been hired…
DetailsBetween 2017 and 2022, 11 property & casualty insurers domiciled in Florida were declared insolvent and placed into liquidation. In an attempt to restore stability to the marketplace, Governor Ron DeSantis issued a proclamation on April 26, 2022, calling the Florida Legislature into special session to reform Floridas Insurance Code. While the ensuing May special…
DetailsShares in 888 lost more than a quarter of their value on Monday after the online betting company removed its chief executive and launched an investigation into failures to correctly follow anti-money laundering processes on VIP customer accounts. The Gibraltar-headquartered gambling group said on Monday it had suspended a series of VIP customer accounts in…
DetailsShell plans to restructure the way it runs its hydrocarbons and renewables businesses as part of changes being made under new chief executive Wael Sawan to improve performance and bring the companys low-carbon initiatives into a single division. The moves, which include splitting Shells integrated gas, renewables and energy solutions division, represent the second internal…
DetailsA new contractor has been appointed to constructa controversial Northwich incinerator after the previous builders collapsed. The Guardian reported last January howCNIM – a UK subsidiary of the engineering contractor working on theLostock Sustainable Energy Plant (LSEP) was declared insolvent and entered administration. In response, LSEP Ltd took over CNIMs subcontracts for aspects of the…
DetailsNetherlands Lightyears operating company, Atlas Technologies B.V., has filed for suspension of payment proceedings, which was granted by the Rechtbank Oost-Brabant in the Netherlands. On January 23rd, the court declared Atlas Technologies B.V. bankrupt and appointed Mr. R. van Oeijen from Holla legal & tax as trustee. Lightyear has expressed regret over the situation and…
DetailsSolar EV startup Lightyear has announced that Atlas Technologies, its operating company responsible for the production of solar cars, has been declared insolvent by a Dutch court. Obviously, this spells uncertainty for the future of Lightyear, which announced a week ago that production of the Lightyear 0 was suspended six weeks after it started. The…
Details