By Tabita Diela, Bernadette Christina 3 Min Read JAKARTA, July 1 (Reuters) – Indonesian business groups on Thursday urged authorities to ensure there is enough financial support for companies, warning that otherwise new restrictions to tackle a surge in COVID-19 cases could result in layoffs and bankruptcies. The emergency curbs, which come into effect between…
DetailsAmidst a global pandemic, there were plenty of interesting bankruptcy and restructuring events and changes that occurred in 2020. We saw new Bankruptcy Code amendments go into effect (through the Small Business Reorganization Act of 2019), a government bailout in excess of $2.3 trillion (through the CARES Act), many life-long retailers on the brink of…
DetailsCredit Suisse has so far clawed back $US5.6 billion for investors in the frozen funds, but it is still grappling with several large debtors whose ability to repay the Greensill debts is in question. GFG and other companies took invoices – debts they owed or were owed – and in effect sold them to Greensill…
DetailsThis builds on the liquidity boost from new share subscriptions in Dream Cruises by investment group Darting and Ocean World, a Genting HK subsidiary. Darting paid $59m cashfor its shares, while Ocean World offset nearly $248m in intercompany loans. The approved restructuring terms are only slightly differentwhat was reported here in early May. New money…
DetailsThe ACT Health Minister has called on the federal government to reconsider cutting off Canberra from bulk-billing incentives, as 30,000 members of a key affordable healthcare provider face an uncertain future. However, Royal Australian College of General Practitioners president Karen Price said bulk billing wasn’t the answer and broader reform of the system was needed.…
DetailsMoneyweb Crypto Liquidators are encouraging MTI members to lodge claims, saying they will not be asked to pay contributions to the insolvent estate. Some of MTIs leaders are believed to have made hundreds of millions from the scheme. Image: Luke MacGregor/Bloomberg Collapsed bitcoin scheme Mirror Trading International (MTI) was placed in final liquidation this week…
DetailsJames Prentice, 41, from South Devon, was sentenced to 6 months imprisonment suspended for 2 years, ordered to carry out 150 hours of unpaid work and ordered to pay compensation of 4,500 to his victims. Exeter Crown Court heard Prentice was declared bankrupt in December 2014 and although he could continue working as a builder…
DetailsBDO Consulting Group announced that Michael Edelschick has rejoined the firms Business Restructuring & Turnaround Services practice as a Managing Director and national leader of the Bankruptcy Litigation Services group. Edelschick was previously with BDO for seven years until he was hired in 2019 to lead the post-bankruptcy executive team of a specialty supermarket chain…
DetailsKavinda Herath/Stuff The Donald Buckley Photo & Frame store in Invercargill, and one in Gore, are closing their doors on Friday, after more than 40 years in business in Southland. A well-known Southland photography business has gone into liquidation and its stores in Invercargill and Gore are closing down, largely because locals didnt support it,…
DetailsHAMILTON, Bermuda, July 2, 2021 /PRNewswire/ — Seadrill Limited (“Seadrill” or the “Company”) (OSE: SDRL) (OTCPK: SDRLF) and the Issuer announce that, further to the announcement made by Seadrill and the Issuer on June 18, 2021, the Issuer and certain of its subsidiaries have today agreed key commercial terms for a comprehensive restructuring of the…
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