Nearly 2,500 jobs are at risk if Virgin Actives British creditors block a restructuring of the gym chain part-owned by Sir Richard Branson. Sky News has learnt that the company is drawing up contingency plans to appoint administrators by early June unless it convinces lenders and landlords to support a wide-ranging restructuring. In documents circulated…
DetailsCzech Airlines A319 City of Prague OK-NEP Ivan Conincx The companys debts stand at CZK 1.8 billion (EUR 68 million), and the future will be clearer in June after the creditors meeting. The Prague City Court has declared Czech Airlines bankrupt. The fate of one of the worlds oldest airlines will be decided by a…
DetailsDownload CSVShow datatableNumber of bankruptcies of businesses and institutions (excluding sole proprietorships) adjusted for court sessions days Number of bankruptcies of businesses and institutions (excluding sole proprietorships) adjusted for court sessions days 2017 March 304 2017 April 263 2017 May 281 2017 June 300 2017 July 266 2017 August 231 2017 September 237 2017 October…
DetailsAustralia | 10:56 AM A divestment process in the Americas has started as Treasury Wine aims for a leaner, more profitable business, but where will growth come from? -Cautious reaction given lack of detail on further restructuring-Significant uncertainty around volumes previously destined for China-Takeover speculation continues By Eva Brocklehurst Treasury Wine Estates ((TWE)) has commenced…
DetailsLow-cost carrierNorwegianhas sent its plan for financial restructuring to the Irish andNorwegiancourts, as it seeks permission from creditors and shareholders to continue the remodelling of its business and initiate a capital raise. The examiner in Ireland will now present proposals for the restructuring based on the plan, which will then be passed to the Irish…
DetailsThe regulations come into force on 4 May 2021 and establish protective periods, or breathing spaces under a debt respite scheme, during which creditors are prevented from carrying on certain activities in respect of breathing space debts. There is a standard, 60 day breathing space for people with problem debt and a mental health crisis…
DetailsGet weekly climate politics updates from Grist Subscribe to The First 100 On Wednesday, Congress passed one of the most sweeping relief programs for minority farmers in the nations history, through a provision of President Bidens pandemic stimulus bill. Although the landmark legislation, which would cancel $4 billion worth of debt, seemed to emerge out…
DetailsHalf-priced airfares have been quite the topic of conversation over the past 24 hours, with the Australian Government announcing a scheme that’ll see the country’s airlines sell 800,000 flights at the discount rate. That starts in April but if you’re keen on getting away before then, Virgin is doing a flash sale that’ll also slash…
DetailsThe vast arsenal of fiscal, monetary and legal measures used by Australian governments to offset the COVID-induced economic crisis have worked well. They did not prevent a recession (popularly defined as two quarters of negative GDP growth) but things could have been much worse. What is particularly interesting is that the expected consequences have not…
DetailsAs pandemic restrictions loosen, bankrupt companies get a new lease on life. As the pandemic swept across the globe in 2020, a new sort of crisis began to emerge: bankruptcies. Companies that entered the year in a position of strength faced a new reality that kept consumers stuck at home and closed down stores, sometimes…
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