Hedge funds and private-equity firms financing JC Penneys bankruptcy, meanwhile, would take ownership of some stores and distribution centres after forgiving portions of the companys $US5 billion debt load, one of the people said. The lenders, led by H/2 Capital Partners, would own those assets in two separate real estate investment trusts. Loading The iconic…
DetailsWilliam D. Cohan: What exactly is Donald Trumps deal? At the same time, financial experts involved in those bankruptcies say that lenders to your companies lost billions of dollars, Wallace replied. With that record, why should we trust you to run the nations business? I have used the laws of this country just like the…
DetailsNAB has today launched the NAB StraightUp Card, Australias first no interest credit card, in response to Australians wanting more control over their finances. For a flat monthly charge, customers can get access to credit of up to $3,000. Customers dont pay the monthly fee if the card is not used1 and there are no…
DetailsBig Four accountancy firm Deloitte has reportedly begun early talks about the potential sale of its restructuring business. According to Sky News, Deloitte has told executives running its restructuring arm to sound out and approach prospective backers of a management buyout. The decision comes in the face of a potential surge in its restructuring arms…
DetailsAussie fashion brand Colette by Colette Hayman has been officially sold out of voluntary administration, with a new owner announced today but the businesss bricks-and-mortar presence has been cut by a third. The new major shareholder and executive chairman, revealed in an announcement this morning, is ex-Myer and Edcon CEO Bernie Brookes, while John Skellern…
DetailsA federal government initiative to save thousands of businesses from sinking into insolvency during the pandemic was full of good intentions. But a new analysis suggests all it’s doing is creating a new breed of “zombie” companies and paving the way for a tsunami of insolvencies when the support measures end at the end of…
DetailsA research firm says at least 500 companies in Japan have gone bankrupt since February due to the impact of the coronavirus outbreak. Teikoku Databank says a total of 500 companies legally declared bankruptcy or had suspended business and were preparing for legal liquidation as of Tuesday. By industry, restaurants topped the list with 69…
DetailsCorporate bankruptcies in the U.S. continue to grow during the coronavirus crisis as 24 companies joined 2020’s list of casualties and pushed the year-to-date total closer to 500, according to an S&P Global Market Intelligence analysis. A total of 470 companies have gone bankrupt this year as of Sept. 7, more than the number of…
DetailsALBANY, N.Y. (WBEN/AP) Daily fantasy contests like those operated by FanDuel and DraftKings face an uncertain future in New York after an appellate court ruled Thursday that a 2016 law legalizing such games violated a constitutional prohibition on gambling. The court upheld a lower courts ruling that the Legislature unlawfully authorized the activity by classifying…
DetailsThe government has recovered about $345 million of these payouts over the past five years, including through actions as a creditor. This scheme provides workers annual and long service leave payments, up to 13 weeks of unpaid wages, up to five weeks of payment in lieu of notice and a maximum of four weeks redundancy…
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