Mark and Sarah found themselves in a desperate financial situation when the COVID-19 pandemic hit. Almost immediately after social distancing was first put in place in Australia this year, Sarahs bookings as a professional photographer dried up. Marks hours at his retail job were at first dramatically reduced, then stopped altogether. But Mark and Sarah…
DetailsThe Dalgaranga process plant. Source: Gascoyne Resources Latest News The Federal Court of Australia has launched proceedings on Gascoyne Resources plan to be relisted on the Australian Securities Exchange. This follows Habrok Mining, a Western Australia-based investment company, putting forward an unsuccessful deed of company arrangement (DOCA) proposal for Gascoyne, before purchasing unsecured debt of…
DetailsUnsecured creditors from across the cotton industry are being warned to expect to be repaid maybe just a fifth of their losses following the collapse of Chinese-owned merchant Weilin Trade owing about $58 million. Latest estimates suggest about 195 cotton growers, brokers, merchants and other service providers have lost money after Weilin bought cotton for…
DetailsAugust 05, 2020 16:35 ET | Source: Young, Marr & Associates Law Firm PHILADELPHIA, Aug. 05, 2020 (GLOBE NEWSWIRE) — Money is fragile, and when we are in possession of something fragile, we become worried. The finances are safe when nothing surprising happens, but when a sudden outbreak pandemic like corona knocks at the door,…
DetailsBy Roslan Khasawneh SINGAPORE (Reuters) – GP Global, an oil trader based in the United Arab Emirates (UAE) enmeshed in an employee fraud investigation, has appointed restructuring experts as part of its “ongoing restructuring exercise”, the company said in a statement on Wednesday. GP Global said it hired FTI Consulting’s Rod Sutton as its chief…
DetailsIt is an unfortunate reality that as the economic repercussions of the COVID-19 pandemic continue to be felt, companies even those that were performing quite strongly at the start of 2020 will face significant headwinds, if they havent already. Many may need to consider some sort of restructuring of their balance sheet and debt obligations…
DetailsHis decision to jump ship to Duff & Phelps comes only months after the North American firm backed Ayres, Lord and Co to set up and run an Australian restructuring business based initially in Sydney. While Duff & Phelps has already landed a few restructuring mandates including advising Velocity Frequent Flyer’s bank syndicate during Virgin…
DetailsForensic police arrive to collect evidence at the alleged gambling den in Yannawa district, Bangkok, on Tuesday. (Photo: Wichan Charoenkiatpakul) The Metropolitan Police Bureau has yet to verify if the place where a police officer was shot dead on Monday night was an illegal casino, the bureau chief said. Pol Lt Gen Pakapong Pongpetra, commissioner…
DetailsBooking.com, the worlds dominant online travel agent, will restructure its business and shed 25% of staff by the end of this year due to the impact of COVID-19. Up 4500 staff could lose their jobs, though final numbers are still being worked through, according to a US Securities and Exchange Commission filing by parent company…
DetailsVirgin Atlantic has filed for bankruptcy in the United States as it claims it will run out of cash next month without a rescue deal. The cash-strapped airline filed for Chapter 15 bankruptcy protection in New York, a move that allows a foreign company with US assets to protect itself from creditors as it works…
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