Stranded commuters wait for transportation at a bus terminal during a protest by taxi operators over the government’s financial relief for the taxi industry, amid the coronavirus disease (COVID-19) lockdown, in Soweto, South Africa, June 22, 2020. REUTERS/Siphiwe Sibeko The international community quickly agreed this spring that the COVID-19 pandemic and its economic damage necessitated…
DetailsBUSBY Contractings liquidation is set to be wound up by the end of this year as their debts have blown out to almost $5 million. The company, which went into voluntary liquidation in February 2018, claims the liquidation was a result of underquoting liquidation of associated major debtors and flooding of their project sites. It…
DetailsBy Dan Whitworth Money Box reporter 5 June 2020 Image copyright Getty Images “It’s like a last-ditch attempt to get the last bit of money out of a gambler. I was just disgusted.” Dave, not his real name, has fought gambling addiction nearly his entire life and now has 50,000 of gambling debt spread over…
DetailsLEAWOOD, Kan.–(BUSINESS WIRE)–Jul 1, 2020– NPC International, Inc. (NPC or the Company) today announced that it has entered into a restructuring support agreement (RSA) with lenders holding approximately 100% of the Companys first lien priority debt and 70% of its first lien debt (collectively, the Senior Secured Lender Group) to substantially reduce NPCs long-term debt…
DetailsWatching scientists, politicians and journalists struggle to compare national death rates from the coronavirus pandemic, I had an acute case of dj vu. Though the virus may be novel, the confusion generated by inconsistent data standards is anything but. Its something Ive observed closely for many years in studying public sector debt. Such league table…
DetailsAs a growing number of oilpatch companies arebeing pushed toward bankruptcy across NorthAmerica,a number ofCanadianplayers are working with creditors andmaking moves that experts say are aimed at avoiding such a fate. Bow River Energy, Sequence Energy and Delphi Energy have filed for protection under the Companies’ Creditors Arrangement Act(CCAA) to come up with a restructuring…
DetailsThe economic downturn triggered by the Covid-19 pandemic has caused unprecedented havoc on businesses in India in almost every sector, which has been dubbed by the Organization for Economic Cooperation and Development (OECD) as the biggest peacetime downturn in a century. To offer respite to stressed businesses, the government of India has announced the suspension…
DetailsBy: Express Web Desk | New Delhi | Published: June 30, 2020 2:57:37 pm Pramod Mittal and his two colleagues were arrested and released in Bosnia after paying a hefty 12.5 million in July last year, Reuters had reported. (Reuters/File) Pramod Mittal, brother of UK-based steel magnate Lakshmi Mittal, has reportedly been declared bankrupt by…
DetailsThe legislation has introduced new corporate restructuring tools and temporary easements, with the aim of giving distressed businesses the breathing space they need to get advice and seek a rescue. One of its key provisions is the introduction of the new role of a monitor to oversee the corporate moratorium it introduces an extendable 20…
Details61% of businesses in the region expect a significant or worse decline in annual revenue in the wake of COVID-19, new survey shows. While still in its infancy, many companies are beginning to formulate their recovery strategies from COVID-19. However, as more economies launch into the next phase of relaxed lockdown measures, what organisations plan…
Details