More than 3,000 customers owed money by the failed replica-furniture chain Matt Blatt are set to receive nothing, even though the company reaped more than $4.4m by selling assets in the weeks leading to its collapse. Customers, some of whom are owed more than $1,000, were informed of the collapse by text message a fortnight…
DetailsWASHINGTON In a move that some bankers and commentators have called insane, coronavirus-hit car rental company Hertz was granted permission Friday to sell $1 billion in shares, an extraordinary move after it declared bankruptcy in the United States and Canada. The unusual green light was given by a bankruptcy court in the US state of…
DetailsMONEY gathered for charitable community causes may instead be put towards settling with unsecured creditors, following the liquidation of a partner company. The Somerset Regional Council has hosted Mayoral Gala Charity Balls for several years, with the aim of creating a fund that could be used by people and groups in the community. In 2017,…
DetailsEquestrian Australia has said it will ensure requirements are met to nominate athletes for the Tokyo 2020 Olympic and Paralympic Games after the national governing body entered voluntary administration. The organisation entered voluntary administration following the withdrawal of funding by Sport Australia, who had slammed Equestrian Australias governance and raised concerns over welfare of participants…
DetailsOn April 15, the Group of Twenty (G20), an international forum that assembles governments, central bank governors, and international organizations, endorsed a suspension of debt service for seventy-six countries from the Global South. This was not quite debt cancellation, but a postponement of payment. Granted on a case-by-case basis, this measure only concerns bilateral debt,…
DetailsNagoya Mitsubishi Aircraft Corp. will cut more than half of its 2,000-strong workforce in a restructuring move as the coronavirus devastates travel demand and delays continue to plague its regional jet project, a source close to the matter said. The aircraft-making subsidiary of Mitsubishi Heavy Industries Ltd. will also close its U.S. headquarters, a development…
DetailsThere were 1200 fewer court actions in April and May this year compared to the same two months in 2019 despite the widespread shutdowns of huge parts of the economy due to the coronavirus pandemic. At the start of the virus, the industry had been expecting a surge in bankruptcies. Mr Coghlan said financially troubled…
DetailsCNBC.com’s MacKenzie Sigalos brings you the day’s top business news headlines. On today’s show, CNBC’s Dominic Chu breaks down why traders have bought so much stock in bankrupt companies like Hertz and J.C. Penney, and how it can quickly become a losing game. Also, CNBC’s Elizabeth Schulze explains how empty sports stadiums pose an imminent…
DetailsCalm before the storm as bankruptcy numbers fall during lockdown | The Independent Independent Premium Drop in insolvencies linked to government bailoutand reduced court sittings More economic turbulence expected as GDP plummets by over 20 per cent ( Getty Images ) … Read the full article at: https://www.independent.co.uk/independentpremium/coronavirus-bankrupt-lockdown-debt-insolvency-service-a9563991.html
DetailsThe market dislocation wrought by the coronavirus pandemic has a poster child in Hertz Global Holdings Inc. A bankruptcy court late Friday approved Hertzs HTZ, +37.37% request to sell up to $1 billion in stock. The car-rental company appears to be seizing on a wave of intense, speculative interest in its shares since it declared…
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