The company that operates retailers Ted Baker, Lucky Brand and Brooks Brothers plans to close a number of stores in Canada and the U.S. after months of declining sales pushed the operations into insolvency proceedings, the Globe and Mail reported. Ted Baker Canada announced the launch of liquidation sales on Friday, covering nine out of 25 Ted Baker stores in Canada and all of the brand’s locations in the U.S. The sales also affect all Brooks Brothers and Lucky Brand stores in Canada. The company has shut down its e-commerce operations for the time being.
Sri Lanka will hand over management of its $209 million Chinese-built airport to two Indian and Russian companies, a cabinet statement said on Friday, as the island nation attempts to reduce losses from its state enterprises. Mattala Rajapaksa International Airport (MRIA), funded by China EXIM Bank, has stoked controversy since its opening in 2013 due to a low number of flights, environmentally sensitive location and persistent financial losses. The airport's management will be handed over to Shaurya Aeronautics (Pvt) Ltd.
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted the listed road infrastructure company, Sadbhav Engineering, under the corporate insolvency resolution process in an application filed by its operational creditor, SS Infra, the Economic Times of India reported. The tribunal has also appointed Sanjay Kumar Agarwal as the interim resolution professional (IRP) of the company.
European Union leaders on Thursday agreed to align "relevant aspects" of their countries' insolvency laws for companies, as part of broader efforts to integrate capital markets and make the bloc more competitive, DPA International reported. EU leaders’ agreed to a declaration that commits to “harmonizing relevant aspects of national corporate insolvency frameworks,” among other measures to further integrate capital markets. The EU is struggling to compete with the United States and China, and commissioned former Italian prime minister Enrico Letta to come up with a plan.
Pride Group Holdings has sought creditor protection under the Companies’ Creditors Arrangement Act (CCAA), after lender Mitsubishi HC Capital America filed a claim this week seeking damages of approximately US$100 million, trucknews.com reported. Three lawsuits on behalf of the Mitsubishi HC Capital named Sulakhan ‘Sam’ Johal and Jasvir Johal, accuse them of taking out credit lines to build inventories for Pride Truck Sales and Tpine Leasing. It accused them of defaulting on payments they had personally guaranteed. The claims have not been proven in court.
Chinese property developer Evergrande Group says it will withdraw the application for chapter 15 bankruptcy protection that it filed with a U.S. court last August, NHK World reported. The heavily indebted developer has been discussing with creditors how to repay its foreign-currency-denominated debts since it filed for chapter 15 protection. But the liquidation order made by a Hong Kong high court in January made it virtually impossible for the company to implement the debt-restructuring plan.
Liquidators of companies linked to the 1Malaysia Development Bhd scandal have filed for chapter 15 under the U.S. Bankruptcy Code, as they look to recover assets, Bloomberg News reported. A petition listing 1MDB Energy Holdings Ltd, Platinum Global Luxury Services Ltd, Aabar International Investments PJS Ltd, Blackrock Commodities (Global) Ltd, and Alsen Chance Holdings Ltd - all registered in the British Virgin Islands - was submitted in the Southern District of Florida court, dated Feb. 15.
The Local Court of Münster has opened regular insolvency proceedings for the assets of Gigaset AG. The communications technology provider published a corresponding announcement on its website on Tuesday evening, MarketScreener.com reported. Markus Wischemeyer was appointed insolvency administrator. Gigaset AG had filed for insolvency in September and is insolvent according to its own statements. The main reason for this was an unexpected and significant decline in revenue in the second half of 2023 and a business performance that was significantly below plan.
Nigeria’s central bank has released inaugural guidelines for banks opening cryptocurrency accounts, while retaining its ban on them holding or trading in virtual assets on their own behalf, Bloomberg News reported. The rules, published on the central bank’s website on Tuesday, flesh out the regulator’s decision last month to lift its prohibition on banks operating accounts for crypto service providers. “Current trends globally have shown that there is need to regulate the activities of virtual assets service providers which include cryptocurrencies and cryptoassets,” it said.
Companies that assembled new supply chain strategies in the wake of the Covid-19 pandemic are having to put those plans into practice far faster than they may have thought possible, the Wall Street Journal reported. Global supply chains are entering 2024 roiled by disruptions at two of the world’s crucial trade corridors—the Panama Canal and the Suez Canal—even as geopolitical tensions appear set to take a more prominent role in sourcing and distribution. That could potentially force countries and companies to redraw trade maps that have been built over decades.