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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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Carpetright has filed for bankruptcy in the Netherlands. Its 75 stores have closed, while 350 jobs are at risk, RetailDetail.eu reported. It is the latest in a long series of troubles for the former retail giant. On Friday morning, the chain applied for protection against creditors, but that was already converted into bankruptcy by the afternoon. Management blames a new software system, which caused problems during start-up, but claims the company is “fundamentally sound”.
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A judge has further extended protection under the Personal Insolvency Acts for a Co Galway man with debts of about €8.5 million, the Irish Times reported. A personal insolvency practitioner for Gerry Connolly of Kilternan, Kilcolgan, Co Galway, had previously obtained a 40-day extension of a protective certificate under the Acts. This was sought to allow more time to deal with Mr Connolly’s creditors and prepare a proposal for a personal insolvency arrangement. The bulk of Mr Connolly’s €8.5 million debt is to Ulster Bank Ireland DAC.
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More German companies in Japan see the country as a manufacturing hub for Asia — and not just as a sales market — with stability, affordability and proximity to major markets cited as top draws, according to a survey by the German Chamber of Commerce and Industry in Japan (AHK Japan), the Japan Times reported. Regulatory robustness and relative affordability of operation, due to the weakness of the yen against the euro, contribute to Japan being an attractive choice for manufacturers.
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State-owned Ukrainian Railways has prepared a recovery plan that includes raising freight tariffs to help control its debt amid intensified Russian attacks and falling cargo deliveries, CEO Oleksandr Pertsovskyi said in an interview, Reuters reported. The company, which employs 170,000 people and dominates freight and passenger transport in Ukraine, has seen cargo traffic almost halved since early 2022, while operation costs are rising because of war damage.
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Creditors to Altice International have chosen Houlihan Lokey as their financial adviser for upcoming debt negotiations with the company, according to Bloomberg. The formal appointment of Houlihan Lokey has not yet been completed. The creditor group, which is already working with law firm Gibson Dunn & Crutcher, has also extended their cooperation agreement through March. This agreement was originally established earlier this year and was scheduled to expire this month. Altice International is part of billionaire Patrick Drahi’s telecommunications empire, which has been facing challenges.
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