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EY, the court-appointed supervisor for Ocean Tankers Pte Ltd (OTPL), has proposed two restructuring options to the shipping company’s owners and could meet with them as early as next week to discuss the plans, according to an EY report seen by Reuters, Reuters reported. The discussions are to ascertain whether the owners - Lim Oon Kuin, his son Evan Lim Chee Meng and daughter Lim Huey Ching, or the Lim family - are “willing to support any future restructuring of OTPL”, the report said. EY declined to comment.
Since the coronavirus pandemic hit France, a succession of well-known clothing retailers have shut down or collapsed into bankruptcy. But none of these closures has hit home as hard as the demise of Tati, a discount emporium that has stood at the heart of the gritty neighbourhood of Barbès in northern Paris since 1948, the Financial Times reported. A giant blue and pink sign on the outside of the sprawling store announces the promise of its founder Jules Ouaki, a Jewish transplant from Tunisia, to always offer the lowest prices — “Tati, les plus bas prix”.
The International Chamber of Commerce, a global trade union and civil society groups urged the Group of 20 major economies to extend and expand a freeze in debt service payments to help not just the poorest, but also middle-income countries, weather the coronavirus pandemic and its economic fallout, the International New York Times reported on a Reuters story. The ICC, International Trade Union Confederation, and Global Citizen, a group pushing to end extreme poverty by 2030, also called on G20 finance ministers, who will meet online on July 18, to take additional st
Troubled hospital operator NMC Health's entity in the United Arab Emirates (UAE), NMC Healthcare LLC, is considering applying for restructuring and insolvency proceedings locally, two sources familiar with the matter said.
Minimalist lifestyle brand Muji’s U.S. subsidiary has filed for Chapter 11 bankruptcy protection, its Japanese owner Ryohin Keikaku Co said on Friday, joining the list of casualties from the coronavirus pandemic, Reuters reported. Ryohin Keikaku said Muji aims to close unprofitable stores and renegotiate rents in the United States, where its 18 stores have been closed since mid-March due to the pandemic. The outbreak has inflicted widespread financial pain on global retailers, leading many such as J. Crew Group and Brooks Brothers to file for bankruptcy protection.
Wigan Athletic’s former owner has said projected losses forced him to sell the club to the Hong Kong businessman who plunged it into administration just weeks after completing the purchase, the Financial Times reported. It is the first time Stanley Choi, who controls International Entertainment Corporation, a Hong Kong-listed hotel and casino operator, has spoken about his role in the sale process that preceded the club’s collapse, which has provoked fierce scrutiny of foreign ownership of English clubs.
Lenders to Cirque du Soleil Entertainment Group are working on an offer to replace the bid made by TPG and other shareholders of the company, which is restructuring under bankruptcy protection, Bloomberg News reported. The lenders are set to present a binding “credit bid” to a committee of Cirque’s board by Tuesday, a court hearing was told Friday. Credit bidding involves canceling outstanding debt as part of an offer to acquire a debtor’s assets. Cirque’s creditors have said previously they would also be willing to inject as much as $375 million to help the company restart.
The South African government is “on course” to provide a funding commitment for the restructuring of loss-making South African Airways (SAA), a senior official said on Friday, Reuters reported. The comments by the acting director-general of the Department of Public Enterprises (DPE) will ease concerns at the airline after the finance ministry told lawmakers last week it would not provide any new money.
As the crisis engulfing his business empire deepened, Bavaguthu Raghuram Shetty met with Bank of Baroda officials in mid-March to discuss the $250 million he and his firms owed, Reuters reported. The loans were granted on the strength of Shetty’s reputation as a billionaire and his businesses, in particular, NMC Health, the Middle East-focused hospital group he made his fortune from, according to court filings.