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UK investment manager Intermediate Capital Group Plc is suing a real estate services firm over property valuations it says were inflated and against which it lent hundreds of millions of pounds, Bloomberg News reported. The case revolves around an estimated £500 million ($657 million) owed to ICG funds by caravan park owner RoyaleLife, people with knowledge of the matter said. The retirement-focused real estate business collapsed last year and its owner, Bob Bull, was declared bankrupt.
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Financial markets remain vulnerable to a sharp correction, the Bank of England warned Wednesday as a twice-yearly survey found that geopolitical developments are seen as the greatest threat to stability, the Wall Street Journal reported. The BOE’s Financial Policy Committe has repeatedly warned that valuations of many financial assets, particularly equities, are “stretched” and could fall sharply in response to economic or geopolitical shocks.
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Cinema chain operator Cineworld's restructuring plan was approved by London's High Court on Monday, despite opposition from two landlords, Reuters reported. Cineworld, whose brands include Regal, Cinema City, Picturehouse and Planet, set out a plan in July to restore to profitability, including addressing its lease portfolio and rental terms with landlords in Britain. Like other operators, Cineworld, which operates in 10 countries with 9,189 screens, was hit hard by the COVID-19 pandemic, when many movie releases were postponed or went directly to streaming platforms.
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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.
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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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The owner of the shipping yard that built the Titanic has appointed administrators from financial advisory firm Teneo, after collapsing for the second time in five years, Bloomberg News reported. Harland & Wolff Group Holdings Plc confirmed the decision to go into administration — a form of insolvency in the UK — after warning last week that it was inevitable. The move applies to the holding company, which said some of the 66 people it employs will lose their jobs.
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