Several filings in Reagor-Dykes bankruptcy case

LUBBOCK, Texas - Attorneys involved in the Reagor-Dykes bankruptcy case filed several documents this week as the Auto Group prepares for a stalking horse bidder to purchase it by late next month. Attorneys for Reagor-Dykes ask the court to approve an agreement allowing KamKad Automotive to purchase vehicles traded in at Reagor-Dykes dealerships. KamKad is the stalking horse bidder that signed a purchase agreement Sept. 30. The filing states allowing KamKad to be involved in trade-ins would “kick start” business…

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Westmoreland Coal Files for Chapter 11 Bankruptcy

Westmoreland Coal Co. filed for bankruptcy protection Tuesday with an agreement to sell the mining business to a group of lenders, subject to better bids, in a transaction intended to reduce its $1.4 billion in debt. The Englewood, Colo.-based company and a handful of its affiliates, including Westmoreland Resource Partners LP, filed chapter 11 petitions in the U.S. Bankruptcy Court in Houston. The filing comes after Westmoreland warned in April that it could file for bankruptcy as it negotiated with…

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Katie Price leaves £300K horse box at pal’s home with bankruptcy deadline looming

Katie Price has dumped her £300,000 pink horse box on a pal’s property neighbouring her West Sussex home as her bankruptcy deadline looms. The cash-strapped glamour model, 40, left the eye-catching vehicle on a patch of land near her home just three weeks before learning whether she’ll officially be declared bankrupt, after being given 12 weeks to organises her finances. However, The Sun has reported that while the mother-of-five’s finances are in tatters, she’s allegedly relying on her wealthy toyboy…

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Sears hires a bankruptcy expert

If Sears wants to avoid bankruptcy, it’ll practically have to pull a rabbit out of a hat. The company thinks it found a director who can help do the trick. Sears (SHLD) announced Tuesday that it hired Alan Carr as an independent director. Carr is CEO of restructuring advisory firm Drivetrain, which guides companies through complex transformations such as the one Sears’ management has endorsed. With $134 million worth of debt payments coming due October 15 and a dwindling cash…

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IMF forecasts India’s 2018 growth at 7.3 pc, praises GST, bankruptcy code

New Delhi/Washington: The International Monetary Fund (IMF) on Tuesday forecasted a growth rate of 7.3 per cent for India in the current year of 2018 and that of 7.4 per cent in 2019. In 2017, India had clocked a 6.7 per cent growth rate. “India’s growth is expected to increase to 7.3 per cent in 2018 and to 7.4 per cent in 2019 (slightly lower than in the April 2018 World Economic Outlook (WEO) for 2019, given the recent increase…

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Will it Affect Rochester Location?

Around 200 Mattress Firm stores are expected to close up shop over the next few days as the company filed Chapter 11 bankruptcy last week. Mattress Firm, the largest mattress manufacturer in the U.S. says the company has 3,500 stores across the country and plans to close up to 700 as it restructures. It’s unclear which stores will close around Minnesota yet, if at all, including the one here in Rochester, but it’s assumed that at least several of the stores…

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Mattress Firm closing stores, files Chapter 11 bankruptcy protection

CLOSE The mattress manufacturing and retail industry is having its share of nightmares over upheaval from online-based retail disruptors, and scandal within an industry giant. USA TODAY CHICAGO, IL – DECEMBER 06: Mattresses are offered for sale at a Mattress Firm store on December 6, 2017 in Chicago, Illinois. Steinhoff International Holdings N.V., which is the parent company of Mattress Firm, saw its stock value plummet more than 60 percent today after the resignation of CEO Markus Jooste and an…

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Mattress Firm Bankruptcy Is a Corporate Nightmare

By Chris Bryant | Bloomberg October 8 at 7:30 AM Just two years after Steinhoff International Holdings NV paid a whopping $3.8 billion to acquire Mattress Firm Inc., its U.S. bedding subsidiary has filed for bankruptcy. Steinhoff, a South African retailer that is itself struggling for survival after a massive accounting scandal, had already booked more than 1.6 billion euros ($1.9 billion) of impairments in relation to Mattress Firm before Friday’s Chapter 11 filing. Now, Steinhoff will be forced to surrender…

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Astaldi Files For Bankruptcy: Bonds Worth Investigating, Shares Worthless – Astaldi S.p.A. ADR (OTCMKTS:ASTLY)

Italian construction company Astaldi (OTC:ASTLY) filed for creditor protection last week on Friday. In the filing, the company said its targets, set in its 2018-2022 strategy plan, were no longer achievable: the delay in the sale process of the Third Bosporus Bridge due to the political and economic/financial events that recently affected Turkey during 2018, has required the adjustment of the entire capital and financial strengthening Plan. At the time of the filing, Astaldi identified a couple of key moves,…

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Invuo Technologies’ board decides to file for bankruptcy

Invuo Technologies AB (STO:INVUO), a provider of proprietary solutions and systems for mobile phone transactions, announced on Friday the decision by its board of directors to file an application for bankruptcy on 8 October 2018, as it is evident that the company has become insolvent. This filing includes the Swedish subsidiary Invuo Services AB. Other group companies are not included in the filing, the company clarified. According to the company, the immediate reason for the insolvency is the protracted delays…

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Invuo Technologies files bankruptcy application

Invuo Technologies, which runs the MeaWallet mobile payments system, has decided to file an application for bankruptcy as it is evident that the company has become insolvent. The filing covers the Swedish subsidiary Invuo Services but not other group companies. The immediate reason for the insolvency is the protracted delays in clients’ implementation of the company’s services. These delays have had a severe, negative impact on its cashflows. The situation has been worsened by the absence of the expected acceleration…

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Leedo seeking bankruptcy of Saaremaa Laevakompanii :: The Baltic Course

A holding company of former Estonian ferry tycoon Vjatseslav Leedo is seeking the bankruptcy of Saaremaa Laevakompanii (Saaremaa Shipping Company, SLK), the entity that used to be responsible for subsidized ferry connections to Estonia’s large western islands for decades, reported LETA/BNS. The holding company of Leedo, Holostovi Kinnisvarahaldus, has filed with a court a petition for the bankruptcy of Saaremaa Laevakompanii, regional newspaper Saartee Haal said. The CEO of Saaremaa Laevakompanii, Tonis Rihvk, said that the company is…

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Specter of Insolvency Overshadows Skyline Health Care | Arkansas Business News

The financial travails of Skyline Health Care and its affiliates ushered in a recent change of ownership at nine Arkansas nursing facilities and new license holders at two others. The deals encompass nearly half of the 2,608 nursing home beds in the state that had been owned or managed by Skyline, of Wood-Ridge, New Jersey. Strawberry Fields REIT Ltd. of South Bend, Indiana, purchased nine Arkansas properties for about $38 million. Individual real estate sales associated with the 1,173-bed transaction…

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Bankruptcies and restructuring will rise by 20.2% in 2018

The number of company bankruptcies and restructuring in Poland will increase by 20.2 percent y/y in 2018 and by 9.3 percent y/y in 2019, according to Coface estimates. In 2017 the growth amounted to 16.4 percent. In the whole Central and Eastern European region (14 countries, including Russia) an increase by 10.4 percent y/y in 2018 and by 15.9 percent y/y in 2019 is expected. In 2017 East-Central Europe had the average GDP growth of 4.5 percent, the highest since…

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Invuo Technologies AB says to file for bankruptcy

(Reuters) – Invuo Technologies AB <INVUO.ST> said it decided to file an application for bankruptcy on Monday. The company said the bankruptcy filing includes its Swedish subsidiary Invuo Services AB, but other group companies are not included in the filing. (Reporting by Gaurika Juneja; Editing by Cynthia Osterman) Source link

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Guarantors too will be in insolvency net

NEW DELHI: The insolvency regulator is readying rules that will enable creditors to go after guarantors of ailing companies to recover dues, a move that will tighten the grip around companies as well as their promoters who had given personal covers. The Insolvency & Bankruptcy Board of India (IBBI) is working on guidelines that are expected to be ready in the next few weeks, sources said, adding that the idea is to help banks and individuals recover dues from guarantors…

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