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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Locals in First Round of Layoffs as Mattress Firm Files for Bankruptcy

A local woman is losing her job at a San Diego-based Mattress Firm store, as the company struggles to survive. On Friday, the mattress retailer filed for Chapter 11 bankruptcy and announced it will immediately close 700 of its 3,300 stores by the end of the year. For one local woman, losing her job is more than the money. She says Mattress Firm was like a family to her. “They’re firing people they’re supposed to be supporting,” she said, “this…

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Bankruptcy Code will deepen Indian corporate bond market: Assocham – Canindia News

New Delhi,, Oct 7 (IANS) The successful resolution of issues of banks’ non-performing assets (NPAs) or bad loans through the Insolvency and Bankruptcy Code (IBC) will help deepen India’s corporate bond market that is highly concentrated in AAA rated bonds, Assocham said on Sunday. Citing its study jointly conducted with rating agency Crisil, a statement by the industry chamber said: “As per Assocham-Crisil study, reduction in the timeline for the resolution of stressed assets under the IBC will not only…

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Bankruptcy Code to help deepening of corporate bond market: Assocham-Crisil study

MANGALURU: India’s corporate bond market which forms 17 per cent of the country’s GDP against 123 per cent in the US and 74 per cent in South Korea, is highly concentrated in the AAA rated bonds, which may change over time, once the Insolvency and Bankruptcy Code (IBC) brings about successful resolution of stressed asset cases in a time bound manner, an Assocham-Crisil joint study has said. Reduction in the timeline for resolution of stressed assets under the IBC would…

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bond market: How bankruptcy code is helping deepen corporate bond market

New Delhi: A recent study has noted that India’s corporate bond market, which contributes 17 per cent to the country’s Gross Domestic Product(GDP) and is highly concentrated in the AAA rated bonds, is expected to change once the Insolvency and Bankruptcy Code (IBC) brings about successful resolution of stressed assets in a time-bound manner. As per a joint study conducted by ASSOCHAM and CRISIL, reduction in the timeline for resolution of stressed assets under the IBC would not only enhance…

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NCLT dismisses insolvency petition against Duncans Industries

Vide the notification dated January 28, 2016 under Section 16E of the Tea Act, the central government had authorised the Tea Board to take over the control and management of the seven ailing tea estates of the GP Goenka-headed company in north Bengal. The Kolkata bench of the National Company Law Tribunal (NCLT) has dismissed a plea filed by an operational creditor of Duncans Industries to commence insolvency proceedings against the ailing tea company of The Duncan Goenka Group. The…

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50 Intellectually and Morally Bankrupt Assholes Vote to Confirm Kavanaugh – Slog

Fucking fucker fucking being such a fuck. Getty Images / Pool Republicans Senators, the Federalist Society, and Donald Trump have successfully conspired to make Brett Kavanaugh an associate justice of the Supreme Court. They pushed him through three credible allegations of sexual assault, two bullshit hearings from the Senate Judiciary Committee, and a sham FBI investigation. They framed Dr. Christine Blasey Ford’s, Deborah Ramirez’s, and Jill Swetnick’s stories as a Democratic conspiracy designed to take down a “good man” who…

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