Party City Holdco Inc recently filed for Chapter 11 bankruptcy protection. Party City announced that it has struck a pre-negotiated agreement. The company listed estimated assets and liabilities between $1 billion and $10 billion. As persistently increasing inflation has a negative impact on consumer spending, Party City Holdco Inc (PRTY.N) filed for Chapter 11 bankruptcy … Read more
As the movie Theatre Company continues to struggle with $5 billion in debt. Cineworld has acknowledged that it is thinking about declaring bankruptcy in the US. The Corporation, which also owns the Picturehouse chain in the UK Although Cineworld has a market value of about $69 million, it is nearly $5 billion in debt. As … Read more
Scandinavian airline SAS has requested bankruptcy protection in the US. Pilots at the airline are on strike over proposals to reduce their pay. Other non-US airlines have also sought bankruptcy protection while renegotiating contracts. Due to the strike by its pilots, Scandinavian airline SAS has requested bankruptcy protection in the US. Despite the fact that … Read more
Amber Heard’s lawyers filed a motion to overturn Johnny Depp’s $10.35 million defamation verdict. Heard said the ruling had poor legal reasoning, an improperly vetted jury, and excessive damages. Depp denied the abuse allegations and won the verdict, so he owes her damages. Amber Heard seeks to overturn Johnny Depp’s defamation verdict. The high-profile case … Read more
Tom Cruise wore Ray-Ban Wayfarers in Risky Business and Top Gun. Luxury eyewear brands’ sales increased by 50% when he wore them. The brand was producing 4.5 million pairs of aviator sunglasses by 1988. Tom Cruise is a Hollywood star. The Star of Taps (1981) and Endless Love (1981) can still compete with younger actors … Read more
The company is down to $6 million in cash and struggling to fulfill retail customer orders. Without access to raw materials, Revlon cannot meet sales demands, leaving the company with dwindling cash. Revlon will retain about $300 million of the initial bankruptcy loan for day-to-day business. Revlon Inc got to chapter 11 court endorsement to … Read more
The company has lost shelf space in US stores to celebrity-backed startups, and it has struggled with inflation and supply chain concerns. Revlon narrowly avoided many previous defaults by striking out-of-court settlements with creditors to renegotiate its obligations. After struggling to compete with online-focused startup firms in recent years, cosmetics manufacturer Revlon Inc has filed … Read more
Revlon had long-term debt of $3.31 billion, as of end-March, and faces stiff competition from digital-native upstart brands. The lipstick maker began talks with lenders ahead of looming debt maturities to try to steer the business clear of bankruptcy. Revlon, whose shares declined 46%, did not immediately respond to a Reuters request for comment. Beauty … Read more
Bankrupt Slough Borough spends £28,000 on indoor plants A council that bowed out of all financial obligations last year soon burned through £28,000 on indoor plants which a councilor said are currently “passing on”. Bog Borough Council purchased the 200 plants for its £41m Observatory House HQ when it moved in 2019. Its board chief … Read more
Google has filed for bankruptcy in Russia, citing the seizure of its local bank account by the Russian authorities. According to the IT giant, this means that its local office will no longer be able to operate. In a statement to Mashable, a Google spokesperson said, “The Russian authorities’ seizure of Google Russia’s bank account … Read more
Lebanon held its first election on Sunday since a painful economic crisis pushed the country to the brink of collapse, a major test for new opposition groups intent on deposing the ruling elite. Few observers expected a seismic shift, with traditional sectarian parties controlling all levers of political power and an electoral system perceived to … Read more
Boris Becker was sentenced to two years and six months in prison after being found guilty of bankruptcy offences. Dean Beale, the Chief Executive of the Insolvency Service, said: “The Court has handed down a prison sentence to Boris Becker today after he was convicted of offences relating to his bankruptcy.” “Boris Becker’s sentence clearly … Read more
Alex Jones, an American conspiracy theorist who faces a couple of defamation proceedings for using the parents of sufferers of a massacre that he referred to as a hoax, has declared financial ruin for his distance-right internet site Infowars, documents are visible Monday confirmed. The filing for financial disaster protection, additionally called “Chapter eleven,” is … Read more
According to documents released on Monday, Alex Jones, the US conspiracy theorist who is facing multiple defamation lawsuits from parents of victims of a massacre he dubbed a fabrication, has filed bankruptcy for his far-right website Infowars. The application for bankruptcy protection, often known as “Chapter 11,” is designed to halt civil court proceedings while … Read more
MIAMI: A federal judge on Tuesday approved a plan to restructure Puerto Rico’s public debt, which will allow the US territory to end the bankruptcy process it declared almost five years ago. Judge Laura Taylor Swain gave her approval to the fiscal adjustment project approved by the island’s authorities last October. The decision will reduce the … Read more
Federal Energy Minister Hammad Azhar said that Pakistan Tehreek-e-Insaf (PTI) saved Pakistan’s economy from bankruptcy as it was left by Pakistan Muslim League–Nawaz (PML-N). While addressing in the National Assembly (NA) session on Wednesday, the minister said that the entire world was declaring that Pakistan’s economy was steering towards bankruptcy. However, he added, the incumbent … Read more
FRANKFURT: Asian tourism and casinos giant Genting’s shipbuilding subsidiaries in Germany filed for bankruptcy on Monday, which one union leader described as a “dark day” for the country’s dockyards. With travel still severely restricted during the coronavirus pandemic, particularly in Asia, the company has seen demand for huge cruise ships or luxury mega-yachts dwindle. MV Werften … Read more
LAHORE: ‘Corruption’ has been the buzzword during the current PTI regime. There is talk of accountability and of nailing the big fishes and the smaller ones to rid the country of menace such as corruption, bribery, nepotism, loot and plunder that have brought the country on verge of collapse and bankruptcy. However, what’s been happening … Read more
