Insolvency

Woodbridge Liquidation Trust Announces Cash Distribution

Wednesday, April 1, 2020 - 7:38pm

Woodbridge Liquidation Trust (the Trust) announced that its Liquidation Trustee, with the approval of the Trusts Supervisory Board, has declared an aggregate cash distribution of $25,000,000 on the Trusts Class A Liquidation Trust Interests (the Class A Interests).

Key Points: 
  • Woodbridge Liquidation Trust (the Trust) announced that its Liquidation Trustee, with the approval of the Trusts Supervisory Board, has declared an aggregate cash distribution of $25,000,000 on the Trusts Class A Liquidation Trust Interests (the Class A Interests).
  • Regarding the distribution, the Trusts Liquidation Trustee Michael Goldberg said, I am pleased to be able to announce this additional interim distribution to our holders.
  • It was made only after considering the liquidity needs of the Trust and its subsidiaries to navigate through the uncertainties in the market.
  • Woodbridge Liquidation Trust is a Delaware statutory trust that, together with its wholly-owned subsidiary Woodbridge Wind-Down Entity LLC, was formed on February 15, 2019 to implement the terms of the First Amended Joint Chapter 11 Plan of Liquidation dated August 22, 2018 of Woodbridge Group of Companies, LLC and Its Affiliated Debtors (the Plan).

Coronavirus: changes to insolvency rules to help businesses

Wednesday, April 1, 2020 - 12:03am

On Saturday 28 March 2020, the Business Secretary, Alok Sharma, announced new insolvency measures to help businesses hit by the coronavirus crisis.

Key Points: 
  • On Saturday 28 March 2020, the Business Secretary, Alok Sharma, announced new insolvency measures to help businesses hit by the coronavirus crisis.
  • However, all other checks and balances that help to ensure directors fulfil their legal duties properly will remain in force.
  • This Commons briefing paper considers the new insolvency measures and why they are considered necessary to help companies survive the pandemic.
  • This is a fast-changing situation and it is anticipated that the new measures announced, and the corporate insolvency framework, will continue to evolve in the coming weeks.

Cerebreon: Debt Support Startup Close £1.5m Seed Round to Help Save UK's Most Vulnerable

Tuesday, March 31, 2020 - 7:00am

LONDON, March 31, 2020 /PRNewswire/ --Insolvency technology startup Cerebreon close final funds in 1.5m Seed round in a bid to scale support to the UK's most vulnerable consumers to avoid bankruptcy.

Key Points: 
  • LONDON, March 31, 2020 /PRNewswire/ --Insolvency technology startup Cerebreon close final funds in 1.5m Seed round in a bid to scale support to the UK's most vulnerable consumers to avoid bankruptcy.
  • Cerebreon is working with consumers, financial institutions and insolvency practitioners, to deploy their deep learning platform to help predict and prevent insolvency ahead of time.
  • Gillian Doyle, Cerebreon CEO, said, "Our mission is to support the most vulnerable people in society to help them to avoid insolvency.
  • Unsecured personal debt was measured at 3.6Bn - with the COVID-19 outbreak UK families are taking on increasing levels of debt to survive."

Cerebreon: Debt Support Startup Close £1.5m Seed Round to Help Save UK's Most Vulnerable

Tuesday, March 31, 2020 - 7:00am

LONDON, March 31, 2020 /PRNewswire/ --Insolvency technology startup Cerebreon close final funds in 1.5m Seed round in a bid to scale support to the UK's most vulnerable consumers to avoid bankruptcy.

Key Points: 
  • LONDON, March 31, 2020 /PRNewswire/ --Insolvency technology startup Cerebreon close final funds in 1.5m Seed round in a bid to scale support to the UK's most vulnerable consumers to avoid bankruptcy.
  • Cerebreon is working with consumers, financial institutions and insolvency practitioners, to deploy their deep learning platform to help predict and prevent insolvency ahead of time.
  • Gillian Doyle, Cerebreon CEO, said, "Our mission is to support the most vulnerable people in society to help them to avoid insolvency.
  • Unsecured personal debt was measured at 3.6Bn - with the COVID-19 outbreak UK families are taking on increasing levels of debt to survive."

Twentieth Distribution Percentages Announced for Lehman Brothers Holdings Inc. and Its Debtor Affiliates

Thursday, March 26, 2020 - 4:00pm

Lehman Brothers Holdings Inc. (LBHI), as Plan Administrator, announced today in a court filing the percentage recovery that will be distributed on April 2, 2020 to holders of allowed claims against LBHI and its various affiliated Debtors (collectively, Lehman).

Key Points: 
  • Lehman Brothers Holdings Inc. (LBHI), as Plan Administrator, announced today in a court filing the percentage recovery that will be distributed on April 2, 2020 to holders of allowed claims against LBHI and its various affiliated Debtors (collectively, Lehman).
  • Lehmans aggregate twentieth distribution to unsecured creditors pursuant to its confirmed chapter 11 plan will total approximately $198.4 million.
  • The chapter 11 plan, related disclosure statement and other filings, including the filing referred to above, can be found at www.lehman-docket.com in the Key Documents section.
  • Questions relating to the distribution can be directed to the Debtors claims agent, Epiq Systems, Inc., at 1-866-879-0688 (U.S.) and 1-503-597-7691 (Non-U.S.).

LYXOR ETF - Important Information - ETF Liquidation 27/03/2020 - Lyxor J.P. Morgan Multi-Factor World Index UCITS ETF

Tuesday, March 24, 2020 - 7:02pm

Please note that any fees or costs incurred within the context of the liquidation will be borne by the Sub-Fund.

Key Points: 
  • Please note that any fees or costs incurred within the context of the liquidation will be borne by the Sub-Fund.
  • Further to the above, the Board has decided to suspend the Subscription and the Redemption of Shares on the primary market within the Sub-Fund as from March 25, 2020.
  • Any liquidation proceeds which cannot be distributed to Shareholders will be deposited on their behalf with the Caisse de Consignation in Luxembourg.
  • For any questions, do not hesitate to contact Lyxor Client Services at the following contact details: Phone number +33 1 42 13 42 14 - Email address: client-services-etf@lyxor.com.

Statement on Faraday Future Founder Yueting Jia’s Individual Bankruptcy Restructuring Entering Into Plan Voting Process

Monday, March 23, 2020 - 10:00am

YTs Chapter 11 Disclosure Statement and the motion for approval of DIP Financing were approved by the Court.

Key Points: 
  • YTs Chapter 11 Disclosure Statement and the motion for approval of DIP Financing were approved by the Court.
  • Assuming creditors vote in support of the plan and the Court approves it, YT can immediately begin to implement it thereafter.
  • Assuming creditors vote in favor of the Plan and the Court approves it, YT can immediately begin to implement it thereafter.
  • The Courts approval of the Disclosure Statement means that the voting process will start once solicitation packages are mailed to creditors.

Yingli Secured 260 MW Order with Debt Restructuring Going Forward

Thursday, March 12, 2020 - 4:00am

This is a new demonstration that customers' confidence in Yingli is gradually recovering with its debt restructuring going forward.

Key Points: 
  • This is a new demonstration that customers' confidence in Yingli is gradually recovering with its debt restructuring going forward.
  • Since entering the implementation phase in 2019, Yingli's debt restructuring hasprogressed remarkably.
  • The restructuring plan has beenrecognized by all stakeholders including creditors, the governments, the court and several detailed working arrangements have been introduced.
  • The principles of the debt restructuring are protecting creditors interests to the greatest extent and promoting the company' long term sustainable development based on marketization and rule of law.

Yingli Secured 260 MW Order with Debt Restructuring Going Forward

Thursday, March 12, 2020 - 3:41am

This is a new demonstration that customers' confidence in Yingli is gradually recovering with its debt restructuring going forward.

Key Points: 
  • This is a new demonstration that customers' confidence in Yingli is gradually recovering with its debt restructuring going forward.
  • Since entering the implementation phase in 2019, Yingli's debt restructuring hasprogressed remarkably.
  • The restructuring plan has beenrecognized by all stakeholders including creditors, the governments, the court and several detailed working arrangements have been introduced.
  • The principles of the debt restructuring are protecting creditors interests to the greatest extent and promoting the company' long term sustainable development based on marketization and rule of law.

Windstream Obtains Additional Support for Comprehensive Restructuring After Amendment to Plan Support Agreement

Wednesday, March 11, 2020 - 12:00pm

Since the announcement of the Amended PSA, Windstream has already substantially increased the support for its chapter 11 plan of reorganization.

Key Points: 
  • Since the announcement of the Amended PSA, Windstream has already substantially increased the support for its chapter 11 plan of reorganization.
  • At this time, dozens of additional creditors have committed to the Amended PSA, representing approximately $320mm of claims toward the $430mm cap.
  • First lien creditors holding over 82% of Windstreams first lien claims now support its plan of reorganization.
  • Windstream is pleased to obtain broader consensus on the terms of its proposed restructuring and expects that additional creditors will sign the Amended PSA and participate in the priority tranche.