Insolvency

Tuesday Morning Announces Successful Completion of Rights Offering

Retrieved on: 
Wednesday, February 10, 2021

In accordance with the terms of the Company's Plan of Reorganization, all proceeds from the Rights Offering will be used to make payments of the claims of general unsecured creditors in the Chapter 11 Cases.

Key Points: 
  • In accordance with the terms of the Company's Plan of Reorganization, all proceeds from the Rights Offering will be used to make payments of the claims of general unsecured creditors in the Chapter 11 Cases.
  • "Thank you to our shareholders for their support and the confidence they have shown in Tuesday Morning's future, as well as to Osmium Partners and Tensile Capital Management for backstopping this successful rights offering.
  • This capital gives us the ability to fulfill our obligations to the general unsecured creditors," commented Steven Becker, CEO of Tuesday Morning.
  • The Rights Offering was the final component of the Company's exit financing under the Company's Plan of Reorganization.

Interactive Capital Partners Corporation Announces Debt Settlement

Retrieved on: 
Tuesday, February 9, 2021

Toronto, Ontario--(Newsfile Corp. - February 9, 2021) - Interactive Capital Partners Corporation (the "Company") announces that it has agreed to settle an aggregate of $300,000 of indebtedness owed to certain arm's length and non-arm's length creditors through the issuance of an aggregate of 6,000,000 common shares ("Common Shares") of the Company at a price of $0.05 per Common Share (the "Debt Settlement").

Key Points: 
  • Toronto, Ontario--(Newsfile Corp. - February 9, 2021) - Interactive Capital Partners Corporation (the "Company") announces that it has agreed to settle an aggregate of $300,000 of indebtedness owed to certain arm's length and non-arm's length creditors through the issuance of an aggregate of 6,000,000 common shares ("Common Shares") of the Company at a price of $0.05 per Common Share (the "Debt Settlement").
  • Pursuant to the Debt Settlement, 1282484 B.C.
  • Prior to the completion of the Debt Settlement, 1282484 B.C.
  • A material change report will be filed less than 21 days before the closing date of the debt settlement.

Insolvency-Tech platform Cerebreon integrates with the Vulnerability Registration Service

Retrieved on: 
Tuesday, February 9, 2021

BIRMINGHAM, England, Feb. 9, 2021 /PRNewswire/ -- Cerebreon , a leading data insights platform in the insolvency tech market, has joined the Vulnerability Registration Service as a member to enhance their existing vulnerability algorithms and rapidly identify individuals that need additional support in the debt process.

Key Points: 
  • BIRMINGHAM, England, Feb. 9, 2021 /PRNewswire/ -- Cerebreon , a leading data insights platform in the insolvency tech market, has joined the Vulnerability Registration Service as a member to enhance their existing vulnerability algorithms and rapidly identify individuals that need additional support in the debt process.
  • Adding the Vulnerability Registration Serviceto our platform accelerates this so that they can focus on resolutions to achieve the best outcome for all stakeholders."
  • The Vulnerability Registration Service provides the UK's first central vulnerability database.
  • Helen Lord, Director of The Vulnerability Registration Service said: "It's great to have Cerebreon on-board and take such a strong stance in helping the insolvency and debt industry meet their vulnerability obligations."

Insolvency-Tech platform Cerebreon integrates with the Vulnerability Registration Service

Retrieved on: 
Tuesday, February 9, 2021

BIRMINGHAM, England, Feb. 9, 2021 /PRNewswire/ -- Cerebreon , a leading data insights platform in the insolvency tech market, has joined the Vulnerability Registration Service as a member to enhance their existing vulnerability algorithms and rapidly identify individuals that need additional support in the debt process.

Key Points: 
  • BIRMINGHAM, England, Feb. 9, 2021 /PRNewswire/ -- Cerebreon , a leading data insights platform in the insolvency tech market, has joined the Vulnerability Registration Service as a member to enhance their existing vulnerability algorithms and rapidly identify individuals that need additional support in the debt process.
  • Adding the Vulnerability Registration Serviceto our platform accelerates this so that they can focus on resolutions to achieve the best outcome for all stakeholders."
  • The Vulnerability Registration Service provides the UK's first central vulnerability database.
  • Helen Lord, Director of The Vulnerability Registration Service said: "It's great to have Cerebreon on-board and take such a strong stance in helping the insolvency and debt industry meet their vulnerability obligations."

COVID-19 Pandemic Leads to Generational Shift in Consumer Insolvencies

Retrieved on: 
Monday, February 8, 2021

The share of insolvencies among those aged 50 and older increased from 28.3% in 2019 to 29.8% in 2020.

Key Points: 
  • The share of insolvencies among those aged 50 and older increased from 28.3% in 2019 to 29.8% in 2020.
  • "Where younger debtors were filing insolvency at increasing rates before the pandemic," says Doug Hoyes, Licensed Insolvency Trustee, "we saw a reversal of this trend and a shift towards older debtors post-pandemic.
  • Debtors aged 50 and older owed an average of $65,929 in consumer credit, 12.6% higher than the average insolvent debtor.
  • Hoyes Michalos provides real debt management solutions to help Ontarians climb out of debt, including consumer proposals and personal bankruptcy, with offices throughout Ontario.

David R. Haberbush, Esq. is recognized by Continental Who's Who

Retrieved on: 
Friday, February 5, 2021

is being recognized by Continental Who's Who as a Top Attorney for his remarkable contributions in the legal community, and his outstanding leadership at HABERBUSH, LLP.

Key Points: 
  • is being recognized by Continental Who's Who as a Top Attorney for his remarkable contributions in the legal community, and his outstanding leadership at HABERBUSH, LLP.
  • With over 100 years of combined experience in resolving client debtor/creditor problems, HABERBUSH, LLP demonstrates the highest level of professionalism and integrity through litigation, workouts, receiverships, general assignments, and bankruptcy.
  • As a well-respected and seasoned top attorney, Mr. Haberbush has accrued nearly 40 years of professional legal excellence throughout his career.
  • In his current position, Mr. Haberbush is the Principal of HABERBUSH, LLP since January 2006.

Luckin Coffee’s Restructuring Efforts Move Forward with Commencement of its Chapter 15 Case in the United States

Retrieved on: 
Friday, February 5, 2021

The Chapter 15 Petition seeks, among other things, recognition in the United States of the Companys provisional liquidation pending before the Grand Court of the Cayman Islands (the Cayman Court), Financial Services Division, Cause No.

Key Points: 
  • The Chapter 15 Petition seeks, among other things, recognition in the United States of the Companys provisional liquidation pending before the Grand Court of the Cayman Islands (the Cayman Court), Financial Services Division, Cause No.
  • The relief sought in the Chapter 15 Petition is an important component of the Companys restructuring.
  • All Company stores remain open for business, offering products with high quality, affordability and convenience to its customers in China.
  • The filing of the Chapter 15 Petition is not expected to materially impact the Companys day-to-day operations.

FTI Consulting’s Corporate Finance & Restructuring Receives Several Recent Awards and Accolades

Retrieved on: 
Tuesday, February 2, 2021

Congratulations to the remarkable group of professionals who helped the Corporate Finance & Restructuring team excel during a tumultuous time, said Michael Eisenband , Global Co-Leader of the Corporate Finance & Restructuring segment at FTI Consulting.

Key Points: 
  • Congratulations to the remarkable group of professionals who helped the Corporate Finance & Restructuring team excel during a tumultuous time, said Michael Eisenband , Global Co-Leader of the Corporate Finance & Restructuring segment at FTI Consulting.
  • We hope to continue this momentum into 2021 as the year presents new changes and challenges that companies will need to navigate.
  • Notable accolades the segment acquired include the following:
    ALM Intelligence: FTI Consulting was named a pacesetter in financial crisis management in ALM Intelligences Pacesetter Research: Financial Crisis Management 2020 report .
  • 2020 Turnaround Restructuring and Insolvency Awards: Sarah Noble, a Consultant in the segments Restructuring practice in London, was named a rising star at the annual Turnaround Restructuring and Insolvency (TRI) Awards , which celebrates outstanding achievements and individuals within the industry.

Flower One Makes Convertible Debenture Interest Payments

Retrieved on: 
Monday, February 1, 2021

Payments of CAD$2,017,375.50 and CAD$440,610.00, respectively, were made by the Company before the end of the 30-day grace periods in accordance with the applicable indentures.

Key Points: 
  • Payments of CAD$2,017,375.50 and CAD$440,610.00, respectively, were made by the Company before the end of the 30-day grace periods in accordance with the applicable indentures.
  • In addition to making these interest payments, we engaged legal and financial advisors to continue discussions with the Debenture holders regarding a potential restructuring transaction, stated Kellen OKeefe, Flower Ones President and Interim Chief Executive Officer (CEO).
  • The Company also announced the completion of an initial debt restructuring and the closing of a convertible debenture offerings at that time.
  • Flower One is the largest cannabis cultivator, producer, and full-service brand fulfillment partner in the state of Nevada.

Novelion Provides Update on Interim Distribution to Registered Shareholders

Retrieved on: 
Tuesday, January 26, 2021

VANCOUVER, British Columbia, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Novelion Therapeutics Inc. (Novelion or the Company) by Alvarez & Marsal Canada Inc., Novelions court appointed liquidator (the Liquidator) today announces that the timing of the previously announced interim distribution to its registered shareholders (the Interim Distribution) has been delayed.

Key Points: 
  • VANCOUVER, British Columbia, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Novelion Therapeutics Inc. (Novelion or the Company) by Alvarez & Marsal Canada Inc., Novelions court appointed liquidator (the Liquidator) today announces that the timing of the previously announced interim distribution to its registered shareholders (the Interim Distribution) has been delayed.
  • The delay of the Interim Distribution is due to the time required for the Company to undertake additional legal steps in the United States to effect the Interim Distribution.
  • The ADRs will be distributed pursuant to the Interim Distribution at a ratio of one (1) ADR for every nine (9) Novelion shares held by a registered Novelion shareholder.
  • An amount equivalent to the market value of the fractional ADRs will be set aside for future distribution to those registered shareholders who would have been entitled to such amounts at the time of the Interim Distribution.