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Related Special Reports
...FTX and its debtors have announced a global settlement to maximise asset recoveries and reconcile claims, following the crypto exchange’s collapse in November last year....
...There is a crisis of confidence in the bankruptcy system caused by the twin problems of the scandal in Houston and blatant abuse by debtors such as Sorrento which choose their bankruptcy court and judge....
...While holding hearings might push enactment past June, they are a necessary step if the legislature wants to enact a bill supported by debtors and creditors in the sovereign debt market....
...However, it shies away from this role, leaving it to the debtor to seek relief and assurances from bilateral creditors over whom it has little leverage....
...“Throughout this time, my clients consistently expressed their sincere interest in purchasing WeWork or its assets out of bankruptcy, and/or providing the debtors with [debtor in possession] financing,”...
...Some of Diamond’s debtors have agreed to provide $450mn in debt-in-possession financing to further its operations and emerge as a going concern....
...The protection the bill provides to debtors faced with a lawsuit will disincentivise rather than lead to more litigation, thus encourage engagement of all private creditors in negotiations....
...The move by the private capital firm came amid jockeying over so-called debtor-in-possession financing for Yellow, which filed for bankruptcy this month with $1.2bn in debts....
...Houston was so attractive to debtors and their lawyers that even the likes of Sorrento with a reed-thin nexus to Texas were determined to get in....
...Moreover, many American debtors are paying fixed rates and won’t get hit by hikes until they need to refinance their loans....
...and it burnt through nearly $4bn in cash....
...However, externally imposed transparency conditions — such as requiring debtors to disclose and report debts to the IMF — are unlikely to be enough to incentivise governments to do the right thing....
...The court will consider if the loan is an obligation to a friend or relative who the debtor is on good terms with, who will not want to see the debtor suffer financial hardship....
...That deal will have the Citadel fund provide $100mn of so-called debtor-in-possession financing, while Yellow’s largest stockholder, MFN partners, will provide the remaining $42.5mn....
...“[W]ithout the releases, there is no settlement, the debtors likely would be forced into a Chapter 7 liquidation, and unsecured creditors would probably recover nothing from the debtors’ estates,” Purdue...
...The company has lined up $25mn in “debtor-in-possession” financing from lenders including MidCap Financial, a unit of Apollo Global Management, to cover its reorganisation....
..., in a two-day auction being presented by Freeman’s|Hindman on 7 and 8 May....
...In a judgment outlining the decision, the judge noted that the use of “physical coercion” to enforce a court decision should be used only as “a last resort” after other measures had failed to make debtors...
...The Financial Times in April 2021 revealed that invoices underpinning the loans raised suspicions of fraud, after a number of companies listed as debtors in Credit Suisse’s investment funds said they had...
...In a court filing late on Monday evening, the FTX debtors said Joseph Bankman and Barbara Fried, both of whom are tenured professors at Stanford Law School, used their influence to funnel money from the...
...“The debtor is inviting the court to determine there is a dispute on substantial grounds in relation to her ability to deal with an unpaid loan and negotiation seeking additional time to pay....
...He badly needs support from the US, the largest stakeholder in the IMF, as the fund weighs whether to lend more money to Argentina, already its largest debtor, to support Milei’s reforms....
...Egypt has been forced to go to the IMF for multiple loans since 2016 and is the fund’s second-biggest debtor after Argentina....
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