Home Topics Bankruptcy

Bankruptcy

Space exploration firm OneWeb has filed for Chapter 11 bankruptcy protection, GeekWire reports, leaving uncertainty about the 74 satellites it has in orbit and its plans to provide high-speed internet from space.

UK government takes $500 million stake in space exploration firm OneWeb

OneWeb, which has its headquarters in the UK, filed for Chapter 11 bankruptcy protection in the US in March, after it was unable to secure financing. Bharti Global also will invest $500 million as part of the deal.
Vice President Yemi Osinbajo on Wednesday presided over the weekly Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja.

VP Osinbajo calls for national debate to reduce size of government

The Vice President, Prof Yemi Osinbajo, says Nigeria needs a national debate to address the issues around the size of government and cost of governance in Nigeria.
Latin America’s largest airline LATAM Airlines Group SA said on Tuesday the company and its affiliates in Chile, Peru, Colombia, Ecuador and the U.S. have filed for Chapter 11 bankruptcy protection in the United States.

Latin America’s largest airline files for bankruptcy protection

Latin America’s largest airline LATAM Airlines Group SA said on Tuesday the company and its affiliates in Chile, Peru, Colombia, Ecuador and the U.S. have filed for Chapter 11 bankruptcy protection in the United States.
Global satellite operator Intelsat filed for bankruptcy protection on Thursday, citing disruption from to its business from the virus pandemic, in a move aimed at restructuring its operations.

Intelsat files for bankruptcy, seeks to restructure

Global satellite operator Intelsat filed for bankruptcy protection on Thursday, citing disruption from to its business from the virus pandemic, in a move aimed at restructuring its operations.
A South African Airways (SAA) plane is towed at O.R. Tambo International Airport in Johannesburg, South Africa, January 18, 2020. REUTERS-Rogan Ward-File Photo

South African Airways layoff deadline suspended pending court ruling

The deadline for South African Airways (SAA) staff to agree layoff terms has been suspended while a judge considers his ruling in a court case brought by two trade unions at the cash-strapped airline.
Chancellor Angela Merkel

German chancellor gives go-ahead for Bundesliga to restart May 15

The Bundesliga will resume on May 15, the German league confirmed Wednesday, after Chancellor Angela Merkel and state leaders gave the green light to restart behind closed doors following weeks of shutdown imposed to control the spread of the coronavirus.
As things stand, the DFL have insisted Bundesliga games will go ahead this weekend before play is stopped on Tuesday until April.

Bundesliga to return in May

Berlin plans to allow Germany’s Bundesliga to restart behind closed doors in May after weeks of shutdown imposed to control the spread of the coronavirus, according to a draft government agreement seen by AFP Wednesday.
A passenger is seen at the South African Airways (SAA) customer desk, after SAA announced that it would immediately suspend all intercontinental flights until May 31 in response to a government travel ban aimed at stopping the spread of the coronavirus disease (COVID-19), at the O.R. Tambo International Airport in Johannesburg, South Africa March 20, 2020. REUTERS/Siphiwe Sibeko

South African Airways could shed staff from May 12 – specialists

South African Airways could start shedding its 5,000 staff from May 12 if unions and workers do not accept a proposed severance deal, administrators trying to rescue the airline said on Sunday.
President of the Nigeria Labour Congress (NLC), Mr Ayuba Wabba

NLC: Nigeria on pathway to economic bankruptcy

As a result of massive petroleum products importation and debt overhang, the Nigeria Labour Congress (NLC) has raised the alarm, saying Nigeria is on the pathway to economic bankruptcy.
Shoppers walk past an Edgars store at a shopping centre in Soweto, southwest of Johannesburg, file. REUTERS-Siphiwe Sibeko

South African retailer Edcon to file for bankruptcy protection

South African non-food retailer Edcon will file for a form of bankruptcy protection after the coronavirus pandemic has hammered sales, leaving it without money to pay creditors and suppliers, it said on Wednesday.
SA Express, which flies to domestic and regional destinations, entered a form of bankruptcy protection earlier this year after losing a court battle with a contractor, logistics firm Ziegler.

South African state airline SA Express faces liquidation

A South African court placed state-owned SA Express under “provisional liquidation” on Tuesday after the airline’s administrators said rescue efforts weren’t likely to succeed.
With Senate Majority Leader Mitch McConnell leading the way, President Donald Trump has been putting his imprint on the federal judiciary for generations to come - AP

US Senate majority leader under fire by state governors

U.S. Senate Republican leader Mitch McConnell has come under fire of state governors following his suggestion that states whose finances are depleted by the coronavirus epidemic could declare bankruptcy.
A South African Airways aircraft is seen at O.R. Tambo International Airport in Johannesburg, South Africa January 12, 2020. REUTERS-Sumaya Hisham-File Photo

South African Airways faces wind-down or liquidation as cash runs out

South African Airways (SAA) faces a wind-down or liquidation after specialists appointed to try to save the state-owned airline said on Thursday they had run out of funds.
New York Governor Andrew Cuomo said on Thursday screening of 3,000 people found nearly 14% tested positive for antibodies for the novel coronavirus, suggesting that 2.7 million residents across the state may have been infected with the disease.

New York test of 3,000 people finds 14% with coronavirus antibodies

New York Governor Andrew Cuomo said on Thursday screening of 3,000 people found nearly 14% tested positive for antibodies for the novel coronavirus, suggesting that 2.7 million residents across the state may have been infected with the disease.

South Africa aiming for new viable airline from SAA business rescue

The South African government will work with unions to ensure that a new financially viable and competitive airline emerges from South African Airways (SAA) business rescue process, the Public Enterprises Ministry said on Tuesday.
RB Leipzig CEO Oliver Mintzlaff says he has received no contact from Liverpool or Bayern Munich regarding Timo Werner.

RB Leipzig: No contact from Liverpool or Bayern Munich over Timo Werner

RB Leipzig CEO Oliver Mintzlaff says he has received no contact from Liverpool or Bayern Munich regarding Timo Werner.
(FILES) In this file photo taken on November 7, 2019 French Economy and Finance Minister Bruno Le Maire leaves the Elysee palace in Paris after the weekly cabinet meeting. – France could see its deepest recession this year since the end of World War II, due to the coronavirus crisis, Finance Minister Bruno Le Maire warned on April 6, 2020. “The worst growth figure in France since 1945 was -2.2 percent in 2009, after the financial crisis of 2008. We will probably be very far beyond -2.2 percent” this year, Le Maire told a Senate panel. (Photo by Alain JOCARD / AFP)

France heading for worst recession since WWII – minister

France is likely to see its deepest recession since the end of World War II this year because of the coronavirus crisis, Finance Minister Bruno Le Maire warned Monday.
Space exploration firm OneWeb has filed for Chapter 11 bankruptcy protection, GeekWire reports, leaving uncertainty about the 74 satellites it has in orbit and its plans to provide high-speed internet from space.

OneWeb files for bankruptcy protection

Space exploration firm OneWeb has filed for Chapter 11 bankruptcy protection, GeekWire reports, leaving uncertainty about the 74 satellites it has in orbit and its plans to provide high-speed internet from space.

Recent Stories

Dr Chikwe Ihekweazu, Director General of NCDC, disclosed this on Monday on Channels Television, Programme “Sunrise Daily”, while, speaking on COVID-19 pandemic in Nigeria.

NCDC rules out elderly, symptomatic coronavirus patients from home care

The Nigeria Centre for Disease Control has ruled out elderly patients and those with severe symptoms from home care treatment for COVID-19.
The Nigeria Police Force says its investigation shows that Boko Haram, Ansaru and other terror groups are getting support from some Nigerians.

Police order arrest of fake coronavirus taskforce in Anambra

Anambra State Commissioner of Police, Mr John Abang, has ordered the arrest of illegal task force teams claiming to be enforcing COVID-19 measures including wearing of face masks in the state.
Governor Abubakar Badaru Babura of Jigawa

Governor Badaru: Jigawa power transmission substation set for inauguration

Gov. Muhammad Badaru of Jigawa says the 96 megawatts capacity Gagarawa power transmission substation is set for inauguration in three weeks time.
Ibrahim Magu

Presidency: Ibrahim Magu’s probe shows anti-corruption fight is real

The Presidency on Saturday said those who hold the belief that the ongoing investigation of the suspended acting chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, is an indication of the administration’s failing anti-corruption fight have missed the point.

NGO distributes palliatives to physically changed

Lola Cater for the Needy Foundation, an Abuja-based non-governmental organisation, has distributed some palliative materials to the People Living With Disabiluties (PLWDs) in Karamajiji, Abuja.