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PAL secures US court nod to access $505 million financing

ABS-CBN News
Posted at Oct 01 05:11 PM

Philippine Airlines has received a US court approval to access $505 million in debtor-in-possession financing, it said said Friday. Read more »

PAL bats for more international arrivals

ABS-CBN News
Updated as of Sep 21 06:26 PM

PAL urged the government to relax the mandatory quarantine rules for fully vaccinated travelers and to remove the cap for international arrivals. Read more »

US bankruptcy court allows PAL $20 million loan

ABS-CBN News
Posted at Sep 13 04:16 PM

PAL was granted by a US Bankruptcy Court access to a $20 million loan facility amid its Chapter 11 filing, its operator PAL Holdings said Monday. Read more »

PAL says 'business as usual' after Chapter 11

ABS-CBN News
Posted at Sep 06 02:37 PM

PAL, Asia’s oldest airline, said it is business as usual for the company's employees, customers, suppliers, commercial partners, and local communities. Read more »

PAL says undergoing 'restructuring' amid reports it would file for Chapter 11 in US

ABS-CBN News
Updated as of May 11 11:19 PM

PAL said on Tuesday it is working on a comprehensive restructuring plan following reports that it is seeking court protection from creditors in the United States. Read more »

Japan's coronavirus-linked bankruptcies hit monthly record

Kyodo News
Posted at Feb 26 09:53 PM

The number of coronavirus pandemic-induced corporate bankruptcies in Japan reached a monthly record of 126 in February, with the restaurant and apparel industries hardest hit, a survey by a credit research company showed Friday. Read more »

IBC-13 workers union claims mismanagement; OIC says doing best to pay dues amid financial woes

ABS-CBN News
Posted at Aug 22 04:16 PM

Employees deplored the alleged mismanagement of state-run International Broadcasting Corporation (IBC-13), claiming that the network is already at the verge of bankruptcy. Read more »

Bankrupt by 2022? Recto says PhilHealth has P110-billion contingency fund

Katrina Domingo, ABS-CBN News
Posted at Aug 04 03:33 PM

MANILA - Senate President Pro Tempore Ralph Recto on Tuesday disputed the Philippine Health Insurance Corp's (PhilHealth) projection that it may collapse in 2022 should it fail to receive more government subsidy, saying the firm has P110 billion in contingency funds.   Read more »

World facing bankruptcy time bomb: study

Agence France-Presse
Posted at Jul 20 09:40 PM

Governments around the world are scrambling to save companies battered by coronavirus lockdowns but the world is nevertheless facing a massive surge in bankruptcies by a third, a study conducted by a trade insurance firm said Monday. Read more »

Cirque du Soleil accepts purchase offer from creditors

Agence France-Presse
Posted at Jul 17 08:29 AM

Canadian cultural icon Cirque du Soleil -- currently under court bankruptcy protection -- accepted a purchase offer from its creditors Thursday, which will serve as a minimum bid for an investors auction in August. Read more »

Muji's US unit files for bankruptcy due to COVID-19 pandemic

Kyodo News
Posted at Jul 12 11:51 AM

Ryohin Keikaku Co., the operator of the Muji-brand goods store chain, said Friday its US unit filed for bankruptcy protection after the coronavirus pandemic caused store closures and hit sales hard.   Read more »

Brooks Brothers, founded in 1818, files for bankruptcy

Sapna Maheshwari and Vanessa Friedman, The New York Times
Posted at Jul 09 08:41 AM

Brooks Brothers, the retailer known for dressing the great and good of the United States since 1818, filed for bankruptcy Wednesday, buckling under the pressure from the coronavirus pandemic after years of faltering sales as customers embraced more casual apparel and sales shifted online.   Read more »

Cirque du Soleil files for bankruptcy protection as COVID-19 cancels shows

Reuters
Posted at Jun 30 06:02 AM

Canada's Cirque du Soleil Entertainment Group filed for bankruptcy protection on Monday as the COVID-19 pandemic forced the famed circus operator to cancel shows and lay off its artistes. Read more »

Gov't should get loans to stave off OWWA bankruptcy: lawmaker

ABS-CBN News
Posted at Jun 25 07:28 AM

The government should borrow money for programs for migrant workers, a senator said Thursday after the Overseas Workers Welfare Administration (OWWA) warned of a "largely looming" bankruptcy due to the coronavirus pandemic. Read more »

OWWA says bankruptcy 'looming large' over COVID-19 repatriation spending

Katrina Domingo, ABS-CBN News
Posted at Jun 24 02:18 PM

The Overseas Workers Welfare Administration's (OWWA) on Wednesday warned of a "largely looming" bankruptcy should the agency continue to spend for the accommodation and transportation of repatriated migrant workers beyond 2021. Read more »

These companies gave their CEOs millions — just before bankruptcy

Peter Eavis, The New York Times
Posted at Jun 24 05:02 AM

The coronavirus recession is pushing many companies into bankruptcy, a painful process that has led to layoffs, wiped out some investors and hurt the economy.   Read more »

A tidal wave of bankruptcies is coming

Mary Williams Walsh, The New York Times
Updated as of Jun 19 11:46 AM

Edward Altman, creator of the Z score, a widely used method of predicting business failures, estimated that this year will easily set a record for so-called megabankruptcies — filings by companies with $1 billion or more in debt. And he expects the number of merely large bankruptcies — at least $100 million — to challenge the record set the year after the 2008 economic crisis.  Read more »

Hertz files for U.S. bankruptcy protection as car rentals evaporate in pandemic

Mike Spector, Reuters
Updated as of May 23 12:28 PM

NEW YORK, May 22 (Reuters) - The more than a century old car rental firm Hertz Global Holdings Inc filed for bankruptcy protection on Friday after its business was decimated during the coronavirus pandemic and talks with creditors failed to result in much needed relief.  Read more »

Virus-stricken Thai Airways goes to bankruptcy court

Agence France-Presse
Posted at May 21 08:19 AM

Thailand's cash-strapped national carrier will look to undergo a restructuring through the kingdom's bankruptcy court, premier Prayut Chan-O-Cha said Tuesday, as the stricken company is battered by the crash in tourism caused by the coronavirus.  Read more »

Hundreds of private hospitals in PH may go bankrupt due to coronavirus pandemic

ABS-CBN News
Posted at May 21 12:00 AM

A group of private hospitals in the Philippines warned nearly half of its 900 members may go bankrupt in the coming month. Read more »