Creditor – Loro Dinapoli http://lorodinapoli.org/ Thu, 28 Oct 2021 05:17:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 http://lorodinapoli.org/wp-content/uploads/2021/07/icon-2021-07-06T154208.998-150x150.png Creditor – Loro Dinapoli http://lorodinapoli.org/ 32 32 Tissue Co. Gorham obtains approval for vote on Ch. 11 Liquidation http://lorodinapoli.org/tissue-co-gorham-obtains-approval-for-vote-on-ch-11-liquidation/ http://lorodinapoli.org/tissue-co-gorham-obtains-approval-for-vote-on-ch-11-liquidation/#respond Thu, 28 Oct 2021 00:00:00 +0000 http://lorodinapoli.org/tissue-co-gorham-obtains-approval-for-vote-on-ch-11-liquidation/ By Rick Archer (October 27, 2021, 8:00 p.m. EDT) – A Delaware bankruptcy judge sent Gorham Paper & Tissue LLC’s Chapter 11 liquidation plan on Wednesday for a creditors vote, nearly a year after the maker of toilet paper sold its assets and reached a $ 7.5 million settlement with its parent company Zohar. U.S. […]]]>
By Rick Archer (October 27, 2021, 8:00 p.m. EDT) – A Delaware bankruptcy judge sent Gorham Paper & Tissue LLC’s Chapter 11 liquidation plan on Wednesday for a creditors vote, nearly a year after the maker of toilet paper sold its assets and reached a $ 7.5 million settlement with its parent company Zohar.

U.S. Bankruptcy Judge Karen Owens has issued an order granting interim approval to Gorham’s plan disclosure statement and setting a December date for a confirmation hearing of the company’s proposal to distribute its remaining assets to its non-creditors. guaranteed.

Gorham, once controlled by troubled debt mogul Lynn Tilton, filed for Chapter 11 protection in November 2020, bringing in around $ 100 million in …

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HNA bankruptcy removes creditors’ hurdle in $ 170 billion debt restructuring http://lorodinapoli.org/hna-bankruptcy-removes-creditors-hurdle-in-170-billion-debt-restructuring/ http://lorodinapoli.org/hna-bankruptcy-removes-creditors-hurdle-in-170-billion-debt-restructuring/#respond Tue, 26 Oct 2021 21:14:37 +0000 http://lorodinapoli.org/hna-bankruptcy-removes-creditors-hurdle-in-170-billion-debt-restructuring/ (Nikkei Asia) – HNA Group took a big step forward over the weekend in what is believed to be China’s biggest bankruptcy case as creditors gave the green light to an investment by a lesser-known conglomerate that has been involved in a series of turnarounds. At 1.1 trillion yuan ($ 172 billion), HNA’s debt dwarfs […]]]>

(Nikkei Asia) – HNA Group took a big step forward over the weekend in what is believed to be China’s biggest bankruptcy case as creditors gave the green light to an investment by a lesser-known conglomerate that has been involved in a series of turnarounds.

At 1.1 trillion yuan ($ 172 billion), HNA’s debt dwarfs that of China’s other high-profile bankruptcy cases, including the roughly 200 billion yuan of Baoshang Bank and Tsinghua Unigroupis 160 billion yuan. Despite recent progress, the conglomerate is expected to continue to face an uphill battle in its restructuring process, particularly with the Hainan Airlines headunit still suffering from the impact of the coronavirus on travel.

HNA Group said on Saturday that creditors voted to approve debt restructuring plans formulated by the core businesses of his group, including Hainan Airlines, real estate developer Hainan Infrastructure Development Group and retailer CCOOP Group. The plans will require formal court approval.

Much attention has been paid to the fate of Hainan Airlines in particular, a key carrier offering extensive service in southern China and beyond. Its rehabilitation plan is based on an injection of liquidity from a strategic investor, the transporter having chosen Liaoning Fangda Group Industrial as its choice.

The group is expected to become Hainan Airlines’ largest shareholder as part of its 38 billion yuan investment, Chinese media reported.

Fangda is an industrial conglomerate operating in carbon, steel and more, and it owns several publicly traded units, including Fangda Carbon New Material and Fangda Special Steel Technology. It has also invested in and helped rehabilitate a number of struggling businesses in the past.

The conglomerate employs more than 60,000 workers, with revenues and assets exceeding 120 billion yuan in 2020. This will be its first foray into the aviation industry.

Yet relatively little is known about the inner workings of Fangda. Founder Fang Wei rarely appears in the media and is far from a household name.

Born in the 1970s, Fang got his start selling scrap metal in Liaoning Province, according to The Beijing News. Eventually, making a fortune by acquiring mining rights for iron ore, he created Fangda around 2000 and the group acquired a struggling carbonaceous materials manufacturer in 2002. It has since continued to take over large companies, forging itself the reputation of “serpent that swallows elephants”. . ”

As the group grew through acquisitions, Fang was chosen as the representative of the National People’s Congress in 2013, later losing his membership due to an allegation of corruption.

Despite Fangda’s war chest and track record, there are growing concerns about the group’s ability to stabilize Hainan Airlines. Travel demand has yet to fully recover from the coronavirus pandemic, and the carrier suffered a net loss of 880 million yuan between January and June.

Shadows also hang over HNA Group, which owns around 70% of the group’s debt and has assumed part of the obligations of Hainan Airlines and other units. The company’s assets include hotels and listed companies. But much of his holdings would come in the form of shares in aircraft leasing company Avolon Holdings, which, like Hainan Airlines, is vulnerable to downturns in the aviation industry.

This story was first published in Nikkei Asia.

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PB-21-674 / CLIFTON | Legal notices | tulsaworld.com http://lorodinapoli.org/pb-21-674-clifton-legal-notices-tulsaworld-com/ http://lorodinapoli.org/pb-21-674-clifton-legal-notices-tulsaworld-com/#respond Sun, 24 Oct 2021 05:00:00 +0000 http://lorodinapoli.org/pb-21-674-clifton-legal-notices-tulsaworld-com/ Posted in Tulsa World, Tulsa County, Oklahoma, October 24-31, 2021 IN DISTRICT COURT AND IN THE STATE OF TULSA COUNTY OF OKLAHOMA IN THE MATTER OF THE ESTATE OF FRANK CLIFTON, Deceased. Case No. PB-2021-674 Judge Kurt G. Glassco NOTICE TO CREDITORS COMBINED WITH NOTICE OF HEARING FINAL ACCOUNT AND PETITION FOR DISTRIBUTION AND DISCHARGE […]]]>

Posted in Tulsa World, Tulsa County, Oklahoma, October 24-31, 2021

IN DISTRICT COURT AND IN THE STATE OF TULSA COUNTY OF OKLAHOMA IN THE MATTER OF THE ESTATE OF FRANK CLIFTON, Deceased. Case No. PB-2021-674 Judge Kurt G. Glassco NOTICE TO CREDITORS COMBINED WITH NOTICE OF HEARING FINAL ACCOUNT AND PETITION FOR DISTRIBUTION AND DISCHARGE To the creditors of Frank Clifton, deceased: All creditors having claims against Frank Clifton, deceased, are required to present it, together with a description of all security and other guarantees (if any) held by each creditor in respect of such claim, to Trent Clifton, personal representative, at the law firm by Stephen P. Gray & Associates, 2400 West Detroit Street, Broken Arrow, Oklahoma, 74012, addressed to Stephen P. Gray, Counsel for the Personal Representative, on or before the following Submission Date of November 29, 021, or this will be forever banned.

1. Frank Clifton, deceased, passed away on March 11, 2021 in Tulsa, Oklahoma.

2. Trent Clifton, the Applicant with an address of 2045 S. Robb Way, Lakewood, Colorado 80227.

3. Trent Clifton was appointed personal representative on July 16, 2021 by the district court judge in this case.

4. The heirs and legatees are Trent Clifton with an address of 2045 S. Robb Way, Lakewood, Colorado 80227, Todd Clifton with an address of 305 S. 6th Street, Jenks, Oklahoma, and Karen Clifton Jones with an address of 3102 S Oak Drive, Austin, Texas.

5. The probate value of the estate is less than $ 200,000.

6. That if an objection or claim is filed before the final hearing, the Court will determine at the final hearing whether the objection and / or the claim is valid, whether the estate will be distributed and to whom the estate will be distributed. .

7. Any creditor’s claim will be barred unless the claim is made to personal representative Trent Clifton of his attorney Stephen P. Gray at 2400 West Detroit Street, Broken Arrow, Oklahoma, no later than 30 days after the granting of the claim. the prescription and combined notice.

Notice is also hereby given that the hearing of the first and last account of the administration of said estate and of the petition for determination of the estate, for the distribution of the estate and for the final discharge of the personal representative has been fixed. by court for December 1, 2021 at 10:40 a.m. in Room 701 of the Tulsa County Court Room, Tulsa, Oklahoma, where and when all persons interested in said estate may appear and be heard. The Applicant / Personal Representative is authorized to file this Combined Final Account and Motion for Distribution and Discharge Notice of Hearing at that time. KURT GLASSCO DISTRICT COURT JUDGE Order prepared by: Stephen P. Gray, OBA # 3556 Stephen P. Gray & Associates 2400 West Detroit Street Broken Arrow, Oklahoma 74012 steve@lawspg.com Telephone: (918) 994-7051 Fax: (918) 994-7052 Counsel for the Applicant


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LATAM’s creditors say airline is on the wrong track with Ch. 11 Plan http://lorodinapoli.org/latams-creditors-say-airline-is-on-the-wrong-track-with-ch-11-plan/ http://lorodinapoli.org/latams-creditors-say-airline-is-on-the-wrong-track-with-ch-11-plan/#respond Fri, 22 Oct 2021 21:21:00 +0000 http://lorodinapoli.org/latams-creditors-say-airline-is-on-the-wrong-track-with-ch-11-plan/ By Rick Archer (Oct 22, 2021, 5:21 p.m. EDT) – Unsecured Creditors Committee in LATAM Airlines Group Chapter 11 Bankruptcy Case Says South American Airline’s Insistence on Providing Benefits to Major Shareholders l ‘sends a deadlock in its restructuring process. In a statement filed Thursday in response to a request by LATAM for a final […]]]>
By Rick Archer (Oct 22, 2021, 5:21 p.m. EDT) – Unsecured Creditors Committee in LATAM Airlines Group Chapter 11 Bankruptcy Case Says South American Airline’s Insistence on Providing Benefits to Major Shareholders l ‘sends a deadlock in its restructuring process.

In a statement filed Thursday in response to a request by LATAM for a final one-month extension to its deadline to file a Chapter 11 plan, the committee said the reason a plan had not emerged for 17 months in large part was “the company’s insistence on having a plan that is acceptable primarily to its controlling shareholders.

“Unless the debtors change course, the committee doubts the …

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Olympus Pools owner claims his company owns a stake in former business partner’s business http://lorodinapoli.org/olympus-pools-owner-claims-his-company-owns-a-stake-in-former-business-partners-business/ http://lorodinapoli.org/olympus-pools-owner-claims-his-company-owns-a-stake-in-former-business-partners-business/#respond Thu, 21 Oct 2021 20:35:26 +0000 http://lorodinapoli.org/olympus-pools-owner-claims-his-company-owns-a-stake-in-former-business-partners-business/ TAMPA, Fla. (WFLA) – New filings in personal bankruptcy case involving Olympus Pools owner James Staten and his wife indicate Olympus has a 5% stake in Staycation Pools and Spas, another Pool company owned by Staten’s one- time business partner, Jordan Hidalgo. Olympus Pools closed in July after a series of investigative reports from Better […]]]>

TAMPA, Fla. (WFLA) – New filings in personal bankruptcy case involving Olympus Pools owner James Staten and his wife indicate Olympus has a 5% stake in Staycation Pools and Spas, another Pool company owned by Staten’s one- time business partner, Jordan Hidalgo.

Olympus Pools closed in July after a series of investigative reports from Better Call Behnken.

The new filing, which details the claims against the Statens as well as their assets, indicates that Olympus Pools holds a “5% interest in Staycations pools and spas” valued at approximately $ 500,000.

Better Call Behnken reached out to Hidalgo by phone for comment. Hidalgo has confirmed that he and Staten signed an agreement for Staten to own a 5% stake in Staycation, but maintains the deal is no longer valid.

According to their court records, the Statens claim that Staycation Pools and Spas is valued at $ 10 million.

“I would sell my business today for a tenth of that declared value,” Hidalgo told Better Call Behnken in a brief telephone interview.

The record shows that the Statens owe creditors a total of $ 5,875,689.31. The couple have a combined monthly income of $ 7,811, but their monthly expenses total $ 11,997.03, according to court records. A monthly court-approved budget allows them to spend $ 10,874 on expenses.

The document also states that their real estate, including their personal home and the Olympus office building, is valued at $ 5,525,000. Their personal assets are worth $ 229,993, bringing the total of all their properties to $ 5,754,933.

The Statens filed for Chapter 11 personal bankruptcy on October 6. The next hearing in their bankruptcy case is currently scheduled for Tuesday, October 26.


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Lebanon’s central bank audit demanded by creditors to resume http://lorodinapoli.org/lebanons-central-bank-audit-demanded-by-creditors-to-resume/ http://lorodinapoli.org/lebanons-central-bank-audit-demanded-by-creditors-to-resume/#respond Wed, 20 Oct 2021 14:04:12 +0000 http://lorodinapoli.org/lebanons-central-bank-audit-demanded-by-creditors-to-resume/ Published on: 20/10/2021 – 16:04Amended: 20/10/2021 – 16:02 Beirut (AFP) The International Monetary Fund and France are among the creditors requiring an audit of the Banque du Liban. This decision is part of urgent reforms aimed at unlocking financial support to deal with an economic crisis described by the World Bank as one of the […]]]>

Published on: Amended:

Beirut (AFP)

The International Monetary Fund and France are among the creditors requiring an audit of the Banque du Liban.

This decision is part of urgent reforms aimed at unlocking financial support to deal with an economic crisis described by the World Bank as one of the worst on the planet since the mid-19th century.

Some observers have warned that the audit is unlikely to produce the kind of revelations that could hold the Lebanese ruling elite accountable for the alleged corruption and mismanagement that caused the collapse.

Audit firm Alvarez & Marsal (A&M) launched an audit in September last year but was forced to step down about two months later because the central bank failed to provide the necessary data.

On Wednesday, President Michel Aoun met with A&M Managing Director James Daniell, who informed him that “the company will begin its forensic financial audit of the central bank of Lebanon tomorrow after all arrangements are completed,” he said. declared the presidency.

Finance ministry official Georges Maarawi told AFP that the firm “will have 12 weeks to collect information and write a report,” under the terms of its contract with the Lebanese government.

Finance Minister Youssef Khalil signed the contract with A&M last month, just days after taking office.

Experts expressed doubts that the terms of the contract and the limited time granted to auditors will allow a credible investigation.

“As long as the auditors don’t have direct access to servers, IT and accounting systems and the work is not supervised by the proper authorities… then I don’t expect it,” said financial analyst Mike Azar. .

“The way the work is structured today is unlikely to result in an honest and thorough forensic audit,” he told AFP.

In December, parliament approved a bill that suspends bank secrecy laws for a year to allow forensic audit, which is widely seen as a necessary prelude to any deal with the IMF on aid. financial.

Finance ministry official Maarawi said the Lebanese authorities were holding “technical meetings” with the IMF, without giving details.

Following a meeting with IMF Executive Director Mahmoud Mohieldin on Tuesday, Prime Minister Najib Mikati said Lebanon was betting on an IMF plan to help it survive its unprecedented financial crisis.

“We hope to conclude a cooperation agreement before the end of the year,” he said.


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Evergrande favors domestic investors as default looms http://lorodinapoli.org/evergrande-favors-domestic-investors-as-default-looms/ http://lorodinapoli.org/evergrande-favors-domestic-investors-as-default-looms/#respond Tue, 19 Oct 2021 08:28:00 +0000 http://lorodinapoli.org/evergrande-favors-domestic-investors-as-default-looms/ HONG KONG – China Evergrande has announced that it will pay interest on bonds issued in the country, even as the property developer is on the verge of a dollar default, increasingly suspicious among foreign investors that ‘they will be the last line of repayment. Hengda, Evergrande’s main unit on the mainland, said in a […]]]>

HONG KONG – China Evergrande has announced that it will pay interest on bonds issued in the country, even as the property developer is on the verge of a dollar default, increasingly suspicious among foreign investors that ‘they will be the last line of repayment.

Hengda, Evergrande’s main unit on the mainland, said in a statement Friday night that it would pay coupons worth 121.8 million yuan ($ 19 million) on its October 2025 bond, which expires Tuesday. This contrasts with the company’s failure to meet three rounds of bond interest payments in the offshore market totaling $ 277 million since the end of September. The official deadline for the company to be declared in default arrives this week.

“Earlier this year, fearing a situation similar to what we are currently experiencing, we started selling our dollar bond exposure to Evergrande,” said a portfolio manager of a global fund. “Our hypothesis has been confirmed. Offshore creditors have the least protection in the event of Evergrande’s liquidation, and we assume that bondholders will recover around 10% of their total contributions.”

The fund manager declined to be named, citing the fund’s policy not to comment on individual companies.

While Evergrande’s approach to dealing with the biggest crisis in its two decades of existence may not shock offshore investors, it has prompted them to band together and form a creditors committee to protect their rights. Evergrande has just over $ 20 billion in offshore bonds outstanding, representing 6.7% of its total liabilities of $ 300 billion.

The apparent priority given to local bondholders over their offshore counterparts has “certainly been shocking,” said Travis Lundy, analyst at Quiddity Advisors, who publishes on the SmartKarma platform. He argues, however, that payments to onshore bondholders should be seen as a positive sign.

“The two issuers are separate. Evergrande bondholders have access to 60% of Hengda’s residual equity, not funds that remunerate bondholders,” he said with reference to the statement. participation of the developer in the unit. “Bondholders should be happy, if any, for Hengda to pay its coupons, which means Hengda shareholders are still alive.”

Evergrande, which has already missed payments to banks, retail creditors and suppliers, leading to the suspension of more than half of its 800 ongoing projects on the continent, has so far remained silent on its dollar obligations and refused to engage in any meaningful way with creditors.

Evergrande is trying to sell assets, such as its stake in its electric vehicle unit, a property management subsidiary and its head office in Hong Kong, to raise funds. However, some of these initiatives have encountered hurdles, with REDD Intelligence saying on Tuesday that a plan to sell a majority stake in Evergrande Property Services to rival Hopson Development has been put on hold. Reuters reported last week that the sale of the developer’s Hong Kong office had also failed.

The company’s shares, which have been on hold since early October, have lost four-fifths of their value this year and its offshore bonds are trading at around 20 cents on the dollar, indicating investors are certain a default or restructuring. is in progress. the horizon.

Evergrande’s creditors, by order of repayment, are households, which contributed 54% of the promoter’s financing by prepaying housing; suppliers, who represent 43% of the company’s liabilities; tracked by retail creditors who have provided funds through wealth management products; banks; and finally bonds, according to analysts.

“In total, Evergrande has many stakeholders and creditors, but not all are created equal,” said Alicia Garcia Herrero, chief economist for Asia-Pacific at Natixis. “The offshore bondholders seem to be the last in the line.”

In addition to the government’s emphasis on protecting households and suppliers to avoid a financial panic, offshore holders have legal hurdles to overcome: Under Chinese rules, mainland companies cannot guarantee the offshore debt of their units. only after completing a registration and approval process.

To get around this requirement, some companies go into debt through an offshore vehicle, with the mainland company issuing so-called keepwell deeds – a pledge to bondholders that the parent company will ensure the solvency of the offshore vehicle. However, the structure does not guarantee reimbursement.

Evergrande started using this structure about four years ago, according to its bond issue prospectus.

Chinese courts have wide discretion as to whether or not to apply a conservation agreement, depending on the public interest.

Evergrande faces an additional $ 573 million in bond coupon payments this year and $ 7.7 billion in bond repayments next year.

Some offshore bondholders have hired law firms and advisers to protect their interests. Law firm Kirkland & Ellis and investment bank Moelis, on behalf of investors with $ 5 billion in Evergrande debt, said they contacted the developer for information on the company’s financial condition and assurances that offshore assets will not be sold while negotiations to recover bond coupons are ongoing.

Contact with Evergrande was initiated before the first missed bond interest payment, but advisers have yet to have “meaningful contact,” they said during a call with bondholders this month. this.

“What we don’t want is to have a situation where the so-called offshore assets are monetized in one way or another, and the value of those assets being disclosed to other parties, that whether it’s onshore or elsewhere, “Neil McDonald, a partner restructuring manager at Kirkland & Ellis, said on the call.


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Malaysian company AirAsia X offers to pay 0.5% of its $ 8.1 billion debt http://lorodinapoli.org/malaysian-company-airasia-x-offers-to-pay-0-5-of-its-8-1-billion-debt/ http://lorodinapoli.org/malaysian-company-airasia-x-offers-to-pay-0-5-of-its-8-1-billion-debt/#respond Mon, 18 Oct 2021 04:35:00 +0000 http://lorodinapoli.org/malaysian-company-airasia-x-offers-to-pay-0-5-of-its-8-1-billion-debt/ The tail of the AirAsia X aircraft seen at the Garuda AeroAsia maintenance facility in Tangerang, Indonesia on September 20, 2017. REUTERS / Beawiharta KUALA LUMPUR, October 18 (Reuters) – AirAsia X Bhd (AAX) (AIRX.KL) proposes to pay only 0.5% of the debt owed to each of its creditors and to terminate all existing contracts […]]]>

The tail of the AirAsia X aircraft seen at the Garuda AeroAsia maintenance facility in Tangerang, Indonesia on September 20, 2017. REUTERS / Beawiharta

KUALA LUMPUR, October 18 (Reuters) – AirAsia X Bhd (AAX) (AIRX.KL) proposes to pay only 0.5% of the debt owed to each of its creditors and to terminate all existing contracts in order to be able to restructure 33 65 billion ringgit ($ 8.1 billion) in liabilities, according to a document seen by Reuters.

Malaysian low-cost long-haul airline, a sister company of cash-strapped AirAsia Group Bhd (AIRA.KL), said in a stock document on Monday that it had set November 12 as the date for the meetings. creditors to vote on the restructuring proposal.

“To avoid a liquidation and allow the airline to fly again, the only option is for AAX to undertake the proposed debt restructuring,” the airline said in a 127-page explanatory statement for the creditors meeting seen by Reuters.

Half of the total liability is the cost of terminating aircraft orders from its largest creditor Airbus SE (AIR.PA) for 78 A330neo widebody and 30 A321neo widebody, according to the document. Read more

AAX also proposed that if it obtains more than 300 million ringgit ($ 72 million) in annual profit before interest, taxes, depreciation and amortization, rents and restructuring charges in its fiscal years 2023-2026, all creditors, with the exception of Airbus, would be entitled to 20% of these earnings.

It is one of many carriers in the Asia-Pacific region to have started a court-supervised debt restructuring process to survive the pandemic. Others include Malaysia Airlines, Virgin Australia, Thai Airways, and Philippine Airlines.

The 0.5% of the debt owed to each creditor will be paid from operating cash flow one year after the debt restructuring takes effect, the airline said in the document.

AAX also said it was in negotiations with the lessors of 29 aircraft and certain other creditors on commercial terms for ongoing or future business relationships.

It gives lessors the option of continuing to lease aircraft from AAX under new conditions or to accept the termination of the lease and have the aircraft concerned returned. Two lessors have already indicated that they want to terminate the leases, AAX said in the document.

The airline added that its plan aims to achieve a sustainable corporate and debt structure and strengthen the group’s financial position.

To obtain approval for its proposal, AAX needs the approval of creditors holding at least 75% of the total debt value in each of the three categories of creditors.

Airbus, which on its own forms a category of creditors, declined to comment, citing the ongoing restructuring process.

AAX said several other creditors, including suppliers and lessors, had already indicated they were in favor of the proposal. AXA CEO Benyamin Ismail told Reuters in September that all creditors have indicated they want the airline to restructure. Read more

The airline plans to raise 500 million ringgit after restructuring its debt through a rights issue and share subscription.

AirAsia and its founders own around 43% of AAX. AirAsia this month struck a deal with Airbus to restructure an order for 362 narrow-body planes. It also received approval from Malaysia’s only financial guarantee issuer for a loan of up to RM500 million with an 80% government guarantee. Read more

($ 1 = 4.1560 ringgit)

Reporting by Liz Lee in Kuala Lumpur and Jamie Freed in Sydney; Editing by Edwina Gibbs

Our Standards: The Thomson Reuters Trust Principles.


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Domaine Sartuche | Legal notices http://lorodinapoli.org/domaine-sartuche-legal-notices/ http://lorodinapoli.org/domaine-sartuche-legal-notices/#respond Sat, 16 Oct 2021 17:47:00 +0000 http://lorodinapoli.org/domaine-sartuche-legal-notices/ STK-PR-EST-2021-1254NOTICE OF PETITION TOADMINISTER THE ESTATE OFPAMELA SARTUCHE To all heirs, beneficiaries, creditors, potential creditors and persons who might otherwise be interested in the will or the estate, or both, of: PAMELA SARTUCHE An application for probate has been filed by ANNETTE CARDOZA in the Superior Court of California, SAN JOAQUIN County The application for […]]]>

STK-PR-EST-2021-1254
NOTICE OF PETITION TO
ADMINISTER THE ESTATE OF
PAMELA SARTUCHE

To all heirs, beneficiaries, creditors, potential creditors and persons who might otherwise be interested in the will or the estate, or both, of: PAMELA SARTUCHE

An application for probate has been filed by ANNETTE CARDOZA in the Superior Court of California, SAN JOAQUIN County

The application for probate requires that ANNETTE CARDOZA be appointed personal representative to administer the estate of the deceased.

THE PETITION requests that the will of the deceased and the codicils, if any, be accepted for homologation. The will and any codicils are available for examination in the file kept by the court.

LA PETITION seeks authorization to administer the estate under the Independent Administration of Estates Act. (This authority will allow the personal representative to take many actions without obtaining court approval. Before taking some very important actions, however, the personal representative will be required to give notice to interested persons unless they have waived notice or consented to the proposed action.) Independent administrative authority will be granted unless an interested person files an objection to the petition and shows a good reason why the court should not grant authority.

A HEARING on the petition will be held in this court as follows: NOV 15, 2021 at 10:00 a.m., Dept. 11A, court address: 180 E. Weber Avenue, Stockton, CA 95202.

IF YOU OPPOSE the granting of the application, you must attend the hearing and make your objections or file written objections with the court before the hearing. Your appearance can be in person or through your lawyer.

IF YOU ARE A CREDITOR or collateral creditor of the deceased, you must file your claim with the court and send a copy to the personal representative appointed by the court no later than (1) four months from the date of first issue of the letters. to a general personal representative, as defined in Section 58 (b) of the California Probate Code, or (2) 60 days from the date of sending or personally delivering a notice under section 9052 of the California Probate Code.

Other California laws and legal powers may affect your rights as a creditor. You may want to consult with an attorney knowledgeable in California law.

YOU MAY EXAMINE the record kept by the court. If you are a person interested in the estate, you can file with the court a request for special opinion (form DE-154) of the filing of an inventory and valuation of the assets of the estate or of any petition or account. as provided for in the section of the Succession Code. 1250. A special opinion request form is available from the clerk.

Applicant’s lawyer:
KURT H. SIEBERT
115 N. SCHOOL ST., STE. 1
LODI, CA 95240
209-333-2398

October 16, 20 & 23, 2021 – 198644


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Air travel tax aid can be clawed back from Aer Arann, court ruling says http://lorodinapoli.org/air-travel-tax-aid-can-be-clawed-back-from-aer-arann-court-ruling-says/ http://lorodinapoli.org/air-travel-tax-aid-can-be-clawed-back-from-aer-arann-court-ruling-says/#respond Fri, 15 Oct 2021 15:27:54 +0000 http://lorodinapoli.org/air-travel-tax-aid-can-be-clawed-back-from-aer-arann-court-ruling-says/ The Court of Appeals (CoA) upheld a High Court ruling that illegal state aid in the form of air travel tax to the former Aer Arann airline could be clawed back. Judge Brian Murray, on behalf of the Three-Judge CoA, said High Court Judge Max Barrett was correct in concluding that the clawback of aid, […]]]>

The Court of Appeals (CoA) upheld a High Court ruling that illegal state aid in the form of air travel tax to the former Aer Arann airline could be clawed back.

Judge Brian Murray, on behalf of the Three-Judge CoA, said High Court Judge Max Barrett was correct in concluding that the clawback of aid, resulting from a European Commission ruling on the tax, was mandatory.

Exam

Aer Arann passed an exam in 2010 and in 2014 it became Stobart Air under a major refinancing deal. Stobart himself collapsed earlier this year due to the pandemic’s effects on aviation.

One of the effects of Aer Arann’s survival plan has been to limit the ability of some of its creditors, including contingent creditors, to collect their debts.

At the same time, the European Commission was examining a complaint that Aer Arann had benefited from illegal state aid regarding a reduction of the € 10 per flight which applied to air destinations within 300 km of Dublin.

The Commission subsequently ruled that it was illegal and the Minister of Finance took legal action against the airline to recover the aid with compound interest.

Judge Murray said the issues the High Court had been asked to consider were whether, in light of the information available at the time, whether the conditions of the survival regime had the effect of preventing the recovery of this help from Aer Arann.

“Potential creditor”

These questions revolved around whether the state was a “contingent creditor” with regard to state aid and if not, the airline accepted that it was recoverable, a he declared.

The other question was whether there was a principle of law which would allow Aer Arann to avail itself of the survivorship scheme in such a way as to substitute for the obligation otherwise flowing from EU law to obtain recovery. of this help.

The airline, in its appeal, argued that this effect would be seen in light of the state’s knowledge of the travel tax complaint filed with the EU when the survival program was approved. The Minister disputed this allegation.

Justice Murray declared the High Court in 2019, in a cautious, comprehensive and detailed judgment. found, among other things, that the State was not a potential creditor, but this did not preclude the recovery of aid from the airline.

He said he generally agreed with the High Court’s finding.

Obligatory

An injunction to recover illegal state aid resulting from a Commission decision was mandatory, he said.

This obligation has not been displaced by the argument that issues which had already been argued cannot be called into question, or because of legal certainty.

While uncrystallized liability for unlawful state aid may present some of the indicia of ‘possible liability’ “and may constitute such liability for the purposes of certain legislative regimes, company law provisions should be interpreted to mean that the state is not a contingent creditor of the aid, he said.

“The position in this regard is, in EU law, clear and I see no basis for a referral to the EU Court of Justice.”

The judge added that the State, having won its case in this appeal, would be entitled to its costs. However, the CoA would hold a new hearing to determine the costs, he said.


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