A meeting was held virtually and sought to discuss the latest updates on amendments to the bankruptcy law
Bankruptcy
Bankruptcy
Sam Bankman-Fried arrested in the Bahamas on US request
The founder of the collapse FTX expected to be extradited soon; SBF was preparing to appear before US Congress
Bankruptcy
Domino effect: BlockFi files for bankruptcy following huge exposure to FTX
The liquidity crisis due to BlockFi’s exposure to FTX via loans to one of its affiliate companies Alameda, as well as cryptocurrencies trapped on FTX’s platform
Bankruptcy
Here’s what happens when good brands can’t keep up
Brands and businesses that failed to pivot effectively have lost all brand relevance and association for clients and customers who have felt the disconnect
acquisition
Damac Group buys Swiss luxury jeweller De Grisogono SA
The purchase is part of the group’s strategy to expand into high-end fashion
Arabtec Holding
Arabtec’s bankruptcy application in the hands of expert panel
Troubled UAE building giant and various subsidiaries part of bankruptcy petition filed to Dubai Court
Aerospace
Video: IATA CEO sees half of member airlines going bankrupt without government aid
International Air Transport Association Chief Executive Officer Alexandre de Juniac warns many airlines will go bankrupt in the next two-to-three months without government aid.
bailout
Video: British travel firm Thomas Cook bankruptcy explained
British travel group Thomas Cook on Monday declared bankruptcy after failing to reach a last-ditch rescue deal, triggering the UK’s biggest repatriation since World War II to bring back stranded passengers.
Bankruptcy
Forever 21 in UAE unaffected by US bankruptcy filing
The fast fashion brand in the emirates is franchised by Sharaf Group, which also operates electronics giant Sharaf DG
Bankruptcy
Forever 21 files for bankruptcy, adding to retail apocalypse
Once popular among teenagers in the 2000s for its affordable but eye-catching designs, Forever 21’s signature bright-yellow shopping bags have become a rarer sight as Generation Z consumers
bailout
UK travel giant Thomas Cook files for bankruptcy after bailout talks fail
178-year-old operator Thomas Cook had been desperately seeking $250m from private investors to save it from collapse
Aviation
Insolvency administrator invites resolution plans for Jet Airways
Jet Airways fell victim to a cut-throat price war initiated by a slew of budget carriers and eventually defaulted to banks, staff and lessor
Anil Ambani
Chinese lenders claim $2.1b from Anil Ambani’s Reliance
Chinese banks account for approximately 25% of the total claims
Background
Marka to hold assembly to decide on potential liquidation
Earlier this month, 90 percent of shareholders in attendance at a general assembly in Dubai voted to file for bankruptcy following a failure to turn the company’s finances around.
Bankruptcy
Marka liquidation vote invalid, shareholders to meet again
Remaining 10% of shareholders in DFM-listed retailer will vote again on either the continuity of the company or its liquidation
Bankruptcy
Majority of Marka shareholders vote to wind it down
Dubai listed firm saw losses widen by 21.8% in the first quarter of 2019
Aviation
India’s Jet Airways grounds 15 more aircraft as crisis deepens
Debt-ridden Indian airline takes decision to ground more planes due to non-payment of fees to lessors