Colombian Airline Avianca Files for Chapter 11

Joseph B. Hash

Colombian airline Avianca has filed for Chapter 11 bankruptcy in the U.S. Southern District of New York citing a fall of additional than 80% in consolidated income as flights remain grounded due to the COVID-19 pandemic.

In a assertion, the enterprise reported it would use the bankruptcy to balance its sheet obligations to navigate the consequences of COVID-19 and to deal with liabilities, leases, aircraft orders, and other commitments. The enterprise also reported it intends to wind-down its functions in Peru.

In a analysis report, analysts at the Centre for Aviation reported Avianca was in a “period of upheaval” even

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Yuma Energy Files for Bankruptcy, Plans to Liquidate

Joseph B. Hash

Yuma Energy has filed for Chapter eleven personal bankruptcy safety in the U.S. Personal bankruptcy Court for the Northern District of Texas. The company claimed its money situation deteriorated in the initially quarter of 2020 and its money circulation from functions was no longer adequate to cover its operating charges.

It was trying to find courtroom approval to hold an auction “for considerably all” of its assets, it claimed. The auction is envisioned to manifest in the initially ninety days of the personal bankruptcy. The assets are generally qualities in Louisiana, Texas, Wyoming, and Oklahoma.

Yuma claimed it may negotiate

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Anil Ambani files adjournment plea before ED in probe against Rana Kapoor

Joseph B. Hash

Reliance Group Chairman Anil Ambani has filed an adjournment application and sought much more time to show up ahead of the Enforcement Directorate (ED) in connection with the ongoing dollars laundering probe linked to Yes Lender co-founder Rana Kapoor.

The ED had summoned Ambani in connection with the probe towards Kapoor and his spouse and children members.

In a statement issued final 7 days, the Reliance Group had denied any inbound links with Kapoor, his spouse and children or entities managed by them.

“Reliance Group states it has NIL immediate or indirect exposure to Rana Kapoor, Former CEO of Yes

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Newspaper Publisher McClatchy Files for Bankruptcy

Joseph B. Hash

Newspaper publisher McClatchy Co. has submitted for Chapter 11 bankruptcy security as it seeks to restructure more than $seven hundred million in personal debt.

The organization publishes 30 newspapers which include The Miami Herald, The Kansas Town Star, and The Sacramento Bee.

Pending court docket approval, sixty% of its personal debt would be eliminated and regulate of the organization would be presented to McClatchy’s biggest creditor, the hedge fund, Chatham Asset Management.

Chatham Asset Management also owns a bulk stake in the National Enquirer and Postmedia, the biggest Canadian newspaper chain.

“When regional media suffers in the experience of market

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