Our country is a debtor nation, we're a debtor nation.
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Chapter 11 relies on private debtor-in-possession financing to keep the debtor operating during bankruptcy.
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This compares with the 0.5% of GDP median net debtor position of its 'BBB' peers, and demonstrates a strong adjustment from a peak net debtor position of 45.2% in 2009.
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GZ: When you look at the official statistics and the net financial positions of nations — who's a creditor, who's a debtor — one of the world's biggest debtor is the eurozone.
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Donald Trump often calls the United States a debtor nation.
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"We're not a country that has debtor prisons," says Linder.
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Italy's attractiveness as a debtor is under scrutiny with investors.
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We're a debtor nation, we're a serious debtor nation and we need new bridges, airports, schools, new hospitals and we don't have the money because it's been squandered on so many of your ideas.
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One debtor, Andrew Daniel Rocha, managed to raise more than $5,600.
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"Unbeknownst to Mr. Bollea and the Florida court at that time, Debtor had already signed its bankruptcy petition (on June 9, 2016) and voted to sell of the assets of Debtor, Kinja and GMGI," states Hogan's brief.
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" In 1895, Léon Bourgeois wrote, "Man is born a debtor to humanity.
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Consider a debtor who is earning $65,000 a year and is single.
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Neither Shanghai court offered a reward for information on a missing debtor.
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The most important divergence is between creditor, Germany, and debtor, the rest.
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"With all the personnel assisting Debtor in bankruptcy and its day-to-day operations, Debtor should be able to navigate the bankruptcy successfully even if Mr. Denton were distracted by his own personal legal issues," states the brief.
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Indeed, unlike Britain in 1914, America is a net debtor not a creditor.
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The Wall Street Journal first reported on the unsuccessful debtor-in-possession talks.
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The firm aims to split its work between creditor and debtor side engagements.
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Venezuela's surprising rectitude as a debtor stems from an unlikely confluence of factors.
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McClatchy has received $50 million debtor-in-possession financing from Encina Business Credit.
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As morning rose, Martinez found the debtor and brought him to an empty garage.
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In particular, that makes Europe a net creditor rather than the world's biggest debtor.
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Currently, so-called debtor-in-possession loans are hard to structure during bankruptcy proceedings.
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Furthermore, as part of their strong pro-debtor policy they have non-recourse mortgages.
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The status quo has created a permanent debtor class of millions of student borrowers.
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But Payne is also, unlike all but a few debtor attorneys in Memphis, black.
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He said a debtor that cannot comply with such rules usually has to liquidate.
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The euro area's long slog will carry on, and debtor countries will bear the burden.
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We estimate that the country moved into an overall net external debtor position in 2016.
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Without sufficient cash, a company in bankruptcy would typically need debtor-in-possession (DIP) financing.
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Even in the good times, there had been tensions between debtor and creditor member states.
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MI) said the Italian bank had not received any proposal over ailing debtor Astaldi (AST.
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Debtor-in-possession financing requires court approval because it increases a bankrupt party's total insolvency.
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We are a debtor nation — that's what the existence of the widely discussed budget deficit means.
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The shaming effort posted the names, identity number, amount owed, and other information for each debtor.
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Collectly attempts to shorten those cycles by tracking and learning about a debtor through each interaction.
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Sales of UTPs are trickier because the bank usually has an ongoing relationship with the debtor.
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Whether a student debtor succeeded after being defrauded bears no direct relationship to the fraud itself.
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Exactly how this plays out depends largely on what type of bankruptcy case the debtor files.
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Trade debtor days was 194 days at end-2016, up from 109 days at end-2015.
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Pacific Exploration said its creditors, including Catalyst, will provide $500 million of debtor-in-possession financing.
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These covenants keep debtor companies from acting in ways that put payments to investors at risk.
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The claim usually seeks to determine whether a debtor has hidden money to elude potential creditors.
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The claim usually seeks to determine whether a debtor has hidden money to elude potential creditors.
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Courts are usually reluctant to hear a case, pushing creditors back to seek redress from the debtor.
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WHEN the financial crisis was at its height in 2008, being a debtor was a dreadful experience.
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Gawker listed its largest debtor as Terry Bollea (Hogan), and noted that it owes him $130 million.
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"It's 10 percent true that we have debtor prisons in 2016," says Jill Webb, a public defender.
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Suniva's debtor-in-possession financing from SQN was contingent in part on filing the Section 201 petition.
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"The debtor will not be compelled to pay due instalments for loans or leasing (arrangements)," it said.
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Like my father, I'm a chronic debtor, and I suffer from a disease I call The Wants.
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But in a major financial crisis, the debtor-in-possession lenders would be the ones in trouble.
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PG&E said Tuesday it was seeking approval for a $5.5 billion debtor-in-possession financing agreement.
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The company is also talking to lenders about providing it with debtor-in-possession financing, CNBC reported.
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Since both creditor and debtor alike are involved, social investors could have an interest in injecting further capital.
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Typically, creditors are asked to agree to accept a sum less than they are owed by the debtor.
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Sears has started talks with banks about securing such a debtor-in-possession financing, Reuters reported on Wednesday.
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In Chapter 7, the debtor must list all of their assets and debts for the trustee to review.
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The code provides for additional checks on the debtor, including the unsecured creditors' committee and the US Trustee.
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As a result, debtor attorneys — in Memphis or anywhere else — generally require the entirety of their fee upfront.
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So when his major debtor needs a getaway driver for a robbery, Michael is his go-to guy.
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According to the analysis, a debtor earning $20,000 would have loans forgiven under either the REPAYE or Trump plan.
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Japanese participation could help Belt and Road's image and allay the fears of debtor nations, experts and officials said.
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The "debtor-in-possession loan" Sears is currently raising gets paid back the quickest of all of its loans.
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It has secured about $2877 million in so-called debtor-in-possession financing to support its operations under bankruptcy.
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Under this analogy, China would be the bank, and America would be the debtor that owes China $1.2 trillion.
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As a result, Barneys has begun to raise debtor-in-possession financing to help support its business through bankruptcy.
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The retailer had filed with $75 million in debtor-in-possession financing provided by Gordon Brothers and Hilco Global.
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One debtor included as property not only cabinets, desks and computers, but also spines, heads and other body parts.
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It said short-term financing risks were generally contained since debtor positions were concentrated in reserve currency-issuing economies.
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The company also said it had a debtor-in-possession credit agreement of $100 million with Wells Fargo Bank.
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Stidham was released from all such liens, which together totaled $52,712 and sometimes also listed Mark as a debtor.
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It is the world's largest debtor, and its role in the world economy is primarily to borrow and consume.
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PG&E also filed a motion seeking court approval for a $5.5 billion in debtor-in-possession (DIP) financing.
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That theory never held and, as a result, the United States in many ways has become a debtor nation.
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Gibson has secured $135 million in debtor-in-possession financing to fund its operations during the Chapter 11 proceedings.
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The company has received a commitment of about $850 million in debtor-in-possession financing from certain existing lenders.
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The investigation showed that municipalities had essentially recreated debtor prisons, violating the Constitution by punishing people for being poor.
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In short, Reset buys the receivables from the attorney's fees, and charges the debtor with their own payment plan.
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The Weinstein Company is looking for debtor-in-possession financing that will fund its operations during bankruptcy, the sources said.
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A debtor could be jailed for up to five years for concealing property or defrauding creditors under the new law.
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Of these, Pakistan, which also has a new prime minister, Imran Khan, is by far the biggest debtor to China.
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Typically, companies enter into debtor-in-possession financing after they file for bankruptcy protection to maintain liquidity while they reorganize.
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And if a debtor answers one of those calls, the agency would have to wait a week to call back.
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The Fund said short-term financing risks were generally contained since debtor positions were concentrated in reserve currency-issuing economies.
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And, after a debtor dies, the collectors would have to wait 30 days before contacting family members about paying up.
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The debtor may ask the court to pause other lawsuits outside of the bankruptcy case if they affect the estate.
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The company said it has "ample cash on hand" and does not intend to seek debtor-in-possession (DIP) financing.
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The new rules would bar collectors from making more than seven attempts a week to reach a debtor by phone.
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Like Savage, another debtor, Leo, also tells Sale he feels shame in conjunction with his burden of $87,000 in loans.
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But this was small beer, and involved only tens of millions as debtor countries for the most remained safe to default.
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Some regions have started working with telecommunications companies to create recordings that play when a person tries to call a debtor.
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Japan wants to ensure joint projects with China are transparent, open, economically viable and fiscally sound for debtor countries, officials said.
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Gymboree has received a commitment for $30 million debtor-in-possession financing from Goldman Sachs Specialty Lending Holdings Inc and SSIG.
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Debtor costs for 9 months to December end up 16.5 percent on corresponding period Source text for Eikon: Further company coverage:
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Net external debt increased to 5% of GDP in 2016, turning to a debtor position for the first time since 2005.
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The retailer said Monday morning ESL is negotiating a $300 million debtor-in-possession loan to support it through its bankruptcy.
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" Later, Trump told Post reporters that he planned to pay down the national debt as president, calling America a "debtor nation.
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The Manhattan Beach, California-based retailer secured a debtor-in-possession (DIP) loan from Citizens Bank for up to $60 million.
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The aim is to get a debtor country back on its feet more quickly while instilling confidence in the loan program.
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The point of the hearing was for a judgment debtor exam where the actor was to be grilled about his finances.
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CNBC first reported on the debtor-in-possession financing talks, while the Wall Street Journal first reported on Sears' bankruptcy preparations.
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The course will cover Fair Debt Collection Practices Act compliance, wage garnishments and protecting clients when a debtor files for bankruptcy.
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It has also told secured lenders it was in discussions with lenders for debtor-in-possession financing as it weighed options.
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Any investment now would need to happen within the bankruptcy protection process, likely in the form of debtor-in-possession financing.
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One of the reasons we're a debtor nation, we spend so much on the military, but the military isn't for us.
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During the financial and debt crises, Germany imposed austerity policies on debtor countries like Italy, Spain, Portugal, Ireland and, especially, Greece.
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After all, the downside to adopting debtor-friendly bankruptcy rules is they may make lenders more reluctant to lend people money.
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He said Mr. Bienenstock's approach might be correct in a corporate bankruptcy but not when the bankrupt debtor was a territory.
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An Ontario court in April approved a $500 million debtor-in-possession financing facility for the Canadian company and its units.
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The Paris Club's 22 permanent members, which do not include China, conduct negotiations with debtor countries that have difficulties repaying loans.
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When this happens, a debtor may pay off a debt only to get calls from another company demanding payment once again.
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The company said it had received about $4 million in debtor-in-possession financing to maintain operations during the Chapter 11 process.
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The crisis exposed the depth of the divide between creditor and debtor countries: northern voters simply will not pay for fecklessness elsewhere.
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It also cited the fact that Jia is on a debtor blacklist in China as a reason for hesitating on the payment.
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Per the local regulator, after loan modifications, the rating of the debtor cannot be better than the rating prior to the modification.
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Additionally, many policymakers within the country have rallied against further stimulus measures that they believe could cause debtor nations to become complacent.
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Fairplane also saw a conflict of interest in appointing the same administrators for Niki and its German parent and debtor Air Berlin.
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I asked Bateman if he ever felt compelled to bully a debtor, or a family member, in order to earn higher commission.
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Sports Authority also said it expected to have access to up to $595 million in debtor-in-possession financing during its restructuring.
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The euro zone's jerry-built financial architecture does so twice over, by sidestepping the fears of those in creditor and debtor countries.
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By Mr. Stiglitz's reckoning, the common currency has made economic inequality worse while dividing Europe into two adversarial camps — debtor and creditor.
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Dean Foods has secured commitments for $850 million in debtor-in-possession financing, a type of funding for companies in financial distress.
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Italy is the biggest debtor in the euro zone, with 2.3 trillion euros in debt, or 132 percent of GDP last year.
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Following the 2007-08 financial crisis, German-led austerity policies were imposed on debtor countries like Italy, Spain, Portugal and, especially, Greece.
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Offshore energy services provider Epic Companies LLC on Tuesday won court approval to begin tapping a $9.5 million debtor-in-possession loan.
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Stamford, Connecticut-based Cenveo has also secured $290 million of debtor-in-possession financing to support its operations throughout the bankruptcy proceedings.
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Factoring is a type of debtor finance where a business sells its receivables or invoices to a third party at a discount.
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PG&E asked the court for access to the $5 billion debtor-in-possession financing to keep up services throughout the bankruptcy process.
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The company expects its cash on hand and debtor-in-possession financing to provide it with liquidity to maintain value in its assets.
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Until now Germany has successfully re-imposed the costs of the reckless euro borrowing spree on debtor banks, individuals, corporations and even governments.
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FTD said it has received commitments for up to about $94.5 million in debtor-possession financing to help fund its operations during bankruptcy.
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Earlier this month Jia was placed on a Chinese debtor blacklist, and this week Chinese regulators ordered him to return to the country.
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It also said it wanted to ensure debt collectors were contacting the appropriate debtor, about the correct amount owed, and using accurate paperwork.
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U.S. law encourages new lending to companies in bankruptcy, with so-called "debtor-in-possession" loans, by guaranteeing lenders priority over other creditors.
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Golfsmith said it was working with its first-lien lenders to finalize the terms of a $135 million debtor-in-possession financing facility.
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PNG has total foreign debt of $2.5 billion, with almost $590 million owed to China, making it China's biggest debtor among Pacific islands.
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Single debtor concentration risk is high but is mitigated by TF's risk management procedures and underwriting approach that are more conservative than peers'.
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In Europe, neoliberals are free-market capitalists who impose rigid and — judging by the sluggish European economy — unsuccessful austerity measures on debtor nations.
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The $3.7 million, meanwhile, is being provided as "debtor-in-possession" financing at a rate of 4% per annum, a company announcement states.
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The company has secured $22 million in debtor financing to give it some breathing room as it looks for a long-term solution.
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It's also pretty clear what it would take to fix the euro: an increased sharing of economic burdens between creditor and debtor countries.
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Remington is seeking debtor-in-possession financing that will allow it to fund is operations once it files for bankruptcy, the sources said.
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In addition, a larger net external debtor position than the 'BBB' median and structural weaknesses in the economy remain constraints on the rating.
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Honduras' banking sector has had a negative sector outlook since December 2016, largely as a result of credit deterioration and significant debtor concentration.
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The proposed rules, however, do not include a cap on the number of emails and texts collectors can send until a debtor opts out.
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The sources cautioned that not all the banks holding loans to the Weinstein Company may choose to participate in the debtor-in-possession financing.
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He said using part of the country's $370 billion in international reserves could trigger capital outflows as the country remains a net external debtor.
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He spent at least another $21 million on homes and property in California, but was named to a national debtor black list back home.
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"I think it is a misconception to be afraid of higher interest rates — unless you are a net debtor instead of a net saver."
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If restructuring is not complete before January 2018, GATE is reported to have said that it may require debtor-in-possession funding to continue.
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Other recent downgrades have been of companies with sustainable business models but riskier capital structures following refinancings and recapitalisations in debtor-friendly credit markets.
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Mr Tsipras's gambit flopped because the euro zone could not allow the precedent of a debtor state unilaterally changing the terms of its loans.
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As a result the euro zone's third-largest economy, and its second-largest public debtor, has been made more vulnerable to a banking crisis.
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James Selth, an attorney for Frank, argued Wednesday for a judgment debtor examination because Avenatti had not brought documents showing proof of his assets.
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As a condition, the group negotiated a cap on the amount first-lien lenders could issue in debtor-in-possession financing in a bankruptcy.
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Rearranging the existing payment priorities "would have serious consequences on the broader municipal bond market and existing creditor-to-debtor relationships," the summary said.
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We entered that war a massive industrial power, but second ranked in terms of finance and trade and as a debtor nation to Europe.
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And as a result, the U.S., which was a creditor country before we began running persistent deficits since 1980, is now a net debtor.
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The law is written broadly, requiring disclosure of "all of the person's connections with the debtor, creditors, any other party in interest" and more.
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But in 2016, Melrose added Kenny's wife as a co-debtor and expanded the collateral to include everything they owned or would ever own.
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With all this renewed focus on this painter, etcher, printmaker, draughtsman, lover, fighter, genius and debtor, it's fair to ask: Who is Rembrandt now?
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It is also in talks to contribute money to support the company through its bankruptcy, through what is known as a debtor-in-possession loan.
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Reuters reported earlier this week that Westinghouse was reviewing proposals for a debtor-in-possession loan exceeding $500 million to help finance its potential bankruptcy.
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Reuters reported earlier this week that Westinghouse was reviewing proposals for a debtor-in-possession loan exceeding $500 million to help finance a potential bankruptcy.
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The biggest debtor in Europe would be too big to bail out, so Grexit might lead to Italexit and the break-up of the euro.
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Claire's has received a commitment of $135 million in debtor-in-possession financing from Citigroup, and expects to complete the Chapter 11 process in September.
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Talks are under way to arrange debtor-in-possession financing for a bankruptcy filing that could come in the next few days, the sources added.
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It also says it sees a conflict of interest in the appointment of the same administrators for Niki and its parent and debtor Air Berlin.
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In total, the debtor-in-possession financing will give Payless up to $120 million in incremental liquidity during the Chapter 11 process, the company said.
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Much of Southern Europe was overheating, partly because of cheap money drawn in from Northern Europe, leading to a division between creditor and debtor countries.
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SEC staffers are concerned about Schwartz's relationship with an unnamed law firm that is now a debtor to the Platinum estate, according to the letter.
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Toys R Us already has a commitment from some lenders, including a JPMorgan-led syndicate for more than $3 billion in debtor-in-possession financing.
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That is more than double the time a debtor typically has to produce such a plan, including specifics about the proposed trust and distribution process.
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Claire's has received a commitment of $135 million in debtor-in-possession financing from Citigroup and expects to complete the Chapter 11 process in September.
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This backruptcylike case is not a simple narrative about greedy vultures picking over the carcass of a debtor, although it is often told that way.
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The German news media, too, has looked askance at Documenta's expansion into the capital of what some still offensively call a schuldenland, or debtor country.
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After three of his creditors beat him up, the debtor abducted his own son and sold him to someone he'd met in an online chat room.
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Windstream said on Monday it had received a commitment from Citigroup Global Markets Inc for $1 billion in debtor-in-possession financing to support business operations.
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San Francisco-based PG&E is working on lining up roughly $5.5 billion in so-called debtor-in-possession financing to help operations during bankruptcy proceedings.
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He has since been named to a national debtor blacklist in China and refusing an order from regulators to return to the country late last year.
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Colwell says the asset forms are comprehensive: The debtor has to include their house and car, of course, but also clothing, jewelry, furniture and even pets.
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Including data revisions, Bulgaria's net external creditor position strengthened to 8.6% of GDP in 2016 from a net debtor position of 2.1% of GDP in 2015.
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The agents are charged with pursuing the best resolution for their debtor's estate as a whole, as opposed to advocating for particular creditors of that debtor.
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The Bankruptcy Code does not give a debtor the power to rescind trademark licensing rights it has already granted, the U.S. Supreme Court held on Monday.
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After a default, common practice was to dispatch the fleet to seize the debtor country's custom houses and reimburse the bankers out of its tariff revenue.
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By bringing together all those with a stake in the company's assets in one place, a debtor can more efficiently deal with all claims against it.
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Yet the rule barred the island from the only way under United States law that a debtor can legally reduce debt over the objections of creditors.
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Bon-Ton said it received a commitment of up to $725 million in debtor-in-possession financing from its existing ABL lenders to support its operations.
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"The expansion effort took a heavy financial toll on the business operations of the debtor," Papaya's chief financial officer, Tae Yi, said in a court filing.
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"Once a debtor company arrives at liquidation, all common creditors will be treated equally," said a Beijing-based credit analyst with a major Chinese securities firm.
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More recently, a judge in the Southern District of New York ruled in favor of a debtor, wiping more than $200,000 in Kevin Rosenberg's student debt.
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Even before Harvey struck, it was unlikely that Washington would let government come to a standstill and let the U.S. become known as an untrustworthy debtor.
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SMF's Expanding Role: In order to broaden the mortgage debtor base, SMF has experienced tremendous growth, with a total asset CAGR of 21% from 2013-2016.
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But rules are tough: for bankruptcy to be declared, a debtor must prove they can pay at least 30 percent of what they owe within five years.
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The debtor panicked and called the police, and when Josh left his apartment the next morning to get breakfast, there were eight armed officers waiting for him.
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On Monday, PG&E signed a commitment letter with several large banks to obtain debtor-in-possession financing, a type of funding for companies in financial distress.
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The enterprise value of the offer exceeds the valuation of $180 million to $270 million "publicly stated by the debtor in its disclosure statement," the investors said.
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Companies negotiate debtor-in-possession loans, often with existing lenders, when they are seriously considering bankruptcy protection so they can continue operations while working through court proceedings.
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They have little novelty value in any case, with the "runaway debtor" phenomenon now just part of daily life in the small city as economic growth slows.
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We are so enmeshed in this global economic system, and our role as debtor nation, it becomes very difficult to see how we extract ourselves from it.
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PG&E is seeking court approval for $5.5 billion in debtor-in-possession financing from J.P. Morgan, Bank of America, Barclays, Citi, and other banks, it said.
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The old secured lenders will also continue as lenders under a debtor-in-possession loan in bankruptcy and under an "exit facility" as the company leaves bankruptcy.
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The enterprise value of the deal is above the valuation of $180 million-$270 million "publicly stated by the debtor in its disclosure statement," the firms said.
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IRS Division Commissioner Mary Beth Murphy added to the Journal that one debtor in particular had paid $1 million in tax debts specifically to avoid passport denial.
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Breitburn said it secured $75 million in debtor-in-possession financing that, with cash on hand and from operations, would fund its operations during the bankruptcy process.
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Dating to England in the 1500s, this is a principle that tries to prevent a debtor from simply transferring their assets to avoid payment of a debt.
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Under these circumstances, treating the pensions as "senior secured debt" would represent a sharp departure from existing bankruptcy jurisprudence in cases where the debtor is a company.
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Ontario's estimated net debt of about C$343 billion ($256.51 billion) in 2018-2019 makes it the world's largest sub-sovereign debtor, according to Moody's Investors Service.
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The debtor — in this case, Purdue — then puts aside a set amount of money in the trust, exclusively for groups that have financial claims against the company.
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"Everyone, the debtor first and foremost, would engage in good faith" if all the various state court proceedings were halted and conducted under the bankruptcy rules instead.
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The retailer said that it has already received a commitment from some lenders, including a JPMorgan-led syndicate, for over $3 billion in debtor-in-possession financing.
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The owner of the biggest U.S. power utility has filed a motion seeking court approval for a $20173 billion debtor-in-possession financing, it said in a statement.
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Capital ratios are only acceptable for a majority of the leasing companies when considering their net exposures to credit risk, substantial debtor concentration and overall vulnerable credit quality.
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"As a result, the debtor countries themselves have an incomplete picture on how much they have borrowed from China and under which conditions," researchers wrote in the report.
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Reuters reported that the retailer reached a deal with Cyrus for the financing just before the hearing began on the retailer's so-called debtor-in-possession financing arrangements.
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The EMF as envisaged by Mr Schäuble is designed to force debtor countries to proceed with unilateral and often ill-designed adjustments—very much like the existing framework.
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Leveraged loans are increasingly used as an alternative to junk bonds, and junk-bond investors think analysing credit risks for themselves beats getting a promise from the debtor.
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Modifying a loan implies a new assessment of the operation, evaluation of the debtor payment capacity, and a surveillance process that will lead to higher loan impairment charges.
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Performance said it expected operations to continue uninterrupted during the bankruptcy process, through a $386 million debtor-in-possession financing provided by existing lenders and the investor group.
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Default, which usually occurs when a borrower hasn't made a payment for 270 days or more, can make it only harder for a debtor to regain financial stability.
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The owner of the biggest U.S. power utility has filed a motion seeking court approval for a $5.5 billion debtor-in-possession financing, it said in a statement.
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PG&E will also be recapitalized through contributions worth $8 billion that will allow it to refinance its debtor-in-possession loan and other maturities, according to Bloomberg.
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One does not casually suggest throwing away America's carefully cultivated reputation as the world's most scrupulous debtor — a reputation that dates all the way back to Alexander Hamilton.
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Mourinho Felix said the coordination would help to speed up financial restructuring of the debtor companies and hopefully allow for a reduction of the three bank's bad loans.
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I, an African-American woman, am every bit as much a "debtor" to my "race" as any descendant of John C. Calhoun's or indeed as Georgetown University itself.
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The moment a debtor files its petition, an automatic stay is imposed on creditors, which operates like a pause button on any collection efforts, litigation, or similar actions.
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The debtor may be sitting in the driver's seat, but numerous other stakeholders have the power to make sure that the company follows the rules of the road.
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Following the 2007-08 financial crisis, Mr. Schäuble became the face of the German-led austerity policies imposed on debtor countries like Italy, Spain, Portugal and, especially, Greece.
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For years, Brussels has enforced strict budget discipline with debtor nations like Greece, Italy, Portugal and Spain — and the prospect of France also running afoul would be damaging.
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Turning to Italy, Scholz said he took Italian policymakers' pledge to respect EU budget rules "at face value" but sent a warning to the euro zone's largest debtor.
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In the filing, the company said the debt issuing was foreseen in its restructuring plan as debtor-in-possession financing (DIP) to raise cash while under bankruptcy protection.
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This Chapter 11 Case was initiated to bring [this litigation] to an expeditious and cost-effective end to permit the Debtor to reorganize, failing which, [Searchmetrics] will be liquidated.
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The company is in talks with private equity firm Apollo Global Management about raising debtor-in-possession funds to provide financing should it file for bankruptcy, the person said.
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The nation's largest U.S. power provider filed for bankruptcy on Tuesday and asked the court to approve a $211 billion debtor-in-possession financing, it said in a statement.
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The company said it expects operations to continue uninterrupted during the bankruptcy process, through a $386 million debtor-in-possession financing provided by existing lenders and the investor group.
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Instead of collecting on the money, CARP donated it to RIP Medical Debt, a nonprofit that specializes in wiping out medical debt with no tax consequences for the debtor.
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For Global Geophysical, a conflict between creditors, who lent it around $150 million in its first bankruptcy filing in a so-called "debtor-in-possession" loan, was its undoing.
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The U.S. financial system, in fact, is so good at supplying safe assets that America has become a net debtor to the world, to the order of $8.5 trillion.
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Morning Star analyst Jaime Katz said the concerns over Toys'R'Us were "overblown" as its debtor-in-possession financing would help it cover most of its payments to toy makers.
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Malta is a large net external creditor with a net international investment position at 48% of GDP in 2017, higher than the 'A' median's 13% of GDP debtor position.
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For the US, the effect is the same but it's less strong — the US is actually the world's biggest net debtor in the statistics, but this exaggerates the reality.
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Writing for the court, Justice Sonia Sotomayor said what a debtor tells a creditor about a single asset may paint a picture about the ability to repay a debt.
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When considered in 2010, the proposal was abandoned in recognition of a lack of debtor-in-possession financing sufficient to fund the collapse of one, let alone multiple, megabanks.
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In disputes over money, for instance, the objective is never for one party to leave more empowered than the other, but to strike a compromise between lender and debtor.
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In addition to imposing federal control, the Promesa legislation gives Puerto Rico the power to unilaterally reduce its debts, something that a debtor can normally do only in bankruptcy.
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Instead, we've been eating our seed corn and running massive domestic and trade deficits that have turned us from being the world's largest creditor into the world's largest debtor.
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That's why you may recall one but not the others, as when you know what you want to say ("someone who owes money") but can't find the word ("debtor").
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Nine West, which owns brands such as Anne Klein and Gloria Vanderbilt, said it had received $300 million in debtor-in-possession financing and had entered a restructuring agreement.
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Catalyst has agreed to provide half of the $500 million in debtor-in-possession financing and will own a 29.3 percent stake in the restructured company, Pacific Exploration said.
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With no authority backing it, new bitcoins are introduced free of debt, and (in this theory) if there's no (worthy) debtor backing a currency, then the currency has no value.
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Under agreements reached with Wyoming, New Mexico and Indiana, about 15 percent of Peabody's $1.2 billion in self-bonds will be secured by debtor-in-possession financing during its bankruptcy.
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Analysts said that while the decision to seek debtor-in-possession financing did not necessarily mean the company would file for bankruptcy, it was likely that this would happen soon.
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Existing lenders have agreed to provide up to $385 million in debtor-in-possession financing, allowing Payless to remain in business and pay its bills throughout the Chapter 11 process.
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It's not the first time a famous sports debtor has been forced to auction off his stuff -- Warren Sapp had to sell off his massive Nike collection back in 2013.
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Bonner Mall (513 U.S. 18), a 1994 case in which U.S. Bancorp, a creditor in Bonner's Chapter 11 bankruptcy, sought to suspend the automatic stay on litigation against the debtor.
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In addition, Lithuania remains a large net external debtor (estimated 13% of GDP in 2016) relative to the median net external creditor position of 'A' category peers (12.4% of GDP).
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By contrast, Chapter 11 in the United States is effective immediately upon filing to create an automatic stay of all collection activity against the debtor company, according to legal experts.
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Any debt restructuring should be done within the constraints that would be imposed via a standard Chapter 9 bankruptcy, which requires all major debtor groups to agree to any plan.
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We have revised our working-capital assumptions, and now expect Huiyuan Juice to maintain its trade debtor days over 215 days in 2017 in an effort to support downstream distributors.
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In others, local officials have worked with telecommunications companies to make sure those who call an irresponsible debtor get a recording urging them to get their acquaintance to pay up.
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"One other outgrowth of the current crisis is the number of restructuring transactions that are just being torn up and where the debtor needs to start from scratch," Shah said.
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Bryant also argued in the panel discussion for ending America's system of de facto debtor prisons, in which poor people end up jailed because of an inability to pay fines.
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If the debtor fails to make payments, "the asset owner comes and reclaims it and says these are now ours," said Spencer, referencing China's Hambantota port deal with Sri Lanka.
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If the debtor does not object, claims can be made against them when they have entered bankruptcy even if there is no legal basis for the debt to be collected.
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The Nobel laureate economist Joseph E. Stiglitz has indicted the euro as a leading source of economic inequality that has divided European nations into two stark classes — creditor and debtor.
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In an effort to recoup some of the losses, a debtor auction took place in August 2000, where 1533,788 of Prince Jefri's possessions went under the hammer over six days.
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We have revised our working-capital assumptions and now expect Huiyuan Juice to maintain its trade debtor days at over 215 days in 2017 in an effort to support downstream distributors.
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Many bankrupt firms can sustain their output thanks to so-called debtor-in-possession (DIP) financing for operating and other expenses made available by existing creditors, banks, or private equity firms.
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The Rockefeller name came to symbolize unpopular U.S. banking policies in debtor countries, and Rockefeller was scorned on the left for working with Chile's Augusto Pinochet and the shah of Iran.
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Jia is on a national debtor blacklist in his home country, and owes — via LeTV, LeEco, and other companies that he ran there — hundreds of millions of dollars to various creditors.
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In five of six recent public bankruptcies in which the debtor defaulted on bonds, pensioners walked away with full recovery, while bondholders took haircuts, according to data from Moody's Investors Service.
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Fitch does not rule out that regulatory authorities activate special and temporary debtor relief programs for banks to assist their borrowers as it has done in natural disasters of the past.
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One struggling debtor, Rosukon Chakkrapongwan, fears she may lose her house as she struggles to keep up payments on a 4 million baht home loan she took up three years ago.
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"In fact, the arguments used by the debtor are no more than a part of Ukraine's tactics to confuse the issue as much as possible," the ministry said in a statement.
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Looking back further, a 2006 California Uniform Commercial Code — or UCC — record lists Deanne S. Brady of Chino, California, as a debtor to Utah-based skincare multilevel marketer Nu Skin Enterprises.
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Fred's has also filed a motion to enter into a proposed debtor-in-possession financing agreement with the company's existing lenders, which would provide up to $35 million in new funding.
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The potential benefits for the bondholders are tied to the package being offered as debtor-in-possession financing, which is normally used to keep bankrupt corporations afloat during Chapter 11 cases.
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Italy raised $7 billion on Wednesday with its first U.S. dollar bond in nearly a decade, a move that helps to diversify funding sources for the world's third-biggest public debtor.
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Romania's rating remains constrained by its higher net external debtor position than 'BBB' peers, estimated by Fitch at 20.3% of GDP for 2016, compared with the 'BBB' median estimate of 183%.
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This has the peculiar consequence that, unlike what happens with most debtor nations, any rise in the dollar worsens our net investment position: liabilities rise along with our currency, assets don't.
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When Sears filed for bankruptcy last week, it said Lampert's hedge fund, ESL Investments, was in talks to lead a $300 million debtor-in-possession loan to support the retailer through bankruptcy.
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And he's hoping to convince us the only way a professional debtor and television pitchman knows how -- by staging a reality show in which America's biggest businesses are the unwilling supporting cast.
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Even if Jia is able to reverse his status as an "untrustworthy" debtor in his home country, the fire he used to fuel his ascent to billionaire status is turning to embers.
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They did tell me that this was regarding collecting on the Debtor, which is also against the law, both of these clauses can be found at: 15 U.S.C. 1692b (2) and (3).
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The new law introduces a "new debtor in possession bankruptcy regime" for debtors that have filed for bankruptcy but still hold assets, according to a statement on the Dubai's ruler official website.
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Connections: Apollo already is tied into this deal via a debtor-in-possession financing, while Blackstone owned a nuclear power plans more than a decade ago via its purchase of Texas Genco.
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"This (plan) allows the debtor to give creditors a meaningful recovery with substantial upside and gives Abengoa a fresh start in the United States," said Abeinsa lawyer Richard Chesley at Tuesday's hearing.
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"The Trustee believes that these transfers were made from funds that belong to the Debtor in connection with the Fyre Festival," court papers obtained by the New York Post's Page Six state.
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Monday, Feb 22 9:30 - Nuo Therapeutics will ask Judge Mary Walrath of the Bankruptcy Court in Delaware to approve its plans for debtor-in-possession financing and a sale next month.
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The proposal would ban debt collectors from contacting debtors more than seven times per week and force collectors to wait seven days after a conversation with the debtor before reaching out again.
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"The debtor and its responsible officer Michael Avenatti have deliberately made no attempts to pay the delinquent amount which they previously agreed to do by stipulation," Assistant U.S. Attorney Najah Shariff wrote.
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Outside Germany, the austerity she and her longtime finance minister Wolfgang Schäuble imposed on debtor countries like Italy, Spain, Portugal and, especially, Greece sowed misery and resentment that fester to this day.
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That loan, a so-called debtor-in-possession, or "DIP," loan is given to a company to provide the money it needs to invest in the business while it is in bankruptcy.
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For seven years now, Greece and its creditors have failed to defuse the European Union's first great crisis since the euro was adopted, despite the biggest bailout of a debtor in history.
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On Monday, the California Public Utilities Commission approved PG&E's plans to tap up to $6 billion in so-called debtor-in-possession financing to help it operate while under bankruptcy protection.
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The proposed law will not immediately affect bank ratings, but is another example of how the legislative framework is increasingly moving toward debtor-friendly measures, protecting consumer rights to the detriment of banks.
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He was eventually named to an official debtor blacklist in China, and when the government ordered him to return to face his creditors, he had his wife and brother answer the call instead.
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SunEdison said in papers filed on Tuesday it faces more than $4.2 billion in prepetition claims, compared with $850 million it anticipates it can distribute after paying off its debtor-in-possession loan.
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The sharp decline in recovery expectations for the sector has tracked the increasingly aggressive senior debt structures since the start of 21387 as retailers have refinanced and recapitalised in debtor-friendly credit markets.
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"Problem: When you need to locate the elusive skip, debtor, missing persona and all of the databases you have accessed can't help," the email offering the phone location service, dated April 2, starts.
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RECEIVES COURT APPROVAL OF "FIRST DAY" MOTIONS TO SUPPORT BUSINESS OPERATIONS * BON-TON STORES INC - COURT APPROVAL PROVIDES INTERIM ACCESS UP TO $725 MILLION IN DEBTOR-IN-POSSESSION FINANCING * BON-TON STORES - U.
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He was placed on a national debtor blacklist, and while he still controls the listed arm of LeEco, a different real estate giant (Sunac) recently took control of some of the conglomerate's subsidiaries.
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Cohen led Deutsche Bank's efforts to provide financing to distressed companies, arranging rescue loans, so-called debtor-in-possession (DIP) loans to help fund bankruptcies, and loans to companies exiting Chapter 11 bankruptcy.
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Instead of receiving an advance on its insurance payout, PES is seeking $100 million in debtor-in-possession financing from its current lenders to pay for the shutdown process, bankruptcy and other obligations.
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Charlotte Russe said in a press release Monday morning that it was continuing to pursue a sale of its business after having received a commitment of $50 million in debtor-in-possession financing.
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The Oklahoma City-based company said it expected to fund its operations and capital programs until it emerges from Chapter 11, without the need for debtor-in-possession financing or other additional capital.
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The typical Chapter 13 debtor who hired an attorney in Brooklyn in 2015 was a middle-income homeowner with $420,000 in assets — over 133 times more in assets than filers in Shelby County.
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Claire's said it secured $135 million in debtor-in-possession financing and support for its debt-slashing plan from top-priority debt holders like the Elliott Management and Monarch Alternative Capital hedge funds.
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In the 1990s, the hedge-fund manager Kenneth Dart figured out that by buying distressed debt and then suing debtor countries in major Western courts, he could make a tremendous amount of money.
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The retailer said it had secured $20 million in debtor-in-possession financing from a majority of its existing term loan lenders and entered into a $35 million asset backed loan with current lenders.
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I asked the collections representative to not contact me any more with regards to this debt because the debtor is no longer in my area and I don't have any way to contact him.
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Sound Harbor Partners, an alternative investment firm that provides private credit to U.S. companies, wants to participate in debtor-in-possession (DIP) financing for Noranda Aluminum Holding Corp, saying it can offer better terms.
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Toshiba is reviewing proposals from financial institutions and investment firms about a so-called debtor-in-possession loan, which would carry the company through a potential bankruptcy, said two people familiar with the situation.
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The police in the southern city of Stavropol opened a case against one collection agency that blocked phone service to the local children's hospital by robocalling every hospital number in pursuit of a debtor.
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He was one of the bankers involved in the reorganization of the mortgage lender Ditech earlier this year in a deal for which Barclays provided debtor-in-possession financing, one of the people said.
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Utilities led by Southern Corp's Georgia Power said in court papers filed on Wednesday that Westinghouse's debtor-in-possession, or DIP, loan should not grant liens on the designs, patents and other intellectual property.
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Ciber has received a commitment for up to $45 million in debtor-in-possession financing, which will be used to maintain its U.S. operations during the Chapter 11 process, the company said in a statement.
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By Jim Christie Since the Supreme Court ruled last year that a debtor does not have to pay for some bankruptcy work, law firms have been scrambling for ways to comply and still get compensated.
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Given the importance of being able to repossess the collateral for secured loans, NPL investors have been taken aback by a proposal to prevent any action against a debtor without the involvement of a court.
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With the single touch of his giant red button, CARP gave the portfolio of 9,000 debtors' personal information to RIP Medical Debt, a nonprofit that forgives medical debt with no tax consequences for the debtor.
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Tye Hancock of Thompson & Knight said he was confident his client, Amegy Bank, and Tristream would finalize their agreement, putting to rest the bank's concerns about conflicts of interest in Tristream's debtor-in-possession loan.
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Major changes to the bankruptcy code went into effect in late 2005, largely shifting from debtor-friendly to creditor-friendly after successful lobbying attempts on behalf of creditors and in the case of retail, landlords.
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The ECB is ready temporarily to step up purchases of Italian government bonds if the result of Sunday's referendum sharply drives up borrowing costs for the euro zone's largest debtor, central bank sources told Reuters.
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If free exchange rates are to be adopted, the plan is unnecessary; if they are not, it is easy to predict that debtor countries will soon exhaust their drawing rights, and the plan break down.
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It will also receive $275 million in debtor-in-possession financing and has more than $600 million in cash and short-term investments, enough to run its operations smoothly throughout the restructuring process, it said.
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Given rising debt levels in Low Income Countries and the importance of debt sustainability, we call for greater debt transparency not only from Low Income Debtor countries, but also emerging sovereign lenders and private creditors.
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During the call, Barneys representatives and lawyers reportedly shared that the company has received letters of intent from interested buyers, and subsequently debtor-in-possession lenders have extended deadlines to allow further negotiations to proceed.
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At the most fundamental level, the Bankruptcy Code creates an estate to collect all assets in one place, identify and categorize claims against the debtor in terms of priority and then distribute the assets accordingly.
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"Given the incident which precipitated the filing of this Chapter 11 proceeding, there is a strong likelihood that the assets of the debtor will be liquidated rather than reorganized," the trustee wrote in court documents.
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Before the referendum, central bank sources told Reuters the ECB is ready to temporarily step up purchases of Italian government bonds if the referendum sharply drives up borrowing costs for the euro zone's largest debtor.
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As a result, even the most secure loans — like those made to companies emerging from bankruptcy, known as debtor-in-possession loans — are increasingly off limits for many banks, according to bankers and industry lawyers.
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One year before the regulations went into effect, a debtor died in the basement of Citibank's Jakarta headquarters during what's been described as a "harsh interrogation," a term widely seen as a euphemism for torture.
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A judgment for willful and malicious misappropriation of trade secrets is dischargeable in a Chapter 7 bankruptcy proceeding if the debtor did not intend to injure the creditor, a federal appeals court held on Wednesday.
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The justices, in a 5-3 decision, ruled in favor of Midland Funding, a subsidiary of Encore Capital Group Inc, which was sued by an Alabama debtor named Aleida Johnson who entered bankruptcy in 2014.
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U.S. Bankruptcy Judge Charles Rendlen applauded the progress on the bankruptcy negotiations so far and approved, on an interim basis, $275 million in debtor-in-possession financing and the use of $600 million in cash.
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The oil and gas master limited partnership said it secured a $75 million debtor-in-possession financing, in addition to cash from its operations and cash on hand, to fund its operations during the bankruptcy process.
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Sports Authority said that it expects to have sufficient cash to function during the Chapter 11 process when factoring in cash from operations and anticipated access to up to $595 million in debtor-in-possession financing.
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Peabody obtained an $800 million debtor-in-possession or DIP financing from both secured and unsecured creditors when it joined other large U.S. coal producers in bankruptcy in April, hit by a drop in coal prices.
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As part of its Chapter 11 filing, Bon-Ton has received $725 million in debtor-in-possession funding from existing asset based lenders, allowing it to continue stocking its shelves and pay employees during its bankruptcy.
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The company is seeking court approval for $5.5 billion in debtor-in-possession financing from J.P. Morgan, Bank of America, Barclays, Citi, and other banks, the sum being roughly the same as the utility's annual spending.
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The funds, which at the time included Tennenbaum Capital Partners LLC and Candlewood Investment Group LP, put themselves in a prime position to handle so-called debtor-in-position financing in the event of a bankruptcy.
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Malpass is a key fixture in U.S. trade talks with Beijing and has criticized the bank for not cutting off China, which is its largest borrower despite exceeding the per capita wealth cutoff for debtor nations.
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Meanwhile, Ontario, the world's biggest sub-sovereign debtor, forecast on Wednesday a jump in its 2020-21 budget deficit as it provides a C$17 billion ($12 billion) financial package in response to the coronavirus outbreak.
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Breitburn Energy Partners LP won court approval on Monday for a $75 million debtor-in-possession loan, a relatively routine matter in most Chapter 11 cases but one that is becoming rare in the energy sector.
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The team also plans to eliminate categories they consider "nonvisual," because how else does an algorithm identify someone as a "Bahamian" or a "debtor" if not by some kind of contextual cheat or built-in bias?
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The debtor was a Cyprus company, LOAV Advisers, that the Deripaska court complaint says was set up by Mr. Manafort to make investments with Mr. Deripaska, a billionaire close to President Vladimir V. Putin of Russia.
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Russia also has vast natural resources — it's the world's largest petroleum producer — and is not a significant debtor nation despite the fact its been mired in recession due to the oil price collapse and international sanctions.
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Such a move would potentially consolidate Sears' obligations during bankruptcy proceedings, and give Lampert more control over the company's court case since he would essentially be the main so-called debtor-in-possession lender, the sources said.
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It has been speaking to investment firms that have expressed interest in providing the debtor-in-possession financing, including Fortress Investment Group LLC, said the sources, who asked not to be identified because the deliberations are confidential.
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Cubeddu said that the persistence of current account surpluses in export countries such as China and the growth of deficits in debtor countries such as the United States suggested that the problem would not clear up automatically.
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Jia is on a national debtor blacklist there, and has had many of his assets frozen as a result of unpaid debts related to LeTV, the streaming platform he founded in 2004 that eventually morphed into LeEco.
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He was recently named to a nationwide debtor blacklist there, had more of his personal assets frozen, and was ordered to return to China by local regulators, all because of the financial failures of his company, LeEco.
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"Solution: If you have a working cellular number that the individual is using a True GPS Cellular Locate (Ping) may be your last and best hope of locating the elusive skip, debtor or missing person," it continues.
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Jia's status as a debtor in China — the tycoon is on a national blacklist there thanks to the collapse of one of his other companies, tech conglomerate LeEco — was hampering the budding efforts in China, Evergrande claimed.
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"This language gives a debtor latitude to give better treatment to pensions than to GOs," something that would make it "far more controversial" to creditors, said Melissa Jacoby, a bankruptcy expert and professor at UNC-Chapel Hill.
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This requires a belief on the part of the debtor (and the lender) that, at a minimum, their future incomes and asset prices will not both fall by a lot, so the money can be paid back.
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"Inventory is high, debtor days have extended, and most mid-level steel companies are now contemplating job cuts," said R.K. Goyal, managing director of Kalyani Steels Ltd which relies heavily on the automotive sector for steel orders.
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In contrast, a Chapter 11 reorganization allows a debtor to sell some or all of its assets or propose a reorganization plan that aims to resolve and satisfy enough creditors to re-emerge as a going concern.
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Arch said in a court filing that the state of Wyoming and the Wyoming Department of Environmental Quality (WDEQ) have agreed to accept $75 million from a debtor-in-possession (DIP) financing carve-out in the bankruptcy.
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Chapter 13 bankruptcy is less risky but more involved — it involves a restructuring of debt, in which the debtor makes payments for three to five years, with the goal of getting the debt discharged at the end.
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If the bankruptcy judge denies its request to shed some outstanding obligations, PES would be forced to tap a $120 million debtor-in-possession loan to help pay for the needed renewable fuel credits, the source said.
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The 11th U.S. Circuit Court of Appeals in Atlanta said a federal bankruptcy judge wrongly concluded Bruno's bankruptcy trustee could "avoid" the payments because Blue Bell provided "new value" to the debtor during the 90-day period.
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Debtor-in-possession (DIP) loans totaling US$227bn have been extended to a half dozen companies so far this year, topping the US$212m from four deals in the whole of 21.8, according to Thomson Reuters LPC.
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It received commitments for $60 million in new debtor-in-possession financing from existing lenders as well as a recommitment of its existing $125 million asset-backed loan, which it said will help it continue operating during restructuring.
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" In her petition asking the Supreme Court to review the decision, Ms. Warren wrote that bankruptcy "contemplates that all legal obligations of the debtor, no matter how remote or contingent, will be dealt with by the bankruptcy case.
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Jia and LeEco (and the myriad related companies spawned in and around it) are still on the hook for hundreds of millions of dollars in China, which has resulted in him being placed on a national debtor blacklist.
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Like Tolstoy's unhappy families, each disaster is different in its own way: the euro crisis set creditor against debtor and tore at the notion of solidarity; Brexit showed that the European Union could shrink as well as grow.
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In return, the Chinese real estate giant asked Jia to step away from the company, claiming that his status as a debtor in China was harming the progress of establishing Faraday Future's brand and production efforts in China.
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Those junior classes include holders of the company's stock, who may see the value of their shares go to zero, and unsecured creditors, lenders or vendors the debtor owes money, but whose loans are not backed by collateral.
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As the debtor-in-possession lenders, Chiyoda Corporation and Subsea 7 Finance are sponsors of the plan, but still retain the flexibility to consider alternative investors to assist in recovering the mounting claims and interests against the group.
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In bankruptcies like these, if creditors can prove that the debtor never really planned to try to turn around the business and simply stripped its assets, a judge may rule that they have a claim to the proceeds.
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Trident, which has approximately US$219.7m in outstanding first-lien debt, is also requesting up to US$50m in debtor-in-possession (DIP) financing through a two-draw new money term loan from hedge fund Silver Point Capital.
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In addition to the privacy breaches that Tay committed, charges against him included helping loan sharks with other tasks, such as accepting S$200 ($142) to harass a debtor by splashing black paint and writing on their walls.
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"The equity committee failed to create any doubt that the debtor has met its burden to demonstrate that the confirmation requirements are satisfied," Judge Kevin Carey of the Bankruptcy Court in Delaware said in his 54-page opinion.
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The so-called "debtor-in-possession" loan, which companies need to have enough liquidity to keep running the business during bankruptcy, is the clearest sign yet that the department store chain may finally file after years of losses.
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Warren would very partially offset this set of debtor-friendly changes with a crackdown on the "millionaires loophole" that rich people use to shelter assets from bankruptcy by placing assets in trusts that name themselves as the beneficiary.
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The company, whose bags sell for around 1,000 pounds, said House of Fraser costs, reflecting debtor balances, fixed assets and restructuring, would be an exceptional item in its results for the six-months to the end of September.
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The company said it planned to use the bankruptcy proceedings to restructure $750 million in debt and had already obtained a commitment for up to $100 million in debtor-in-possession financing from Los Angeles-based Hankey Capital.
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The company has secured $60 million in debtor-in-possession (DIP) financing from its current term loan lenders and a recommitment for a $125 million asset-based loan to keep its stores open during restructuring and pay vendors.
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"I don't see any other option for bondholders as Noble could easily just file and put in place a billion dollar debtor-in-possession ... that trumps all the debt," said Andrew DeVries, an analyst at research firm CreditSights.
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A jazz festival sponsored by Alfa Bank in Lviv, his home town, was renamed after the bank's role caused anger in both countries, though Mr Fridman suspects a protest at his Moscow office was organised by a disgruntled debtor.
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A financial advisor for Aegerion Pharmaceuticals Inc on Tuesday urged the judge overseeing its bankruptcy to approve a $20 million debtor-in-possession package, saying the loan is the best one available to support the drugmaker in Chapter 11.
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The retailer is set to receive $3.1-billion debtor-in-possession financing, which is likely to help the toy retailer pay some of its suppliers such as Mattel and keep 1,600 stores in operation for the crucial holiday season.
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Central bank sources have told Reuters the ECB is ready to temporarily step up purchases of Italian government bonds if the result of a crucial referendum on Sunday sharply drives up borrowing costs for the euro zone's largest debtor.
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Despite all that, Trump argued: "We have a lot of power," alluding to the old saying that debtors have the problem if they owe a bank $100, but the bank has the problem if a debtor owes $100 million.
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Market speculation about an ECB intervention has mounted as political parties in Italy repeatedly failed to form a government and the notion of a euro exit began to swirl, sending borrowing costs for the euro zone's largest debtor soaring.
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Retailer Toys 'R' Us won U.S. bankruptcy court approval on Wednesday for an extra $80 million in debtor-in-possession financing aimed at stabilizing some of its overseas businesses to prepare them for a sale to a new owner.
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" USC Gould Law School Professor Bob Rasmussen, who is an expert in bankruptcy law, told CNN that Tobin's legal maneuver actually is "one of the least likely ways to get paid for a debt by a small unsecured debtor.
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But the direct loan takeover has resulted in conspicuous federal involvement where expectations on the part of borrowers may have fundamentally shifted from that of debtor-lender to one that perhaps more closely resembles lending arrangements among family members.
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However, the retailer is set to receive $3.1-billion debtor-in-possession financing, which is likely to help the Toys'R'Us pay some of its suppliers such as Mattel and keep 1,600 stores in operation for the crucial holiday season.
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David's Bridal said Monday it's received commitments for $60 million in new debtor-in-possession financing from existing lenders, along with a recommitment of its existing $125 million asset-backed loan, which will help it stay open for business during restructuring.
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The Canadian province of Ontario, the world's biggest sub-sovereign debtor, faces an uphill task to balance the books in the coming years after its government failed to deliver a "trophy" cost saving in last week's budget, bond investors say.
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The bankruptcy filing marks a major turn in the story of Jia's prolific history of taking on debt, which led to him being named to a national debtor blacklist in China and sparked his move to the United States in 13.
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The company said it expects to enter into two processes of debtor-in-possession financing, including a revolving credit facility of up to $750 million provided by banks or other lenders and a loan facility of up to $1 billion.
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To this far-sighted macro-economic management, the next government, of John Howard (1996-2007), added fiscal prudence, running surpluses in eight out of its 11 years in office and turning the government from a debtor to a net creditor.
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It has also reached agreements to obtain up to $125 million in debtor-in-possession (DIP) financing from existing lenders, and up to $50 million in new money term loan DIP financing from a group of its existing term loan lenders.
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U.S. Bankruptcy Judge Kathy Surratt-States approved the debtor-in-possession or DIP loan on an interim basis over objections from grain suppliers who are owed money by Abengoa Bioenergy and said they feared the cash would end up in Spain.
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Given that "we successfully obtained our debtor-in-possession financing today, we can assure our lenders that we are in a good position to accept shipments on a normal basis and they have great assurance they will be paid," Brandon said.
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The European Central Bank is ready to temporarily step up purchases of Italian government bonds if the result of a crucial referendum on Sunday sharply drives up borrowing costs for the euro zone's largest debtor, central bank sources told Reuters.
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The fashion house has received a commitment of up to $45 million in debtor-in-possession (DIP) financing, which will be used for working capital and to ensure normal operations during the Chapter 11 process, the company said in a statement.
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Although the bankruptcy code was enacted to give a "fresh start to the honest but unfortunate debtor" and a single point of contact for creditors (and to keep our economy going), admitting that your debts are out of control is difficult.
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Announces commitment letters for post-restructuring and debtor-in-possession credit facilities * Am Castle & co-executed commitment letters for $125 million senior-secured revolving credit facility, $85 million senior-secured revolving, dip credit facility Source text for Eikon: Further company coverage:
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As of Friday, PG&E was shying away from negotiating so-called debtor-in-possession financing that companies typically line up before a bankruptcy filing to help keep operating while under court protection, one source familiar with the matter said.
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Woodbridge, which calls itself a leading developer of high-end real estate, said it planned to use Chapter 11 to restructure $750 million in debt and had already obtained a commitment for up to $100 million in debtor-in-possession financing.
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Warren — and now Biden — would very partially offset this set of debtor-friendly changes with a crackdown on the "millionaires loophole" that rich people use to shelter assets from bankruptcy by placing assets in trusts that name themselves as the beneficiary.
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Reset Button, as the connective tissue between debtor and lawyer, is able to automate a lot of that process for the lawyers, delivering a package of information on the case and connecting the user with the right lawyer for them.
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In a filing with the U.S. Bankruptcy Court in Houston, Stone said it has adequate liquidity to keep up its operations without the need for debtor-in-possession financing during the bankruptcy proceedings, which it hopes to complete in 90 days.
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Brazil is the second-largest U.N. debtor after the United States and the Brazilian government must pay at least $126.6 million by the end of the year to avoid losing its vote, Gomes wrote in the memo seen by Reuters.
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According to the Wall Street Journal, Sears has hired M-III Partners, a boutique advisory firm specializing in seeing companies through bankruptcies and restructuring, The company is also talking to lenders about providing it with debtor-in-possession financing, CNBC reported.
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In a Friday securities filing, the company said it proposed the plan to lenders owed 1.85 billion reais ($5a79 million) in debt, including a loan provided to help the firm emerge from bankruptcy, called a debtor-in-possession (DIP) facility.
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To act as sales agent in connection with SISP * Also entered into a $1,185,000.00 (CAD) debtor-in-possession term sheet with camce holding inc * Golden Band announces court order obtained in regard to debt restructuring efforts Source text for Eikon: Further company coverage:
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The decision to resolve the matter with the bankruptcy trustee was purely a business one, as litigation costs would well-exceed the amount requested by the trustee to pay off the creditors who were owed money when the debtor filed for bankruptcy.
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RIP is able to buy the debt at a reduced rate from hospitals, doctors, and even investors -- who typically purchase debt at reduced rates, say 15%, and will require the debtor to pay them maybe 30%, turning a profit for the investor.
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Parker's need for the debtor-in-possession credit package is "particularly urgent due to the recent volatility in the oil & natural gas markets," the company's financial advisor, David Cunningham of Moelis & Co LLC, said in a filing in U.S. Bankruptcy Court in Houston.
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To be eligible for repayment from RIP, the debtor must be earning less than twice the federal poverty level (about $210,000 a year for an individual), have debts that are 5% or more of their annual income and have more debt than assets.
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The language of the draft document "gives a debtor latitude to give better treatment to pensions than to GOs," something that would make it "far more controversial" to creditors, Melissa Jacoby, a bankruptcy expert and professor at UNC-Chapel Hill, told Reuters.
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Gibson said in its papers it wants a 45-day extension until July 19 to file financial reports on its non-debtor subsidiaries due to the workload in compiling information from various locations worldwide while it juggles tasks in its Chapter 11 bankruptcy.
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"The allocation of resources in the debt-to-equity swaps should not be decided by the government, but by the parties, that is the debtor and the creditor," said Fan, who is also a member of the central bank's Monetary Policy Committee.
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On Friday, the Ontario Superior Court of Justice ruled Chevron Canada Ltd is a separate entity from Chevron Corp, and is thus not a debtor to the Ecuadorian judgment, according to a copy of the decision provided by the California-based Chevron.
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Lender White Oak Healthcare Finance LLC and unsecured creditors of debtor LifeCare Health Partners will square off on Wednesday over whether LifeCare's committee professionals should be paid more than $9 million while the bankrupt chain of acute care centers prepares to sell itself.
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The company said it had taken action because its agreement for debtor-in-possession financing ties its submission of a confirmable plan to emerge from Chapter 11 to obtaining a resolution of the long-term debt issue no later than Oct. 10.
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But if a giant bank or insurance company fails, there's a problem: "The bankruptcy code is not enough because it assumes somebody can provide debtor-in-possession financing… which works unless it's the providers of that funding that are bankrupt," Klein said.
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Bill collectors could run afoul of the Fair Debt Collection Practices Act by warning a debtor that the creditor "may report" the transaction to the Internal Revenue Service if the creditor would not actually do so, a federal appeals court held on Friday.
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In the event that a reorganization plan is implemented successfully and the debtor manages to pay creditors over time and reschedule obligations, the court has the discretion to end the structuring process or can do so at the request of the debtor's administrator.
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But if the debtor is likely to fail in carrying out the restructuring plan, and the liquidation value of the company is deemed to exceed the going concern value, the court will terminate the process and will put the company into bankruptcy.
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Such collective action approaches have proven effective at driving competing interests toward reasonable compromises in debt restructurings, but the commonwealth has resisted this approach thus far because it does not involve the sort of cram-down that bestows huge advantages upon the debtor.
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Peabody requested the relief earlier this month, arguing that it had enough cash to operate in bankruptcy thanks to a rebound in coal prices since it filed a $10.1 billion bankruptcy in April and sought debtor-in-possession financing to pay its bills.
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FRANKFURT (Reuters) - The European Central Bank is ready to temporarily step up purchases of Italian government bonds if the result of a crucial referendum on Sunday sharply drives up borrowing costs for the euro zone's largest debtor, central bank sources told Reuters.
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More recent filings seeking reorganization include those by Sears, Pacific Gas and Electric Company, and Toys R Us.Once a Chapter 11 plan of reorganization is finalized and approved, a debtor emerges from bankruptcy and continues operating, usually in a stronger position than before.
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For example, the Bankruptcy Code requires a debtor to publicly file information about all of its assets and liabilities, sit for a bankruptcy deposition with creditors and seek the court's permission before taking many actions outside of the ordinary course of business.
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"The final rule also addresses proper compliance regarding certain servicing requirements when a person is a potential or confirmed successor in interest, is a debtor in bankruptcy, or sends a cease communication request under the Fair Debt Collection Practices Act," it added.
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Cloud Peak in a filing in U.S. Bankruptcy Court in Delaware said the dispute had created "substantial ambiguity" about the status of the noteholders' liens and held the prospect of litigation that could chill bidding, which would complicate its debtor-in-possession financing.
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Englewood, Colorado-based Sports Authority, with more than 450 stores, is owned by private equity group Leonard Green & Partners LP. The sporting goods retailer said on Wednesday that it expects to have access to up to $595 million in debtor-in-possession financing.
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On the other hand, the United States, while still the largest economy in the world, has become a net debtor, with current account and fiscal deficits seen exceeding more than 8 percent of gross domestic product over the next two years, analysts said.
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Juno in a filing in U.S. District Court in Delaware said restructuring advisor Mackinac Partners had determined the debtor-in-possession financing from GT Gettaxi Ltd was likely the only bankruptcy loan available in light of the ride-hailing company having shut down.
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Prior to filing Chapter 11, Pier 1 said it entered into an agreement with the majority of its term loan lenders and secured commitments of approximately $256 million in debtor-in-possession financing from Bank of America, Wells Fargo, and Pathlight Capital.
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Sears reached the deal with Cyrus Capital Partners for the financing just before a hearing began in U.S. Bankruptcy Court for the Southern District of New York on the retailer's so-called debtor-in-possession financing arrangements, according to a person familiar with the matter.
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The private equity firm won the high-profile deal after Westinghouse said it was "inundated" with offers from investment banks, private equity houses and hedge funds for the financing, a so-called "debtor-in-possession" (DIP) loan, Westinghouse's turnaround adviser said in court papers.
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To some extent, he is correct: After the Education Department exhausts attempts to contact a debtor and seize the debt with tactics that can include garnishing wages, the department turns over the delinquent accounts to the Department of Justice, and a lawsuit is filed.
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The debtor-in-possession (DIP) loan package from Wells Fargo is a "necessary bridge" to help cement the sales, which will raise proceeds for recoveries for creditors, Promise Chief Restructuring Officer Andrew Hinkelman said in a filing on Friday in U.S. Bankruptcy Court in Delaware.
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The retailer said it has reached agreements to obtain up to $125 million in debtor-in-possession (DIP) financing from its existing lenders, and up to $50 million in new money term loan DIP financing from a group of its existing term loan lenders.
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They're often treacherous for banks to invest in, because the loans are backed by assets — to be specific, the oil on E&Ps' reserves, which has little value to a debtor lacking the equipment, time or the desire to extract commodities and recoup value.
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The government in a filing in U.S. Bankruptcy Court in Houston said it is not opposed to EP's proposed debtor-in-possession financing, but the Interior Department needs assurances the company will meet its obligations for decommissioning wells on onshore and offshore federal leases.
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TORONTO, April 22017 (Reuters) - The Canadian province of Ontario, the world's biggest sub-sovereign debtor, faces an uphill task to balance the books in the coming years after its government failed to deliver a "trophy" cost saving in last week's budget, bond investors say.
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Judge Christopher Sontchi of the U.S. Bankruptcy Court in Delaware signed orders allowing Mattress Firm to enter into a $250 million debtor-in-possession facility to help fund its restructuring and that will provide $525 million in financing for emerging from Chapter 11 bankruptcy.
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Jose Luis Lupo, the IDB's Argentina representative and Southern Cone manager, told reporters on the sidelines of the multilateral development bank's annual meeting that Argentina could overtake Brazil as the largest debtor to the Washington, D.C.-based lender in the next one to two years.
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The lawsuit said debt collection law firm Andrea Visgilio-McGrath sent out letters saying court judgments would remain on borrowers' credit reports until the amount owed was paid, when in fact such judgments stay on credit reports for seven years, whether the debtor pays or not.
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The Weinstein Company's existing bank group, comprised of 15 banks including MUFG Union Bank NA and Opus Bank, has offered to provide the debtor-in-possession financing to make sure their claims on the film library do not become subordinated to another party, according to the sources.
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Sears reached the deal with Cyrus Capital Partners LP for the financing just before a hearing began in U.S. Bankruptcy Court for the Southern District of New York on the retailer's so-called debtor-in-possession financing arrangements, according to a person familiar with the matter.
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Peabody has agreed to $800 million in debtor-in-possession financing from both secured and unsecured creditors, subject to court approval, including a $500 million term loan, a $200 million bonding accommodation facility for cleanup costs and a letter of credit worth $163 million, it said.
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When it was passed in 1978 and last amended in 2010, the FDCPA laid out a number of rules that collectors must follow to legally seek to recover debt, notably that they cannot misrepresent the amount a debtor owes or use other false or deceptive representations.
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In the past, out-of-court resolutions proved difficult and protracted, due to the large number of creditors typically involved, and the absence of mechanisms forcing minority dissenting creditors to accept the terms of a restructuring strategy agreed between the debtor and the majority of creditors.
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Peabody has agreed to $800 million in debtor-in-possession financing from both secured and unsecured creditors, subject to court approval, including a $163 million term loan, a $200 million bonding accommodation facility for cleanup costs and a letter of credit worth $100 million, it said.
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This summer, nearly $200 million of his personal assets were frozen by a court in his home country, and just last week Jia was placed on a nationwide "debtor blacklist" in China after defaulting on a $72 million debt that he owes to a Chinese securities group.
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Bankruptcy costs are substantial, so it is crucial to get all parties on board, especially when the debtor is seeking a judge to sign off on a restructuring plan reached with creditors, said Kim Brady, a restructuring specialist and partner at financial advisory firm Solic Capital.
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The commission approved a proposal last week that would only allow collectors to call three times a month — and only in situations when the debtor has not made a scheduled payment, or so the government can suggest plans that would help borrowers not default on their debt.
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The latter request dovetailed with their occupation of the park, which they said was in the spirit of "dharna," a type of non-violent sit-in designed to force an offending party, especially a debtor, to comply with justice or pay what he or she owes.
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Chovanec said he has been as bearish as anyone on China's stock and property markets and the direction of the economy, but he added that hedge funds were wrong to treat troubles on China's horizon like the Asian financial crisis, which was essentially a debtor crisis.
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Sears reached the deal with Cyrus Capital Partners LP for the financing just before a hearing began in U.S. Bankruptcy Court for the Southern District of New York on the iconic retailer's so-called debtor-in-possession financing arrangements, according to a person familiar with the matter.
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Blackjewel in papers in U.S. Bankruptcy Court for the Southern District of West Virginia said its finances are so strained it filed for Chapter 11 bankruptcy without enough cash to operate and urgently needs court approval of a debtor-in-possession loan of up to $20 million.
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Pier 1 said it had received a commitment of about $256 million in debtor-in-possession financing from Bank of America, Wells Fargo National Association, and Pathlight Capital LP. The retailer said it expects to keep its stores and online platform open and running during the process.
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The California utility owner is in touch with large banks about so-called debtor-in-possession financing that could total between $3 billion and $5 billion, though the exact figure remains in flux and could end up being higher, said the sources, who are familiar with the matter.
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Way to Grow appealed the decision to federal district court, but in January 2019, U.S. District Judge William Martinez of Denver refused to stay the dismissal of the Chapter 11 case, finding that the debtor was unlikely to succeed in showing the bankruptcy judge misconstrued the Controlled Substances Act.
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Creditors that are concerned about the debtor's ability to preserve the estate's value may ask the court to appoint an examiner or trustee to take possession of the estate, and creditors may even move to dismiss the case if they believe the debtor is abusing the bankruptcy process.
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Judge Dennis Montali of the U.S. Bankruptcy Court in San Francisco approved the debtor-in-possession loan over objections of a committee representing victims of wildfires that wanted PG&E to fund a program for housing, food and other necessities for the victims before getting the financing approved.
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Stearns, which operates Stearns Lending LLC, in papers filed in U.S. Bankruptcy Court for the Southern District of New York said private equity firm Blackstone had agreed to put $60 million behind a plan to restructure its debt securities and provide a $35 million debtor-in-possession loan.
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TORONTO, March 25 (Reuters) - The Canadian province of Ontario, the world's biggest sub-sovereign debtor, forecast on Wednesday a jump in its budget deficit for 2020-21 as it provided a C$17 billion ($12 billion) financial package to support the economy in response to the coronavirus outbreak.
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The luxury fashion house filed for bankruptcy at the end of February, when it received a commitment of up to $45 million in debtor-in-possession financing to be used for working capital, and to ensure normal operations during the Chapter 4003 process, the company said at the time.
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Pier 1 said it had received a commitment of about $256 million in debtor-in-possession financing from Bank of America, Wells Fargo National Association and Pathlight Capital LP. The retailer said it expected to keep its online platform and remaining stores open and running during the bankruptcy process.
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Pier 1 said it had received a commitment of about $256 million in debtor-in-possession financing from Bank of America, Wells Fargo National Association and Pathlight Capital LP. The retailer said it expected to keep its online platform and remaining stores open and running during the bankruptcy process.
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The justices adopted the bright-line rule already used in most federal circuits, affirming an October 2018 ruling by the 6th U.S. Circuit Court of Appeals against Nashville-based developer Ritzen Group Inc in its bid to revive a breach of contract lawsuit against the debtor, Jackson Masonry LLC.
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"Under the policies of bankruptcy law, it is preferable to preserve jobs through a rejection of a CBA, as opposed to losing the positions permanently by requiring the debtor to comply with the continuing obligations set out by the CBA," Judge Jane Roth wrote in a 30-page opinion.
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NEW YORK, Nov 15 (LPC) - Troubled wedding gown retailer David's Bridal Inc is nearing terms for a debtor-in-possession (DIP) financing package with a group of first-lien term loan lenders ahead of the company potentially filing for Chapter 11 bankruptcy protection as soon as next week, sources said.
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Under the law, devised to deal with problems at companies with at least 5,000 employees and debts of 1 billion euros ($1.07 billion), the state will be able to appoint an executive to steer a restructuring at the request of a debtor or at creditors' request with the company's agreement.
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That law allowed Puerto Rico's other debts to be restructured in a way similar to how bankruptcy works in the United States, with a judge approving a deal that issues new debt based upon what a debtor can reasonably be expected to pay while also making necessary operational fixes, too.
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Under current law, the secretary of education has authority to reduce garnishments that "would result in financial hardship to the debtor," while the Social Security administrator and the Treasury secretary are together authorized to exempt garnishments that "would tend to interfere substantially" with the purposes of the Social Security program.
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The BAP acknowledged that bankruptcy and district courts across the country have split on that question, but concluded that treating the guaranty as a discharged contingent liability is more consistent with the Bankruptcy Act's broad definitions of "claims" and "debts" and its purpose of giving the debtor a fresh start.
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The company said that it will receive as much as $25 million in debtor-in-possession financing to be able to continue "to conduct business and serve customers at its stores across the tri-state area" and anticipates that all existing customer promotional and loyalty programs will remain in place.
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"Everyone seems obsessed about whether Sears is going to 'file' or not 'file,' while for all practical purposes they are currently going through the equivalent of a bankruptcy restructuring process in public with ESL leading the [debtor-in-possession] financing," Don Ingham, a managing director at Tenth Avenue Holdings, told CNBC Thursday.
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In addition to being citizen Trump's attorney, Cohen is the target of an apparently unrelated FBI public corruption investigation and has reportedly been the recipient of foreign payments for putative political purposes, an alleged go-between for people trying to influence Trump, the owner of New York taxi medallions and a tax debtor.
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The U.S. government bankruptcy watchdog has objected to a motion by White Star Petroleum Inc seeking bankruptcy court approval for a debtor-in-possession loan of up to $28.5 million, citing concerns it could expand liens on the energy producer's property and prevent the company from filing actions to claw back money.
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James K. Galbraith, the son of the great Keynesian economist John Kenneth Galbraith, had, as an adviser to the left-wing Syriza government in Greece, a front-row seat at pivotal moments in the showdown between the E.U. (and the International Monetary Fund, too) and Greece, the hardest hit of the debtor nations.
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We had begun working with the Whitney Museum on our project for the 22017 Biennial, Debtfair, which proposed a politics that intertwined the economic inequality focus of the Occupy movement embodied in the debtor/creditor relationship, with intersectional politics that made the conditions of Puerto Ricans struggling with state debt visible alongside student debt.
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"Because the [AMCA] was unable to determine a particular subset of persons or data files that had been hacked, the Debtor had no choice but to work under the assumption that all of the information within its servers were compromised," wrote Fuchs, who loaned AMCA $2.5 million of his own money to complete the process.
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Fitch's sovereign rating committee adjusted the output from the SRM to arrive at the final LT FC IDR by applying its QO, relative to rated peers, as follows: - External Finances: -21103 notch, to reflect Romania's significantly higher net external debtor position than the 'BBB' median, and lower international liquidity ratio than the 'BBB' median.
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Fairway listed assets in the range of $100 million to $500 million, and liabilities of $100 million to $500 million, according to a court filing The company has filed for a prepackaged Chapter 11 plan to restructure its debt and is seeking approval for $55 million in debtor in possession credit, it said in a statement.
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ICBC Standard Bank Plc, which finalized an intermediation agreement to buy PES's crude and refined products last month, initially objected to the terms of the debtor-in-possession financing sought by PES because it did not give the bank priority over any insurance payouts stemming from the June fire that destroyed a section of the refinery.
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NEW YORK (LPC) - Bondholders of Greek fuel services provider Aegean Marine Petroleum Network Inc are objecting to a US$163m debtor-in-possession (DIP) loan from Mercuria Energy Group that could give the Swiss commodities trader a controlling stake in the company and push their recoveries into cents on the dollar territory, three sources familiar with the situation said.
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"During the week ending June 10, 2016, at the same time that it was negotiating a DIP loan that has an effective interest rate near 30%, either Debtor or one of its affiliates made a payment of $200,000 'in the form of a loan to the CEO for purposes of paying for personal bankruptcy counsel,'" states Hogan's memorandum.
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"The actual purpose of filing and prosecuting this bankruptcy case is for the debtor and its 113% shareholder to use this bankruptcy court, and the bankruptcy code, to assist them in obtaining a result that is contrary to federal criminal law under the Controlled Substances Act, and therefore contrary to federal public policy," Judge Tucker wrote.
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International lenders — in this case, a creditors' cartel headed by the IMF — often succeed in getting a settlement that keeps the country trapped in recession, depression or very low growth with an unsustainable debt burden; the settlement also entails numerous conditions (cuts to social spending, public pensions, public employment) that harm the majority of the debtor country's citizens.
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Rig contractor Shelf Drilling Offshore Resources Ltd II in a filing in U.S. Bankruptcy Court in Delaware Thursday said the motion, along with Furie's motion for a debtor-in-possession loan, threatens to keep creditors other than Furie's lenders from getting "even the tiniest fraction of recovery" in the oil and gas producer's Chapter 11 bankruptcy.
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Avenue Stores' proposed $12 million debtor-in-possession loan from PNC Bank would not help maximize returns for other creditors because its terms leave little time for the retailer to market its e-commerce business while it shuts its remaining brick-and-mortar stores, the unsecured creditors' committee said in its filing in U.S. Bankruptcy Court in Delaware.
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It has brought in new lawyers and made a motion in federal court before Judge Griesa arguing that now that it is willing to bargain with the hedge funds it is no longer a recalcitrant debtor and the court should lift the injunction prohibiting Argentina from paying the new bonds without paying the old bonds under the pari passu clause.
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U.S. Bankruptcy Judge Kevin Gross in Delaware approved the financing in an order after PES's investment bank PJT Partners LP in a filing earlier on Thursday said that while the company has about $96.2 million in cash it could not find urgently needed financing other than the $100 million debtor-in-possession facility offered by its term lenders through Cortland Capital Market Services.
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