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  Bankruptcy - Legal News


Thailand’s Central Bankruptcy Court on Monday gave the go-ahead to financially ailing Thai Airways International to submit a business reorganization plan and appointed seven planners to oversee it.

A press release from the airline said the plan should be submitted to the court by the end of the year. Then, the company’s receiver will consult creditors for their input before the court approve’s the plan and appoints its administrator in early 2021. The plan will then be implemented.

Thai Airways International in May was carrying an estimated debt burden of almost 300 billion baht ($9.6 billion). Most recently, it ran up 12 billion baht ($383.3 million) in losses in 2019, 11.6 billion baht ($370.5 million) in 2018 and 2.11 billion baht ($67.4 million) in 2017.

Thailand’s Cabinet in May approved a reduction in the government’s stake in the airline to below 50% as part of the reorganization plan. That move was quickly implemented.

With the reduction in the 51% share held by the Finance Ministry, the airline lost its status as a state enterprise. The action also meant that the airline's state enterprise union was automatically dissolved.

The airline initially sought a 54 billion baht ($1.7 billion) bailout loan from Thailand’s government after virtually ceasing operations due to the coronavirus crisis. Some domestic flights have resumed, but all regularly scheduled international flights are still banned.

The airline’s auditors, Deloitte Touche Tohmatsu Jaiyos, last month declined to sign off on Thai Airways' financial statements for the first half of this year, saying a lack of liquidity and debt defaults prevented it from assessing its assets and liabilities.

The airline went a partial restructuring in 2015, when Prime Minister Prayuth Chan-ocha was serving a first term as prime minister in a military government established after a coup. The airline was already deeply in debt and needed to cut loss-making routes, reconfigure its fleet and get rid of staff through attrition.

It is almost certain to cut staff, fleet and flights under any new reorganization plan.

The airline was founded in 1960 as a joint venture between Thailand’s domestic carrier, Thai Airways Company, and SAS, Scandinavian Airlines System, which sold its stake in 1977. The airline’s shares were listed on the Stock Exchange of Thailand in 1991.



Democratic Gov. Tom Wolf asked the Pennsylvania Supreme Court on Friday to intervene in his dispute with legislative Republicans who have voted to end pandemic restrictions he imposed in March to slow the spread of the new coronavirus.

Republican majorities in the House and Senate, with a few Democrats in support, voted this week to end the state’s emergency disaster declaration that Wolf has used to shut down “non-life-sustaining” businesses, ban large gatherings and order people to stay at home.

Wolf asked the state’s high court to uphold the shutdown. He said that his gradual reopening plan is working, pointing to a downward trend in the number of new virus infections in Pennsylvania even as cases rise in nearly half the states.

“Pennsylvania’s measured, phased process to reopen is successful because of its cautious approach that includes factors relying on science, the advice of health experts and that asks everyone to do something as simple as wearing a mask when inside or around others outside the home,” Wolf said in a news release. “We will continue to move forward cautiously.”

Wolf has been easing restrictions in vast swaths of the state, including on Friday when he announced that another eight counties would be moving to the least restrictive “green” phase of his reopening plan. But gyms, barber shops, theaters and similar businesses in the state’s highly populated southeast corner remain closed, and many types of businesses statewide must abide by occupancy limits.


The biggest cases before the Supreme Court are often the last ones to be decided, and the focus on the court will be especially intense in June, just a few months before the 2020 election.

President Donald Trump first announced his intention in 2017 to end the Obama-era program that protected from deportation and gave work permits to roughly 700,000 people who, as children, entered the country illegally or overstayed their visas. The Deferred Action for Childhood Arrivals program was never authorized by Congress. At issue before the court is whether the way the administration has tried to wind down the program is lawful. There seems to be little debate that Trump has the discretion to do so, as long as his administration complies with a federal law that generally requires orderly changes to policies.

Title 7 of the landmark Civil Rights Act of 1964 prohibits discrimination in employment on the basis of sex, among other categories. The question for the justices in two cases is whether that provision protects people from discrimination in the workplace because they are gay or transgender. The sexual orientation case involves a fired skydiver in New York, who has since died, and a fired county government worker in Georgia. Aimee Stephens, a fired funeral home director in suburban Detroit, is at the center of the case about gender identity. The Trump administration has reversed the Obama administration’s support for the workers.


Remington, the gunmaker beset by falling sales and lawsuits tied to the Sandy Hook Elementary School massacre, has reached a financing deal that would allow it to continue operating as it files for Chapter 11 bankruptcy protection.

The maker of the Bushmaster AR-15-style rifle used in the Connecticut shooting that left 20 first-graders and six educators dead in 2012, said Monday that the agreement with lenders will reduce its debt by about $700 million and add about $145 million in new capital.

The company will attempt to file a prepackaged reorganization plan with the U.S. Bankruptcy Court of Delaware under Chapter 11 of the bankruptcy code.

Remington Outdoor Co., based in Madison, North Carolina, said that business won't be disrupted as it restructures its finances.

Toys R Us files for Chapter 11 reorganization

  Bankruptcy  -   POSTED: 2017/09/19 13:09

Toys R Us, the pioneering big box toy retailer, has announced it has filed for Chapter 11 bankruptcy protection while continuing with normal business operations.

A statement by the Wayne, New Jersey-based company late Monday says it voluntarily is seeking relief in U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond - and that its Canadian subsidiary is seeking similar protection through a Canadian court.

Toys R Us says court-supervised proceedings will help restructure its outstanding debt and reorganize for long-term growth.

The company says separate operations outside the U.S. and Canada, including more than 250 licensed stores and a joint venture partnership in Asia, are not part of the filings.

It emphasizes that its approximately 1,600 locations will remain open, that it will continue to work with suppliers and sell merchandise.



A bankruptcy court document says two Ohio-based grocery chains have agreed to buy 26 of Marsh Supermarkets' 44 remaining stores for a total of $24 million.

The court filing posted Tuesday says Fishers-based Marsh is seeking court approval to sell 11 stores to Kroger Co. subsidiary Topvalco Inc. for $16 million and 15 stores to Findlay, Ohio-based Fresh Encounter parent Generative Growth LLC for about $8 million.

Topvalco agreed to buy three stores in Bloomington; two each in Indianapolis, Muncie and Zionsville, and single stores in Fishers and Greenwood.

Generative Growth agreed to buy two Indianapolis stores; other Indiana stores in Columbus, Elwood, Greensburg, Hartford City, Marion, New Palestine, Pendleton, Richmond and Tipton; and Ohio stores in Eaton, Middletown, Troy, and Van Wert.


A bankruptcy court that ruled lawsuits against Caesars Entertainment Corp. would not be halted as the company's debt-heavy subsidiary attempts to emerge from Chapter 11 has also denied the casino company's effort to fast-track an appeal of the decision to a higher court.

The order was denied Wednesday in Judge Benjamin Goldgar's federal courtroom in Chicago according to court records.

A Caesars Entertainment attorney has argued the fate of its bankrupt operations subsidiary and its own financial well-being are at risk if creditor lawsuits seeking billions of dollars in claims proceeds.

The creditors suing Caesars allege the company robbed its subsidiary of valuable assets and left them without a guarantee on their investments.

Caesars Entertainment Corp. has argued the litigation puts Caesars Entertainment Corp. at risk of filing bankruptcy itself.


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