|
Prepackaged Bankruptcy
Pre-packaged insolvency (a "pre-pack") is a kind of bankruptcy procedure, where a restructuring plan is agreed upon in advance of a company declaring its insolvency. In the United States pre-packs are often used in a Chapter 11 filing. In the United Kingdom, pre-packs have become popular since the Enterprise Act 2002, which has made administration the dominant insolvency procedure. Such arrangements are also available in Canada under the '' Companies' Creditors Arrangement Act''. United Kingdom The term "pre-pack sale" has been defined by the Association of Business Recovery Professionals as "an arrangement under which the sale of all or part of a company’s business or assets is negotiated with a purchaser prior to the appointment of an administrator, and the administrator effects the sale immediately on, or shortly after, his appointment".http://www.r3.org.uk/media/documents/technical_library/SIPS/SIP%2016%20E&W.pdf The difference between a pre-pack sale and a normal sale is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, meaning the term ''bankruptcy'' is not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian language, Italian , literally meaning . The term is often described as having originated in Renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment. However, the existence of such a ritual is doubted. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into "debt slavery" until the creditor recouped losses through their Manual labour, physical labour. Many city-states in ancient Greece lim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Airline Industry
An airline is a company that provides air transport services for traveling passengers or freight (cargo). Airlines use aircraft to supply these services and may form partnerships or alliances with other airlines for codeshare agreements, in which they both offer and operate the same flight. Generally, airline companies are recognized with an air operating certificate or license issued by a governmental aviation body. Airlines may be scheduled or charter operators. The first airline was the German airship company DELAG, founded on November 16, 1909. The four oldest non-airship airlines that still exist are the Netherlands' KLM (1919), Colombia's Avianca (1919), Australia's Qantas (1920) and the Russian Aeroflot (1923). Airline ownership has seen a shift from mostly personal ownership until the 1930s to government-ownership of major airlines from the 1940s to 1980s and back to large-scale privatization following the mid-1980s. Since the 1980s, there has been a trend of majo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wolverhampton University
The University of Wolverhampton is a public university in Wolverhampton, Wolverhampton, England, located on four campuses across the West Midlands (county), West Midlands, Shropshire and Staffordshire. Originally founded in 1827 as the Wolverhampton Tradesmen's and Mechanics' Institute, the university was subject to a series of merges, incorporations, and expansions with other local colleges, one of which occurred under the supervision of Prince George, Duke of Kent. The university has four faculties comprising eighteen schools and institutes. It has students and currently offers over 380 Undergraduate education, undergraduate and Postgraduate education, postgraduate courses. The city campus is located in Wolverhampton city centre, with a secondary campuses at Springfield, Wolverhampton, Springfield, Walsall, and Telford. There is an additional fifth campus in Wolverhampton at the University of Wolverhampton Science Park. History Technical college The roots of the Universit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Initial Public Offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment banks, who also arrange for the shares to be listed on one or more stock exchanges. Through this process, colloquially known as ''floating'', or ''going public'', a privately held company is transformed into a public company. Initial public offerings can be used to raise new equity capital for companies, to monetize the investments of private shareholders such as company founders or private equity investors, and to enable easy trading of existing holdings or future capital raising by becoming publicly traded. After the IPO, shares are traded freely in the open market at what is known as the free float. Stock exchanges stipulate a minimum free float both in absolute terms (the total value as determined by the share price multiplied ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Treasury
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States. It is one of 15 current U.S. government departments. The department oversees the Bureau of Engraving and Printing and the U.S. Mint, two federal agencies responsible for printing all paper currency and minting coins. The treasury executes currency circulation in the domestic fiscal system, collects all federal taxes through the Internal Revenue Service, manages U.S. government debt instruments, licenses and supervises banks and thrift institutions, and advises the legislative and executive branches on fiscal policy. The department is administered by the secretary of the treasury, who is a member of the Cabinet. The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes. The dep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MCI Inc
MCI, Inc. (formerly WorldCom and MCI WorldCom) was a telecommunications company. For a time, it was the second-largest long-distance telephone company in the United States, after AT&T. WorldCom grew largely by acquiring other telecommunications companies, including MCI Communications in 1998, and filed for bankruptcy in 2002 after an accounting scandal, in which several executives, including CEO Bernard Ebbers, were convicted of a scheme to inflate the company's assets. In January 2006, the company, by then renamed MCI, was acquired by Verizon Communications and was later integrated into Verizon Business. WorldCom was originally headquartered in Clinton, Mississippi, before moving to Ashburn, Virginia, when it changed its name to MCI. History Foundation In 1983, in a coffee shop in Hattiesburg, Mississippi, Bernard Ebbers and three other investors formed Long Distance Discount Services, Inc. based in Jackson, Mississippi, and in 1985, Ebbers was named chief executi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Washington Mutual
Washington Mutual, Inc. (often abbreviated to WaMu) was an American Bank holding company, savings bank holding company based in Seattle. It was the parent company of Washington Mutual Bank, which was the largest savings and loan association in the United States until its collapse in 2008. A savings bank holding company is defined in United States Code: Title 12: Banks and Banking; Section 1842: Definitions; Subsection (l): Savings Bank Holding Company See: On September 25, 2008, the United States Office of Thrift Supervision (OTS) seized WaMu's banking operations and placed it into receivership with the Federal Deposit Insurance Corporation (FDIC). The OTS took the action due to the withdrawal of US$16.7billion in deposits during a 9-day bank run (amounting to 9% of the deposits it had held on June 30, 2008). The FDIC sold the banking subsidiaries (minus unsecured debt and equity claims) to JPMorgan Chase for $1.9billion, which had been considering acquiring WaMu as part ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lehman Brothers
Lehman Brothers Inc. ( ) was an American global financial services firm founded in 1850. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merrill Lynch), with about 25,000 employees worldwide. It was doing business in investment banking, equity, fixed-income and derivatives sales and trading (especially U.S. Treasury securities), research, investment management, private equity, and private banking. Lehman was operational for 158 years from its founding in 1850 until 2008. On September 15, 2008, Lehman Brothers filed for Chapter 11 bankruptcy protection following the exodus of most of its clients, drastic declines in its stock price, and the devaluation of assets by credit rating agencies. The collapse was largely due to Lehman's involvement in the subprime mortgage crisis and its exposure to less liquid assets. Lehman's bankruptcy filing is the largest in US history, having ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy In The United States
In the United States, bankruptcy is largely governed by federal law, commonly referred to as the "Bankruptcy Code" ("Code"). The United States Constitution (Article 1, Section 8, Clause 4) authorizes Congress to enact "uniform Laws on the subject of Bankruptcies throughout the United States". Congress has exercised this authority several times since 1801, including through adoption of the Bankruptcy Reform Act of 1978, as amended, codified in Title 11 of the United States Code and the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). Some laws relevant to bankruptcy are found in other parts of the United States Code. For example, bankruptcy crimes are found in Title 18 of the United States Code (Crimes). Tax implications of bankruptcy are found in Title 26 of the United States Code (Internal Revenue Code), and the creation and jurisdiction of bankruptcy courts are found in Title 28 of the United States Code (Judiciary and Judicial procedure). Bankruptc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
General Motors
General Motors Company (GM) is an American Multinational corporation, multinational Automotive industry, automotive manufacturing company headquartered in Detroit, Michigan, United States. The company is most known for owning and manufacturing four automobile brands: Chevrolet, Buick, GMC (marque), GMC, and Cadillac, each a separate division of GM. By total sales, it has continuously been the largest automaker in the United States, and was the List of manufacturers by motor vehicle production, largest in the world for 77 years before losing the top spot to Toyota in 2008. General Motors operates manufacturing plants in eight countries. In addition to its four core brands, GM also holds interests in Chinese brands Baojun and SAIC-GM-Wuling, Wuling via SAIC-GM-Wuling, SAIC-GM-Wuling Automobile. GM further owns GM Defense, a namesake defense vehicles division which produces military vehicles for the United States government and military, the vehicle safety, security, and information ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Seating Capacity
Seating capacity is the number of people who can be seated in a specific space, in terms of both the physical space available and limitations set by law. Seating capacity can be used in the description of anything ranging from an automobile that seats two to a stadium that seats hundreds of thousands of people. The largest sports venue in the world, the Indianapolis Motor Speedway, has a permanent seating capacity for more than 235,000 people and infield seating that raises capacity to an approximate 400,000. In transport In venues Safety is a primary concern in determining the seating capacity of a venue: "Seating capacity, seating layouts and densities are largely dictated by legal requirements for the safe evacuation of the occupants in the event of fire". The International Building Code specifies, "In places of assembly, the seats shall be securely fastened to the floor" but provides exceptions if the total number of seats is fewer than 100, if there is a substantial amo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvency Service
The Insolvency Service is an executive agency of the Department for Business and Trade with headquarters in London. It has around 1,700 staff, operating from 22 locations across the UK. The Insolvency Service administers compulsory company liquidations and personal bankruptcies and deals with misconduct through investigation of companies and enforcement. It also makes redundancy payments in cases where a company is insolvent. Responsibilities The Insolvency Service is responsible for authorising and regulating the insolvency profession. They: * administer and look into the affairs of bankrupts, people subject to debt relief orders, and liquidated companies, making reports of any directors’ misconduct * carry out investigations into live companies * act as trustee/liquidator where no private sector insolvency practitioner is in place * act as nominee and supervisor in fast-track individual voluntary arrangements * deal with the disqualification of unfit directors in all corpor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
