Hertz proposes sale to investors to exit bankruptcy
American rental car company Hertz on Tuesday proposed exiting bankruptcy by selling shares to two investments firms in a deal valued at up to $4.2 billion.
Mar 2, 2021
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Business
News tagged with bankruptcy
Business
Norwegian Air to end long-haul flights, focus on Europe
Low-cost carrier Norwegian Air Shuttle said Thursday it will focus on European destinations and close its long-haul operations as it struggles with the fallout of the coronavirus pandemic and debt restructuring.
Jan 14, 2021
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Business
Norwegian Air secures bankruptcy protection in Norway
Embattled low-cost carrier Norwegian Air Shuttle said Tuesday it had secured bankruptcy protection in Norway, after recently receiving a similar shield in Ireland.
Dec 8, 2020
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Business
Struggling airlines seek to stay in the skies
The airline industry holds its annual gathering by video conference next week under the shadow of the COVID-19 pandemic that has plunged the sector into a crisis that may yet claim more carriers.
Nov 20, 2020
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Business
Airlines need another $70-80 bn to survive: IATA chief
Airlines need up to another $80 billion to survive, the head of the industry's trade association told a French daily on Friday, as many countries tighten restrictions to confront another wave of coronavirus infections.
Nov 20, 2020
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Business
Low-cost Norwegian Air Shuttle files for bankruptcy protection
Fighting for survival, low-cost Norwegian Air Shuttle filed for bankruptcy protection in Ireland on Wednesday for two of its main subsidiaries in a bid to shield itself from creditors long enough to find a solution for a ...
Nov 18, 2020
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Business
Virgin Australia airline to be sold to US-based Bain Capital
Virgin Australia's creditors agreed Friday to sell the airline to Boston-based Bain Capital in a deal that will see the carrier cut 3,000 jobs and end many of its international flights.
Sep 4, 2020
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Business
Virgin Atlantic files for bankruptcy protection in US as virus bites
Virgin Atlantic has applied for bankruptcy protection in the United States, court filings show, as the British airline—which has not flown since April because of coronavirus—seeks to tie up a rescue deal in the UK.
Aug 5, 2020
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Business
Most airlines expect job cuts over next 12 months: survey
Most airlines are considering downsizing their staff over the next 12 months due to the coronavirus crisis, the International Air Transport Association said Wednesday, citing an internal survey.
Aug 5, 2020
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Business
Hertz allowed to sell $1 bn in shares despite bankruptcy
Coronavirus-hit car rental company Hertz was granted permission Friday to sell $1 billion in shares, an extraordinary move after it declared bankruptcy in the United States and Canada.
Jun 13, 2020
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Bankruptcy
Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors. Creditors may file a bankruptcy petition against a debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed or initiate a restructuring. In the majority of cases, however, bankruptcy is initiated by the debtor (a "voluntary bankruptcy" that is filed by the insolvent individual or organization).
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