Bankruptcy and Liquidation News and Discussions

Post Reply
User avatar
Time_Traveller
Posts: 2105
Joined: Sun May 16, 2021 4:49 pm
Location: Clermont, Indiana, USA, October 7th 2019 B.C.E

Bankruptcy and Liquidation News and Discussions

Post by Time_Traveller »

A general thread for Bankruptcy and Liquidation related news and discussions (please see the Global Recession & Retail Apocalypse News and Discussions thread for that particular subject).

Passengers stranded as Aer Lingus regional carrier Stobart Air enters liquidation
22 hours ago

Almost 500 staff have lost their jobs and thousands of passengers face uncertainty after a regional airline closed down. Stobart Air, based in Dublin, has ceased all operations from today and is appointing a liquidator.

The airline provided a busy network of flights badged as Aer Lingus Regional.

Travellers booked on a dozen flights to and from Belfast City airport have been grounded. Services linking the Northern Ireland airport with Birmingham, East Midlands, Edinburgh, Exeter, Leeds Bradford and Manchester are all cancelled.

Links from Edinburgh, Glasgow, Manchester and Newquay to Dublin have also been cancelled, as well as Irish domestic routes from the capital to Donegal and Kerry.

Stobart Air was founded in 1970 as Aer Arran, originally serving the island of Inishmore off the west coast of Ireland. It had an expanding network of regional routes in the UK and Ireland. Many of the links replaced those left unserved by Flybe, which collapsed in March 2020 at the start of the coronavirus crisis.
https://www.independent.co.uk/travel/ne ... 64611.html
"We all have our time machines, don't we. Those that take us back are memories...And those that carry us forward, are dreams."

-H.G Wells.
User avatar
caltrek
Posts: 6509
Joined: Mon May 17, 2021 1:17 pm

Re: Bankruptcy and Liquidation News and Discussions

Post by caltrek »

Republican Bill Would Kick Consumer Advocate Off FDIC Board
By David Moore and Donald Shaw
March 28, 2023

Introduction:
(More Perfect Union) Days before Silicon Valley Bank and Signature Bank were swiftly shut down by regulators and the Federal Deposit Insurance Corporation (FDIC) announced it would backstop all deposits, a top House Republican on the Financial Services Committee reintroduced a bill that would remove a consumer advocate from the board of the FDIC and possibly replace them with a bank executive.

The bill, reintroduced on March 7 by Rep. Blaine Luetkemeyer (R-Mo.), would kick the director of the Consumer Financial Protection Bureau (CFPB) off the FDIC board and fill the position with someone who has worked in or supervised a bank that has less than $10 billion in assets. Called the FDIC Board Accountability Act, the bill was one of three measures introduced just ahead of this month’s bank failures by Luetkemeyer, nicknamed “Wall Street’s favorite lawmaker,” that would weaken the regulatory power of the CFPB.

The FDIC board votes on whether the failure of a financial institution such as Silicon Valley Bank would be a “systemic risk,” a verdict that means uninsured deposits, including those above $250,000, could be made eligible for federal insurance coverage. It is composed of five directors: three appointed by the president, with the advice and consent of the U.S. Senate, one of whom has experience supervising banks in a state; the Comptroller of the Currency, who is the head of a bank regulating bureau; and the director of the CFPB. Because board bylaws require that no more than three directors can belong to the same political party, the president also nominates two members of the opposing party. If Luetkemeyer’s legislation were to become law, in future FDIC board decisions when faced with a failing depository institution, a former banking industry executive could vote with two other directors—for example, the two Republican appointees—to apply a verdict of systemic risk.
Read more here: https://perfectunion.us/
Don't mourn, organize.

-Joe Hill
User avatar
Time_Traveller
Posts: 2105
Joined: Sun May 16, 2021 4:49 pm
Location: Clermont, Indiana, USA, October 7th 2019 B.C.E

Re: Bankruptcy and Liquidation News and Discussions

Post by Time_Traveller »

Virgin Orbit: Richard Branson's rocket firm files for bankruptcy
50 minutes ago

British billionaire Sir Richard Branson's rocket company Virgin Orbit has filed for bankruptcy in the US after failing to secure new investment.

The satellite launch company halted operations weeks ago but it hopes to find a buyer for the business.

The company, based in California, announced last week that it would cut 85% of its 750-strong workforce.

Earlier this year, a Virgin Orbit rocket failed to complete its first-ever satellite launch from UK soil.

Virgin Orbit's boss Dan Hart said that although the company had "taken great efforts" to address its finances and secure more funding, "we ultimately must do what is best for the business."
https://www.bbc.co.uk/news/business-65172594
"We all have our time machines, don't we. Those that take us back are memories...And those that carry us forward, are dreams."

-H.G Wells.
User avatar
wjfox
Site Admin
Posts: 8733
Joined: Sat May 15, 2021 6:09 pm
Location: London, UK
Contact:

Re: Bankruptcy and Liquidation News and Discussions

Post by wjfox »

First Republic: Future of US bank in doubt as investors flee

2 hours ago

Investors have continued to dump shares of First Republic amid fears the US bank could be the next to collapse.

The sell-off sent shares down more than 20% in morning trade on Wednesday.

That came after the price sank to a record low a day earlier, plunging nearly 50%, after the firm said it had lost $100bn in deposits in March.

First Republic has been under pressure since a series of bank failures in the US last month sparked fears of a wider crisis.

Founded in San Francisco in 1985, the bank is known for having a big mortgage lending business and a large stable of wealthy clients, many of whom had saved more money with the bank than would be guaranteed by the government.

https://www.bbc.co.uk/news/business-65403307
Post Reply