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74 countries are at risk of bankruptcy due to the pandemic

... out to be ineffective. Servicing of the total debt of $20 billion that 73 states were due in 2020 has been suspended until the end of 2021. Despite this, many governments have turned to private capital markets to finance their response measures to the pandemic. Only 42 countries received $12.7 billion in aid, according to the Paris Club, which helped to coordinate the project along with the IMF and the World Bank. Sri Lanka is the closest to bankruptcy, according to experts. S&P Global rating agency has recently warned of the country's risk of default in the very near future, downgrading its sovereign bond rating. The deepening financial and humanitarian crisis, caused by the loss of tourism ...

Austrian manufacturer of chocolates Mozart is driven to bankruptcy by pandemic

... After that, everything necessary will be done so that on the Christmas Eve, the employees do not have to worry about the current financial situation. The head of the company Christian Schuegerl, in his address to the public, said that the reason for the bankruptcy was a pandemic, which caused significant logistics costs and a drop in demand. Reduced tourist flows and the Austrians' savings on organizing holidays and other celebrations led to the fact that shops selling sweets in Salzburg and the capital Vienna were temporarily ...

42 VICTIMS OF PANDEMIC: WHAT AIRLINES HAVE BEEN DRIVEN INTO BANKRUPTCY

Aviation has undoubtedly been one of the main victims of the COVID-19 pandemic. Only the sector of tourism can boast of comparable data on the amount of financial damage. However, as evidenced by ... ... were 46 of them). The reason for this, according to experts, was the measures of state regulation and moratoriums imposed on bankruptcy in different countries of the world. At the same time, as experts emphasize, the terms of bans on bankruptcy in a ...

Stray cats saved Japanese restaurant from bankruptcy

An unusual ‘cat cafe’ appeared in Japan as a result of compassion for homeless animals, shown by the owner of a small restaurant in Osaka. A railroad-themed catering establishment that had been successfully operating before the pandemic, began to collapse. Its owner Naoki Teraoka began to consider liquidation of his business as financial aid from the state dwindled. But then a case intervened in the life of the owner in the face of a sickly kitten, wandering near the restaurant....

BUSINESS OF RUSSIAN FUNERAL SERVICES IS ON THE VERGE OF BANKRUPTCY

The increase in mortality in Russia during the COVID-19 pandemic, which is recorded by official statistics, inevitably should have increased the revenues of ritual agencies. However,... ... raise their expenses for funeral services. Moreover, the representatives of the ritual business are talking about possible bankruptcy of their enterprises. The main reasons are the savings of citizens on memorial and other services, fear of infection,...

NIKITINSKY THEATER OF VORONEZH IS ON THE VERGE OF BANKRUPTCY

On June 23, the artistic director of the Nikitinsky Theater in Voronezh, Boris Alekseev, held a press conference, at which he announced the impending bankruptcy of a cultural institution. It turned out that one of the flagships of the independent theatrical art in Russia, which has several nominations for the Golden Mask award, may become another victim of the pandemic and indifference on the part of business and officials. The lack of financial support from the state, which was an indicator of relative creative freedom, led to the fact that the institution accumulated debts to the landlord in the amount ...

COVID-19 PANDEMIC LED TO THE INCREASE IN THE NUMBER OF LARGE BANKRUPTCIES IN JAPAN

... and the total amount of their debt exceeded 1 billion yen. For comparison, the researchers cite data that a similar number of bankruptcy cases (24 companies) were registered in 2020 for six months, with 10 companies going bankrupt from July to September ... ... agency then stated that the number of small businesses with debts of less than 10 million yen, which went bankrupt due to the pandemic, increased by 23%. This was due to the action of government support measures provided to the small and medium-sized businesses....

MEDICAL FACE MASKS PRODUCERS ARE CONCERNED ABOUT BANKRUPTCY

The panic associated with the shortage of personal protective equipment (PPE), which settled in the society at the very beginning of the pandemic, is remembered by many entrepreneurs. The heads of enterprises in the Saratov region, having heard the calls of the authorities to organize the mass production of PPE, are now on the verge of ruin and preparing for bankruptcy. The reason for this state of affairs is the lack of a long-term strategy for the state aimed at combating epidemic risks. The head of the REMO plant, Arkady Voloshin, said this in an interview with Novy Izvestia. According to Voloshin, many ...

GREAT LAKES PETROLEUM TRANSPORTATION FILES FOR BANKRUPTCY

... Eastern District of Michigan. Two Great Lakes subsidiaries (Petroleum Corp. and Holdings LLC) have also filed for Chapter 11 bankruptcy protection. The meeting of creditors is scheduled for April 8th. The company cited a catastrophic drop in freight traffic ... ... largest creditors is the Union Bank of Michigan, to which the company owes $ 1.1 million. We should note that during the COVID-19 pandemic, the company received a loan from the bank to stay afloat in accordance with the state payroll protection program (PPP) ...

BELK DEPARTMENT STORE CHAIN FILES FOR BANKRUPTCY

... prefer to apply to the courts for bankruptcy protection. Belk, the largest retail chain in the southeastern United States, has recently done it as well. Analysts note that Belk's businesses have been able to withstand the financial pressures of the pandemic for a long time compared to other companies. The largest retailers of the US, including Neiman Marcus, Stage Stores and the country's oldest department store chain Lord& Taylor, have declared bankruptcy before. The well-known company J.C. Penney miraculously managed to avoid the same outcome, as the owners of large shopping centers Simon Property Group and Brookfield Property Partners became its investors. In a press release, Belk’s representatives ...

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