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Contrary to CEO Tom Seymour's previous statements, the emails revealed that the scheme was known to at least 53 PwC partners. At least 14 global companies were advised on the new tax framework, and 3 of those companies attempted to restructure in order to avoid their tax obligations.
Having initially filed for bankruptcy protection under Section 211B of Singapore's Companies Act with the High Court of Singapore on 17 April 2020, [10] Hin Leong subsequently sought for "judicial management" under independent accounting firm PricewaterhouseCoopers (PwC), which would oversee the restructuring of Hin Leong's debt.
Therefore, the additional debt burden of a leveraged recapitalization makes a firm more vulnerable to unexpected business problems including recessions and financial crises. [ 3 ] Typically a dividend recapitalization will be pursued when the equity investors are seeking to realize value from a private company but do not want to sell their ...
Chinese regulators are urging struggling corporate bond issuers to seek voluntary debt restructuring in talks with their bondholders as a way to avoid default, as regulators last week issued new ...
On 6 August 2020, the business entered administration with PwC being appointed to multiple subsidiaries within the business that day. [32] PwC later announced that Travelex had completed a debt restructuring. The deal provided £84m of new funding, reduced the business's debt and safeguarded 1,802 UK jobs and a further 3,635 globally.
A federal judge on Tuesday tentatively approved a portion of the newest plan to restructure $10 billion of debt owed by Puerto Rico’s power company amid heated negotiations between creditors and ...
On 15 October 2021, the accounting regulator in Hong Kong announced an investigation into PwC's auditing of Evergrande. PwC had signed off the 2020 accounts of Evergrande without reference to its uncertainties as a growing concern. Evergrade itself reported concerns as to continuing operations in its half-year accounts for 2021. [93] [94]
A new plan for restructuring $10 billion in debt owed by Puerto Rico’s power company was filed late Friday in the latest attempt to end a lengthy bankruptcy process marked by acrimonious ...