Latest news with #Chapter
Miami Herald
5 days ago
- Business
- Miami Herald
Home Depot supplier files Chapter 11 bankruptcy after ICE arrests
Home improvement retailers have faced fierce competition from giant retail chains like Home Depot and Lowe's, which forced certain competitors to close store locations, shut their businesses, and file for bankruptcy. One significant retail bankruptcy a year ago was LL Flooring's Chapter filing on Aug. 11, 2024 which resulted in the company closing down, private equity firm F9 buying 219 of the company's 442 stores and reopening the company under its former name, Lumber Liquidators. Related: Struggling beer brand files for bankruptcy after closing brewery Also, AFH Air Pros LLC, the parent company of HVAC system installation, repair, and maintenance company Air Pros, filed for Chapter 11 bankruptcy protection on March 16, 2025, seeking a sale of its assets as it faced defaults on prepetition secured debt, underperforming business units, and ongoing operational challenges. Another iconic home improvement and hardware retailer True Value Co. and seven affiliates, which provide wholesale hardline products to 4,500 independently owned retailers, filed for Chapter 11 bankruptcy protection on Oct. 14, 2024, and sold its assets to hardware, lumber, and building materials cooperative Do it Best Corp. LL Flooring, Aug. 11, Value Co., Oct. 14, Air Pros, March 16. And now, hard surface flooring producer and distributor Wellmade Floor Covering International Inc. filed for Chapter 11 bankruptcy, seeking a sale of its assets after a law enforcement raid on its Georgia manufacturing plant resulted in a debt default and a foreclosure sale. The Tualatin, Ore.-based debtor filed its petition in the U.S. Bankruptcy Court for the Northern District of Georgia on Aug. 4, which cancelled a scheduled Aug. 5 foreclosure sale of Wellmade's assets. Related: Beloved sandwich chain franchisee closes in Chapter 11 bankruptcy The debtor listed $50 million to $100 million in assets and $10 million to $50 million in liabilities in its petition. Wellmade owes about $10.35 million in unsecured debt, with its creditors including Flooring Investments LLC, owed $3 million; Liberty Mutual Insurance, owed over $709,000; and Vietnam Naise New Materials Company Ltd., owed over $507,000. The debtor also owes about $27 million in secured debt to AHF IC, consisting of a $20 million term loan and a $7 million revolving credit facility. AHF IC: $20 million secured Investments LLC: $3 million unsecured Mutual Insurance: $709,168 unsecured Naise New Materials Company Ltd., $507,582 unsecured debt. Secured lender AHF IC had either scheduled or rescheduled foreclosure sales four times in July, but the Aug. 4 Chapter 11 filing triggered an automatic stay of all legal actions against the debtor while the bankruptcy case proceeds. Wellmade's legal problems began on March 26, 2025, when U.S. Immigration and Customs Enforcement, the FBI and Georgia Bureau of Investigation executed a search warrant at the company's Cartersville, Ga., manufacturing facility and arrested owner George Chen and his nephew Jiayi Chen on charges of alleged trafficking persons for labor servitude, according to a declaration by Chief Restructuring Officer David Baker. The FBI and ICE are investigating whether George Chen and Jiayi Chen engaged in alleged labor trafficking in connection with the recruitment of Chinese residents to come to the U.S. on L-1 visas to work for Wellmade. No criminal charges have been filed against Wellmade, and no criminal charges have been threatened, according to the declaration. More bankruptcy Major iconic food brand files for Chapter 11 bankruptcyPopular Dairy Queen rival franchisee files Chapter 11 bankruptcyPopular vision care chain files for Chapter 11 bankruptcy Three Chinese nationals have filed a lawsuit in the U.S. District Court for the Northern District of Georgia against the debtors, alleging violations of the Trafficking Victims Protection Act, Fair Labor Standards Act, and Georgia's Racketeer Influenced and Corrupt Organizations Act. The lawsuit is also subject to an automatic stay while the bankruptcy case proceeds. Original lender Northwest Bank issued a notice of default on April 18, 2025, claiming covenant defaults under the debtor's prepetition loan documents after the raid on the Georgia factory. AHF IC purchased Wellmade's secured debt on May 20, 2025, and began negotiations with the debtor's financial adviser, Hilco Corporate Finance, for a stalking-horse bid for the company. The debtor filed a bidding procedures motion on Aug. 8 listing AHF IC as the stalking-horse bidder for a bankruptcy auction with a $40 million credit bid and assumed liabilities. Wellmade was founded in 2001 by Allen Chen and George Chen after they established a sales office in Portland, Ore., to sell its bamboo flooring products that were manufactured in China. The company expanded over 20 years and opened its Cartersville manufacturing facility in 2021 to produce its High-Density Polymer Composite Core Flooring. Wellmade's flooring products are sold by home improvement retailers, including Home Depot and Lowe's. Home Depot Canada awarded the company in 2019 as First Runner Up for its Innovation Award in recognition of its Opti-Wood HDPC rigid core, waterproof hardwood flooring. Wellmade filed for Chapter 11 bankruptcy to stop a foreclosure sale of its assets that was scheduled by its secured lender AHF IC, after a covenant default on secured debt. 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IOL News
6 days ago
- Politics
- IOL News
Bill proposes barring impeached individuals from becoming public representatives
The DA's Glynnis Breytenbach says the party's private member's bill seeks to remove the gap in the law that allows impeached judges and Chapter 9 heads from being members of Parliament, provincial legislatures and councils. Image: File Picture: Phill Magakoe/Independent Newspapers If the DA could have its way, the Constitution should be amended to bar impeached judges and heads of Chapter 9 Institutions to stand for election as MPs, councillors and Members of Provincial Legislatures. The party's MP Glynnis Breytenbach has published a notice of intention to introduce a private members bill and invitation for comment on the draft bill. The bill comes in the wake of former judge John Hlophe and former public protector Busisiwe Mkhwebane being elected as MPs for the MK Party and EFF respectively after they were impeached over the past few years. Breytenbach said her party seeks to remove the gap in the law that allows impeached judges and Chapter 9 heads from being members of Parliament, provincial legislatures and councils. 'The bill will ensure that any judge or person appointed in terms of Chapter 9 of the Constitution that has been removed from office due to misconduct, is disqualified from becoming a Member of Parliament (MP), provincial legislature of municipal council. 'Allowing such individuals to become MPs brings the institution into disrepute and erodes public confidence in Parliament's ability to hold the executive and the judiciary accountable,' she said. Breytenbach also said South Africans deserved representatives that embody honesty and integrity, and allowing that category of persons found guilty of misconduct to become MPs was a slap in the face of honest, law-abiding South Africans. 'The bill will be a strong step toward bolstering public trust in Parliament and increasing the legislature's ability to hold other arms of government accountable. While other parties are intent on filling parliamentary positions with their impeachables, the DA seeks to close the gap in our law and bring integrity to our parliamentary bodies,' she said. Breytenbach called on interested parties to submit public comments on the proposed bill. 'Members of the public are strongly encouraged to give input on the Bill by making public submissions. Interested parties are invited to send their written submissions on the content of the Bill to the Speaker of the National Assembly by 31 August 2025.' The bill proposes amendment to sections 47, 106 and 158 of the Constitution. It will add to the list of citizens who are ineligible to become members of the National Assembly, a provincial legislature, and a municipal council respectively. The bill's memorandum states that the Constitution will be amended to provided that a former judge or person appointed in terms of Chapter 9, who was previously removed from office on the ground of either gross misconduct or misconduct, is not eligible to become a member of Parliament, a provincial legislature or a Municipal Council. [email protected]
Shafaq News
6 days ago
- Politics
- Shafaq News
Khor Abdullah: A waterway entangled in sovereignty disputes and legacy of invasion
Shafaq News – Baghdad The maritime channel of Khor Abdullah, located at the southern edge of Iraq's Basra province and separating Iraq's al-Faw Peninsula from Kuwait's Bubiyan Island, has once again returned to the forefront of political and legal controversy. Despite decades of international resolutions and bilateral agreements, the waterway remains a sensitive flashpoint involving sovereignty, economic competition, and unresolved historical grievances. A Legacy of Invasion and Forced Demarcation The roots of the current dispute trace back to August 2, 1990, when Iraqi forces invaded Kuwait, triggering a regional upheaval and prompting a US-led coalition military response under Operation Desert Storm. In the aftermath, Iraq faced severe international sanctions and territorial repercussions. One of the key post-war measures was United Nations Security Council Resolution 833, adopted in 1993, which formally demarcated the land and sea borders between Iraq and Kuwait—cutting through the center of Khor Abdullah. Many Iraqi legal experts and politicians have long argued that this decision was imposed under duress, at a time when Iraq could not defend its national interests. It was enforced under Chapter VII of the UN Charter, which allows for coercive measures, further fueling Iraqi perceptions of injustice. The 2012 Navigation Agreement and Its Fallout Nearly two decades later, Iraq and Kuwait signed a bilateral agreement in 2012 to regulate maritime navigation in Khor Abdullah. The deal, which outlined traffic routes, joint security mechanisms, and trade facilitation protocols, aimed to manage the shared waterway more effectively. However, the agreement quickly stirred backlash within Iraq. Critics described it as a de facto concession of sovereignty —especially concerning Iraq's maritime access and fishing rights. Although Article 6 of the agreement explicitly states that it does not modify the borders established by Resolution 833, many Iraqis argued that its practical implementation further curtailed Iraq's influence in the Gulf. The agreement was ratified by Iraq's Council of Ministers in 2012 and passed by Parliament the following year under Law No. 42 of 2013. It was subsequently published in the official Iraqi Gazette. But in September 2023, the Iraqi Parliament voted to annul the agreement altogether, reigniting tensions with Kuwait. The Kuwaiti government responded by submitting a formal protest to the UN Security Council, warning that Iraq's withdrawal "violates international agreements and undermines bilateral stability." Several Iraqi political figures defended the revocation, asserting that the agreement had been concluded under pressure during a period when Iraq's sovereignty was still compromised. International law expert Fawzi Hameed told Shafaq News, 'Resolution 833 was linked to the ceasefire, but Iraq was not in a position to advocate for its interests at the time. Agreements made under coercion can be revisited under international law.' Strategic and Economic Stakes Khor Abdullah serves as Iraq's only maritime gateway to the Gulf, making it essential for both commercial imports and oil exports. Several major Iraqi ports depend on this channel: -Umm Qasr Port – Iraq's main commercial seaport -Khor al-Zubair – A hub for oil and petrochemical exports -Grand al-Faw Port – A strategic infrastructure project under construction, intended to transform Iraq into a regional logistics center On the Kuwaiti side, heavy investment has gone into Mubarak al-Kabeer Port on Bubiyan Island. Positioned to become one of the largest ports in the region, it is widely viewed as a direct competitor to Iraqi and even Iranian maritime hubs. This overlapping infrastructure has fostered both opportunities and rivalries. While both nations seek to enhance their trade standing, their shared geography and competing ambitions have added another layer of complexity to an already politically charged environment. The channel's shared location necessitates coordinated maritime security between Iraq and Kuwait. Preventing smuggling, ensuring navigational safety, and managing traffic flows require bilateral cooperation—especially amid broader regional tensions. Any escalation involving neighboring powers, particularly Iran, could compromise shipping routes through Khor Abdullah, with direct economic implications for both Baghdad and Kuwait City. A Broader Sovereignty Debate For many in Iraq, the dispute is not just about navigation—it is a symbol of national sovereignty. Mohammad al-Basri, a researcher specializing in border affairs, argued that Khor Abdullah had historically been administered by Basra province. He warned that continuing the agreement would jeopardize Iraq's maritime and economic security. 'This is not a conflict with Kuwait,' he said. 'It is a struggle over Iraq's sovereign rights.' Former Iraqi military officer Brigadier Mahmoud al-Jubouri echoed that sentiment, stating, 'The post-1991 isolation allowed for the imposition of unbalanced agreements. Khor Abdullah is a strategic loss that should have been reviewed long ago.' Observers warn that the ongoing dispute risks stalling critical joint infrastructure projects, including the Grand al-Faw Port and broader regional connectivity plans that could transform Iraq's economic future.
Time of India
01-08-2025
- Business
- Time of India
Uttar Pradesh's infrastructure journey takes center stage in TOI Dialogues
After successful editions in Gorakhpur, Varanasi, Lucknow and Kanpur, TOI Dialogues will now shine the spotlight on Uttar Pradesh's infra journey with its dedicated Infrastructure Chapter. TOI Dialogues - Infrastructure Chapter will be held in Lucknow on Aug 7. It will bring together policymakers, industry leaders, changemakers and experts for thought-provoking panel discussions and fireside chats on urban development, industrial growth, smart mobility and sustainability against the backdrop of Uttar Pradesh's evolving infrastructure landscape. Speaking about the event, Prasad Sanyal, Business Head, Times Internet said, 'With TOI Dialogues - Infrastructure Chapter, we aim to create a platform that sparks meaningful conversations around Uttar Pradesh's infra growth story, driven by innovation, friendly policies and sustainable development.' The highlight of the event will be a keynote address by Shri Suresh Kumar Khanna, Minister of Finance, Govt of Uttar Pradesh, sharing his vision for the state's infrastructure-led growth. The sessions and fireside chats will see the participation of secretaries, commissioners and heads of infrastructure-related departments, who will share key insights on policy frameworks, ongoing projects and Uttar Pradesh's future development agenda. These discussions will highlight the state government's vision and strategic initiatives that are ushering a new era of infra growth in Uttar Pradesh. Here's an overview of the panel discussions at TOI Dialogues - Infrastructure Chapter. 1. The discussion on 'Defence & Infrastructure Development' will delve into Uttar Pradesh's position as a key hub for defence manufacturing, highlight investment opportunities and explore how it aligns with the vision of 'Aatmanirbhar Bharat'. 2. The panel on 'Invest UP 2.0 and Employment & Skill Development' will focus on skill development, AI-led governance, employment generation and improved ease of doing business in the state. 3. The session on 'Water Infrastructure & Management and Eco-Friendly State Approach' will explore how Uttar Pradesh is ensuring water security for all, implementation of schemes such as Har Ghar Nal, the state's push for renewable energy and adoption of cutting-edge innovations in agriculture aimed at building a greener future. 4. The conversation on 'Health, Tourism & Police Modernization' will explore how Uttar Pradesh is leveraging technology to enhance healthcare access, modernize policing and boost tourism infrastructure, while driving digital transformation in public services. In addition to thought-provoking discussions, the event will offer a valuable platform for networking among real estate developers, infra consultants, and industry leaders, paving the way for collaborations and new investment opportunities in Uttar Pradesh You can watch TOI Dialogues - Infrastructure Chapter live on Aug 7 at 5pm on this link Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
Fibre2Fashion
30-07-2025
- Business
- Fibre2Fashion
New Zealand's apparel imports up 5% to $622 mn in H1 2025
Insights New Zealand's apparel imports rose * . * * per cent YoY to NZ$ * . * * billion (~$ * * * million) in H * * * * * , driven by strong growth in knitted clothing. . per cent YoY to NZ$ . billion (~$ million) in H , driven by strong growth in knitted clothing. June imports alone grew * . * * per cent. Textile fabric imports also rose under Chapter * * , while fabric exports reached NZ$ * * . * * million in H * . . per cent. Textile fabric imports also rose under Chapter , while fabric exports reached NZ$ . million in H . Full-year * * * * apparel imports were NZ$ * . * * billion, with exports of Chapter * * goods valued at NZ$ * * . * * million. To read the full story, become a PRIME member today. All Corporate Members and TexPro Subscribers are eligible to access F2F PRIME CONTENT using the same login credentials. Latest News Insights Latest News Insights Exclusive Industry Articles & Features Exclusive Industry Articles & Features Detailed Article Analytics & Insights Digital Edition of Fibre2Fashion Magazine Digital Edition of Fibre2Fashion Magazine Get notified in your mailbox
