Latest news with #bankruptcy
CNA
3 hours ago
- Business
- CNA
Thai Airways to resume trading on August 4
BANGKOK :Thai flag carrier Thai Airways International will resume trading in August, the stock exchange said on Wednesday, marking the end of a long restructuring process triggered by the pandemic. In 2020, the national carrier went into bankruptcy-protected restructuring, and drew up plans to restructure debts worth 400 billion baht ($11.17 billion). As part of those plans, it reduced its workforce by half and trimmed its fleet. It also appointed Piyasvasti Amranand, the airline's president from 2009 to 2012 to its restructuring committee, along with a number of veteran bankers. Thai Airways had already been making losses since 2012 as a result of growing competition from budget carriers. As part of the restructuring programme, the government reduced its stake, meaning that the carrier lost its state-owned enterprise status. "The SET approves the removal of THAI securities from the possible delisting list, the lifting of its suspension and non-compliance designations," the Stock Exchange of Thailand said in a statement. Thai Airways has been making operational profits since 2023 and in June it exited the court-guided restructuring programme. Last year, the carrier ordered 45 Boeing 787-9 wide-body jets with an option for 35 more.
Yahoo
11 hours ago
- Business
- Yahoo
Dr. Phil McGraw's Merit Street Media Files For Chapter 11 and Sues Distribution Partner Trinity Broadcasting
Dr. Phil McGraw's Merit Street Media Files For Chapter 11 and Sues Distribution Partner Trinity Broadcasting originally appeared on Daytime Confidential. 's freshman network and streaming service, Merit Street Media, has filed for Chapter 11 bankruptcy protection and has slapped its distribution partner, Trinity Broadcasting, with a lawsuit accusing it of breach of contract. Deadline is reporting Merit Street, which launched in April 2024, has accused Trinity Broadcasting of failing to follow the terms of their deal. Media Street alleges Trinity failed to secure additional outside funding for the company. In the suit, they note a "severely strained liquidity position," as well as Trinity's current legal battles with Professional Bull Riders. In a released statement Merit Street Media: Trinity Broadcasting Network is being sued by Merit Street Media for failing to provide clearly agreed-upon national distribution and other significant foundational commitments critical to the network's continuing success and viability. The suit is part of a restructuring proceeding also initiated by MSM. The Professional Bull Riders organization isn't named in the suit. However, the bankruptcy filing makes mention that their programming was yanked from the network in November 2024 after Merit Street failed to make any payments for rights. The joint venture between Merit Street and TBN stipulated McGraw's Peteski Production give Merit Street new original episodes of the Dr. Phil Show, along with primetime specials to run on the network. TBN agreed to provide Merit Street carriage to distribute McGraw's shows and specials nationwide with no charge, but TBN would have a controlling stake in the network. Merit Street accuses TBN of abusing its power as a major shareholder. They claim they were placed in expensive distribution deals with third-party entities, rather than with TBN itself. The filing took place in United States Bankruptcy Court for the Northern District of Texas (as Merit is based in Texas), with the company suing to recoup its legal costs, damages, and other compensation. This story was originally reported by Daytime Confidential on Jul 2, 2025, where it first appeared. Solve the daily Crossword
Yahoo
11 hours ago
- Business
- Yahoo
Professional Bull Riders Move to Block Dr. Phil's Merit Street Media's Bankruptcy
Professional Bull Riders Move to Block Dr. Phil's Merit Street Media's Bankruptcy originally appeared on Daytime Confidential. Several weeks after the -helmed media network and streamer Merit Street Media filed for bankruptcy, the Professional Bull Riders (PBR) organization is filing an objection. Their reason? Via contract arbitration, they want to recoup claims that they are disputing—to the tune of $181 million—according to the Dallas Morning News. RELATED: The biggest bull-riding league worldwide, PBR filed this objection last week. PBR went its separate ways from Merit Street in November 2024, pulling their programming and alleging Merit Street had committed a contract breach and that it had not paid rights fees. The partnership apparently deteriorated as Merit Street's finance problems and relationship with Trinity Broadcast Network got worse; Merit Street is now suing Trinity. In a statement released on Friday, PBR said: PBR honored its contract with Dr. Phil's Merit Street Media, delivered on every performance metric, and brought more than one million viewers to the new network. Dr. Phil and his company completely reneged on the deal just five months in. PBR is pursuing all available pathways to recovering the monies owed by Merit Street and Dr. Phil. The Morning News added that PBR is looking into avenues that could potentially hold McGraw responsible for the money that Merit Street allegedly owes, but his legal team has rejected this so far. Merit Street has not apparently explained why it hasn't paid part of its media agreement with PBR from 2024, but it has argued that PBR didn't live up to its contractual obligations and filed counterclaims (for things such as fraud). While Merit Street has between $100 and $500 million in assets, according to its bankruptcy filings, it has over 200 creditors. PBR claimed that it was left off the list of the biggest creditors, although Merit Street chief restructuring officer Gary Broadbent did make clear in filings that the PBR lawsuit was a reason for filing for bankruptcy. Reps for McGraw, Merit Street Media, and Trinity Broadcasting did not get back to the paper right away with a comment. This story was originally reported by Daytime Confidential on Jul 22, 2025, where it first appeared. Solve the daily Crossword
Bloomberg
14 hours ago
- Business
- Bloomberg
Dog-Walking App Wag! Gets Nod to Try for Speedy Bankruptcy Exit
Dog walking service Wag! Group Co. won court permission to try to slash debt and hand control to senior creditor Retriever LLC as early as next month under bankruptcy rules that let companies speed through an insolvency case quicker-than-normal when they have the backing of creditors. The company collected votes of creditors before filing for bankruptcy on Monday, according to court documents. With a so-called prepackaged bankruptcy, a company will negotiate a reorganization plan, win creditor backing and arrange any new financing it needs before filing its Chapter 11 petition.
Daily Mail
21 hours ago
- Business
- Daily Mail
Beloved retail giant closing even more locations after filing for bankruptcy
Rite Aid is getting ready to shutter even more stores than originally planned. The 63-year-old pharmaceutical chain is preparing to close another 17 locations in six states this year. Each was named in Rite Aid's 12th notice of additional store closings, which they filed on July 18 in New Jersey. Washington state has the highest number of closures on the notice at 10, while New York and Oregon both have two. Maryland, New Hampshire and Ohio each have one. With these locations, Rite Aid will have closed around 1,219 stores since its second bankruptcy filing. It recently marked its 1000th shutter milestone, and 26 stores will begin operating under different retailer names tomorrow, according to the chain's closure and transfer list. As of now, there are only 708 stores operating across 15 states, a number which is expected to shrink later this year. It's also become a major threat to Thrifty Ice Cream, a popular ice cream chain on the West Coast that operates in 500 Rite Aids that are slated to close. Rite Aid quickly became one of the nation's most popular pharmaceutical chains after opening its first store in Pennsylvania in 1962. At its peak in 2008, the chain was operating over 5,000 locations, making it the third-largest pharmacy in the US. The chain had been struggling for quite some time before it was forced to file for bankruptcy in 2023. By that time, the chain was operating 2,100 stores, and planning to close hundreds after receiving $3.45 billion in new financing to create a restructuring plan. The plan was initially successful after slashing $2 billion in debt and securing $2.5 billion in exit financing. However, its restructuring efforts slowly crumbled, and by April of this year, Rite Aid was plotting its second bankruptcy. The company has initiated multiple mass closures since its most recent filing, and is on the brink of disappearing for good. Other retailers like Walgreens and CVS have been snapping up Rite Aid locations and pharmacies, but they too have been facing financial crisis. CVS got away with the most Rite Aid pharmacies after acquiring 625 across 15 states, along with 64 stores in Idaho, Oregon and Washington. However, it's also planning to shutter 270 of over 9,000 locations across the US this year as part of a years-long strategy to right-size the number of pharmacy locations. All 23 CVS locations in Arkansas are also at risk of closing following a new law, which bans Pharmacy Benefit Managers (PBMs) from owning or operating pharmacies. The law, which will take effect in 2026, is similar to a House Bill that passed in Louisiana, which could potentially force CVS out of the state. The retailer sent a massive warning via text to customers, who were confused and panicked about the situation. Walgreens also snapped up some Rite Aid locations before finalizing a nearly $10 billion acquisition deal with Sycamore Partners. Because of this deal, the company will go private before the end of the year. Other chains that scooped up Rite Aid's pharmacy services include Albertsons and Kroger.
