The first Gulfstream G450 business aviation aircraft purchased by the national air carrier FLYONE ARMENIA is already in Armenia. the company will soon be able to provide premium services tailored to the needs of business and corporate travelers in Armenia and abroad. The Gulfstream G450 is a business class aircraft that has a spacious cabin with high-quality interior and maximum comfort. The non-stop flight range of this model reaches more than 8000 kilometers. The stylish interior of the Gulfstream G450 cabin is a perfect harmony of luxury and super comfort.
“This is one of the biggest joys for me. Today, Armenia managed to find its place in the region also in business aviation, and we have one of the best aircraft, something to be proud of, the Golfstream 450. There are not many countries in the world that have such aircraft. For business aviation, Armenia is a very good crossroads, because they can come from all places and continue their journey. What we do is very important for Armenia. We are an airline that should also work for business and corporate passengers,” said Eduard Sukiasyan, president of SIL CAPITAL, co-founder of FLYONE ARMENIA.
The salon of G450 is divided into zones. the flight crew is in a different zone and passengers have the opportunity to be in a private separate area. The high ceiling and the large distance between the seats allow passengers to move freely and feel free during the flight. This state-of-the-art business jet seats up to 16 passengers with individually adjustable power seats. With the inclusion of an internal Wi-Fi network, FLYONE ARMENIA will provide business travelers with an uninterrupted connection throughout the flight. This ultra-comfortable business jet is designed for a wide travel geography. European, Middle Eastern, even transatlantic destinations.
FLYONE ARMENIA’s Gulfstream G450 ensures a safe and efficient journey for its passengers. This achievement attests to FLYONE ARMENIA’s determination and commitment to constantly innovate and diversify services.
https://www.worldysnews.com/gulfstream-g-450-business-class-aircraft-of-flyone-armenia-airline-is-in-armenia-2024-05-08-133728/
FTX’s Excess Billions: Ensuring Bankruptcy Victims Are Fully Compensated
FTX Surpasses Recovery Expectations After Collapse
FTX, a cryptocurrency exchange, has exceeded expectations by accumulating billions of dollars more than required to cover customer losses following its collapse in November 2022. This has positioned customers to receive full reimbursements, along with interest, a rare occurrence in US bankruptcy cases.
Unprecedented Recovery
Typically, lower-ranking creditors receive minimal compensation for their losses, but FTX’s recovery was bolstered by the surge in cryptocurrency values, particularly Solana, a token strongly supported by FTX founder Sam Bankman-Fried. The company has also divested various assets, including a stake in the artificial intelligence firm Anthropic.
FTX’s Chief Executive Officer, John Ray, expressed astonishment at the outcome, stating, “In any bankruptcy, this is just an unbelievable result.”
Upon completion of asset liquidation, FTX is expected to have up to $16.3 billion in cash for distribution, surpassing its $11 billion debt to customers and other creditors.
Remarkable Comparisons
Historically, few large US corporate bankruptcies have resulted in full creditor reimbursement. Notable cases include Hertz and American Airlines Group Inc.’s parent company, which managed to repay all creditors and even shareholders due to favorable market conditions.
FTX’s recovery contrasts starkly with initial comparisons to Enron Corp. and Bernie Madoff’s schemes, highlighting the unexpected turn of events. Earlier this year, the company held approximately $6.4 billion in cash.
Equity Holders and Proposed Fund
Despite ensuring full debt repayment with interest, equity holders, including Sequoia Capital and Thoma Bravo, will not receive any residual funds. FTX is considering establishing a fund to compensate certain creditors, redirecting funds from regulatory obligations.
The resurgence of cryptocurrencies, particularly Bitcoin, has significantly boosted creditor claims, with potential recoveries reaching up to 142% of the owed amount. Most customers are anticipated to receive 118% of their FTX holdings at the time of bankruptcy filing.
Legal Proceedings and Future Plans
FTX’s restructuring advisers have outlined a cash distribution plan in a recent filing, aiming to conclude the Chapter 11 case. The proposed plan will undergo creditor voting, influencing US Bankruptcy Judge John Dorsey’s decision on approval later this summer.
Following Bankman-Fried’s fraud conviction and FTX’s bankruptcy filing, the company has been under insolvency experts’ management. The case is being handled in the US Bankruptcy Court for the District of Delaware.
–With assistance from Lucca de Paoli.
(Additional details on debtholders and equity holders have been included throughout the article.)
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FTX’s Excess Billions: Ensuring Bankruptcy Victims Are Fully Compensated
Billionaire USD real estate manages huge debt of nearly 200 trillion
Since then, NVL stock price has remained low. The number of shares held by Mr. Nhon continued to decline. Real estate giants’ assets dropped even lower.
How is Novaland’s financial health?
Along with Mr. Nhon’s group of shareholders selling more than 400 million shares, with an estimated total value of about 8,000-10,000 billion VND, the market recorded that Novaland had nearly 18,000 additional shareholders, bringing the total shareholders of this enterprise to about 80,000 people.
Although a large amount of money was put into restructuring the business, Novaland also returned to implementing projects with full legality and sales, but the financial health situation is still something that many people worry about. settle.
In the 2023 audited financial statements, the auditor doubted Novaland’s ability to continue operating.
Accordingly, the auditing firm PwC has no exception but still notes that Novaland’s ability to continue operating depends on its ability to pay or restructure loans and bonds that are about to mature and implement Other solutions generate cash flow to fund business operations.
Meanwhile, Novaland’s board of directors said they will continue to take many solutions to overcome the problem. Novaland is implementing many key projects; restructuring of loans and bonds; rescheduling debt, swapping debt or payables with real estate products; Work with banks to mobilize credit capital to deploy project construction. In addition, Novaland also receives financial support from major shareholders.
According to the report, this business’s cash amount is still about VND 3,400 billion, as of the end of 2023. However, this amount of money may have been used to pay off other loans, essentially the business’s cash. Mr. Nhon’s house is still very low.
Novaland’s inventory is still increasing and by the end of 2023 will be about 139 trillion VND.
Novaland’s long-term debt decreased quite sharply, from VND 135 trillion to VND 109 trillion by the end of 2023. Main business activities are still at a loss, consolidated profits are mainly thanks to financial activities.
However, Novaland’s investment real estate has increased, showing that this business is still using money to invest more in potential places for the long term.
Also thanks to being profitable in 2023 according to the consolidated report, Novaland was granted margin again in early April. Dozens of bondholders agreed to propose restructuring the convertible bond package worth 300 million USD to convert into common shares (NVL).
However, the Southern real estate tycoon is still facing many difficulties. In the first quarter of 2024, Novaland suffered a record loss of more than 600 billion VND. Cash flow meanwhile is heavily negative.
The question that remains is how Novaland will continue to manage capital to reduce the pressure of debt burden that has lasted for many years, while still having a portion of money for future development investment. ?
By the end of March 2024, Novaland had cash and cash equivalents of nearly VND 3,140 billion. Inventories increased to nearly 140.9 trillion VND. Total liabilities are still nearly 191.8 trillion VND, of which short-term loans are more than 35 trillion VND and long-term loans are more than 23.2 trillion VND. Equity decreased from more than 45.3 trillion VND at the end of 2023 to more than 44.7 trillion VND.
Novaland has just announced a plan to offer 1.1 billion shares to existing shareholders in the form of buying rights during the second-fourth quarter. The selling price is 10,000 VND/share. The actual ratio is 10:6 (shareholders owning 10 shares have the right to buy 6 new shares). It is expected that NVL will earn 11,700 billion VND to contribute capital to its subsidiaries. In addition, this company will also use more than 855 billion VND to pay debt, 140.3 billion VND to pay salaries and 138.8 billion VND to operate the company.
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Billionaire USD real estate manages huge debt of nearly 200 trillion