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Economy Watch
Attitudes towards business failures changing for better
Greater willingness now for creditors to work with distressed firms in restructuring
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Shoppers queueing to enter Robinsons at The Heeren. The department store is closing down its last two stores here and owes at least $31.7 million to more than 440 creditors.
ST PHOTO: KEVIN LIM
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The impact of the Covid-19 pandemic on economies and companies is well documented.
Besides causing massive job losses around the world, it has hit the bottom line and balance sheet of companies, causing mounting corporate debt and other liabilities. Insolvency cases and corporate distress have risen to their highest levels since the 1997 Asian financial crisis.
