All articles tagged with #insolvency
The Social Security trust fund is projected to be insolvent by end-2032, risking an average 22% cut to retirees' benefits (beneficiaries would receive about 78% of promised payments); Medicare faces a similar funding squeeze by 2033, underscoring urgency for Congress to shore up finances through revenue or benefit reforms.
Spiders, the studio behind Greedfall and Steelrising, has been liquidated amid Nacon’s insolvency, marking the first casualty of the parent company’s financial troubles; the final DLC for Greedfall: The Dying World will be released via Nacon, after which the studio will cease operations.
The French RPG studio Spiders, known for GreedFall and Steelrising, is reportedly shutting down after 18 years as parent company Nacon faces insolvency and cannot find a buyer; staff are scrambling to find new jobs, equipment is being liquidated, and GreedFall 2: The Dying World’s troubled development is cited as part of the broader mismanagement surrounding the studio’s collapse.
Studio Kai, the animation studio behind Umamusume: Pretty Derby, reported a net loss of about 248 million yen for its seventh consecutive year, pushing total losses to roughly 565 million yen (~$3.5 million) and signaling insolvency. Fans expect its parent, ADK Holdings (owned by Krafton), to bail them out, despite the studio’s recent high-profile titles and strong Blu-ray sales. Krafton bought ADK for about 75 billion yen in 2025, raising questions about accounting and the business dynamics sustaining such losses amid hit series.
Seeking Alpha warns the Old Age and Survivors Insurance Trust Fund could be depleted by fiscal year 2031, with the annual deficit widening due to demographics, high cost‑of‑living adjustments, and revenue‑reducing policy changes. If no action is taken, benefits could be cut by about 24% across the board, impacting roughly 70 million retirees and risking broad economic strain, prompting calls for bipartisan reform similar to the 1983 Social Security Act overhaul.
An audit reveals that New York City's Employee Health Insurance Stabilization Fund is billions of dollars in debt and recommends dissolving it, citing misuse of funds and insolvency, with ongoing disputes between city officials and unions over its management and purpose.
The White House is considering raising the Social Security retirement age and other reforms to prevent the program's insolvency by 2034, which could lead to benefit cuts unless Congress acts to increase payroll taxes or implement other measures.
The U.S. Social Security system faces insolvency by 2032, prompting discussions on potential reforms such as raising the retirement age, adjusting benefit caps, and other measures, as policymakers prepare for a changing demographic landscape and long-term economic sustainability challenges.
President Donald Trump celebrated the 90th anniversary of Social Security, claiming credit for its resilience and improvements, while also falsely stating he fulfilled a campaign promise to eliminate taxes on seniors' benefits.
A new analysis indicates that the Social Security Old-Age and Survivors trust fund could run out of money by the fourth quarter of 2032, a year earlier than previously estimated, due to recent legislation that reduces tax revenue to the fund, potentially lowering benefits for future recipients.
Pierer Mobility, the parent company of KTM, Husqvarna, and GasGas, has declared insolvency due to financial difficulties stemming from slowing sales and overstock issues. The company plans to undergo judicial restructuring with self-administration to reorganize and secure its future. This process aims to agree on a reorganization plan with creditors within 90 days, involving significant production cuts and stock adjustments. Despite the financial crisis, KTM continues to innovate and release new models, with a focus on emerging stronger post-restructuring.
Spirit AeroSystems, a key supplier to Boeing, has warned of potential insolvency due to severe cash flow issues, production challenges, and significant losses. The company reported a debt of $4.4 billion and a sharp decline in accessible cash to $217.6 million. Spirit AeroSystems is exploring options to secure liquidity, including customer advance repayments, asset sales, and a possible merger with Boeing, while also considering layoffs and efficiency measures to stabilize its finances.
An Indian tribunal court has initiated insolvency proceedings against Byju’s, once valued at $22 billion, following a petition from the Board of Control for Cricket in India (BCCI) to recover nearly $19 million. The ruling appoints an interim resolution professional to manage the company, sidelining its founder. Byju’s, which has faced multiple crises over the past two years, plans to appeal the decision and seek an amicable settlement with BCCI.
Kate Middleton's parents, Carole and Michael Middleton, are reportedly in financial trouble due to the decline of their party-supplies company, Party Pieces, which has accumulated significant debt. Despite selling a portion of the business to alleviate some of the financial strain, the Middletons still owe a substantial amount to an insolvency firm. This news comes at a difficult time as Kate Middleton is undergoing chemotherapy for cancer, and her mother is reportedly trying to shield her from the family's financial stress.
Kate Middleton's parents, Carole and Michael, were unable to pay the 326,838-dollar fees owed to an insolvency firm after their business, Party Pieces, collapsed with debts of 3 million dollars. The company, which they founded in 1987, went into administration and was eventually sold to a buyer, leaving the insolvency firm with limited funds to meet obligations to creditors.