Latest news with #debtsettlement
Yahoo
16 hours ago
- Business
- Yahoo
St. Augustine Gold and Copper Limited Announces Completion of Debt Conversion of $1,670,207
Singapore, Singapore--(Newsfile Corp. - June 19, 2025) - St. Augustine Gold and Copper Limited (TSX: SAU) ("St. Augustine" or the "Company") is pleased to announce that, further to its press release dated June 2, 2025, it has completed its previously announced debt settlement (the "Debt Settlement") transaction with Queensberry Mining and Development Corp. (the "Creditor"). Pursuant to the Debt Settlement, the Company issued an aggregate of 25,306,166 common shares in the capital of the Company, at a deemed price of $0.066 per common share, in consideration for the settlement of a total of CAD $1,670,207 in connection with certain funds advanced to the Company by the Creditor. The Debt Conversion is a "related party transaction" for the purposes of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on an exemption from the minority approval and formal valuation requirements of MI 61-101 due to the fact that the value of the transaction does not represent greater than 25% of the market capitalization of the Company. About St. Augustine St. Augustine (SAU.T) is a TSX-listed mining company focused on the development of the King-king Copper-Gold Project. The Project is one of the largest undeveloped copper-gold deposits in the world and is listed as a top three-priority mining project by the Philippine government. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact included herein are forward looking statements. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. While we consider these assumptions to be reasonable based on currently available information, they may prove to be incorrect. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking information is also subject to certain factors, including risks and uncertainties, that could cause actual results to differ materially from the Company's current expectations, including changes in market conditions, governmental or regulatory developments and general economic conditions. Other risks and uncertainties related to the Company are disclosed under the heading "Risk Factors" in the Company's Annual Information Form dated March 31, 2025 and filed with Canadian securities regulatory authorities on the SEDAR+ website at Forward-looking information contained in this announcement is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date. You should not place undue importance on forward-looking information and should not rely on this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time except as required by applicable securities law. For more Information: Lenna Mae LeopoldoInvestor and Public Relations ContactT: +6382 225 0884E: lleopoldo@ ST. AUGUSTINE CORPORATEHEADQUARTERSNo. 21, Greenwood LaneSingapore, 286949 To view the source version of this press release, please visit
CBS News
7 days ago
- Business
- CBS News
Debt settlement 101: What it is and how it works
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. Settling your debt for less than what's owed can offer big relief, but you need to know what you're getting into first. Getty Images/iStockphoto Today's high prices probably aren't going away — and neither is the debt that many people have accrued because of them. Even as inflation cools compared to last year, the cost of essentials like housing, groceries and insurance remains stubbornly high. For many Americans, that's translated into stretched budgets, along with bigger credit card balances, more personal loans and a growing sense of financial anxiety. At the same time, interest rates on borrowing products, like loans and credit cards, are still elevated, which makes it harder to dig out once you've fallen behind. For example, the average credit card rate is closing in on 22% right now, and many cardholders are stuck with much higher rates. And, with delinquencies on the rise across multiple types of consumer debt, more borrowers are starting to ask the hard question: What do I do if I just can't afford to pay it all back? One potential answer is debt settlement, which is a strategy that allows you to negotiate with your creditors to pay less than what you owe. But while it can offer relief, it also comes with serious trade-offs, so it's important to know what you're getting into before you enroll. Find out how to start the debt settlement process today. Debt settlement 101: What it is and how it works Here's a closer look at how debt settlement works, when it makes sense and what to consider before going down this path. What is debt settlement? Debt settlement is a process where you negotiate with your creditors to pay less than the full amount you owe. It typically applies to unsecured debts — like credit cards, medical bills or personal loans — and is often used as a last resort when a borrower can't afford to pay off their debt in full. Unlike debt consolidation, which combines your debts into one manageable loan, debt settlement is focused on reducing your balances outright. The goal is to settle for a lump-sum payment that's less than what you owe, often by working with a professional debt relief company. Speak to a debt relief expert about how to deal with your debt now. How the debt settlement process works The typical debt settlement process takes a few years and looks something like this: You stop making payments to your creditors. Instead, you start setting aside money in a dedicated, FDIC-insured bank account. Over time, this money builds up while your accounts fall into delinquency. This is part of the strategy, as most creditors won't negotiate a settlement for less than what you owe unless you're already delinquent. The debt relief company negotiates with your creditors on your behalf to reduce your balances. If a creditor agrees, you'll be asked to also approve the agreement, and money from your dedicated account is used to pay the settled amount. Once the debt is settled, the account is marked as "settled" or "paid for less than the full amount" on your credit report. The entire process typically takes 24 to 48 months on average, depending on how much debt you have and how much you're able to save. Who is debt settlement for? Debt settlement is usually best suited for people who: Have at least $7,500 to $10,000 or more in unsecured debt Are already behind on payments (or are about to fall behind) Can't realistically pay off their debt in full, even with a reduced interest rate Are willing to accept a hit to their credit That said, debt settlement is generally not a good fit if you have mostly secured debts like a mortgage or auto loan, or if you're keeping up with your payments and just looking for a more affordable solution. In those cases, credit counseling or consolidation may be a better route. Benefits of debt settlement Debt settlement can offer real advantages — especially for borrowers who have exhausted other options. Here are some of the key benefits: You could pay significantly less than what you owe. In successful cases, creditors generally agree to accept 30% to 50% less In successful cases, creditors generally agree to You could avoid bankruptcy. Debt settlement may be a less damaging alternative for those on the brink of filing for Chapter 7 or Chapter 13 bankruptcy Debt settlement may be a less damaging alternative for those on the brink of It offers a faster path to resolution. Debt settlement typically takes two to four years, which expedites the process compared to slowly chipping away at minimum payments for years (or decades). Once the settlement is paid and finalized, the debt is considered resolved. Debt settlement typically takes two to four years, which expedites the process compared to slowly chipping away at minimum payments for years (or decades). Once the settlement is paid and finalized, the debt is considered resolved. You make one monthly deposit rather than juggling multiple bills. When working with a debt settlement company, you'll make a single monthly deposit into a dedicated account. This can be easier to manage than juggling multiple minimum payments across various debts. Just remember that these benefits only apply when the process goes well and you stay committed to your program by making deposits into your dedicated account. Debt settlement risks and consequences to consider Debt settlement can offer significant savings, but it's not without its downsides, which include: Credit damage: Because the process involves stopping payments, your credit score Because the process involves stopping payments, Fees: Most debt relief companies charge fees of between 15% to 25% of the enrolled debt Most debt relief companies charge fees of between No guarantees: Creditors are not obligated to settle. Some may refuse or even escalate collections or lawsuits. Creditors are not obligated to settle. Some may refuse or even escalate collections or lawsuits. Tax consequences: The IRS may consider forgiven debt as taxable income Still, for people overwhelmed by debt and without other realistic options, these risks may be worth it for the chance to resolve what they owe and start fresh. The bottom line Debt settlement isn't a quick fix or a perfect solution, but for some borrowers, it can be a way to avoid bankruptcy and dig out of overwhelming debt. If you're considering debt settlement, though, you should also be sure to weigh your other options first, like credit counseling or even negotiating directly with creditors. And, if you do decide to go this route, it's important to work with a reputable company, stay informed and make sure the potential benefits outweigh the trade-offs.
Zawya
12-06-2025
- Business
- Zawya
Dubai-listed IFA hotel unit to hike capital to settle $56.5mln debt
The hospitality arm of Dubai-listed International Financial Advisors (IFA) Holding Company is set to increase its capital to settle more than KWD 17.3 million ($56.5 million) in debts. The hotel and resort unit's parent company, IFA Holding, confirmed on Wednesday that it has given preliminary approval to an offer to settle the borrowings through a capital increase. The capital hike proposal received the approval from IFA Holding's board of directors on June 11. The settlement is conditional upon the hotel firm completing the required procedures. Listed on the Kuwait Stock Exchange, IFA Hotels' core business is focused on the development, management and marketing of hotels and resorts. (Writing by Cleofe Maceda; editing by Seban Scaria)
CBS News
10-06-2025
- Business
- CBS News
Debt forgiveness vs. debt consolidation: Which one could save you more?
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. Both debt forgiveness and debt consolidation can be good options, but the savings can differ significantly between these two strategies. Getty Images It can be tough to know what to do when you're staring at a pile of credit card bills and you realize that the minimum monthly payments alone are eating up a large portion of your paycheck. But while this type of issue can be stressful, it's unfortunately not uncommon right now. Between the higher costs of essentials and the elevated interest rate environment, millions of Americans have been forced to turn to their credit cards to make ends meet and are now struggling under the weight of their high-rate credit card debt. As a result, many are searching for ways to lighten their financial load, and while there are lots of options to choose from, two of the most effective routes for those with high credit card balances or multiple high-rate loans are debt forgiveness (also known as debt settlement) and debt consolidation. Each of these options promises relief, but in very different ways — and with vastly different consequences for your wallet and credit score. Debt consolidation, for example, can simplify repayment and lower your interest rate, but it won't reduce your principal balance. Debt forgiveness, on the other hand, can slash the amount you owe, but it often comes with serious credit damage and other trade-offs. But which one could actually save you more? Below, we'll break down the costs, timeline and credit implications of both strategies to help you make the right move for your financial future. Speak to a debt relief expert about the help available to you today. Debt forgiveness vs. debt consolidation: Which one could save you more? Before we look at how much debt forgiveness and debt consolidation could save you, it's important to understand how each of these debt relief options works. Debt consolidation combines multiple debts into one new loan or payment plan. Instead of juggling several credit card payments, you get a single monthly payment, ideally at a lower interest rate. Common consolidation methods include: Debt forgiveness works completely differently. With this type of debt relief, you (or a debt relief company you hire) negotiate with creditors to try and get them to accept less than what you owe in return for a lump-sum payment. When successful, debt settlement typically leads to paying between 30% to 50% less than the original balance owed on the account. Here's how a settlement typically works: You stop making payments to creditors entirely Monthly payments are then made to the debt relief company and deposited into a separate account That money accumulates, and the accumulated funds are used to make lump-sum settlement offers You also have to pay the debt relief company fees, which are generally between 15% to 25% of the enrolled debt The catch: You must stop payments during negotiations, which damages your credit as accounts become delinquent. Find out how to start settling your debt for less. Timeline and credit impact Debt consolidation can happen relatively quickly, often within a few weeks if you qualify for a personal loan or balance transfer credit card. The payoff timeline depends on the terms you choose, but most people opt for loan terms between two and five years. This approach can actually help your credit score over time by lowering your credit utilization ratio and establishing a positive payment history. Debt forgiveness is a much longer process, typically taking two to four years on average to complete. During this time, your credit accounts will likely be charged off as bad debt, and you may face collection calls and potential lawsuits. Your credit score will generally drop significantly and these negative marks will remain on your credit report for seven years. Cost comparison Now let's look at an example of how the savings and costs would compare between your options if you had $25,000 in credit card debt at an average interest rate of 21%. Option 1: Keep paying monthly payments Monthly payment (based on 3% of the balance): starting at $750 per month Time to pay off: 30 years Total interest paid: roughly $34,557 Total paid: about $59,557 Option 2: Debt consolidation with a personal loan at 13% over four years Monthly payment: approximately $671 Interest paid: $7,193 Total paid: about $32,193 Total savings vs. monthly payments: $27,364 Option 3: Debt forgiveness (assuming a 50% reduction and 22% company fees) Amount settled for: $12,500 Settlement company fees: $5,500 Total paid: approximately $18,000 Total savings vs. monthly payments: $41,557 While debt forgiveness saves substantially more money upfront, it's important to understand that the credit damage could cost you thousands more in higher interest rates on future loans, insurance premiums and other financial products. So, the savings from debt forgiveness might disappear, at least in part, if you need to finance a car or home shortly after your debt has been settled. The bottom line While debt forgiveness can help you save substantially compared to debt consolidation, your decision typically shouldn't be based solely on which option saves the most money upfront. If you can qualify for debt consolidation and manage the monthly payments, this approach protects your credit while still providing meaningful savings compared to making just the monthly payments. However, if your debt load is truly unmanageable and you're already facing potential bankruptcy, debt forgiveness might be worth the credit damage to avoid more severe consequences.
Free Malaysia Today
10-06-2025
- Business
- Free Malaysia Today
KNM Group plans full debt settlement, calls creditors' meeting
KNM Group Bhd is proposing a debt settlement plan that offers full principal recovery to creditors, with repayments tied to asset sales and proceeds from the Borsig deal. PETALING JAYA : KNM Group Bhd has called for a court-convened meeting with its creditors to present a debt settlement plan involving RM1.188 billion in compromised debt. In a statement today, the company said it is proposing a Scheme of Arrangement (SoA) that will offer creditors full recovery of principal debt owed. Creditors have also agreed to waive RM182 million in accrued interest and penalties as of June 30, 2023, it added. Under the plan, creditors will be repaid via a five-year Zero Coupon Redeemable Unsecured Loan Stock (RULS) issuance worth RM204 million. According to KNM, the repayment will come from proceeds of the Borsig sale to Japan's NGK Insulators Ltd, and the sale of three other assets in Thailand, the UK and Malaysia. To support its core operations, KNM also said that its creditors had agreed for it to retain RM100 million in cash from the Borsig deal as working capital to revive its fabrication business in Malaysia. KNM chairman Tunku Yaacob Khyra called the RM100 million capital retention 'a turning point' for the group. 'The initial certain cash of RM100 million will ensure that KNM will be on a very strong footing in rebuilding operations and growing the business,' he said. CEO Ravindrasingham Balasingham thanked creditors for their support and ongoing engagement, calling the SoA 'a reflection of confidence in KNM.' 'It secures 100% settlement of principal for the creditors and the necessary funds for rebuilding KNM's future operations. This scheme is great for the creditors, customers, employees and shareholders of KNM,' he said.
