Ivor Ichikowitz's SA-founded Paramount files for US bankruptcy, global operations unaffected
The United Arab Emirates-based company, founded by Ivor Ichikowitz in South Africa, filed for Chapter 11 on Thursday in Delaware. It listed assets of between $500 million and $1 billion and liabilities of between $100 million and $500 million in its bankruptcy petition.
Paramount said the filing involves"a limited number of its non-operating entities," won’t affect its global operations and will allow the company to pursue counterclaims. Chapter 11 bankruptcy allows a company to keep operating while it works out a plan to repay creditors.
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