NEW YORK J. Crew Group Inc. disclosed terms on Tuesday of a debt restructuring deal that would roughly cut in half the value of its nearly $567 million in bonds, as well as extend their maturity by two years, after receiving the backing of some key creditors. The move comes after Reuters reported last…
Sears said Tuesday its cutting 400 jobs at corporate offices as it works towards a goal of reducing costs by $US1.25 billion in fiscal 2017. The cuts will primarily affect workers at Sears headquarters in Hoffman Estates, Illinois. The move comes one week after the retailer revealed it was closing 65 more Sears and Kmart…
Sears is slashing 400 full-time jobs at its corporate offices, in Hoffman, Illinois, and from its support functions, the retailer announced Tuesday. Stephan Zoll, president of Sears’ online operations, is also stepping down from the company, effective June 15, Sears said Tuesday in a separate 8-K filing with the Securities and Exchange Commission. The 400…
Dana Gas PJSC plans to more than halve profit rates on $700 million of its Islamic bonds after they were found to be non-compliant with religious law, adding a new twist to a debt restructuring initiated in May. The United Arab Emirates-based energy producer said on Tuesday in a filing that it proposes exchanging $350 million…
By Reuters Published: 19:25 +10:00, 13 June 2017 | Updated: 19:25 +10:00, 13 June 2017 e-mail By Helen Reid LONDON, June 13 (Reuters) – British shares gained on Tuesday as a sell-off in the tech sector petered out worldwide, financials supported gains and outsourcing company Capita soared as its outlook brightened. Relief was palpable after…
The childrens clothing retailer Gymboree filed for Chapter 11 bankruptcy protection late Sunday. The mall-based chain says it plans to remain in business during its restructuring, but will close 375 to 450 stores out of its fleet of its 1,281 locations. The company employs more than 11,000 workers. Gymboree says the restructuring will reduce its…
Telkom will soon have a new name. CEO Sipho Maseko is leading a major restructuring at the partly state-owned company that will result in Telkom becoming the consumer-facing retail telecommunications brand sitting under a new, Remgro-style corporate centre. Under that corporate centre which will have a new legal name, still to be determined will be…
The loan restructuring mechanism should be bolstered if the government were to get a firm grip on bad loans, said Minister of State for Finance Arjun Ram Meghwal. “We need to strengthen the loan restructuring mechanism… It will, along with various other measures taken by both the government and the RBI,…
The loan restructuring mechanism should be bolstered if the government were to get a firm grip on bad loans, said Minister of State for Finance Arjun Ram Meghwal. “We need to strengthen the loan restructuring mechanism… It will, along with various other measures taken by both the government and the RBI, help…
Marquee and Global Brands intend to continue to operate a substantial majority of BCBG’s core businesses as a going concern. Marquee will acquire the intellectual property associated with the BCBG brand and Global Brands will acquire certain of the assets associated with the operation of the BCBG business. Marquee Brands will leverage its global brand…