Royal Bank of Scotland has conceded it will miss a Brussels-enforced deadline to offload its Williams & Glyn arm, as it slumped to a bigger-than-expected loss for the third quarter. Speaking as the state-backed lender swung to net loss of £469m from a £940m profit a year earlier, boss Ross McEwan that we dont know…
ANZ has disclosed it will book charges totalling $360 million against its full-year after-tax profit, a week ahead of releasing its annual results. The bank said its financial results will include a $168 million charge against revenue of its institutional markets business, after it changed the method of valuing derivative instruments. It will take another…
NEW YORK–(BUSINESS WIRE)–As part of its continuing leadership transition plan, Otterbourg P.C. has named Daniel Fiorillo head of the firms restructuring practice group as of January 1, 2017. Jonathan Helfat, who successfully led the group for more than 25 years, will be stepping down from that position but will continue to practice actively with the…
KARACHI: The State Bank of Pakistan (SBP) issued a circular on Monday allowing the establishment of corporate restructuring companies with the power to acquire, manage, restructure and resolve non-performing loans. According to the circular, corporate restructuring company means a public limited company licensed by the Securities and Exchange Commission of Pakistan (SECP) to carry out…
Automotive Holdings Group is restructuring its refrigerated logistics business and has not initiated a formal sale process for this business. AHG has, at times, received expressions of interest in relation to the refrigerated logistics business. AHG confirms that none of the expressions of interest have progressed beyond informal, preliminary discussions. As part of the normal…
Oct. 24, 2016 3:38 p.m. ET Three oil and gas companies reached deals with creditors to quickly slash hundreds of millions of dollars of debt in chapter 11 so they will be ready when energy prices recover. Houston-based oil-well servicer Key Energy Services Inc. KEGX 0.00 % filed for chapter 11 protection Monday, and Basic Energy…
Johnson & Johnson Proves It’s Healthy with Its 3Q16 Results PART 3 OF 5 By Sarah Collins | Oct 21, 2016 2:55 pm EDT Overview Johnson & Johnson (JNJ) registered sales of approximately $6.2 billion in its Medical Devices segment in 2Q16. The Orthopedics and Surgical segments were the major sales contributors, comprising ~36.5% and…
Oct. 21, 2016 8:03 a.m. ET Food distributor US Foods Holding Corp. plans to eliminate hundreds of jobs as part of a restructuring of its corporate headquarters near Chicago, according to people familiar with the companys plans. The nations second largest provider of food and other supplies to restaurants and cafeterias has been looking for…
Whitman noted that the company should benefit from a renewed focus on server systems, more Bloomberg Hewlett Packard Enterprise has a rough road ahead as it faces layoffs, spi… Read the full article at: http://www.bizjournals.com/sanjose/news/2016/10/19/hewlett-packard-enterprise-faces-layoffs-and.html
The Court of Appeal has overturned the finding of the High Court that the directors of a liquidated company were personally liable to a creditor pursuant to s. 297A of the Companies Act 1963. Justice Hogan stated that it was not enough to show that the directors were aware that the loss might have occurred,…