Inland Revenue has confirmed its Public Service Association claim that its restructuring will affect more than 4,000 staff though has stopped short of confirming that it will mean a 30% reductoin in staffing numbers by 2021. The tax authority closed some of its services today so it could inform staff about the planned changes to…
Weaker than expected second-quarter sales and profits in a poor growth climate prompted Swedish telecoms giant Ericsson to announce fresh cost-cutting measures Tuesday. Ericsson posted a fourth straight quarterly loss in unveiling April to June figures of 1.0 billion kronor (105 million euros/$121 million) on sales dropping 8 percent to 49.9 billion kronor, dipping beneath…
Stockholm: Weaker than expected second-quarter sales and profits in a poor growth climate prompted Swedish telecoms giant Ericsson to announce fresh cost-cutting measures on Tuesday. Ericsson posted a fourth straight quarterly loss in unveiling April to June figures of 1.0 billion kronor (US$121 million) on sales dropping 8% to 49.9 billion kronor, dipping beneath analysts…
Legal action by Ten’s administrators this week has unearthed two letters from its billionaire shareholders’ advisers that resulted in the board calling in corporate undertakers to manage the television network and put it up for sale. One adviser for the biggest single shareholder, Bruce Gordon’s investment vehicle Birketu, also revealed his lack of confidence in…
If you have been following political events in Nigeria recently, you cant but have heard the word restructuring. Everyone seems to be talking about it. From politicians to journalists, and from social media activists to secessionist groups. Nigeria has been through tough times recently and in some context, it is understandable that people latch on…
by Ajit Jain The OECDs new transfer pricing approach to business restructuring, as described in Chapter IX of 2017 OECD transfer pricing guidelines, has changed radically from prior versions. These new transfer pricing guidelines, released on July 10, echo important changes made in 2015 OECD/G20 base erosion and profit shifting (BEPS) project regarding how to…
With the Gujarat High Court dismissing Essar Steel’s plea against RBI’s insolvency order, the company today said it should have been given time to complete its debt restructuring. Essar Steel further said it apprehended that bankruptcy proceedings at this stage may lead to deterioration of the company’s operations delay the resolution discussion…
Brian Pfeiffer. Courtesy photo White & Case has lured away Schulte Roth & Zabel partner Brian Pfeiffer as part of an expansion of its global financial restructuring and insolvency practice. Pfeiffer, who joins as a partner at White & Case, will split his time between the firm’s New York and Miami offices. His move…
The company’s existing lenders have agreed to continue to support the company by providing debtor-in-possession (DIP) financing that will be combined with its cash from operations to ensure and support continued business operations. “Beaulieu family members and our board of managers believe pursuing a restructuring through chapter 11 is the best path forward at this…
Sears Canada plans on rewarding select employees with retention payments totalling up to $9.2 million while laying off thousands without severance, a move met with public outcry and criticism from some former employees. The Key Employee Retention Plan (KERP) was approved by the Ontario Superior Court of Justice on June 22, when Sears initially filed…