Australian national cabinet exploits pandemic for economic restructuring By Mike Head22 August 2020 Despite continuing COVID-19 deaths, especially in Australias chronically-underfunded aged care facilities, yesterdays meeting of the bipartisan ruling national cabinet focused on further reopening the economy for the benefit of corporate profit. The federal, state and territory government leaders paid lip service to…
NORWALK, Conn.–(BUSINESS WIRE)–Aug 21, 2020– Frontier Communications Corporation (OTCMKTS: FTRCQ) (Frontier or the Company) today announced that the U.S. Bankruptcy Court for the Southern District of New York has confirmed the Companys Plan of Reorganization (the Plan), subject to final documentation. Upon emergence, the Company will have reduced its total outstanding indebtedness by more than…
Crystal issued a statement late Thursday to calm fears about its viability as parent Genting Hong Kong pursues a restructuring. ‘Committed to honoring contractual obligations’ ‘It is important to understand that the company is not going out of business,’ the statement said. ‘Whatever option our parent company pursues, it will allow Crystal to operate its…
adelaide Friday August 21, 2020 MPs refuse to release documents to ICAC’s entitlements probe Your views: on COVID-19 marshalls, Centrelink, prison and planning Rebuilding the Crows: the unthinkable becomes the strategy Busy bees: Adelaide college helps students achieve sweet success Govt now says Centrelink pensions might not go up, but won’t go backwards Adelaide-based pharmaceutical…
Valaris, the world’s largest offshore drilling contractor by fleet size, filed for bankruptcy on Wednesday, in a move to restructure its debt load and reduce debt by more than $6.5 billion. The company has been hit by the combined effects of the global COVID-19 pandemic, a drop in oil prices, and a decline in the…
Restructuring veteran Steve Parbery has joined Duff & Phelps, reuniting him with former PPB Advisory colleagues. Back in 1983, Steve Parbery teamed up with Max Prentice and Vince Barilla to co-found PPB Advisory. Under their leadership, PPB Advisory grew into one of Australias leading independent insolvency boutiques. Parbery spent thirty-five years at the helm of…
Reeling from the financial impact of the COVID-19 pandemic, Cisco last week said it would implement a US$1 billion cost-cutting plan that will not only translate to layoffs but the tech giants potential exit from unprofitable IT markets, partners told CRN. Cisco said last week that revenue for its most recent quarter had declined across…
CoolSprings Galleria Mall, Franklin, TN Source: CBL Properties U.S. mall owner CBL & Associatesannounced Wednesday it has reached arestructuring support agreement with debt holders a bid to boost its balance sheet with its malls getting hammered by the Covid-19 crisis. The Chattanooga, Tennessee-based real estate investment trust, which owns more than 100 retail centers, said…
(Representative image) MUMBAI: Banks are likely to restructure up to Rs 8.4 lakh crore of loans, or 7.7 per cent of the overall system’s credit, under the newly announced recast package, a domestic ratings agency said on Wednesday.Over 60 per cent of this Rs 8.4 lakh crore was susceptible to slip into the non-performing assets…
A restructuring initiative at the Institute of Directors, a key UK business lobby group, has led to the resignation of its chair as the group grapples with the costs of Covid-19. Charlotte Valeur, a former City banker and board diversity champion who currently chairs a LSE-listed Blackstone fund investing in CLOs, as well as the…