The Chinese solar panel making division of the debt-saddled company appears likely to be broken up after admitting creditors will take controlling stakes in its business units following the successful petition of a court in Hebei province. June 10, 2020 Max Hall The company says employees will not be affected by the restructure. Image: Yingli…
Australia Post restructure threatens over 2,000 jobs By Oscar Grenfell10 June 2020 A sweeping restructure by Australia Post, the countrys government-operated postal service, threatens up to 2,500 jobs, along with wage reductions and further attacks on working conditions. Postal workers were informed at briefings called by management last week that one in four postal delivery…
To paraphrase Winston Churchill, it is curious to see The Warehouse Group (TWG) not letting a good crisis go to waste. Despite recently receiving NZ$68 million in government wage subsidies as a result of the COVID-19 lockdown, TWG has now proposed store closures and more than 1000 staff layoffs across its Warehouse, Noel Leeming and…
Sophos plans to cull its workforce by up to 16 percent and close some offices just three months after being acquired by private equity firm Thoma Bravo, according to media reports. Sophos confirmed the restructuring in a statement to CRN, but did not respond to questions about how many workers were impacted and in what…
Executive Summary During the Covid-19 pandemic, many companies have been meeting their cash needs through existing lines of credit. But these will soon run out and those with highly leveraged balance sheets will need to undergo a financial restructuring in which the key contracts with financial stakeholders are renegotiated. This article describes the out-of-court and…
Sophos plans to cull its workforce by up to 16 percent and close some offices just three months after being acquired by private equity firm Thoma Bravo, according to media reports. Sophos confirmed the restructuring in a statement to CRN, but did not respond to questions about how many workers were impacted and in what…
Dufry is making sweeping changes to its business in a bid to accelerate growth and support profitability during the recovery phase of the economic crisis and beyond, it announced today. The changes, in place from 1 September, include: the integration of its headquarters and divisions, as well as rationalising its country groupings from 23 down…
When youre planning a major restructuring of your company things start to look like a tangled web, especially if downsizing is involved. Whether youre scaling up or scaling back, all the moving pieces often turn into a giant swirling tornado. Confusions surrounding leadership structure and reporting processes can make simple tasks a complicated mess that…
Most large German companies that go through a financial restructuring do so with the aid of a restructuring expert report (Sanierungskonzept) in the form of the IDW S6, a standard published by the Institute of Public Auditors in Germany. For German companies in financial difficulty the IDW S6 is the plan back to profitability. During…
NEW YORK–(BUSINESS WIRE)–Jun 8, 2020– Paul, Weiss, Rifkind, Wharton & Garrison LLP announced today that Andrew M. Parlen is joining the firm as a partner in the Restructuring Department, resident in the New York office. Mr. Parlen represents public and private companies, ad hoc groups of creditors and investors in a variety of distressed situations,…