Ford Motor is laying off 7,000 salaried employees as part of CEO Jim Hacketts restructuring plan to reduce bureaucracy, cut costs and turn the automaker into a more agile company prepared for a future that extends beyond its traditional business of producing and selling cars and trucks. The cuts represent about 10% of the automakers…
NEW YORK–(BUSINESS WIRE)–Global law firm Goodwin announced today that Howard Steel has joined its Financial Restructuring practice as a partner in the New York office. Steels arrival comes on the heels of the firms West Coast expansion of the practice with the recent addition of partner Nathan Schultz in San Francisco. Steel represents creditors committees,…
Unsustainably high rents have caused furniture chain Focus on Furniture to collapse into administration. McGrathNicol, which took control of the business early last week, said the furniture chains decline was caused by high rents and unprofitable operations in New South Wales and Queensland. As an urgent priority, we will be conducting a review of options…
Oaktree has appointed receivers to the fallen group, enforcing its rights under the note facility after Blue Sky failed to reach its minimum required recurring earnings for the first quarter. The administration is limited to the group and does not extend to its Alternative Access Fund along with its other subsidiaries. Blue Sky last week…
Highlights: Company begins to recognize initial revenues from April 1 management contracts New CEO initiates process to accelerate strategic transformation and facilitate financial restructuring Announces intent to reorganize around three core business divisions with performance measured at division-level EBITDA Implements Board and management changes in support of restructuring process; Transitions CEO responsibilities from Founder James…
Highlights: Company begins to recognize initial revenues from April 1 management contracts New CEO initiates process to accelerate strategic transformation and facilitate financial restructuring Announces intent to reorganize around three core business divisions with performance measured at division-level EBITDA Implements Board and management changes in support of restructuring process; Transitions CEO responsibilities from Founder James…
The details and effects of the plan, which is in negotiation as part of a Chapter 11 bankruptcy, were explored in a Raymond James report. In a May 12 research note, Raymond James analyst Praveen Narra reported that as part of its Chapter 11 bankruptcy, Weatherford International Ltd. (WFT:NYSE) entered negotiations to restructure its outstanding…
Maiyas Beverages and Foods Pvt. Ltd. has embarked upon a comprehensive restructuring exercise in order to recoup the market share it had lost in the countrys ready-to-eat, ready-to-drink, curry spices and pickles markets. The companys business restructuring plan comes two days after the Bengaluru bench of the National Company Law Tribunal (NCLT) quashed MTR Foods…
Daily News View All News 16 May 2019 Wise Group (WISE:SS), the Swedish staffing firm reported revenue yesterday for the first quarter ending 31 March 2019 of SEK 244.1 million (22.7 million), an increase of 7.3% compared with the same quarter last year. (SEK millions) Q1 2019 Q1 2018 Change Q1 2019 ( millions) Revenue…
COLUMBUS, Ohio–(BUSINESS WIRE)–May 15, 2019– Hexion Inc. (Hexion or the Company) today announced that the U.S. Bankruptcy Court for the District of Delaware (the Bankruptcy Court) has approved the Companys assumption of the Restructuring Support Agreement (RSA). Craig A. Rogerson, President and CEO of Hexion, stated: Todays approval of the RSA signifies another significant step…