Edcon Holdings Ltd said lenders extended waivers to give the debt-laden South African retailer time to implement a recapitalisation plan that was approved by its board. The restructuring and recapitalisation of Edcon has passed its next hurdle, chief executive officer Grant Pattison said in an emailed statement on Friday. This will allow sufficient time for…
Restructuring is so common in both the private and public sectors that many workers will experience one after the other, in an ongoing series of upheavals. Can this really be good for business? What impact is the constant threat of restructuring having on employee wellbeing and workplace culture? This year has seen restructuring and layoffs…
Paul Brough is to remain chairman of Noble Group after the crisis-hit commodity trader completed its emergency $3.5bn debt restructuring. The Hong Kong-based group had been set to name Ian Potter, a former Morgan Stanley commodities banker, as its new chairman but that was before authorities in Singapore launched a criminal investigation into false and…
Pictured: Elanco Animal Health, 2500 Innovation Way, Greenfield (Tom Russo | Daily Reporter)Indianapolis Business Journal GREENFIELD Newly public Elanco Animal Health said in a regulatory filing that it plans a restructuring of its international operations that will result in a $37 million charge in the fourth quarter, including $19 million in severance costs. The Greenfield-based…
IKEA US President Lars Petersson apologised in a video announcement sent to employees on Tuesday, following reports of the furniture retailers controversial restructuring. In the video, Petersson, along with Orlando store manager Monica Bogstad, outlined a plan to boost morale. Petersson said that management didnt see the balance between business and people the way we…
Mark Read, CEO, WPP Communications giant WPP has announced a sweeping restructure of its business, with plans to cut 3,500 global jobs across its many divisions. New chief executive Mark Read says the cuts are needed return the business to growth, with redundancies and office closures achieving savings of 275m over the next three years.…
IKEA US President Lars Petersson apologised in a video announcement sent to employees on Tuesday, following reports of the furniture retailers controversial restructuring. In the video, Petersson, along with Orlando store manager Monica Bogstad, outlined a plan to boost morale. Petersson said that management didnt see the balance between business and people the way we…
Greek jewelry maker Folli Follie will seek creditor approval for a planned overhaul of the business, it said on Tuesday, after announcing details of its restructuring following lengthy discussions with advisers. This concerned a group of unsecured creditors who represent about 27 percent of almost 250 million euros of bonds due next year, as well…
Gurit has announced a revaluation of its operating profit potential for fiscal year 2018. Operating profit margin for the full year 2018 is now expected to come in at 6.5-7.5 % of net sales. Based on the recent business performance with continued losses in the Composite Components business, the Company revises its operating profit guidance…
SINGAPORE — Commoditiestrader Noble Group is set to start implementinga long-awaited $3.5 billion debt-for-equity rescue restructuring on Wednesday, in a move that enables the scandal-hit company to avoid liquidation. The Hong Kong-based and Singapore-listed company has been forced to resort to a form ofbankruptcy protection to carry out the plan, after the Singapore Exchange and…