Pets at Home, the pet shop-to-vets business, has unveiled a sharp fall in pre-tax profits and warned its costs will rise as it restructures its struggling veterinary operations. The group, which has been targeted by short sellers who are homing in on the distressed British retail sector,as households reduce their discretionary spending, said first-half profits…
BASF has unveiled a company-wide reorganization in a bid to hike profits by $2.3 billion annually by 2021, the equivalent of increasing pretax profits by between 3 and 5% per year. The firm also aims to increase annual sales of products it claims make a substantial contribution to sustainability to $25 billion by 2025. BASFs…
General Motors will lay off 14,700 factory and white-collar workers in North America and put five plants up for possible closure as it restructures to cut costs and focus more on autonomous and electric vehicles. The reduction includes 8100 white-collar workers, some of whom will take buyouts and others who will be laid off. The…
LIMERICK, Ireland–(BUSINESS WIRE)–Waypoint Leasing Holdings Ltd., the largest independent global helicopter leasing company, today announced that it and certain of its subsidiaries (collectively Waypoint or the Company) have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District ofNew York (the Court). Waypoint expects…
Today, Vauxhall Motors announced that it has entered into a 45-day consultation period with Trade Union and employee representatives to propose a restructuring of the Ellesmere Port Manufacturing Plant. At a National Joint Negotiation Committee meeting held on Friday 23rd November, the Company announced a proposal for business restructuring to align headcount and production costs…
Business as usual for LBI Media– Company receives $38 million loan from existing lenders to support ordinary course operations Elects to file for Chapter 11 to implement financial restructuring supported by 100% of its first lien debt LOS ANGELES, Nov. 21, 2018 (GLOBE NEWSWIRE) — LBI Media, Inc. (“LBI” or the “Company”) today announced it…
IT services provider PS&C has sold off its Allcom Networks business to Sydney managed services provider Crosspoint Telecommunications for $3.2 million. The decision to offload its communications business was due to Allcom not being cohesively aligned to PS&Cs core strategy, the company said. PS&C said its strengths now lie in security and consulting, with Allcom…
Credit: Dreamstime IT consulting firm PS&C Limited has divested the Allcom Networks business to managed services provider Crosspoint Telecommunications for $3.2 million. The payment will be broken down in three parts. First a $1 million completion payment is expected, followed by post-completion payments of $1.8 million on 21 May 2019 and $400,000 on 21 November…
SINGAPORE:Embattled commodity trader Noble Groupon Wednesday (Nov 21) said it would continue with its plans to restructure, despite noting an investigation by Singapore authorities into suspected disclosure breaches by the firm. Noble said in a statement that it and its unit Noble Resources International (NRI) had received correspondences from Singaporean authorities regarding their investigation into…
SINGAPORE (Reuters) – Singapore authorities are investigating Noble Group Ltd (NOBG.SI) for suspected false and misleading statements, just days before the Singapore-listed company was to complete its $3.5 billion debt restructuring deal to prevent its collapse. FILE PHOTO: A Noble Group sign is pictured at a meet-the-investors event in Singapore August 17, 2015. REUTERS/Edgar Su…