As Wesfarmers moves closer to splitting out Coles, the long-term prospects of Bunnings are coming under renewed scrutiny. Bunnings Australia and New Zealand will account for about 55 per cent of Wesfarmers’ earnings and 65 per cent of its value after Coles is spun off as a separately listed company in 2019 assuming Wesfarmers does…
International law firm Hogan Lovells announced that bankruptcy lawyers Richard Wynne, Bennett Spiegel, and Erin Brady have joined the firms Business Restructuring and Insolvency (BRI) practice as partners in Los Angeles. All three are recognized leaders in their practice, with significant experience advising debtors, creditors, creditors’ committees, bondholders, trustees, and buyers across a wide range…
At its meeting held on 23 April 2018 The Board of Thomas Cook (India) announced that 23 April 2018 approved (subject to regulatory approvals) a corporate restructuring exercise by way of a composite scheme of arrangement and amalgamation, aimed at streamlining its businesses into four key verticals namely: Travel (outbound, domestic, business travel &…
(Photo: Diego M. Radzinschi/ALM) A three-partner group from Jones Days business restructuring and reorganization practice has made a jump to Hogan Lovells in Los Angeles. Richard Wynne, Bennett Spiegel and Erin Brady joined Hogan Lovells effective Monday, each bringing with them a book of well known clients. Wynne is set to co-lead Hogan Lovells U.S.…
Thomas Cook (India) today said its board has approved corporate restructuring, subject to regulatory approvals, through composite scheme of arrangement and amalgamation, aimed at streamlining its businesses into four key verticals. The verticals include, travel (outbound, domestic, business travel and MICE), foreign exchange, destination management services and portfolio investments such as Sterling Holiday Resorts, the…
Peter Campbell, Motor Industry Correspondent in London April 23, 2018 Print this page Hyundai should carry out a fundamental restructuring, appoint fresh board members and significantly increase dividends, Elliott Advisors has said under a proposed plan to bring much needed improvements to the Korean carmaker. The activist fund run by Paul Singer declared a $1bn…
Outsourcing group Capitas shares rose at the open despite the firm reporting widening losses as it unveiled plans to raise £701m to fund a restructure. The company, which carries out disability benefit assessments on behalf of the government and also runs the London congestion charge scheme, posted a 4 per cent drop in revenue to £4.12bn…
Outsourcer Capita has launched a £701m fundraising after announcing a £513m loss for last year, as its tries to recover from a series of reputation-damaging contract bungles and repair its balance sheet. The company, which provides a range of public services from collecting the BBC licence fee to recruiting for the British army, is issuing…
Embattled department store chain Myer has hired a senior British department store retailer, former House of Fraser chief executive John King, as its new chief executive. Mr King, 55, takes the helm from Richard Umbers, who was forced to step down with immediate effect in February after unveiling Myer’s third profit downgrade in less than a…
National Company Law Tribunal (NCLT) Chairman Justice M M Kumar today said that Article 14 of the Constitution (right to equality) can be invoked if the committee of creditors violates the Insolvency and Bankruptcy Code law while examining business restructuring plan and proposals. “Article 14 of the Constitution can come in case of COCs (committee…