Gold miner Mintails, now in business rescue, had completed the restructuring of its operations with the agreement of unions, business rescue practitioner Dave Lake of Lake Strategic Solutions said on Tuesday. The miner is in talks with funders, black empowerment partners and regulators to meet conditions to implement the second phase of its rescue plan.…
Profits have reduced to a level where the combination of rent, annual interest payments of around £55m and maintenance bill of £24m are unsustainable when compared to the earnings generated by the business. Terra Firma has written off its entire investment in Four Seasons, although after the proposed restructuring would still own 80pc of the…
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Parliamentary banking group heavily criticises RBS chief executive Ross McEwan for what it describes as offensive comments relating to businesses placed in its former restructuring group. Ministers have slammed RBS chief executive Ross McEwan for what they describe as an extraordinary outburst against business owners in light of pressure for details of the banks former…
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Daimler announced on Monday it was preparing to revamp the companys structure to better prepare it for the future of electric vehicles, by legally separating its cars business from its underperforming trucks unit in an attempt to unlock value in both. Analysts say the move by the German group would be the first time a…
Posted on : Oct.17,2017 17:59 KST Modified on : Oct.17,2017 17:59 KST GM Korea CEO Kaher Kazem explains the business situation to reporters at the companys Bupyeong Factory in Incheon on Sept. 6 (provided by GM Korea) The subsidiary of the largest American automaker has lost 2 trillion won…
ANZ has sold its OnePath Pensions & Investments (P&I) and aligned dealer group (ADG) business to IOOF Holdings for $975 million. The two businesses represent an aggregate profit of $39 million, with financial services company IOOF purchasing them in a deal representing over 25 times their combined FY17 net profits. The deal also involves ANZ entering into a 20year strategic…
BURBANK, Calif., Oct. 16, 2017 /PRNewswire/ — Zetta Jet, a global leader in private international, business and luxury air travel, announced today that Jonathan King has been approved by the Bankruptcy Court to serve as Zetta Jet’s Chapter 11 Trustee, overseeing the company’s restructuring and business affairs. King has retained, subject to Bankruptcy Court approval, the…
Credit-card and payment processing firm TSYS confirmed Monday that it is having another in a string of restructuring moves, with an undisclosed number of employees losing their jobs. The company, headquartered in downtown Columbus but doing business around the world, said despite the current job losses by individuals, it remains in an overall hiring mode…