NEW YORK–(BUSINESS WIRE)–Schulte Roth & Zabel (SRZ), a leading law firm serving the financial services industry, has announced the addition of Douglas S. Mintz as a partner and co-chair of the Business Reorganization Group. Mr. Mintz is resident in the Washington, DC office. He was previously a partner at Orrick, Herrington & Sutcliffe. Mr. Mintzs…
LONDON (REUTERS) – British supermarket group Sainsbury’s said on Thursday (Nov 5) it could cut 3,500 jobs in a restructuring that will see in-store meat, fish and deli counters as well as 420 standalone Argos general merchandise stores close. The group reported a loss before tax of 137 million (S$241.9 million) for the 28 weeks…
The business of restructuring troubled companies is thriving during the Covid-19 pandemic, driving revenues higher at several publicly traded investment banks and other financial advisers as their clients default on debt and seek concessions from creditors. Investment banks including PJT Partners Inc. and Houlihan Lokey Inc. notched quarterly revenue records in the first nine months…
Nok Airhas gained court approval to restructure under a business-rehabilitation process. In a 4 November notice to the Thai stock exchange, Nok chief executive Wutthiphum Jurangkool states that the central bankruptcy court has ordered granting the company to be in business rehabilitation. The court has appointed the Nok chief plus four other individuals, and Grant…
PREIT, co-owner of Lehigh Valley Mall in Whitehall Township and the largest mall owner in Philadelphia, on Sunday filed for Chapter 11 bankruptcy protection with a ready-to-go plan to bolster its financial flexibility and restructure its debt. PREIT had hoped to avoid a bankruptcy filing and reorganize out of court, which would have required the…
KBank maintains a sound capital adequacy ratio at 17.3%.(Photo by Tanaphon Ongarttragoon) Local commercial banks are concentrating on debt restructuring and asset quality rather than business growth amid fragile economic conditions that could linger into next year. Pipatpong Poshyanonda, co-president of Kasikornbank (KBank), said the bank will continue paying attention to helping customers with debt…
The coronavirus pandemic continues to impact the professional services industry, as firms see decreased demand for strategy consulting and increased need for restructuring services. FTI Consulting is expecting the bankruptcy boon to continue, execs said in Thursday’s earnings call, and has hired 431 restructuring professionals in the past year in anticipation. Firm execs are also…
With COVID-19 and the differing attempts by state and local government to contain its spread by various regulations, smaller companies in almost every industry have been negatively affected by state regulations. As a result, some companies impacted by these COVID-19 regulations may find themselves on the brink of insolvency. Until recently, there have been two…
The Kroger Co. is undergoing a transition that will affect an unspecified number of corporate office employees in Cincinnati, a spokesperson for the company confirmed to WGB this week. The company, in the meantime, said it would add about 140 positions as part of a restructuring of its technology and digital group, with many of…
FRP, the specialist business advisory firm, has appointed Emma Turnbull as a restructuring advisory director in Scotland. During a 15-year career Ms Turnbull has gained extensive experience working with a wide range of firms across the retail, oil and gas and real estate sectors on both consensual and non-consensual restructuring issues. She spent nine years…