A report issued by one of Australias leading credit agencies is warning COVID-19 insolvency relief measures will cause a domino effect of business shutdowns. CreditorWatch says the safe harbour moratorium that is relaxing insolvency rules will dent business confidence and plunge the country into a deeper recession, as government assistance mechanisms are propping up businesses…
Ground-handling firm Swissport is set to be taken over by a group of creditors under a 1.9 billion ($2.3 billion) debt-for-equity swap as part of an extensive financial restructuring. Once the process is completed, seven institutions a group collectively known as AHG will control more than 75% of Swissports equity, unless a third party is…
SINGAPORE (THE BUSINESS TIMES) – Keppel Corporation, which owns a 40 per cent stake in upstream oil and gas company KrisEnergy, on Sunday (Aug 30) said it is prepared to support the final restructuring proposal of the debt-hit firm. In a bourse filing, Keppel Corp said it has evaluated KrisEnergy’s debt workout plan, which it…
ATLANTA The Coca-Cola Co. is reorganizing, reducing its number of operating units from 17 to 9 and creating a platform services group. Platform services is intended to improve scale and expertise throughout the nine new operating units. We have been on a multi-year journey to transform our organization, said chairman and chief executive officer James…
Srei Infrastructure Finance vice chairman Sunil Kanoria said the RBI restructuring package is somewhat “restrictive and not a workable solution” TopicsFinancial Advisor|RBI|NBFCs The loan restructuring package announced by the Reserve Bank of India evoked mixed reactions from experts in the financial sector, as some found it helpful for the tourism industry, while others described the…
Coca-Cola announced on Friday a workforce restructuring plan that will include voluntary job cuts. Shares of the beverage giant, which has a market value of $210 billion, rose 1% in premarket trading. The stock has fallen 12% this year. Coke said it will offer voluntary layoff packages to employees who qualify, starting with about 4,000…
As a result of the severe impact of COVID-19 on the airport, Gatwick Airport will undertake a major business restructure, putting roughly 600 jobs at risk. London Gatwick Airport (LGW) has announced plans for a significant restructure across its business, designed to further reduce operating and staff costs in light of the dramatic impact that…
Crystal Cruises proud boast was that it was the most awarded luxury line. This week, it announced a preview of the deployment for the all-suite, 62-guest Crystal Esprityacht for 2023 and through to the first quarter of 2024. It includes 35 all-inclusive luxury sailings in 2023, and 11 idyllic sojourns through the Seychelles islands and…
Date: 28.08.2020 Profit hike from lower revenues follows restructures, government subsidies The company has overseen operational changes in the past 12 months The winds of change have swept through K&S Corporation, with vast restructuring delivering a much different outlook on recent years. Last year it reported its annual net profit fell 86.4 per cent to…
By Wayne Robinson | 28 August 2020 Heatset print giant Ovato suffered a $130m hit on its sales revenue in the 2019-2020 financial year, as catalogue and publication paginations plummeted.The company’ssales fell by 19.4 per cent to $539m, down from $669m in the prior year, as Covid tore through its clients. Happier times: Michael Hannan…