Financial institutions should help the beleaguered tourism industry by alleviating operators’ debt service burden for three years and encouraging businesses to maximise capability for a future revival, says a former tourism and sports minister. “If we believe Thai tourism still has a future, such a policy is essential,” said senator Weerasak Kowsurat. “We hope that…
Pret a Manger has announced it axed 2,800 roles from its shops after completing a restructuring of its business in the UK. The coffee and sandwich chain, which once boasted more than 450 sites across the UK with the majority focussed in London, has struggled for footfall in the wake of the coronavirus pandemic with…
Telkom Kenya revealed a number of new strategic focus areas as part of a business restructure being conducted in the wake of a decision to call off plans to merge with rival Airtel Kenya earlier this month. In a statement, Telkom Kenya CEO Mugo Kibati outlined the companys future plans, as part of a long-term…
The AFLs restructuring of its operations will see a change of management at Melbournes Marvel Stadium with the Docklands venue to become wholly integrated into the AFL structure. Prompted by an expected $400 million loss of income this year due to Coronavirus pandemic and anticipatingfuture financial challenges, the AFL has ended the independent management of…
ROLLE, Switzerland–(BUSINESS WIRE)–Garrett Motion Inc. (NYSE: GTX), a cutting-edge technology provider that enables vehicles to become safer, more connected, efficient and environmentally friendly, today announced that, with the assistance of its financial and legal advisors, it is exploring alternatives for addressing its previously disclosed balance sheet concerns. On June 12, 2020, Garrett entered into an…
August 26, 2020 06:00 ET | Source: UPM-Kymmene Corporation multilang-release UPM-Kymmene Corporation Stock Exchange Release (Inside Information) 26 August 2020 at 13:00 EET UPM plans restructuring and streamlining to ensure performance To ensure future competitiveness of UPM Communication Papers, UPM announces plans for permanent closing of UPM Kaipola paper mill in Finland, sale of UPM…
For years, small business debtors have struggled with the intricacies of Chapter 11, the debt limitations of Chapter 13 and Chapter 7 bankruptcy liquidations. Stringent requirements and procedural hurdles often made restructuring a prohibitively expensive option for many small business debtors. Congress attempted to address these issues with H.R. 3311, the Small Business Reorganization Act…
Gatwick has announced plans for a significant restructure across its business. The airport said the move was designed to further reduce operating and staff costs in light of the dramatic impact Covid-19 has had on its passenger and air traffic numbers. Owners VINCI Airports hope the redesign will reshape the company so it is best…
The Insolvency, Restructuring and Dissolution Act 2018 (the “IRDA”) came into force on 30 July 2020. The consolidation of all personal and corporate insolvency and debt restructuring legislation into a single statute, along with other legislative changes, seeks to further strengthen Singapore’s position as an international debt restructuring hub. This note highlights the new restrictions…
Advertisement: Virgin Atlantic has today shared an important update in its billion-dollar restructuring plan. The United Kingdom-based carrier has announced that its creditors have voted in favor of its proposal to get its finances back on track amid the impact of the global health crisis. Virgin Atlantic is positive about the breakthrough regarding its restructuring…