Getty Images (Reuters) – Seadrill Ltd, the indebted oil rig firm controlled by Norwegian billionaire John Fredriksen, has agreed a restructuring that almost wipes out existing shareholders after filing for Chapter 11 bankruptcy protection. A deal with a consortium of investors, as well as bank lenders and many of its bondholders, will bring in more than $1…
by Prashant Rao and Chad Bray DowDuPont, the chemicals giant, says it it will shift the focus of its reorganisation plan after shareholders opposed a proposal to break up the company. The decision, announced on Wednesday (AEST), is the latest response by a big company to activist shareholders who have taken on ever-larger targets in…
September 12, 2017 18:44 ET | Source: Seadrill Partners LLC London, United Kingdom, September 12, 2017 – Seadrill Partners LLC (“Seadrill Partners” or the “Company”) announces today that the Company’s largest shareholder, Seadrill Limited (“Seadrill”), has entered into a restructuring agreement with secured lenders, bo… Read the full article at: https://globenewswire.com/news-release/2017/09/12/1118428/0/en/SDLP-Seadrill-Limited-Restructuring-Update.html
Members of boards of directors will now have to have unique director identification numbers as a way of combating phoenix companies where businesses are sent broke but their assets rise again in another company. The federal government says illegal phoenixing costs the economy up to $3.2 billion a year. Among the latest measures are making…
A family shops at the Wal-Mart Supercenter in SpringdaleThomson Reuters CHICAGO (Reuters) – Wal-Mart Stores Inc is restructuring its U.S. store operations and will consolidate its business divisions from six to four, the company said on Tuesday. “Our last field restructure was several years ago and our business has changed over that time,” the company…
September 12, 2017 In the wake of Alexion Pharmaceutical’s announcement it will move its New Haven headquarters to Boston, state officials said Tuesday they want back more than $26 million in incentives Alexion received from Gov. Dannel P. Malloy’s First Five Plus economic incentive program. The incentives included a $20 million loan and $6 million…
NEW HAVEN, Conn.–(BUSINESS WIRE)–Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) today announced an operational plan to re-align the global organization with its refocused corporate strategy. The plan is expected to deliver approximately $270 million in GAAP and approximately $250 million in non-GAAP pre-tax savings annually by 2019. The restructuring will reduce the Companys global workforce by approximately 20%.…
Kaman Corporation KAMN recently announced a plan to restructure its Aerosystems business, for improving profitability. The move is in sync with the company’s existing initiatives to strengthen the Aerosystems business’ capacity utilization and operating efficiency. The company, reportedly, operates under two segments, namely, Distribution and Aerospace. The Aerospace business has exhibited steady growth over time,…
Projected Annual Cost Savings of Approximately $7 million from Restructuring Changes to Leadership Team Announced ATLANTA, Sept. 07, 2017 (GLOBE NEWSWIRE) — Mueller Water Products, Inc. (NYSE:MWA) today announced its strategic reorganization plan designed to accelerate its product innovation and revenue growth. The plan re-configures the Companys divisional structure around products, with five business teams that…
September 7, 2017 The board of edible oil maker Ruchi Soya Industries Ltd has set up a committee to explore business restructuring options, the company said in a statement. Ruchi Soya is considering internal restructuring options including creating subsidiaries for individual businesses within the company, and separating businesses into individual entities, the company said in…