[Ensure you have all the info you need in these unprecedented times. Subscribe now.] Roadrunner Transportation Systems was in the final steps in a multiyear financial turnaround effort when the coronavirus pandemic hit, forcing the company to confront the same economic challenges facing all of trucking while also seeing its plans through, a company executive…
The owner of British Gas has said it will cut 5,000 jobs as part of a major restructuring plan to turn around the company. Centrica says half of its 40-strong senior leadership team will step down by the end of August – and it also plans to strip out three layers of management to slimline…
Customers browse financial services at a Money Expo. The banking industry has been focusing on helping customers via several methods of debt restructuring. The Thai Bankers’ Association (TBA) is considering extending debt restructuring measures as the domestic economic recovery should take a couple of years. The banking industry has been focusing on helping customers ease…
Spiique co-founder David Hewish said the group was concerned all the value in Virgin – and the upside from a future recovery – would be handed over to its new investors. Our suggestion was to do something to create an alternative – to fix the business plan with the support of the stakeholders and then…
Dufry is making sweeping changes to its business in a bid to accelerate growth and support profitability during the recovery phase of the economic crisis and beyond, it announced today. The changes, in place from 1 September, include: the integration of its headquarters and divisions, as well as rationalising its country groupings from 23 down…
The Chinese solar panel making division of the debt-saddled company appears likely to be broken up after admitting creditors will take controlling stakes in its business units following the successful petition of a court in Hebei province. June 10, 2020 Max Hall The company says employees will not be affected by the restructure. Image: Yingli…
Australia Post restructure threatens over 2,000 jobs By Oscar Grenfell10 June 2020 A sweeping restructure by Australia Post, the countrys government-operated postal service, threatens up to 2,500 jobs, along with wage reductions and further attacks on working conditions. Postal workers were informed at briefings called by management last week that one in four postal delivery…
To paraphrase Winston Churchill, it is curious to see The Warehouse Group (TWG) not letting a good crisis go to waste. Despite recently receiving NZ$68 million in government wage subsidies as a result of the COVID-19 lockdown, TWG has now proposed store closures and more than 1000 staff layoffs across its Warehouse, Noel Leeming and…
Sophos plans to cull its workforce by up to 16 percent and close some offices just three months after being acquired by private equity firm Thoma Bravo, according to media reports. Sophos confirmed the restructuring in a statement to CRN, but did not respond to questions about how many workers were impacted and in what…
Executive Summary During the Covid-19 pandemic, many companies have been meeting their cash needs through existing lines of credit. But these will soon run out and those with highly leveraged balance sheets will need to undergo a financial restructuring in which the key contracts with financial stakeholders are renegotiated. This article describes the out-of-court and…