Car park giant NCP has started a formal “last resort” process to pull out of contracts for unprofitable parking facilities and implement cut rents, as it reels from the impact of stay-at-home orders due to the coronavirus pandemic.
The company said it had seen revenues drop by 80% and the plan to restructure the business will be put to creditors at the end of May.
NCP’s Japanese owner, Park 24, said it backs the plan and will cut funding if it does not succeed. NCP said this would tip it over into insolvency.
If the plan fails 1,000 jobs hang in the balance and the future of its business looks uncertain.
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