4th September, 2020 by Rupert Millar

Berry Bros & Rudd has announced that following an internal review it will be changing the trade and business model of its wholesale arm Fields, Morris & Verdin.

Over the course of this week several other merchants have announced the addition of former FMV-distributed wineries to their own portfolios.

It has been known since June that the business was struggling but there what its future was remained unknown.

Today (Friday 4 September), BBR has confirmed that FMVs new business model will see it continue to act as a wholesale arm for BBR but with a much reduced portfolio and a stronger focus on luxury and independent retailers and high-end on-trade.

Chairwoman Lizzy Rudd said: Following the compl…

Read the full article at: https://www.thedrinksbusiness.com/2020/09/bbr-announces-fmv-restructure/

Kolkata: ITC chairman Sanjiv Puri did not rule out the possibility of restructuring the company or buyback of shares to unlock shareholders value at the annual general meeting (AGM) of the conglomerate on Friday.
Puri also made it clear that he is keen to see that the new FMCG brands of tobacco-to-FMCG-to-hotel major make significant international footprint in the near future. The consumer spend on ITCs 25 mother brands is now over Rs 19,700 crore. The non-cigarette segment revenue rose to Rs 31,000 crore during the year, accounting for nearly 60% of ITCs total segment revenue.
Some shareholders, including veteran Manoj Gupta, had raised the issue of restructuring of ITC Infotech, including the proposal of IPO. There were questions abo…

Read the full article at: https://timesofindia.indiatimes.com/business/india-business/itc-not-averse-to-restructuring-buyback/articleshow/77940498.cms

The Australian Securities and Investments Commission is monitoring companies linked to the former director of a failed Coast-based training firm which pocketed almost $80 million in government funding before its collapse.

The advice was given to Fairfax MP Ted O’Brien, who had sought further information from the regulator about its treatment of SmartCity Vocational College, its administrative arm SC Admin and director James “Jim” Spong.

“While ASIC has effectively closed the matter of SmartCity, it has not closed the book on Mr Spong,” Mr O’Brien said.

Maroochydore-based SC Admin Pty Ltd folded in December, 2016, leaving more than 300 staff jobless around the country and was wound up with debts of $2.6 million to staff for annual leav…

Read the full article at: https://www.noosanews.com.au/news/watchdog-keeps-tabs-on-failed-training-firm-compan/4092608/

UK carrier Virgin Atlantic is to cut a further 1,150 jobs after formally securing court approvals for a restructuring plan which will unlock 1.2 billion ($1.6 billion) worth of refinancing.

The fresh cuts reflect the continued challenges in restoring international air travel amid the global pandemic, in particular the key transatlantic market, which represents around 70% of the UK carriers flying.

Based on the current outlook, the airline is planning to a scenario in which transatlantic flying from the UK doesnot extend beyond current skeleton operations until the beginning of 2021, the airline says.

Under this scenario it expects its fourth-quarter capacity to be around 25% of 2019 levels and warns revenues next year could be only …

Read the full article at: https://www.flightglobal.com/strategy/virgin-atlantic-to-cut-1150-more-jobs-after-restructuring-approved/140047.article

How personal loans and 0% APR credit cards can get you out of high-interest credit card debt and back in good financial shape. (iStock)

Massive amounts of credit card debt can be nerve-racking. You may have enough income each month to pay your mortgage, utilities, and other necessities, but little left to pay off credit cards.

Youre not alone. Credit card debt in the U.S. was just about $890 billion in the first quarter of 2020, according to Statista.

Two of the most common methods to wipe out credit card debt are a personal loan or opening a 0% APR credit card but which is really better for debt consolidation?

A 0% APR credit card gives you a way to consolidate debt or transfer an existing balance and p…

Read the full article at: https://www.foxbusiness.com/money/personal-loan-vs-zero-apr-card-debt-consolidation

The Australian Securities and Investments Commission is monitoring companies linked to the former director of a failed Coast-based training firm which pocketed almost $80 million in government funding before its collapse.

The advice was given to Fairfax MP Ted O’Brien, who had sought further information from the regulator about its treatment of SmartCity Vocational College, its administrative arm SC Admin and director James “Jim” Spong.

“While ASIC has effectively closed the matter of SmartCity, it has not closed the book on Mr Spong,” Mr O’Brien said.

Maroochydore-based SC Admin Pty Ltd folded in December, 2016, leaving more than 300 staff jobless around the country and was wound up with debts of $2.6 million to staff for annual leav…

Read the full article at: https://www.cqnews.com.au/news/watchdog-keeps-tabs-on-failed-training-firm-compan/4092608/

The Australian Securities and Investments Commission is monitoring companies linked to the former director of a failed Coast-based training firm which pocketed almost $80 million in government funding before its collapse.

The advice was given to Fairfax MP Ted O’Brien, who had sought further information from the regulator about its treatment of SmartCity Vocational College, its administrative arm SC Admin and director James “Jim” Spong.

“While ASIC has effectively closed the matter of SmartCity, it has not closed the book on Mr Spong,” Mr O’Brien said.

Maroochydore-based SC Admin Pty Ltd folded in December, 2016, leaving more than 300 staff jobless around the country and was wound up with debts of $2.6 million to staff for annual leav…

Read the full article at: https://www.qt.com.au/news/watchdog-keeps-tabs-on-failed-training-firm-compan/4092608/

Renault has detailed a plan to revive its fortunes by restructuring the business around four core pillars. One of them is Alpine, which has a new brand boss and a secure future after months of speculation.

The new strategy is being deployed by the groups new boss, ex-Seat CEO Luca de Meo. The four core business units are the Renault, Dacia and Alpine brands, plus a New Mobility operation.

“The company needs to change its game module and move from a search for volume to a search for value and profitability, said de Meo. The organisation around four strong brands and large cross-functional functions would make it possible to work in a simpler way, more oriented to the markets and customers, with a team spirit, to seek the best possible r…

Read the full article at: https://www.autocar.co.uk/car-news/new-cars/future-alpine-secured-restructured-renault-group-business

As expected, Virgin Australias creditors have voted in favour of Bain Capitals takeover proposal for the airline.

Creditors convened earlier today to cast their vote, with Virgins administrators recommending all along that Bains proposed deeds of company arrangement (DOCAs) would result in the best outcome for them and the airlines future as it emerges from voluntary administration.

According to the administrators report to creditors, Bains proposed DOCAs ensures all employee entitlements are paid in full, customer travel credits are honoured, a number of supply and finance arrangements continue, and unsecured creditors receive a return of between $462 million and $612 million (or between nine and 13 cents in the dollar).

While not spec…

Read the full article at: https://www.travelweekly.com.au/article/all-over-red-rover-virgin-australias-creditors-approve-sale-to-bain-capital/

In Re PT MNC Investama TBK [2020] SGHC 149, the Singapore High Court provided guidance as to what is sufficient for a foreign company to establish standing to avail itself to the Singapore restructuring regime. Specifically, the factors expressed in the “substantial connection” test under the IRDA¹are non-exhaustive and courts will consider other factors involving “some permanence” to permit foreign companies to restructure in Singapore.

Establishing a “substantial connection”

The IRDA requires a foreign company to show a “substantial connection” with Singapore in order to be eligible to seek moratorium protection in respect of a scheme of arrangement. In relation to substantial connection, the IRDA sets out matters the court may rely …

Read the full article at: https://www.jdsupra.com/legalnews/singapore-restructuring-regime-foreign-38837/