Travelex, the airport foreign currency specialist, said it will complete its debt restructuring later today but more than 1,300 jobs will be lost in the process.
The transaction will see a new Travelex group established with debts reduced to 160mln from 385mln.
A further 84 million of new liquidity will be in ejected into the new Travelex Group to build on its current, market position and brand, said the statement.
However, some parts of the UK business including the airport-based outlets are to be closed.
Toby Banfield, joint administrator at PwC, said: The completion of this transaction has safeguarded 1,802 jobs in the UK and …
Read the full article at: https://www.proactiveinvestors.com.au/companies/news/926030/travelex-completes-debt-restructuring-and-axes-1300-jobs-926030.html
A home loans company that previously operated in Townsville is being liquidated with creditors expected to be paid in full.
Platinum Business Services Pty Ltd, trading as Townsville Home Loans, was placed in liquidation in May through a creditor’s voluntary winding up application.
Liquidators in the central Queensland division of Worrells Solvency & Forensic Accountants in Rockhampton are handling the matter.
Worrells central Queensland partner Michael Beck said the liquidation had been initiated by the bankruptcy trustee of the company’s director, Patrick Edward Leach.
Mr Beck said the business, which had operated from offices in Flinders St, had not traded for some time with its most recent loan written in 2017.
“We have sold the co…
Read the full article at: https://www.gladstoneobserver.com.au/news/home-loan-business-goes-under/4073377/
Crown prosecutor Raelene Sharp opposed bail, arguing the possible risk of flight and interference with witnesses.
She told the court Mr Alex, a declared bankrupt, has allegedly run businesses using a wide network of people to operate companies “on his behalf … from a paper perspective.”
His access to such networks pointed to “means and ability to effect an escape if on bail.”
It was these networks and more that allegedly made up the “jigsaw puzzle” of offending at the centre of a syndicate linked to a $17.5 million tax fraud.
However, Magistrate Margaret Quinn ultimately found strict bail conditions proposed by defence lawyers for Mr Alex mitigated any risks of his release on bail.
“Naturally these matters are very, very complex. He…
Read the full article at: https://www.smh.com.au/national/nsw/george-alex-to-live-under-house-arrest-at-aunt-s-home-in-sydney-20200807-p55jjw.html
A home loans company that previously operated in Townsville is being liquidated with creditors expected to be paid in full.
Platinum Business Services Pty Ltd, trading as Townsville Home Loans, was placed in liquidation in May through a creditor’s voluntary winding up application.
Liquidators in the central Queensland division of Worrells Solvency & Forensic Accountants in Rockhampton are handling the matter.
Worrells central Queensland partner Michael Beck said the liquidation had been initiated by the bankruptcy trustee of the company’s director, Patrick Edward Leach.
Mr Beck said the business, which had operated from offices in Flinders St, had not traded for some time with its most recent loan written in 2017.
“We have sold the co…
Read the full article at: https://www.dailymercury.com.au/news/home-loan-business-goes-under/4073377/
BOSTON–(BUSINESS WIRE)–Skillsoft Corporation (Skillsoft or the Company), a global leader in learning and talent management solutions, today announced that the U.S. Bankruptcy Court for the District of Delaware has confirmed the Companys Plan of Reorganization. The Company expects to successfully complete its financial restructuring process and emerge from Chapter 11 in the coming weeks with a right-sized capital structure, stronger balance sheet and significant additional liquidity.
Upon emergence, the Company will reduce its total debt by approximately $1.5 billion, eliminating approximately $100 million in annual interest payments, and have approximately $50 million in liquidity and leverage of approximately 3.5x net debt-to-LTM …
Read the full article at: https://www.businesswire.com/news/home/20200806005859/en/Skillsoft-Restructuring-Plan-Confirmed-Court
After announcing in January that it would cut about 1,500 jobs in another restructuring, 3M has since moved to eliminate an additional 1,700 positions due to COVID-19 and the sale of its drug delivery business.
During the second quarter, 3M committed to a restructuring directly related to the pandemic and its economic impacts, leading to about 400 job cuts worldwide, the company said in a recently filed report with federal securities regulators.
In addition, about 1,300 jobs were eliminated with the $650 million sale of most of 3M’s drug delivery business to Altaris Capital Partners, which closed in May, the filing said.
The business’ roughly 900 direct employees in Maplewood remain in the Twin Cities, simply having been transferred f…
Read the full article at: https://www.startribune.com/after-losing-1-500-jobs-in-january-restructuring-3m-cuts-1-700-more/572027632/
After announcing in January that it would cut about 1,500 jobs in another restructuring, 3M has since moved to eliminate an additional 1,700 positions due to COVID-19 and the sale of its drug delivery business.
During the second quarter, 3M committed to a restructuring directly related to the pandemic and its economic impacts, leading to about 400 job cuts worldwide, the company said in a recently filed report with federal securities regulators.
In addition, about 1,300 jobs were eliminated with the $650 million sale of most of 3Ms drug delivery business to Altaris Capital Partners, which closed in May, the filing said.
The businesss roughly 900 direct employees in Maplewood remain in the Twin Cities, simply having been transferred from…
Read the full article at: https://www.startribune.com/3m-cuts-1-700-more-jobs-after-selling-a-business-and-grappling-with-virus-slowdown/572027632/