Insolvency Guardian Media Centre
The yoghurt company Chobani plans to pay the school lunch debts of low-income families in a small district in the US state of Rhode Island.
The district had made headlines by announcing children who owe money would get cold sunflower butter and jam sandwiches instead of a hot meal.
The office of Warwick mayor Joseph Solomon said it is co-ordinating with Chobani to accept nearly $US50,000 ($A72,000), the amount owed by low-income families with children in Warwick Public Schools.
Chobani founder and CEO Hamdi Ulukaya tweeted on Thursday that as a parent, the news broke his heart. Access to nutritious food should be a right, not a privilege, he said.
Chobani was but one of the businesses and organisations that offered to donate money to the dis…
Read the full article at: https://www.9news.com.au/world/us-firm-chobani-helps-kids-with-lunch-debt/99ec4da3-1ca7-4422-a2ac-1989c91ff4c9
The yoghurt company Chobani plans to pay the school lunch debts of low-income families in a small district in the US state of Rhode Island.
The district had made headlines by announcing children who owe money would get cold sunflower butter and jam sandwiches instead of a hot meal.
The office of Warwick mayor Joseph Solomon said it is co-ordinating with Chobani to accept nearly $US50,000 ($A72,000), the amount owed by low-income families with children in Warwick Public Schools.
Chobani founder and CEO Hamdi Ulukaya tweeted on Thursday that as a parent, the news broke his heart. Access to nutritious food should be a right, not a privilege, he said.
Chobani was but one of the businesses and organisations that offered to donate money to the dis…
Read the full article at: https://www.theaustralian.com.au/news/latest-news/us-firm-chobani-helps-kids-with-lunch-debt/news-story/c2d367b00a1bad2c68c3df1c6fb7aa93
Australian coal producerTerraCom (ASX:TER)has rolled out a A$63 million (about $44m) restructuring plan, consisting of a A$35-million capital raise and a $20-million convertible bond to support its growth ambitions.
The company, which has two operating mines in Queensland and Mongolia, is launching a fully underwritten entitlement offer priced at 58c per share to raise an initial A$35 million.
TerraCom has also locked in a US$20m convertible bond deal with shareholder and investment managerOCP Asia.
Both efforts will see TerraComs interest costs eventually reduced by around $16 million every year.
TerraCom has also locked in a $20m convertible bond deal with shareholder and investment managerOCP Asia
Petra Capital is acting …
Read the full article at: http://www.mining.com/coal-miner-terracom-fires-a63-million-restructuring-plan/
The yoghurt company Chobani plans to pay the school lunch debts of low-income families in a small district in the US state of Rhode Island.
The district had made headlines by announcing children who owe money would get cold sunflower butter and jam sandwiches instead of a hot meal.
The office of Warwick mayor Joseph Solomon said it is co-ordinating with Chobani to accept nearly $US50,000 ($A72,000), the amount owed by low-income families with children in Warwick Public Schools.
Chobani founder and CEO Hamdi Ulukaya tweeted on Thursday that as a parent, the news broke his heart. Access to nutritious food should be a right, not a privilege, he said.
Chobani was but one of the businesses and organisations that offered to donate money to the dis…
Read the full article at: https://www.news.com.au/world/breaking-news/us-firm-chobani-helps-kids-with-lunch-debt/news-story/c2d367b00a1bad2c68c3df1c6fb7aa93
Debenhams redesigned beauty hall in its new-look Watford store
Debenhams is set to embark on a store closure and business restructuring programme after it won backing from its landlords for a CVA programme that will see it close 22 stores next year.
The vote to approve the CVA arrangements was passed yesterday by more than 75% of creditors, on the same day that Debenhams Group owner Celine confirmed its backing for the business. Following its administration the retail group had been put up for sale to comply with a compulsory marketing process – but administrators have said that no bids were received at the level that would have been needed. Debenhams Group ownership, therefore, remains with Celine, a new company formed by creditors to …
Read the full article at: https://internetretailing.net/location/location/debenhams-cleared-to-press-on-with-transformation-after-cva-proposals-win-creditor-backing-19593
U.S. database giant Oracle Corp. is downsizing its China-based research and development team with hundreds of job cuts as the company seeks to reposition its business and expand further into cloud computing.
Oracle announced a restructuring plan focusing on its China R&D operation on a company conference call Tuesday. The plan will involve job cuts in Beijing, Shenzhen, and other locations, several company sources told financial news outlet Caixin.
Oracle didnt disclose how many people will be affected by the layoffs in China, but media reports said it could dismiss more than 900 employees in the country. One employee told Caixin that job cuts in Beijing alone will total about 500, although the com…
Read the full article at: https://www.sixthtone.com/news/1003979/oracle-cuts-hundreds-of-china-jobs-in-restructuring
Debenhams redesigned beauty hall in its new-look Watford store
Debenhams is set to embark on a store closure and business restructuring programme after it won backing from its landlords for a CVA programme that will see it close 22 stores next year.
The vote to approve the CVA arrangements was passed yesterday by more than 75% of creditors, on the same day that Debenhams Group owner Celine confirmed its backing for the business. Following its administration the retail group had been put up for sale to comply with a compulsory marketing process – but administrators have said that no bids were received at the level that would have been needed. Debenhams Group ownership, therefore, remains with Celine, a new company formed by creditors to …
Read the full article at: https://internetretailing.net/location/debenhams-set-to-press-on-with-transformation-after-cva-proposals-win-creditor-backing-19593
From about 4am on October 22, prosecutor Jennifer McGarvie said, Yanagida swapped the $140,000 for gambling chips, but blew the lot over the next four hours.
He returned to the hotel, climbed into bed and played dumb when his companions discovered the cash was missing and angrily confronted him.
Yanagida denied the theft, Ms McGarvie said, but police were called and the 23-year-old admitted he stole the money with the intention of turning it into a bigger sum on the tables, and had intended to return the $140,000 to the suitcase.
Yanagida considered Mr Kotani a paternal figure and mentor, the court heard, but he also owed the older man about $30,000 after borrowing money to cover his gambling debts, which had accumulated during previous tri…
Read the full article at: https://www.theage.com.au/national/victoria/japanese-visitor-stole-140-000-from-sleeping-boss-then-lost-the-lot-at-crown-20190510-p51m3e.html
Image: TerraCom Resources
Latest News
Coal miner TerraCom Resources has rolled out a $63 million restructuring plan that will support its growth ambitions.
TerraCom is launching a fully underwritten offer that will firstly fetch around $35 million.
The company has furthered its restructuring effort by agreeing to a $US20 million ($28 million) convertible bond with shareholder and investment manager OCP Asia.
Both efforts will see TerraComs interest costs eventually reduced by around $16 million every year.
TerraComs existing shareholders (and sub-underwrites) Bonython Coal No 1, Noble Resources International and Mistlake have backed the entitlement offer.
The funds raised will significantly reduce the companys cost of debt and provide vital lev…
Read the full article at: https://www.australianmining.com.au/news/terracom-to-expand-operations-through-63m-restructuring/
A little-known UK advisory firm stands to make about $27m from the restructuring of Barbadoss $7bn of debts close to what Lazard earned seven years ago when it advised Greece on defaulted debt nearly 40 times bigger.
White Oak Advisory is a small firm with just two partners located opposite Claridges hotel in Londons Mayfair. The size of the fee it will receive from its work on the default has outraged the Caribbean islands creditors.
The fee is absurd given the size of the debt, said Sean Newman, an Atlanta-based portfolio manager at Invesco and a member of the external committee of creditors. Ive never seen anything like this in my 20 years in the business.
White Oak was founded a decade ago by Sebastian Espinosa, a former Houli…
Read the full article at: https://www.ft.com/content/164613a4-7234-11e9-bbfb-5c68069fbd15
Eight out of ten companies entering insolvency in the first three months of 2019 were incorporated more than five years ago, new figures show.
The data, which has been compiled by Deloitte, indicates that 195 companies entered insolvency during the first quarter, a marginal increase on the 188 insolvencies recorded for the same period a year earlier.
Some 21 per cent of insolvencies were for companies less than five years old, while 27 per cent was for businesses in the five to ten year bracket. Some 26 per cent were f…
Read the full article at: https://www.irishtimes.com/business/most-companies-entering-insolvency-incorporated-over-five-years-ago-1.3886573
German industrial equipment maker, Siemens has announced plans to cut some 10,000 jobs in a major restructuring that will involve spinning off its oil, gas and power generation business and creating new areas of growth.
The company said that it would spin off its division that makes power turbines to increase the divisions entrepreneurial freedom, while embarking on a sweeping cost-cutting effort at its remaining operations.
The gas and power division has been under pressure due to a broader trend toward renewable energy such as sun and wind power. Competitors in the power business such as Boston-headquartered General Electric and Japans Mitsubishi have struggled as well.
Siemens said it would keep a significant stake of less than 50 pe…
Read the full article at: https://leadership.ng/2019/05/10/siemens-oil-gas-business-restructuring-to-affect-10000-jobs/