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George Osbornes favourite burger chain is expected to close at least 15 restaurants under a restructuring plan.
Byron, where the burgers are as posh as the former chancellor, has 67 restaurants plus nine non-operational leasehold sites, but it has struggled in a competitive market.
It has submitted proposals to its landlords and other creditors seeking a cut to its rental obligations under a company voluntary arrangement. The CVA, which requires 75 per cent creditor approval, would enable it to press ahead with a financial restructuring valuing the business at £48 million less than half the £100 million paid in 2013 by Hutton Collins, which will sell half its holding to Three Hills Capital Partners, an existing investor.
The Hutto City Council has approved a 25 percent increase in the wastewater rates to help the city pay for the debt owed on the Hutto South Waste Water Treatment Plant plant built in 2014, invest in new infrastructure and maintain the utility fund reserve requirements, according to a press release.
The increase means users will pay approximately $15 more per month, the release from the city said. The council approved the increase on Thursday.
The 2014 action to build a new sewer plant without implementing effective revenue measures in the form of rate restructuring started the erosion of the funds reserves, said City Manager Odis Jones in a statement in …
Burger chain Byron could close up to 20 restaurants as part of a financial rescue proposal.
Accountancy firm KPMG, which is handling the restructuring, confirmed the plan, which would also involve cutting rent payments at other outlets.
Any deal would need approval from Byron’s creditors, who will vote on the plan on 31 January.
Byron, which has more than 70 outlets, employs about 1,800 staff across the UK.
KPMG said no restaurants would close immediately under the restructuring plan, and that employees, suppliers and business rates would continue to be paid on time and in full.
Altice NV shares climbed 10 per cent Tuesday after the struggling global telecoms and cable group unveiled a wide-ranging organisational shake-up and restructuring to allay concerns that have sent its stock tumbling in recent months.
The gains came in response to the heavily indebted companys announcement late on Monday that it would spin off its US business, restructure its European operations and reappoint senior managers to roles focused on just one region.
The move marked the starkest acknowledgment to date of concerns over the viability of the company, which has been strung…
ICONIC Australian footwear, clothing and accessories label Diana Ferrari will close all bricks-and-mortar stores within months.
In a statement to shoppers, the company announced the brand’s 23 retail boutiques and 11 clearance outlets will all shut down in the coming months.
The label will continue to maintain an online presence.
“All Diana Ferrari stores will be closed over the coming months, but our fabulous footwear will continue to be available through our online stores, Mathers, Williams, wholesale stockists and major department stores,” the statement read.
“We truly appreciate and thank all our loyal clothing customers over the last 17 years.”
Diana Ferrari stores in Woden in the ACT and Chatswood,…
NEW YORK (Reuters) – Lenders to U.S. mid-sized businesses are increasingly concerned about the higher levels of debt held by middle market companies versus a year ago, as well as what they consider to be less restrictive leveraged loan documents, a survey by Carl Marks Advisors found.
Higher leverage levels and borrower-friendly loan agreements, the result of highly competitive market conditions last year that pushed lenders to make such concessions, could impact loan portfolios if business performance comes under pressure.
Carl Marks, a mid-market focused corporate restructuring and investment banking firm, conducted the national online survey in December 2017 of 190 participants from US middle market lending-related fields, including t…
Trouble burger restaurant chain Byron has announced a financial rescue plan that could close up to 20 shops a decade after it first opened its doors.
The company has launched a restructuring process known as a company voluntary arrangement (CVA) as it tries to lower its rental bill and focus on a smaller number of profitable restaurants.
Byron runs 67 restaurants and employs about 1,800 people across the UK. The company has identified 20 sites where it will pay reduced rent for a period of six months while it negotiates with landlords about future operations. Some are expected to close as a result.
Simon Cope, the Byron chief executive, said: Byrons core restaurant business and brand remain strong but the market that we operate in h…
Japanese gambling series debuts to Western audiences this year
Animated show based on Kawamotos original comics
Streaming site Netflix has licensed a second series of popular series Kakegurui Compulsive Gambler, fans of the show were told at a recent convention for the manga serialization.
The high school gambling animation is expected to launch for Western audiences later this year, while Japanese fans who enjoyed the first season are eagerly awaiting news of the second series release date.
NEW YORK (Reuters) – Lenders to U.S. mid-sized businesses are increasingly concerned about the higher levels of debt held by middle market companies versus a year ago, as well as what they consider to be less restrictive leveraged loan documents, a survey by Carl Marks Advisors found.
Higher leverage levels and borrower-friendly loan agreements, the result of highly competitive market conditions last year that pushed lenders to make such concessions, could impact loan portfolios if business performance comes under pressure.
Carl Marks, a mid-market focused corporate restructuring and investment banking firm, conducted the national online survey in December 2017 of 190 participants from US middle market lending-related fields, including t…
A consortium of Aion Capital Partners and JSW Steel had emerged as the sole bidder for Monnet.
MUMBAI: The Mumbai bench of NCLT on Tuesday granted the resolution professional of debt ridden steel company Monnet Ispat and Energy an extension of 90 days to complete its insolvency resolution process as the initial 180 days were to expire on Jan…
Macau VIP gross gaming revenue (GGR) growth has slowed since mid-December, says a Monday memo from investment bank Credit Suisse AG, noting that the high roller trade typically accounts for 30 percent of casino operator earnings before interest, taxation, depreciation and amortisation (EBITDA).
