New Delhi: India Ratings and Research has placed Tata Steel on ‘rating watch’ following its announcement of restructuring European operations. “While cutting down losses by curtailing overseas operations would be a credit positive for TSL, the uncertain timelines associated with this goal could delay the expected recovery in its credit profile,” Ind-Ra said in a…
Restructuring package of engineering PSU Andrew Yule, which was referred to BIFR, has been completed post the conversion of Bank of Baroda’s loan into equity and the company is now looking at higher profits, a top official said. “Following the recent conversion of BoB’s term loan into equity, the restructuring package of Andrew…
PacSun secures up to $120M financing from Golden Gate Capital and Wells Fargo; Fourth Quarter comps were slightly up while Year-End comps slumped 2.6% After rumors hit earlier this week, Pacific Sunwear officially announced it has reached a comprehensive debt-for-equity restructuring agreement with Golden Gate Capital, who has promised to deliver a minimum of $20…
Victorias Secret is cutting jobs. Parent company L Brands has officially announced in a release that Victorias Secret will be streamlining the organisation through the elimination of approximately 200 Columbus and New York home office associates. This is part of an overall restructuring plan. Victorias Secret will be split into three divisions, according to the…
SAN JOSE, Calif.–(BUSINESS WIRE)–Pixelworks, Inc. (NASDAQ: PXLW), an innovative provider of video display processing technology, today announced a restructuring to streamline its product offerings and organization, including an approximately 24% reduction in workforce, in the areas of development, operations, sales and marketing. Pixelworks expects the restructuring to result in annualized savings of at least $5.0…
Aditi Shrivastava, ET Bureau Mar 16, 2016, 03.06AM IST (The company, which shut) BENGALURU: India’s largest cab aggregator Ola, after pulling the curtains on its online food and grocery delivery experiments, is restructuring its business to step up focus and investment into its core taxi service, according to multiple people aware of the matter. Ola…
Telkom makes progress in restructuring with more than 1,000 job cuts by Loni Prinsloo, 2016-04-05 08:31:30.0 TELKOM, which is cutting costs to counter a decline in its fixed-line business, has accepted 1,184 applications for voluntary redundancy, reducing its workforce by about 8.5%. The operator, which is still 39% government-owned, made the offer to staff after…
Optus has announced that it will be restructuring its Enterprise and Consumer divisions through a series of redundancies, with a “reshape” of its workforce planned in order to support its transformation into a multimedia company rather than a pure telecommunications carrier. Latest Australian news Under the restructuring, Optus will consolidate and make redundant a number…
Country’s largest steel maker Tata Steel’s plan to restructure its UK businesses is credit positive as it will reduce some of the negative pressure on its operating performance, Moody’s Investors Service said in its report today. However, pending finalisation of the restructuring plan and the uncertainty around the extent of improvement in the…
CHICAGO–(BUSINESS WIRE)–How the equity portion of a recovery distribution will be accounted for is becoming more important to bondholders as additional defaults are expected this year, Fitch Ratings says. Equity receives no credit in the calculation of a CLO’s aggregate principal balance, or overcollateralization (OC) ratios, until the manager monetizes the equity position. Equity may…