The world’s biggest smartphone maker Samsung, assailed by a shambolic recall and embroiled in South Korea’s wide-ranging corruption scandal, on Friday backed away from a planned corporate restructuring. Following the embarrassing recall of the Galaxy Note 7 smartphone and under pressure from activist shareholders to improve corporate governance, Samsung Electronics said last year that it…
Creditors of struggling retail chain Blue Inc have voted through a restructuring deal that is likely to see a number of store closures. The company instructed Begbies Traynor to undertake a company voluntary arrangement (CVA), a process that allows it to have its rents reduced and to jettison underperforming stores. Begbies did not disclose how…
Related Story: Nufarm pushes profits up despite expensive restructure and tough agricultural conditions Australian agricultural chemical firm Nufarm has announced a massive turnaround in its fortunes after experiencing a heavy loss in 2015 due to significant restructure costs. The company made $20 million after tax in the six months to February,…
Malaysian identity solutions firm IRIS Corporation Berhad (IRIS) has formulated a corporate restructuring plan. In a statement, the company said the plan aims to deliver sustainable, profitable sales growth and long-term value creation for shareholders. The plan was discussed with Felda Investment Corporation (FIC), which is holding 21.33% shares in IRIS, and the Felda Board at the request…
To facilitate the transaction in an expedient manner, today SquareTwo and its affiliates filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the Southern District of New York. SquareTwo will also be filing for recognition of the U.S. chapter 11 proceedings under Part IV of the Companies’ Creditors Arrangement Act in the…
Companies and Deals Credit losses, impairment weigh on interim results. Roland Sassoon, group chief executive officer, Sasfin Bank. Sasfin Holdings aims to separate its diversified business into three distinct businesses Banking, Wealth and Capital by mid-year, after a tough interim period. The group reduced its dividend for the six months to December 31 2016, by…
Westinghouse Electric has hired Weil Gotshal & Manges as the companys troubles threaten to push Toshiba, one of Japans most storied conglomerates, over the brink. The bankruptcy and restructuring specialist law firm was brought in after Toshiba wrote off about A$8.2bn last month because of Westinghouse, Reuters reported. The writedown pushed Toshiba into negative…
Oceanus Group’s proposed debt restructuring has set it firmly on the road to recovery, the company’s head honcho said. Earlier this year, the home-grown seafood supply chain manager announced that its key creditors will convert 76.4 per cent of Oceanus’ outstanding debt to new shares. About $32 million worth of debt will be bundled with…
GoPro announced Wednesday that it was cutting 270 jobs to reduce its operating expenses and achieve profitability. The camera maker had 1,552 employees as of December 2016 according to its website, so the layoffs amount to about 17% of its staff. GoPro shares jumped by as much as 12% in after-hours trading following the news.…