On Friday 14th August, the firms auditors, Deloitte Touche Tohmatsu Jaiyos, declined to sign off on the airlines accounts to June 30th citing concerns about financial liquidity, debt defaults and the ongoing losses of the venture as reasons. It comes as the airline industry association IATA points to government support for national airlines worldwide facing…
In the first six months of 2020 the company has continued to implement the restructuring introduced in the summer of 2019. In the first half of 2020, Hochdorf Group processed 187.9m kg of milk, whey, cream and butter milk in Switzerland. It also sold 46,357 tonnes of product and achieved a net sales revenue of…
STOCKHOLM–(BUSINESS WIRE)–Global professional services firm Alvarez & Marsal (A&M) continues to expand its Financial Restructuring capabilities in Europe with the hiring of two new Managing Directors in the Nordics. Jonas Rickardsson has joined as the Head of Financial Restructuring in the region, and Dan Andersson has been appointed to lead the Nordic Operational Restructuring and…
Professional services firm PwC has clinched a restructuring deal for Travelex, which appointed administrators earlier in August. The news safeguards around 1,800 jobs in the UK. Businesses centring on travel and hospitality have endured a nightmare start to 2020. With the global outbreak of coronavirus, and the international lock-down ushered in to slow its spread,…
BDO USA, LLP announced that David Balderach and Robert Novak recently joined the firms business restructuring and turnaround services practice. Balderach, an industry veteran serving the lending and restructuring needs of energy and oilfield services businesses for the past 30 years, has joined BDOs Houston office. Balderach brings his deep industry experience to BDO to…
DGAP-News: aap Implantate AG / Key word(s): Half Year Results14.08.2020 / 15:48The issuer is solely responsible for the content of this announcement. The COVID-19 pandemic led to a significant impairment of business operations at aap Implantate AG (“aap” or “Company”) in recent months, which is reflected in the development of sales and earnings in the…
The West of England could see a steep rise in the number of corporate insolvencies this winter, a restructuring trade body is warning. According to research from R3, there could be an increase as early as October. The member survey of UK insolvency and restructuring professionals, found an overwhelming majority (93.7%) of respondents believed there…
Unlike Commonwealth Bank, which this week said it expected the majority of people deferred loans could resume repayments, Mr McEwan said it would not make a prediction on how many of these customers would recover. The bank has in recent months been calling clients with deferred loans, and Mr McEwan said it had contacted 24,000…
Many developing countries have so far avoided the high Covid-19 infection and mortality rates that are being experienced elsewhere. While that may be good news, at least in the short term, the bad news is that these countries are set to be among the hardest hit in economic terms. The World Bankestimatesthat as many as…
Summary There are specific industries which have been significantly hit by the crisis, such as the aviation industry, the travel, tourism and leisure and the hospitality sector British Airways will be undertaking restructuring plans to survive the crisis The company has entered into an agreement with unions which covers engineers and Heathrow staff, but not…