Sir Martin Sorrell, CEO of the worlds biggest advertising holding group by revenues, WPP, thinks rival company Publicis Groupes recent big restructuring was to distract attention from the companys other issues. Speaking to Business Insider at the World Economic Forums Annual Meeting in Davos, Sorrell said the restructure had some fundamental flaws. In December, Publicis…
Under the plan, the company’s secured lenders will convert $230 million of secured debt into equity, provide $40 million of exit financing, in the form of debt and equity, and provide a $40 million asset-backed loan. The $80 million of incremental liquidity will support American Apparels turnaround plan, and interest expense will decrease by $20…
Charney and backers, Hagan Capital Group and Silver Creek Capital, had made a $300 million for the company, which was rejected by American Apparels board. The proposal would have brought back Charney, who was fired as CEO in 2014 after allegations of misconduct. In his testimony in bankruptcy court last week, Charney accused company executives…
Wincor Nixdorf AG saw net sales rise by 14% year on year in the first quarter of the current fiscal year 2015/2016, while operating profit (EBITA) before restructuring expenses increased by 78%. After restructuring expenses EBITA was up by 46%. In absolute terms, net sales generated by the Group totaled 727 million (previous year:…
Toshiba is considering to sell its less profitable semiconductor businesses including its System LSI business to concentrate resources in advanced NAND, flash memory, and nuclear power generators and other coal fire equipment, according to a recent Nikkei report. The report pointed out with the exception of NAND flash operations, Toshiba planned to sell most of…
General Electric Co (GE.N) said on Friday that it would double its 2016 budget for restructuring spending to fight the effects of low oil prices and slow global growth that pummeled its earnings last year. The U.S. conglomerate plans to spend $3.4 billion on restructuring measures this year, double the $1.7 billion it targeted just…
American Express Co., the biggest credit-card issuer by purchases, said fourth-quarter profit fell 38 percent as expenses rose and the company took a restructuring charge. The shares slid in extended trading. Net income dropped to $899 million, or 89 cents a share, from $1.45 billion, or $1.39, a year earlier, the New York-based company said…
WASHINGTON–(BUSINESS WIRE)–EIG Pacific Holdings Ltd. (the Offeror), a Cayman Islands limited company and subsidiary of Harbour Energy Ltd. (Harbour Energy), today provided an update regarding its pending tender offers (the Tender Offers) for the outstanding senior notes (the Notes) of Pacific Exploration & Production Corporation (TSX: PRE) (BVC: PREC) (Pacific E&P or the Company). On…
Pearson, the worlds biggest education publisher, announced Thursday that it would cut 4,000 jobs, after issuing its second profit warning in three months. The company said in a statement that the job cuts would be completed by this year and added that the profits for next year could be lower. The jobs to be eliminated account…
Get an inside look at Wall Street with StreetInsider Premium. Get your 2-week free trial here UBS maintained a Buy rating on Morgan Stanley (NYSE: MS), and cut the price target to $34.00 (from $42.00), following the company’s 4Q earnings report. UBS lowered estimates by 16c to $3.00 per share in 2016, and by 12c…