Shares in Hanjin Heavy Industries & Construction Co., a midsized South Korean shipbuilder, resumed trading on the Seoul bourse Tuesday following its financial restructuring efforts. Hanjin Heavys stock trading had been suspended since February due to capital erosion. The shipyard saw its losses snowballing to 1.32 trillion won (US$1.15 billion) last year, from a loss…
Nine has confirmed it will no longer continue with some of its smaller sporting events as part of the latest restructuring of theformer publishing empires assets. The $31 million sale to endurance sports company, The IRONMAN Group, include events like The Sun-Herald City2Surf presented by Westpac, The Sydney Morning Herald Half Marathon, Carmans Womens Fun…
DETROIT – Ford revealed details of its long-awaited restructuring plan Monday as it prepared for a future of electric and autonomous vehicles by parting ways with 7,000 white-collar workers worldwide, about 10 percent of its global salaried workforce. The major revamp, which had been underway since last year, will save about $600 million per year…
Ford Motor is laying off 7,000 salaried employees as part of CEO Jim Hacketts restructuring plan to reduce bureaucracy, cut costs and turn the automaker into a more agile company prepared for a future that extends beyond its traditional business of producing and selling cars and trucks. The cuts represent about 10% of the automakers…
NEW YORK–(BUSINESS WIRE)–Global law firm Goodwin announced today that Howard Steel has joined its Financial Restructuring practice as a partner in the New York office. Steels arrival comes on the heels of the firms West Coast expansion of the practice with the recent addition of partner Nathan Schultz in San Francisco. Steel represents creditors committees,…
Oaktree has appointed receivers to the fallen group, enforcing its rights under the note facility after Blue Sky failed to reach its minimum required recurring earnings for the first quarter. The administration is limited to the group and does not extend to its Alternative Access Fund along with its other subsidiaries. Blue Sky last week…
Unsustainably high rents have caused furniture chain Focus on Furniture to collapse into administration. McGrathNicol, which took control of the business early last week, said the furniture chains decline was caused by high rents and unprofitable operations in New South Wales and Queensland. As an urgent priority, we will be conducting a review of options…
Highlights: Company begins to recognize initial revenues from April 1 management contracts New CEO initiates process to accelerate strategic transformation and facilitate financial restructuring Announces intent to reorganize around three core business divisions with performance measured at division-level EBITDA Implements Board and management changes in support of restructuring process; Transitions CEO responsibilities from Founder James…
Highlights: Company begins to recognize initial revenues from April 1 management contracts New CEO initiates process to accelerate strategic transformation and facilitate financial restructuring Announces intent to reorganize around three core business divisions with performance measured at division-level EBITDA Implements Board and management changes in support of restructuring process; Transitions CEO responsibilities from Founder James…
The details and effects of the plan, which is in negotiation as part of a Chapter 11 bankruptcy, were explored in a Raymond James report. In a May 12 research note, Raymond James analyst Praveen Narra reported that as part of its Chapter 11 bankruptcy, Weatherford International Ltd. (WFT:NYSE) entered negotiations to restructure its outstanding…