iHeartMedia completes restructuring process, cuts debt to $5.8bn – Music Business Worldwide

Restructuring

US broadcast giant iHeartMedia has successfully completed its restructuring process, significantly reducing its debt from $16.1billion to $5.75bn. Alongside the completion of the restructuring, and in accordance with its Plan of Reorganization, iHeartMedia and Clear Channel Outdoor Holdings have now fully separated, creating two independent publicly-traded companies. Clear Channel Outdoor Holdings shares will continue to…

3M to cut 2,000 jobs as disappointing start to 2019 prompts restructure – Financial Times

Restructuring

Industrial products group 3M said it plans to shed jobs globally as it restructures the business, and reduced this years earnings guidance after it reported first-quarter earnings that missed Wall Street expectations. The conglomerate, whose products range from Post-it notes and Magic Tape to the reflective material for road signs, pointed to slowing economic conditions…

Earnings: 3M tumbles after slashing, announcing restructuring – Business Insider

Restructuring

3M slashed its full-year earnings outlook and announced a restructuring plan. The company saw sales slump in several key businesses. Shares were down 8% early Thursday. Watch 3M trade live. 3M shares tumbled 8% on Thursday morning after the company slashed its outlook and announced restructuring efforts after seeing sluggish sales in key end markets.…

SAP earnings Q1 2019 – accounting for Qualtrics and restructuring, as an activist investor takes a stake – Diginomica

Restructuring

SAP CEO McDermott with SAP CFO Mucic The last couple years, SAP earnings reports have had that tantalizing/frustrating pick your own narrative quality. Narrative 1 A software giant struggles to evolve into a modern SaaS business Narrative 2 A forward-thinking innovator continues a multi-year cloud transformation, bolstered by SaaS acquisitions You can certainly pick your…

Restructuring at 7-Eleven owner sets scene for earnings recovery – The Australian Financial Review

Restructuring

The flagship convenience store business is humming, with revenues surging 29.8 per cent in 2019 to 3.776 trillion. This segment still punches above its weight from a group perspective, and provides the lions share of operating profits (about 80 per cent) while accounting for just over half of total revenues. Same-store sales growth in Japan…

Uber APAC head Amit Jain resigns, in restructuring ahead of IPO – Livemint

Restructuring

Bengaluru: In a major restructuring exercise, ride-hailing service Uber Technologies Inc. has appointed Pierre-Dimitri Gore-Coty to take charge of the companys Asia-Pacific rides business, the IPO-bound startup said on Wednesday. Gore-Coty will also continue in his current role, leading the rides teams across Europe, Middle East and Africa. Amit Jain, who started the rides business…

Software group SAP takes hit from restructuring but raises outlook – Financial Times

Restructuring

SAP raised its operating profit outlook on Wednesday as Europes largest software groups quarterly cloud revenue exceeded 1.5bn for the first time, up 45 per cent from the same period a year earlier. The German business software group took a hit from restructuring costs as well as other acquisition-related and share-based bonus charges, announced earlier,…

Addition to Ch.11 Bankruptcy Code – Small Business Reorganization Act (SBRA) – The National Law Review

Restructuring

Tuesday, April 23, 2019 Last month, Congress reintroduced theSmall Business Reorganization Act (SBRA), under which a new subchapter V would be added to chapter 11 of the United States Bankruptcy Code. This new subchapter would provide small businesses with aggregate liabilities that do not exceed $2,566,050 with an opportunity to resolve outstanding liabilities through a…