McDermott International Ltd announced that it has entered into a transaction support agreement – with more than 75 percent, in aggregate, of its secured letter of credit providers, funded debt creditors, and equity holders – to initiate a financial restructuring process. The move is being undertaken to strengthen McDermotts capital structure, enhance its liquidity position,…
Angel One Ltd (formerly Angel Broking Ltd) on Tuesday announced that it has undertaken a business restructuring initiative. As part of this reorganization, the companys business from the assisted channel will be consolidated under Angel Securities Limited, while that from the direct channel will be housed under Angel Crest Limited. Angel One has also onboarded…
As part of its restructuring efforts, Joust has confirmed that it would streamline its operations, which included the loss of some of its key business development managers. While these decisions were not made lightly, they were viewed as essential steps to create a leaner, more agile organisation that could better navigate the current market, the company…
Sept 11 (Reuters) – Chinese independent refiner and petrochemicals producer Hengli Petrochemical (600346.SS) has agreed to restructuring deals worth a total of up to $1.89 billion for its subsidiary Kanghui New Material Technology, filings showed on Monday. Under the restructuring, Kanghui will effectively become a separately listed company via transactions involving power and heating firm…
Editors Note: Sign up for CNNs Meanwhile in China newsletter, which explores what you need to know about the countrys rise and how it impacts the world. Hong Kong CNN Daniel Zhang, the outgoing chairman and CEO of Alibaba, has stepped down from his position running the companys cloud division in a surprise move…
Houston-based offshore contractor McDermott has reached an agreement with its creditors and stakeholders on a restructuring plan that will push out debt maturities and deliver a new cash injection. The company has secured backing from most of its key creditors to extend repayment deadlines on its letter of credit facility and term loans to 2027. …
Arun Estates, one of the largest independent estate agents in South East England, is restructuring its East London and Essex brand Douglas Allen which is resulting is six offices shutting up shop. Explaining the change Aldo Sotgiu, Group Managing Director of Arun Estates, says that specifically for East London (main picture) they have decided to…
RSM in Canberra partner Frank Lopilato with Adam Cormack, a senior manager who has become one of three registered liquidators at RSM Canberra. Photo: Ben Calvert. If you have Grim Reaper notions of the role of a liquidator, chances are you havent met Adam Cormack. Anecdotally, I think theres a common misconception that liquidators only…
SHANGHAI, Sept 10 (Reuters) – China’s Alibaba Group (9988.HK) on Sunday announced that Daniel Zhang will step down from its cloud business, in a surprise move just two months after the company said he would leave his roles as group CEO and chairman to focus on the cloud unit. Zhang had previously been concurrently serving…
Sept 8 (Reuters) – Goodyear Tire & Rubber (GT.O) has approved a rationalization and workforce reorganization plan in Europe, the Middle East and Africa that would lead to 1,200 job cuts, the company said in a regulatory filing on Friday. The decision comes after activist investor Elliott Investment Management in May criticized Goodyear for mismanagement…