The board thinks the current proposal is a reasonable compromise that should receive a sufficient majority among the companys creditors and shareholders. But, if the proposal is not adopted, there will be no prospect the company will be able to achieve a reconstruction and the court will probably open bankruptcy after a report from the…
Arrival is going through another restructuring this time led by a newly appointed CEO that will slash its workforce by about 50% as the the U.K.-based commercial EV company attempts to reduce operating costs and preserve cash. The company said Monday that Igor Torgov, former executive VP of digital at the company, has been hired…
Arrival ARVL, -2.47% said Monday that it will cut its global workforce in half, to about 800 employees, as it implements a restructuring aimed at cutting spending by about 50% to preserve cash. The stock was halted for news, until 9:00 a.m. Eastern. The Luxembourg-based electric vehicle maker also named Igor Torgov, a former Arrival…
Shell plans to restructure the way it runs its hydrocarbons and renewables businesses as part of changes being made under new chief executive Wael Sawan to improve performance and bring the companys low-carbon initiatives into a single division. The moves, which include splitting Shells integrated gas, renewables and energy solutions division, represent the second internal…
Dive Brief: McDonalds will evaluate roles and staffing levels ahead of difficult discussions and decisions around jobs the company expects to finalize by April 3, CEO Chris Kempczinski wrote in a message sent to employees on Friday and reviewed by Restaurant Dive. McDonalds didnt disclose how many employees could be impacted by this potential corporate…
Summary Companies Cuts operating forecast to 110 bln yen from 210 bln yen Q3 operating profit down 37% y/y at 28 bln yen Started producing 2nd-gen e-axle model in September TOKYO, Jan 24 (Reuters) – Japanese electric motor maker Nidec Corp (6594.T) slashed its full-year operating profit forecast by nearly half on Tuesday as it…
DORAVILLE, Ga.–(BUSINESS WIRE)–Serta Simmons Bedding, LLC (SSB or the company), one of the leading global sleep companies, today announced that the company is taking steps to strengthen its financial position as it continues to support long-term growth. SSB has entered into a Restructuring Support Agreement with key financial stakeholders that will significantly reduce the companys…
Reuters. By Michael Elkins Newell Brands(NASDAQ:) is up almost 6% in mid-day trading after the consumer goods maker announced a restructuring and savings initiative labeled Project Phoenix. The initiative aims to strengthen the company by leveraging its scale to further reduce complexity, streamlining its operating model and driving operational efficiencies. The plan is expected to…
ATLANTA–(BUSINESS WIRE)–Newell Brands (NASDAQ: NWL) today announced a restructuring and savings initiative, Project Phoenix, that aims to strengthen the company by leveraging its scale to further reduce complexity, streamlining its operating model and driving operational efficiencies. We are taking action to simplify and strengthen our organization by leveraging the scale and power of One Newell…
/EIN News/ — LOS ANGELES, CA, Jan. 23, 2023 (GLOBE NEWSWIRE) — via NewMediaWire WPF Holdings, Inc. (OTC PINK: WPFHD) formerly World Poker Fund Holdings, Inc., announces today that it has completed its corporate restructuring, which includes redomiciling the Company to Florida, renaming the Company to WPF Holdings, Inc., increasing its authorized common shares to…