Offshore drilling contractor Valaris, which had filed for bankruptcy in August 2020, said Monday it had on April 30, 2021, successfully completed its financial restructuring and emerged from chapter 11. The Valaris Group’s Plan of Reorganization was approved and confirmed by the United States Bankruptcy Court for the Southern District of Texas on March 3,…
Personal Finance Restructuring HR through contracting Monday May 03 2021 Depending on how the contract is drafted, an independent contractors term can be exclusive or non-exclusive. PHOTO | FILE By CATHY MPUTHIAMore by this Author One of the biggest fixed costs for a business is the human resources (HR). Depending on the number of employees,…
NCP multi storied car park, Foundation Street, Ipswich, Suffolk, England. Photo: Geography Photos/Universal Images Group via Getty Images Car park giant NCP has started a formal “last resort” process to pull out of contracts for unprofitable parking facilities and implement cut rents, as it reels from the impact of stay-at-home orders due to the coronavirus…
HONG KONG — Ping An Insurance Group and other investors have agreed to contribute to an $11.3 billion bankruptcy restructuring package to secure and rejuvenate a financially troubled corporate empire established by China’s top university. Peking University Founder Group (PKU Founder), a state-owned conglomerate founded by the university, has been in a Beijing court-supervised bankruptcy…
ROLLE, Switzerland–(BUSINESS WIRE)–Garrett Motion Inc. (Garrett) today announced it has emerged from its pending Chapter 11 cases, successfully completing the restructuring process and implementing the Plan of Reorganization (Plan) that was confirmed by the U.S. Bankruptcy Court for the Southern District of New York on April 23, 2021. With the support of a significant majority…
Hainan Airlines Holding, the aviation unit of debt-laden Chinese conglomerate HNA Group, has posted the biggest-ever annual loss among listed Chinese companies. Hit by the outbreak of Covid-19 and provisions for asset losses linked to a restructuring at its parent firm, the Haikou-based carrier reported a loss of 64 billion yuan (US$9.9 billion) for 2020,…
NORWALK, Conn.–(BUSINESS WIRE)–Frontier Communications Parent, Inc. (Frontier Communications and, together with its subsidiaries, Frontier) today announced that the Company has successfully completed its financial restructuring process and emerged from Chapter 11. Through this process, Frontier has reduced its debt by approximately $11 billion and annual interest expense by approximately $1 billion. With a recapitalized balance…
Apr 30 2021, 1:08 PMApr 30 2021, 1:18 PMApril 30 2021, 1:08 PMApril 30 2021, 1:18 PM The Reserve Bank of India has started discussions with the Indian Banks Association for a possible extension of the one-time restructuring scheme announced last year to support borrowers through the Covid crisis. While the schemes have closed, bankers…
Nearly a year after its last layoff, online coding bootcamp Lambda School just announced more cuts amid a broader structuring. In a blog post, CEO and founder Austen Allred said that the startup, which raised a $74 million Series C in August, is laying off 65 employees. The roles that were cut span senior product,…
Auto components major Motherson Sumi Systems Ltd (MSSL) on Friday said its public shareholders have voted in favour of its proposed group restructuring under which it will demerge its domestic wiring harness (DWH) business into a new company that will eventually be listed. As part of the restructuring which was announced in July last year,…