Nearly 2,500 jobs are at risk if Virgin Actives British creditors block a restructuring of the gym chain part-owned by Sir Richard Branson. Sky News has learnt that the company is drawing up contingency plans to appoint administrators by early June unless it convinces lenders and landlords to support a wide-ranging restructuring. In documents circulated…
Australia | 10:56 AM A divestment process in the Americas has started as Treasury Wine aims for a leaner, more profitable business, but where will growth come from? -Cautious reaction given lack of detail on further restructuring-Significant uncertainty around volumes previously destined for China-Takeover speculation continues By Eva Brocklehurst Treasury Wine Estates ((TWE)) has commenced…
Low-cost carrierNorwegianhas sent its plan for financial restructuring to the Irish andNorwegiancourts, as it seeks permission from creditors and shareholders to continue the remodelling of its business and initiate a capital raise. The examiner in Ireland will now present proposals for the restructuring based on the plan, which will then be passed to the Irish…
Hydro Tasmania says 50 jobs will go in the next 12 months as the business begins a restructure of its operations. Key points: Hydro Tasmania has announced it will shed 5 per cent of its workforce in the next 12 months, equivalent to 50 full-time jobs The energy company says it needs to adapt to…
March 09, 2021 22:07 ET | Source: Sundance Energy Inc. Company initiates voluntary, prepackaged Chapter 11 process that will eliminate over $250 million of funded debt obligations Chapter 11 process expected to conclude in approximately 60 days All operations to continue as usual; employees, vendors, royalty owners, and other trade creditors to continue being paid…
John Menzies has spent a one-off 70.2m restructuring the business after decreased flight activity caused by the pandemic led to a 37% reduction in revenue. The Edinburgh-headquartered aviation logistics business blamed the travel restrictions for the loss of revenue, as flight activity led to a 49% year-on-year reduction in volumes for ground handling and refuelling.…
Mackay Goodwin also calls for Government to modify and extend JobKeeper for vulnerable industries FOR IMMEDIATE RELEASE NEWS RELEVANCE: All Business; All SME; Travel; Tourism; Hospitality; JobKeeper; Government When Job Keeper ends on 28 March, many businesses, especially those associated with travel and tourism, may find themselves financially struggling to meet their financial commitments. Leading…
Related Stories March 5, 2021 March 4, 2021 March 3, 2021 February 26, 2021 February 26, 2021 COVID has unquestionably caused unprecedented distress in many industries. Many businesses are facing liquidity constraints or are being required to redesign their business model to respond to evolving consumer trends or supply-chain disruptions. But businesses can take steps…
KPMG has become the latest Big Four accountancy firm to sell off its restructuring business, agreeing a 400m deal for the UK unit with private equity firm HIG Capital. The business, which has 22 partners and 528 staff, will be renamed Interpath Advisory and run by KPMG partners Blair Nimmo, Will Wright and Mark Raddan,…
BDO Consulting Group announced that Nick Welch recently joined the firms Business Restructuring and Turnaround Services practice as a Director in the firms Miami, Florida office and will primarily cover the Southeast regional markets. Nick, a seasoned financial advisor, has more than 20 years of experience in professional services and has spent the last nine…