Reuters. Citigroup (NYSE:)’s CEO, Jane Fraser, has initiated a significant restructuring of the bank, marking the most substantial overhaul in 15 years. The plan aims to shift the bank’s focus from geographical divisions to its individual business units. The restructuring strategy has been met with mixed reactions internally due to uncertainty surrounding job cuts and…
China Evergrande Group, struggling under US$327 billion of liabilities, has surprisingly scrapped creditor meetings scheduled for next week as home sales sagged and lawsuits snowballed, dragging bondholders back to the drawing board in the countrys biggest corporate restructuring. The developer cancelled four meetings for two classes of its creditors in Hong Kong and the Cayman…
Societal CDMO, Inc., a contract development and manufacturing organization (CDMO), is implementing a strategic restructuring plan to streamline and optimize operations. Societal has reduced its workforce by 26 positions (9%) across all the business, effective September 20, 2023, and has eliminated nine open positions. These moves are expected to result in annualized savings of approximately…
The restructuring agreement announced by online car dealer Cazoo this week to deleverage its capital structure and further improve its financial flexibility won’t yet smooth its investors’ journey, and stakeholders should “buckle up” according to one expert. It was revealed on Wednesday that the automotive e-commerce firm Cazoo and its bondholders agreed a debt-for-equity swap, replacing nearly $630m…
SAN DIEGO and GAINESVILLE, Ga., Sept. 20, 2023 (GLOBE NEWSWIRE) — Societal CDMO, Inc. (Societal CDMO; NASDAQ: SCTL), a contract development and manufacturing organization (CDMO) dedicated to solving complex formulation and manufacturing challenges primarily in small molecule therapeutic development, today announced a strategic restructuring plan to streamline and optimize operations. Following the completion of a…
(A typing error was corrected in the headline of the report dated Sept. 15). FRANKFURT (dpa-AFX) – Pharmaceuticals and agrochemicals group Bayer plans to streamline its management, according to a media report. Group CEO Bill Anderson, who has been in office since June, first wants to launch a program for greater efficiency and bureaucracy reduction…
By OlOn August 10, 2015, Larry Page announced the creation of Alphabet, a company consolidating all businesses related to information technology. The Google search engine and its related services, YouTube, and Pixel phones were grouped into a separate holding, while startups that were expected to have a future impact were separated. Larry Page and Sergey…
ASIC has released Consultation Paper 372 Guidance on insolvent trading safe harbour provisions: Update to RG 217 seeking feedback on our proposed updates to Regulatory Guide 217 Duty to prevent insolvent trading: Guide for directors (RG 217). CP 372 is seeking feedback on ASICs proposed approach to: updating existing guidance to include information about when a…
HOUSTON, September 13, 2023–(BUSINESS WIRE)–MACCO Restructuring Group, LLC (MACCO) is proud to announce that its Founder and CEO, Drew McManigle, has been named by the Global M&A Network to its coveted Top 100 Restructuring and Turnaround Professionals list, comprised of 25 consultants and investment bankers, and 50 lawyers. This press release features multimedia. View the…
MACCO Restructuring Group, LLC (MACCO) is proud to announce that its Founder and CEO, Drew McManigle, has been named by the Global M&A Network to its coveted Top 100 Restructuring and Turnaround Professionals list, comprised of 25 consultants and investment bankers, and 50 lawyers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230913672430/en/…