Mark Read, CEO, WPP Communications giant WPP has announced a sweeping restructure of its business, with plans to cut 3,500 global jobs across its many divisions. New chief executive Mark Read says the cuts are needed return the business to growth, with redundancies and office closures achieving savings of 275m over the next three years.…
IKEA US President Lars Petersson apologised in a video announcement sent to employees on Tuesday, following reports of the furniture retailers controversial restructuring. In the video, Petersson, along with Orlando store manager Monica Bogstad, outlined a plan to boost morale. Petersson said that management didnt see the balance between business and people the way we…
Greek jewelry maker Folli Follie will seek creditor approval for a planned overhaul of the business, it said on Tuesday, after announcing details of its restructuring following lengthy discussions with advisers. This concerned a group of unsecured creditors who represent about 27 percent of almost 250 million euros of bonds due next year, as well…
Gurit has announced a revaluation of its operating profit potential for fiscal year 2018. Operating profit margin for the full year 2018 is now expected to come in at 6.5-7.5 % of net sales. Based on the recent business performance with continued losses in the Composite Components business, the Company revises its operating profit guidance…
SINGAPORE — Commoditiestrader Noble Group is set to start implementinga long-awaited $3.5 billion debt-for-equity rescue restructuring on Wednesday, in a move that enables the scandal-hit company to avoid liquidation. The Hong Kong-based and Singapore-listed company has been forced to resort to a form ofbankruptcy protection to carry out the plan, after the Singapore Exchange and…
In July, when Purplebricks reported its full-year result, Purplebricks chairman Paul Pindar said the Australian business “continued to track the UK performance at the same time in its development” and was expected to “reach monthly profitability within 12 months”. In its latest interim accounts filed to the London Stock Exchange, Purplebricks said the underlying performance…
On January 29, 2015, the Bangladesh Bank issued a new large loan restructuring policy to stand by big borrowers in trouble. The policy, which was taken under political pressure from influential debtors, offered a repayment period of up to 12 years, discounted interest rates and down payment as well as repayment in quarterly instalments. Eleven…
Embattled commodity trader Noble Group Ltd. is on track to complete its mammoth restructuring deal after a Bermuda court approved an officer to carry out the plan, using a local kind of insolvency process. In a brief court hearing Friday, the judge called the company insolvent and allowed a court-appointed officer to oversee the restructuring.…
A Justice Department official asked a federal judge to withhold payments to McKinsey & Co. for its work advising a bankrupt Colorado coal miner, adding another voice to a chorus of criticism faulting how the firm discloses potential conflicts of interest. In a Friday filing with the U.S. Bankruptcy Court in Houston, Acting U.S. Trustee…
Sat, Dec 15, 2018 – 7:00 AM [NEW YORK] Embattled commodity trader Noble Group is on track to complete its mammoth restructuring deal after a Bermuda court approved an officer to carry out the plan, using a local kind of insolvency process. In a brief court hearing on Friday, the judge called the company insolvent…