by Tiffany Kary and Emma Orr Gibson Brands filed for bankruptcy with a turnaround plan that gives some of the company’s lenders equity ownership of the iconic American business that’s supplied guitars to B.B. King, Elvis Presley and Pete Townshend. Support from senior secured noteholders will help Gibson repay bank loans while going through a “change…
Carpetright has warned its full-year loss will be double those previously expected, as the struggling retailer received backing from creditors and shareholders for a restructuring process designed to stave off administration. Britains biggest carpet retailer now expects to make an underlying pretax loss of £7m to £9m for the year to the end of April,…
* Pretax loss of 244.4 mln stg as restructuring charges weigh * Shares fall more than 20 pct * Expects restructuring gains by 2020 (Adds detail, background) April 30 (Reuters) – Britains Interserve Plc reported a deeper annual pretax loss on Monday, sending its shares 20 percent lower, as CEO Debbie White leads a turnaround…
Christo Wieses dramatic R59bn claim against Steinhoff will give him a seat at the table when the restructuring of the ailing group is negotiated. Ironically, the transactions that form the basis of Wieses legal claim were severely criticised at the time because of potential conflicts of interest that favoured him over other Steinhoff shareholders. Experts…
The nation’s biggest mortgage lenders are boosting controls over brokers amid growing regulatory and political pressure to tighten commission payments, boost transparency and responsibility to borrowers. Bankwest, which is owned by Commonwealth Bank of Australia, the nation’s largest lender, is reducing long-term trailing commissions, reintroducing a first-year commission and tightening payments on other commissions. Ian…
PITTSBURGH (AP) Paint maker PPG says it will lay off about 1,100 people and take a pretax restructuring charge of between $80 million and $85 million in the second quarter. The Pittsburgh-based firm disclosed it plans in a filing made Friday with the Securities and Exchange Commission. The company employs about 47,200 worldwide, and the…
FLSmidth is to reorganise its business based around two core industries cement and mining and a new, decentralised regional structure for customer relations, sales, and service. A central digital organisation, headed by the companys new Chief Digital Office Mikael Lindholm, will drive a unified approach to digitalisation. The new organisation will go into effect from…
Onevue Holdings Ltd () has undertaken major restructuring initiatives in recent months, resulting in some share price underperformance. However, the March quarter update provided on Tuesday points to a much cleaner business focused on its core competencies across the financial services sector. The company has three divisions – fund services, platform services…
DUBAI (Reuters) – Saudi Arabia is setting up a committee to handle the restructuring of debt owed by Saudi Oger, the construction company owned by the family of Lebanese Prime Minister Saad al-Hariri, said two sources familiar with the matter. Authorities are keen to resolve the financial fallout from the companys collapse after it was…
As Wesfarmers moves closer to splitting out Coles, the long-term prospects of Bunnings are coming under renewed scrutiny. Bunnings Australia and New Zealand will account for about 55 per cent of Wesfarmers’ earnings and 65 per cent of its value after Coles is spun off as a separately listed company in 2019 assuming Wesfarmers does…