ANZ has sold its OnePath Pensions & Investments (P&I) and aligned dealer group (ADG) business to IOOF Holdings for $975 million. The two businesses represent an aggregate profit of $39 million, with financial services company IOOF purchasing them in a deal representing over 25 times their combined FY17 net profits. The deal also involves ANZ entering into a 20year strategic…
BURBANK, Calif., Oct. 16, 2017 /PRNewswire/ — Zetta Jet, a global leader in private international, business and luxury air travel, announced today that Jonathan King has been approved by the Bankruptcy Court to serve as Zetta Jet’s Chapter 11 Trustee, overseeing the company’s restructuring and business affairs. King has retained, subject to Bankruptcy Court approval, the…
Credit-card and payment processing firm TSYS confirmed Monday that it is having another in a string of restructuring moves, with an undisclosed number of employees losing their jobs. The company, headquartered in downtown Columbus but doing business around the world, said despite the current job losses by individuals, it remains in an overall hiring mode…
Morgan Stanley analyst Adam Jonas published a research note on Monday in which he explored the complexity of Fords restructuring roadmap under the companys new CEO Jim Hackett. Ford has been steadily profitable since the recovery from the financial crisis began and avoided the bailouts and bankruptcies that befell General Motors and Chrysler in 2009,…
The business restructuring would be Daimlers biggest corporate revamp since it ended its ambitions of becoming global car giant with the sale of Chrysler a decade ago. Photo: Reuters Munich: Daimler AG is firming up plans for its biggest corporate overhaul in a decade, granting its cars and trucks operations more independence in bid to…
Employees of the 3rd May Shipyard say that the situation is dire. Workers of the 3rd May Shipyard have issued a statement saying they are worried about the fate of their company and announced industrial action steps to help stabilise the company, reports Novi List on October 16, 2017. The trade union representatives noted that…
LOS ALAMOS, N.M., Oct. 16, 2017 /PRNewswire/ — UbiQD, Inc., a New Mexico-based quantum dot manufacturer, announced today that it has been recognized as one of the newest portfolio companies in Breakout Labs, a fund within the Thiel Foundation that finances and nurtures early-stage science-based companies. As part of its commitment to investing in UbiQD’s growth,…
DALLAS, Oct. 16, 2017 /PRNewswire/ — CR3 Partners, a national turnaround and performance improvement firm serving the mid-market, today announced that Partner Rob Carringer has been selected to speak at The Annual, the Turnaround Management Association’s (TMA) 29th Annual Conference which takes place October 23-25 at the Omni Fort Worth Hotel in Fort Worth, Texas. Carringer,…
SAA spokesman Tlali Tlali confirmed on Sunday that the appointment of a chief restructuring officer was one of the conditions set by the lenders. It is understood that Peter Davies, a British aviation veteran who has served on the board of the International Air Traffic Association, has been selected as the preferred candidate for the…
James Hurley, Callum Jones The Global Restructuring Group of Royal Bank of Scotland, which is 71 per cent-owned by the taxpayer, has been accused of stripping small businesses of assets to raise profitsStefan Wermuth/Reuters Campaigners have described an intervention from the chief executive of Royal Bank of Scotland as offensive after he said that he…