Sony has been aggressively growing its entertainment and electronic equipment segments in the last couple of years. In a new move, the company plans to divest some of its other business to fund growth for these two divisions. Sony will be relisting its Financial arm as a publicly traded company. The Japanese multinational conglomerate is…
Business restructuring and advisory firm Begbies Traynor is set to reveal sales and profits ahead of targets after being boosted by a jump in corporate collapses. The Manchester-based firm said it has seen insolvency numbers continue to rise over the past year as firms feel the pressure of soaring cost inflation and reduced consumer spending.…
Proposed Bill: Partial Amendment to the Corporate Restructuring Promotion Act Proposed by Rep. Kim Jong-min (Democratic Party of Korea) The Corporate Restructuring Promotion Act was initially enacted in 2001 to enable autonomous restructuring between financial creditors and companies. Due to its effectiveness in normalizing the operations of financially troubled companies and reducing damage to vulnerable…
By Christian Moess Laursen Blackbird said Monday that it has restructured its business and will save around 500,000 pounds ($622,300) annually as a result. The U.K. developer of a cloud-video platform said the restructuring has led to a number of employees leaving the company. Blackbird will focus on growth opportunities in North America, Latin America…
United Arab Emirates May 22, 2023 Leading global professional services firm Alvarez & Marsal (A&M) today released the first edition of its Middle East Turnaround and Restructuring Survey for Q1 2023. The survey asked respondents to indicate whether they anticipate an increase or decrease in businesses experiencing financial distress across the GCC, together with their…
The UAE has long been known for its business-friendly policies and tax-free environment. Following the introduction of VAT back in 2018 and corporate tax being rolled out starting in June 2023, UAE businesses and investors are getting used to the new reality tax is here and its here to stay. While some industries have had…
(This May 18 story has been corrected to say that the company will reduce its global workforce by 30%, not the U.S. workforce, in paragraph 1) (Reuters) – TuSimple Holdings Inc said on Thursday it will cut 30% of its global workforce under a restructuring as the autonomous driving technology company looks to preserve its…
NEW YORK, May 17, 2023Jessica Kenney Bonteque has joined Duane Morris LLP as a partner in the firms Business Reorganization and Financial Restructuring Practice Group in its New York office. Prior to joining Duane Morris, Bonteque was a partner at Moses & Singer LLP. Our growth momentum continues across our platform and it is exciting to…
HONG KONG – A shrinking land bank and sluggish property demand are likely to hamper the plans of a growing number of private Chinese developers who have defaulted on their debt and are restructuring it to win breathing room to revive their fortunes. Those hurdles could hinder the drastic improvements in sales and liquidity the…
TuSimple, the once high-flying autonomous trucks company that went public in 2021, is restructuring and laying off about 30% of its global workforce as it works to preserve cash and stay in business. All of the layoffs will occur in TuSimple’s U.S. workforce. Prior to the layoff, TuSimple had about 550 employees in the U.S.…