Vice Media is set to cancel its acclaimed program Vice News Tonight and undertake a sweeping restructuring that will have painful consequences for staff across the organization. According to reports, dozens of employees are set to lose their jobs, with the Washington, D.C. bureau reportedly being hit particularly hard. In a memo to staff, Vice…
HONG KONG, April 27 (Reuters) – Embattled property developer China Evergrande Group (3333.HK) said on Thursday it would extend the deadline for receiving an incentive for its debt restructuring proposal to May 18 as the company disclosed levels of support from offshore debt-holders for its proposal. Evergrande said that 77% holders of class-A debts and…
Distressed US companies are increasingly resorting to debt restructurings to avoid expensive bankruptcy proceedings, but many borrowers ultimately end up in court anyway with their deals amounting to little more than can-kicking exercises. Almost three-quarters of US corporate debt defaults last year were out-of-court distressed exchanges, where a company offers creditors assets worth less than…
HONG KONG, April 27 (Reuters) – China Evergrande Group (3333.HK) will get a signal on Thursday of the level of creditor backing for its offshore debt restructuring proposal, with investors to be given an incentive for early support. While some major creditors have already agreed to support the restructuring proposal, others are eager to cut…
HONG KONG, April 27 (Reuters) – Embattled property developer China Evergrande Group (3333.HK) will get a signal on Thursday of the level of creditor backing for its offshore debt restructuring proposal, with investors to be given an incentive for early support. While some major creditors have already agreed to support the restructuring proposal, others are…
ST. PAUL, Minn., April 25, 2023 /PRNewswire/ — 3M (NYSE: MMM) today reported first-quarter 2023 results. “In the first quarter we continued our relentless focus on serving customers and aggressively managed costs,” said 3M chairman and CEO Mike Roman. “Market trends were as we expected, and we made changes to improve our operations and position…
April 24 (Reuters) – Embattled property developer China Evergrande Group (3333.HK) said its listed electric vehicle arm will book a $3.6 billion gain from the transfer of two debt-laden companies to another group unit as part of the auto firm’s restructuring. With more than $300 billion in total liabilities including offshore debt, Evergrande has been…
Mitsubishi Electric Corp. shares JP:6503 rose sharply Tuesday morning after the company announced the restructuring of its loss-making car equipment business. Shares were recently 4.7% higher at 1,706.5 yen ($12.71) after rising as much as 5.4% earlier. The company said Monday after market close that it would discontinue its car multimedia… Read the full article…
Getty Images Walt Disney Co has begun a second round of layoffs as part of an earlier announced restructuring expected to result in 7,000 job losses. The media giant has been under pressure as its traditional television and film business shrinks, while its streaming unit continues to post big losses. Chief executive Bob Iger announced…
McDonald’s (MCD) is set to report first quarter earnings on Tuesday, April 25, before the market open. Analysts are keeping an eye on food and labor inflation, the impact of recent restructuring actions, marketing initiatives like the Cardi B & Offset Meal, and digital sales growth. This report also comes as investor concern over a…