Shutterstock photo By Nerijus Adomaitis OSLO, Aug 24 (Reuters) – Offshore drilling contractor Seadrill plans to launch a long-awaited Chapter 11 debt restructuring by Sept. 12, and aims to raise $1 billion in new capital, it said on Thursday. Once the biggest offshore rig firm by market value and the crown jewel of…
Mining services business Ausdrill has delivered a solid full-year result on the back of strong performance in its gold operations in Africa, and is targeting further growth in the year ahead. Perth-based Ausdrill announced a 53.3 per cent surge in net profit to $31.4 million for the 2017 financial year, with revenue up 4.5 per…
Shareholders in Spotless Group who are refusing to accept the $1.15 per share cash takeover offer from predator Downer EDI won’t be paid any final dividend, as the Downer-controlled Spotless board puts the squeeze on the outliers. Spotless on Thursday announced it had tumbled to a bottomline loss of $348 million for 2016-17, after big…
Holding firm APC Group Inc.long speculated to be the SM groups future vehicle for energy assetshas approved a corporate restructuring program designed to wipe out the companys P7.73-billion capital deficit. In a disclosure to the Philippine Stock Exchange, APC said it had approved an amendment to the companys by-laws to reduce the par value of…
LONDON, Aug 23 (Reuters) – Royal Bank of Scotland has settled a legal case with a businessman who alleged that the bank caused his business to go bankrupt after forcing him to take out interest-rate hedging products while manipulating the benchmark. Stuart Wall had been suing the state-backed bank in a claim worth about 670…
NEW YORK–(BUSINESS WIRE)–International law firm Proskauer announced today the arrival of corporate partner Brian S. Rosen in the Firms Business Solutions, Governance, Restructuring & Bankruptcy Group (BSGRB) in the New York office. We are delighted to welcome Brian to the team, said Proskauers BSGRB co-head Jeff Marwil. Brian is a real talent and leader in…
Shares in liver cancer treatment developer Sirtex Medical have plunged after it ended a challenging year with a $26.3 million loss. Sirtex said a previously announced $90.5 million writedown in the value of its clinical and research and development assets led to the loss, along with restructuring costs. Excluding those one-off items, slowing sales growth…
Business Payless ShoeSource completes financial restructuring Wednesday, August 23, 2017 Payless ShoeSource has announced that its North American entity successfully emerged from its Chapter 11 restructuring as the number one specialty footwear retailer in the US and one of the largest in the world with about 3,500 brick and mortar stores 400 of these in…
Woolworths is resisting pressure to offload BIG W even though the chain will lose another $150 million this year as it battles to fix basic processes and overcome perceptions the format is “dated and dormant”. Woolworths slashed prices on more than 2000 products at BIG W in 2017 by an average 20 per cent in…
Recent recorded challenges of large retailers such as Edcon, Stuttafords, House of Busby, Mango and others could be examples. A number of global and seasoned retailers have entered SA in recent years, particularly in the apparel market, including Zara, H&M, Cotton On and other more upmarket clothing retailers. This has put some local firms under…