The new UK legislation for companies in financial difficulty represents a fundamental shift in approach to restructuring in Europe and adds an important new tool to the UK restructuring framework. The availability of a plan proposed under the new Part 26A of the Companies Act 2006 (a Restructuring Plan) will undoubtedly change how many distressed…
Summary Cathay Pacific‘s bailout package was unavoidable in order to stave off more unpalatable alternatives Another important step will be a thorough business review and likely streamlining Cathays passenger demand was affected by protests, then took a larger hit from COVID-19 The government will monitor its new stake via observers, but vows hands-off approach Strategic…
Hertz Global Holdings Inc. is in talks to obtain a bankruptcy loan to fund its business reorganization after scrapping a controversial sale of potentially worthless stock, according to people familiar with the matter. The rental-car company on Wednesday called off a potentially unprecedented sale of up to $500 million in shares, leaving it in need…
Introduction Ordinary moratorium COVID-19 moratorium Introduction A moratorium under the Debt Enforcement and Bankruptcy Act is a standstill period granted by a court for a company going through financial hardship to assess whether it can enter composition proceedings or go bankrupt. Originally, unlike in other jurisdictions, the purpose of a moratorium in Switzerland was not…
Calisen announced plans for a restructuring of its Lowri Beck business unit on Thursday, in a bid to make it a leaner, more efficient and sustainable business. The London-listed firm described Lowri Beck as a capability-enhancing acquisition, which it made last August, to enable it to provide meter installation services to the growing independent energy…
While I was the head of the Corporate Finance Department at National Finance (now known as Thanachart Bank), I handled many cases of debt restructuring. The largest one was the 20-billion-baht debt of a hospital chain. Much like Thai Airways, creditors had to determine which has more value: liquidating assets or keeping the business running.…
Cricket Australia will cut 40 staff and slash executive pay as part of a restructuring effort to shore up finances hit by the coronavirus pandemic, the board said on Wednesday. The cost-cutting measures, which also include the suspension of international tours for lower-tier and junior teams, will save the board up to A$40 million a…
Lipow Oil Associates President Andy Lipow discusses OPEC+ cutting nearly 10 million barrels of oil per day through July and demand amid coronavirus recovery. Oilfield services provider Schlumberger NV expects to book a charge to earnings of up to $1.4 billion for an accelerated restructuring and new job cuts, Chief Executive Officer Olivier Le Peuch…
Leslie Levinson is co-chair of the firm’s Transactional Health Law Group and a member of both the Health Law and Business Transaction Groups. He has represented private and public businesses throughout his more than 30-year career. Although Les maintains an active business law practice, he concentrates on the transactional, regulatory, and compliance representation of health…
A restructuring plan at oil-field services giantSchlumbergeris expected to cost more than a billion dollars as the company lays off more workers and further writes down the value of its assets Schlumberger is aligning its 17 product lines into four divisions and restructuring its global organization around five oil producing areas. The reorganization and other…