Byju’s has implemented a new social media policy that restricts employees from engaging with the media. This decision coincided with the company’s announcement of significant business restructuring and the potential dismissal of 4,000 to 5,000 employees. According to an internal company communication reviewed by Moneycontrol on September 26, employees who do not comply with these…
DetailsEverything is more expensive these days. That – along with higher student loans and credit card debt has more people turning to debt relief services. But often people who get help are left financially worse off. Question: Do debt relief services work? Are they even legit? Debt relief or credit repair companies promise to negotiate…
DetailsIndian edtech major BYJU’S has decided to undergo a fresh round of layoffs over the next few weeks as part of a restructuring exercise, Business Today has learned from sources. This development comes as the edtech struggles with a severe funding crunch, battles lenders and has faced a markdown in its valuation. Layoffs at BYJU’S…
DetailsByju’s layoff: The edtech major last week elevated Mohan as the CEO of its India operations as it mulls to sell some of its subsidiaries to repay its outstanding $1.2 billion Term Loan B (TLB) amid “difficult business restructuring”. The restructuring exercise is being undertaken under the leadership of new CEO Arjun Mohan. Image: IANS Read…
DetailsInsolvency and Bankruptcy Code, 2016 (IBC) does not provides for remedies against third party, though section 66 of IBC deals with fraudulent trading or wrongful trading done in the course of corporate insolvency resolution process or any liquidation proceedings. Section 66 of IBC specifically provides for fraudulent trading or wrongful trading. It provides as follows:…
DetailsCreditors of the bankrupt cryptocurrency lender Celsius have approved a plan that could see them recover between 67% and 85% of their holdings. However, there have been objections to this plan, including from the U.S. Trustee, and the final approval from the court is still pending. The U.S. Bankruptcy Court for the Southern District of…
DetailsCOLORADO SPRINGS For people living paycheck to paycheck, hiring a financial advisor may not be an option. Free help is available- it’s as simple as dialing 2-1-1. A Pikes Peak United Way staff member will direct you to the right services for free. David Prudhomme said more people are calling 211 for debt relief and…
DetailsWashington, D.C., Sept. 26, 2023 FTI Consulting, Inc. (NYSE: FCN) today announced the appointments of Cynthia Romano and Chris Creger as Senior Managing Directors in the Turnaround & Restructuring practice within the firms Corporate Finance & Restructuring segment. Cynthia and Chris have a track record of helping clients get back to the basics of growing revenue, cutting…
DetailsByjus has decided to lay off around 4,000 employees or over 11 per cent of its total workforce over the next few weeks as part of a restructuring exercise as the struggling edtech giant faces a severe funding crunch, battles lenders and has faced a markdown in its valuation, according to the sources. The Bengaluru-based…
DetailsNippon Electric Glass (NEG) site in Westerbroek, The Netherlands was declared bankrupt yesterday (Tuesday). It means around 275 employees are at risk of losing their jobs as well as 50 temporary workers. District Curator Jeroen Reiziger said its Japanese owner had decided it could no longer afford to keep absorbing losses of up to 1…
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