restructuring,

Etsy to cut 225 jobs as part of restructuring

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(Reuters) – Etsy said on Wednesday it was planning to cut about 225 jobs, or 11% of its marketplace workforce, as part of a restructuring to pare down operating costs. Shares of the company fell 7% after the online marketplace operator forecast current quarter gross merchandise sales to decline as much as 2%. Etsy added it would incur costs of $25 million to $30 million primarily in the current quarter, mainly due to severance payments, employee benefits and other related costs. Following the job cuts, which is expected to be completed by the end of the first quarter of 2024,

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Vans owner VF Corp lays off 500 employees in restructuring push

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(Reuters) – Vans owner VF Corp said on Thursday it has laid off about 500 employees as it aims to restructure its business and improve operations globally. The company has been struggling to survive a tough U.S. retail environment in which customers have been cutting back non-essential spending. It had in October come under pressure from activist investor firms Legion Partners Asset Management and Engaged Capital, which insisted on cost cuts and a halt to acquisitions. Sales at its Vans brand have been dropping for the last few quarters, with the new CEO Bracken Darrell recently saying that it would

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Citi makes new appointments in Asia Pacific as part of restructuring

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By Selena Li and Yantoultra Ngui HONG KONG/SINGAPORE (Reuters) – Citigroup has made new appointments in Asia Pacific following a sweeping global reorganization the U.S. bank announced on Monday, according to a person with direct knowledge of the matter. Citi’s Capital Markets and Advisory Head for Asia, Jan Metzger, will lead its investment bank for the Asia North and Australia and Asia South Cluster, according to the source, who declined to be named as the bank had yet to make the information public. Former Asia corporate head bank Kaleem Rizvi has been appointed as the corporate bank head for Asia

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Zambia’s troubled debt restructuring efforts

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LONDON (Reuters) – Zambia’s debt restructuring has been a complex, three-year process, which suffered a serious setback on Monday when bilateral creditors, including China, effectively ordered it secure more debt relief from international funds that hold its sovereign bonds. Below is a condense timeline of key events : 2019-2020: Zambia faced challenges in repaying its debts, including its international market dollar-denominated government bonds known as “Eurobonds”. 2020: The country requests to have its debt payments frozen under the G20-led Debt Service Suspension Initiative (DSSI) due to COVID-19. In May, Zambian President Edgar Lungu’s government hires French firm Lazard to advise

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Boeing chief strategy officer to depart in 2024 as part of restructuring

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By Valerie Insinna WASHINGTON (Reuters) -Marc Allen will step down as Boeing’s chief strategy officer at the end of the year and leave the company in 2024 as the U.S. planemaker pares down its strategy arm. In a letter to employees on Thursday, Boeing CEO David Calhoun said the U.S. planemaker will not fill the chief strategy officer role going forward. Boeing will shrink its strategy and corporate development organization and instead have “strategy teams directly joining the business units they support,” Calhoun said. “These teams provide critical counsel and insights – and they can have the most impact when

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Exclusive-Country Garden aims to have offshore debt restructuring plan by year end, sources say

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By Xie Yu HONG KONG (Reuters) – China’s embattled Country Garden is aiming to pull together a tentative plan to restructure its offshore debt by the end of this year, two sources with direct knowledge of the matter said. The nation’s biggest private property developer, which missed a coupon payment in October triggering default terms, then aims to start formal negotiations with offshore bondholders by February or March next year. They added the firm expects to inform key bondholders of its cash flow projections by the year’s end, as part of the basis for the tentative restructuring plan. The sources

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Evergrande will struggle to revive its debt restructuring plan

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By Clare Jim, Xie Yu and Scott Murdoch HONG KONG (Reuters) -China Evergrande is trying to stave off liquidation by revising its debt restructuring plan, but its biggest challenge will be convincing its creditors, and shareholders in two of its units, that the proposal is worth their while. A Hong Kong court on Monday gave Evergrande, the world’s most indebted property developer, a five week reprieve to come up with a deal. The company, which has more than $300 billion of liabilities, defaulted on its offshore debt in late 2021 and became the poster child of a debt crisis that

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Factbox-Sri Lanka still in debt restructuring talks with creditors

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(Reuters) – Sri Lanka, mired in its worst economic crisis in decades, is in debt restructuring talks with a range of bilateral creditors, including China, its largest single creditor. The island nation of 22 million suffered its first foreign debt default in May 2022. In March, Sri Lanka secured a nearly $3 billion bailout from the International Monetary Fund that could help it emerge from the crisis. China said this week that the Export-Import Bank of China had reached a preliminary deal with the country on the disposal of China-related debts, but did not share details. WHAT HAS HAPPENED SO

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Evergrande offshore bondholders surprised by debt restructuring regulatory hurdles

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By Scott Murdoch and Clare Jim SYDNEY (Reuters) – China Evergrande Group’s offshore bondholder group said on Monday it was surprised by the property developer’s recent announcement that its offshore debt restructuring plan failed to meet regulatory requirements. In a statement, the ad hoc bondholder group said it had not been given any documents or filings from Evergrande despite repeated requests. Evergrande did not immediately respond to a request for comment from Reuters. Evergrande announced in late September that Chinese regulators said it would be unable to issue new debt due to an investigation into its main unit, throwing its

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Germany welcomes China’s support for G20 debt restructuring framework

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BERLIN (Reuters) -Germany has welcomed a show of support from China for the G20 debt restructuring framework for poorer countries in a joint statement after their financial dialogue in Frankfurt over the weekend. “We welcome the fact that the Chinese side is also committed to this in our Joint Statement, because solutions are inconceivable without China as such an important player in world politics,” German Finance Minister Christian Lindner said on Sunday, after his meeting with Chinese Vice Premier He Lifeng. Neither provided further details on the rules for the restructuring plans and the joint statement did not give specifics.

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Some Sri Lanka creditors seeking debt restructuring deal without China – Bloomberg News citing sources

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(Reuters) – Some members on the committee of Sri Lanka’s official creditors are pushing to reach a deal to restructure the nation’s debt without the participation of China, Bloomberg News reported on Wednesday citing people familiar with the matter. The members want the group of major creditors, including the U.S., Japan and India, to sign a memorandum of understanding with Sri Lanka around the time of the International Monetary Fund and World Bank meetings scheduled for next month in Morocco, the report added. (Reporting by Urvi Dugar in Bengaluru; Editing by Toby Chopra)

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China Evergrande defers scheme meeting to reassess terms of proposed restructuring

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(Reuters) – China Evergrande said on Friday it would not be conducting the scheme meeting scheduled on Sept. 25 and Sept. 26 as the embattled property developer considers it necessary to reassess the terms of the proposed restructuring. Evergrande on March 22 announced plans for the restructuring of its $22.7 billion in offshore debt. But since then, sales of the group has not been as expected by the company, it said. “Based on the company’s current situation and consultations with its advisors and creditors, the company considers it necessary to reassess the terms of the proposed restructuring to meet the

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Goodyear Tire to cut around 1,200 jobs in restructuring drive

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(Reuters) – Goodyear Tire & Rubber has approved a rationalization and workforce reorganization plan in Europe, the Middle East and Africa that would lead to 1,200 job cuts, the company said in a regulatory filing on Friday. The decision comes after activist investor Elliott Investment Management in May criticized Goodyear for mismanagement and lagging behind rivals Michelin and Bridgestone. Elliott, which holds a 10% stake in the tire company, had also pushed Goodyear for an operational review and sale of its stores. The restructuring will result in “significant” savings from 2024 till 2025 and comes as the company seeks to

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Global sovereign debt roundtable to meet on local debt restructuring -sources

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(Refile for grammar fix in first paragraph) By Jorgelina do Rosario LONDON (Reuters) -Global creditors will discuss the inclusion of domestic debt in restructuring plans for countries in default next week, two sources with direct knowledge of the matter told Reuters, a sign of progress after months of delays. The Sept. 15 technical meeting of the Global Sovereign Debt Roundtable will include representatives, likely at deputy level, of the International Monetary Fund (IMF), the World Bank and Group of 20 (G20) major economies. The talks will also cover the risks of local debt restructuring, such as second-round effects, said one

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China Evergrande delays decision on offshore debt restructuring to October

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(Reuters) -Embattled property developer China Evergrande Group said on Friday it has delayed making a decision on offshore debt restructuring from September to next month. The company delayed the decision to allow Hong Kong CEG class holders of debt more time to consider its fresh restructuring plan. The meetings for CEG class A and class C debt holders were earlier scheduled for Sept. 26. They will now be held on October 16 and 17, Evergrande said in an exchange filing. Evergrande is at the centre of a crisis in China’s property sector that has seen a string of debt defaults

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S&P Global downgrades Rite Aid on restructuring risk

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(Reuters) – S&P Global Ratings on Tuesday downgraded Rite Aid Corp to “CCC-minus” from “CCC-plus” on increased risk from restructuring. The downgrade is based on the view that the company may pursue a distressed restructuring or bankruptcy in the next six months, S&P Global said. Rite Aid is preparing to file for bankruptcy in the coming weeks to address lawsuits the drugstore chain is facing over its alleged role in the sale of opioids, the Wall Street Journal reported last week, citing people familiar with the plan. The company operates more than 2,330 stores in 17 U.S. states, although it

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Malawi ‘on course’ to restructuring $1.2 billion debt

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BLANTYRE (Reuters) – Malawi is on course to getting its $1.2 billion external debt with different lenders restructured to “sustainable levels”, its central bank said in a statement on Sunday. The bulk of the debt – $800 million – is contracted with Afriximbank, and repayments started in 2020, it said. The Reserve Bank of Malawi said in its statement that the negotiations have been very positive and creditors were willing to help the country reach debt sustainability. “The Malawi Government remains optimistic that the discussions will conclude with acceptable terms for both the Government and the creditors,” the statement said.

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Food delivery startup Getir to cut 11% of workers in global restructuring

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LONDON (Reuters) – Turkish grocery delivery firm Getir announced a global restructuring on Tuesday, saying it plans to cut 2,500 jobs across five countries, or 10.9% of its total workforce. Getir will continue to operate in Turkey, the UK, Germany, the Netherlands and the United States, the company said in a statement. It last month announced its exit from Italy, Spain, and Portugal. “Decisions like these are never taken lightly,” Getir said in a statement. Ultra-fast delivery services multiplied during the COVID-19 pandemic, boosted by demand from shoppers stuck at home, but a stronger than expected return to physical stores

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China Evergrande to delay creditors’ meetings amid fresh restructuring plan

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(Reuters) – Embattled property developer China Evergrande Group on Wednesday resolved to delay its meetings for the Hong Kong CEG class A and class C holders of debt to provide them more time to consider its fresh restructuring plan. The company adjourned its meetings for the creditors to Aug. 28. The meeting will consider the $3.2 billion restructuring plan that was unveiled on Monday to reduce debt and stay afloat. The deadline for the submission (or resubmission) of the relevant forms to vote on the schemes and attend the adjourned meetings has been extended to 5:00 p.m. (Hong Kong time)

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China Evergrande EV unit to issue fresh shares in restructuring plan

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(Reuters) -Embattled property developer China Evergrande Group said on Monday its listed electric-vehicle arm has agreed to issue new shares to certain subscribers to ease loan burden and improve liquidity as part of its restructuring proposal. Under the terms, China Evergrande New Energy Vehicle Group (NEV) will issue an aggregate of 5.44 billion new shares in the unit for HK$3.84 per NEV share, pooling an amount of HK$20.89 billion ($2.67 billion). The fresh issue is intended to pay off loans of NEV due against China Evergrande and its founder Hui Ka Yan, and his unit Xin Xin (BVI) Ltd, among

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Top Lazard restructuring banker Kurtz departs for Hilco

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By Mike Spector NEW YORK (Reuters) – David Kurtz, Lazard Ltd’s global head of restructuring, has agreed to join Hilco Global, the financial advisory firm that helps failing retailers liquidate told Reuters. Kurtz, who has advised on some of the highest-profile corporate bankruptcies of the past two decades, will join Hilco as a vice chairman and chief strategic officer in September. He will report to Chief Executive and founder Jeffrey Hecktman. Lazard last week promoted Tyler Cowan to take Kurtz’s place leading the investment bank’s restructuring practice in September. Kurtz advised retailers J.C. Penney, Neiman Marcus and J. Crew on

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China developer Yuzhou offers debt restructuring plan

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HONG KONG (Reuters) – Chinese property developer Yuzhou Group rolled out a plan to restructure its debt after defaulting on dollar bond payments last year, sparking a short rally in its shares and bonds on Monday. The debt proposal by the Shenzhen-headquartered company, with $6.8 billion in offshore liabilities, is one of a handful announced so far by developers hit by the property sector’s debt crisis. Offshore bondholders were given three options to convert their existing debt into new notes, with the shortest tenor notes having a 70% haircut. In a stock exchange filing on Sunday evening, Yuzhou said holders

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Venezuela Supreme Court orders restructuring of country’s Red Cross

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CARACAS (Reuters) – Venezuela’s Supreme Court on Friday ordered a “broad and diverse restructuring” of the Venezuelan Red Cross and the dismissal of the president and members of the board of directors. The ruling ordered the establishment of an ad hoc restructuring board for the Venezuelan Red Cross, to be chaired by Ricardo Cusanno, the former president of Venezuela’s largest business association, Fedecamaras. The activities of the Venezuelan Red Cross will continue, the court said. The court will work with the attorney general’s office to prosecute the outgoing board, it added. Miguel Villarroel, vice president of the International Federation of

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CVS Health cuts 5,000 jobs as part of restructuring plan

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(Reuters) – CVS Health said on Wednesday it has eliminated about 5,000 non customer-facing roles as it seeks to rein in costs after a recent spree of acquisitions. CEO Karen Lynch said on an earnings conference call that the $496 million restructuring charge recorded during the second quarter was related to the job cuts and certain impairment charges. The Wall Street Journal had first reported the job cuts earlier this week. (Reporting by Bhanvi Satija and Khushi Mandowara in Bengaluru; Editing by Krishna Chandra Elur)

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Ant Group plans restructuring, paving way for Hong Kong IPO – Bloomberg News

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(Reuters) -Jack Ma-backed Ant Group is planning a restructuring that will break off some non-core operations of its China financial-related business, Bloomberg News reported on Tuesday, citing people familiar with the matter. The Alibaba Group affiliate is looking at excluding its blockchain, database management services and international businesses from a main entity that will be used to apply for a financial holding license in China, the report said. Once the restructuring is complete and Ant secures the license, it can prepare for a public listing in Hong Kong instead of reviving the dual Shanghai-Hong Kong listing plan that was suspended

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