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Restructuring Plan

All articles tagged with #restructuring plan

business1 year ago

"Diamond Sports Group Nears Bankruptcy Resolution Amid MLB and NBA Skepticism"

Diamond Sports Group, which holds broadcasting rights for 38 teams across MLB, NBA, and NHL, has been allowed to continue working on a restructuring plan backed by $450 million in financing. Major League Baseball remains skeptical about the plan's viability and the long-term health of Diamond. The next crucial step is the confirmation of the plan, scheduled for June 18, with objections due by May 22. MLB and other partner leagues have expressed concerns, and Diamond is in talks with distributors and pursuing longer-term deals with the NBA and NHL.

via The Athletic|
#bankruptcy#broadcasting-rights#business
businessaviation1 year ago

Spirit Airlines' Cost-Cutting Measures Impacting Operations and Fleet Expansion

Spirit Airlines will close its crew base at Atlantic City International Airport on Sept. 1, affecting 157 pilots and flight attendants due to a decline in flights. The closure is part of a larger restructuring plan following the termination of a proposed merger with JetBlue. The decision is also linked to aircraft order deferrals and engine shortages, with the airline hoping to open a new crew base in the Northeast. Despite the closure, Spirit will continue operating flights to and from Atlantic City.

via NJ.com|
#atlantic-city-international-airport#businessaviation#crew-hub-closure
business2 years ago

Enphase Energy Implements Workforce Reduction Plan Amid Economic Challenges

Enphase Energy, a solar company that manufactures microinverters, is planning to lay off approximately 10% of its global workforce as part of a restructuring plan. The company will also cease operations at certain manufacturing plants and resize others. Enphase has been affected by high interest rates and a decrease in demand, resulting in a decline in its stock value. The solar sector as a whole has experienced a challenging year.

via CNBC|
#business#enphase-energy#layoff
business2 years ago

US Postal Service's $6.5 billion net loss in 2023 fiscal year

The US Postal Service reported a net loss of $6.5 billion for the 2023 fiscal year, with revenue down 0.4% to $78.2 billion. The decline in revenue was attributed to a decrease in first-class mail volume, which fell to its lowest level since 1968. The Postal Service cited the impact of inflation on operating expenses as a significant factor in the financial results. Despite higher stamp prices, first-class mail volume decreased by 6.1% in 2023. The agency is currently implementing a 10-year restructuring plan to address predicted losses and has received financial relief of about $50 billion from the government.

via Reuters|
#business#net-loss#restructuring-plan
business2 years ago

CVS Stock Plummets as Management Warns of Bleak 2024 Profit Outlook

CVS Health Corp shares fell after the company's management cautioned investors that its adjusted 2024 profit is expected to be towards the low end of its forecast. While maintaining its full-year adjusted profit guidance, CVS's interim CFO advised investors to have conservative expectations for 2024. The drugstore chain reported higher sales and profit in the third quarter, but has been grappling with rising costs in its pharmacy and insurance businesses. CVS also announced a restructuring plan last quarter to streamline operations and reduce costs. Additionally, CVS and its rival Walgreens Boots Alliance Inc. are facing walkouts and protests from their workers.

via Yahoo Finance|
#adjusted-earnings#business#cvs-health-corp
business2 years ago

China Evergrande avoids winding-up as hearing adjourned

The winding-up hearing for China Evergrande Group, the world's most indebted property developer, has been adjourned until December 4, giving the company one last chance to present a restructuring plan or face liquidation. Evergrande, which owes over $300 billion, defaulted on its offshore debt in 2021 and has become a symbol of the debt crisis in China's property sector. The next hearing will be the final opportunity for Evergrande to propose a concrete revised restructuring plan, otherwise, the company is likely to be wound up. A liquidator could still negotiate with creditors for a restructuring deal. The hearing for fellow property developer Logan Group was also adjourned to December 4.

via Reuters|
#business#china-evergrande#debt-crisis
business2 years ago

Rite Aid's Bankruptcy Filing and Leadership Changes Amid Opioid Lawsuits and Sales Decline

Rite Aid, a major U.S. pharmacy chain, has filed for bankruptcy and secured $3.45 billion in financing as it faces opioid-related lawsuits and declining sales. The company settled for up to $30 million in 2022 to resolve lawsuits alleging its pharmacies contributed to an oversupply of prescription opioids. Rite Aid plans to reduce its debt and position itself for future growth through a financial restructuring plan. The bankruptcy filing will help resolve litigation claims and significantly reduce the company's debt. Rite Aid has been burdened by underperforming stores and has closed over 200 locations in recent years. The company employs 45,000 people, including over 6,100 pharmacists, and fills nearly 200 million prescriptions annually.

via CBS News|
#bankruptcy#business#falling-sales
cryptocurrency2 years ago

SEC Raises Concerns Over Coinbase's Role in Celsius Bankruptcy Plan

The U.S. Securities and Exchange Commission (SEC) has objected to Celsius Network's reorganization plan, citing its ongoing lawsuit with Coinbase as a concern. The SEC filed a limited objection and reservation of rights, stating that a distribution services agreement between Celsius and Coinbase may require Coinbase to provide services related to the commission's civil suit against the exchange. Celsius has been revising its restructuring plan since March, while Coinbase faces an SEC lawsuit over allegedly offering unregistered securities. The next hearing in the bankruptcy case is scheduled for October 5.

via Cointelegraph|
#celsius-network#coinbase#cryptocurrency
business2 years ago

China Evergrande's First-Half Net Loss Shrinks to $4.5 Billion

China Evergrande Group, the world's most-indebted property developer, reported a narrower net loss of $4.5 billion for the first half of the year, compared to a loss of $9.1 billion in the same period last year. The company's revenue rose by 44% to 128.2 billion yuan ($18.6 billion), but its cash fell by 6.3% to 13.4 billion yuan. Evergrande is facing a crisis in China's property sector, with debt defaults and unfinished homes causing consumer confidence to plummet. The company's ability to continue depends on the successful implementation of an offshore debt restructuring plan and negotiations with lenders. Evergrande filed for U.S. bankruptcy protection earlier this month as part of a massive debt restructuring operation.

via Reuters|
#business#china-evergrande#debt-crisis
business2 years ago

Lucid Motors to Slash Workforce by 18%

Lucid Group, the electric vehicle maker, is set to lay off around 1,300 employees, or 18% of its workforce, as part of a restructuring plan to cut costs. The company plans to communicate with all its employees over the next three days about the plan, and its US workforce will see reductions in nearly every organization and level, including executives. Lucid, which had about 7,200 employees at the end of last year, will incur between $24 million and $30 million in related charges.

via Reuters|
#business#cost-cutting#electric-vehicles