News

Restructuring

Yumanity Therapeutics To Cut 60% of Staff, Explore Strategic Options

Edward Kim | Equities.com |

The ailing biotech has engaged HC Wainwright to explore a possible sale or merger.


Hertz To Emerge From Bankruptcy This Summer With $4.2 Billion in New Investment

Reuters | Equities.com |

Two investment firms will buy a majority stake in Hertz Global Holdings Inc for $4.2 billion under a restructuring plan expected to help it out of bankruptcy by early- to mid-summer, the car rental company said in a filing on Tuesday.

Under the proposed investment, Knighthead Capital Management LLC and Certares Opportunities LLC will buy up to 100% of Hertz’s shares, with the funds expected to finance its U.S. vehicle fleet and slash corporate debt.


IDC Says Ant Group Restructuring Into Holding Company Would Be 'Step in the Right Direction'

Kimberly Redmond | Equities.com |

A reported plan to restructure Ant Group Co from a fintech giant into a financial holding company is a “step in the right direction,” a financial analyst told CNBC Monday.

According to Bloomberg, Ant Group and Chinese regulators agreed last week on the restructuring, which would move all of the company’s businesses, such as food delivery and blockchain, into the holding company and make it subject to capital requirements similar to those for banks.


Ford Motor To Close All Three Plants in Brazil, Take $4.1 Billion Pretax Charge

Reuters | Equities.com |

Ford Motor Co said on Monday it will close its three plants in Brazil this year and take pretax charges of about $4.1 billion as the COVID-19 pandemic amplified the company’s under use of its manufacturing capacity.

Production will cease immediately at Ford’s plants in Camaçari and Taubaté, with some parts production continuing for a few months to support inventories for aftermarket sales. The Troller plant in Horizonte, Brazil, will continue to operate until the fourth quarter.

Ford officials said the action was part of the $11 billion global restructuring previously forecast by the U.S. automaker, of which it had accounted for $4.2 billion through the third quarter of 2020. Ford shares closed up more than 3%.


JC Penney Retail and Operating Assets Exit Chapter 11

Reuters | Equities.com |

J.C. Penney Co Inc said on Monday its retail and operating assets would exit Chapter 11 as two of its biggest landlords, Simon Property Group and Brookfield Asset Management Inc, have acquired nearly all such assets.

The iconic 118-year-old department store had filed for bankruptcy in May after the COVID-19 pandemic forced it to temporarily close its then nearly 850 stores.

J.C. Penney will continue to operate the properties and distribution centers mo...


Chevron Cuts Billions Off Long-Term Capital and Exploratory Budget

Reuters | Equities.com |

U.S. oil major Chevron Corp on Thursday cut billions off its long-term capital and exploratory budget after a major restructuring of its operations in a bid to ride out a collapse in oil prices and preserve its dividend.

Reeling from a sharp decline in oil demand and revenue due to the COVID-19 pandemic, Chevron and other oil majors have written off billions in asset values this year, while slashing output and laying off staff to save money.

Chevron, which was among the first oil and gas majors to cut spending plans this year, said it expects total capital and exploratory budget through 2025 to be between $14 billion (10.44 billion pounds) and $16 billion. The earlier forecast was between $19 billion and $22 billion.


3M Announces Restructuring; Will Cut 2,900 Jobs

Reuters | Equities.com |

(Reuters) - 3M Co said on Thursday it would cut about 2,900 jobs globally and scale back on investments in slower-growing markets as part of a restructuring that is expected to lead to pre-tax savings of up to $350 million.

The company said it expects to record a pre-tax charge of $250 million to $300 million due to the move, with $120 million to $150 million to be incurred in the fourth quarter of 2020.

“The COVID-19 pandemic has advanced the pace of change...


Norwegian Air Seeking Bankruptcy Protection To Restructure Operations

AP News | Equities.com |

Low-cost carrier Norwegian Air Shuttle said Wednesday it is seeking restructuring and bankruptcy protection in Ireland, where its fleet is held, saying the decision was “in the interest of its stakeholders.”

“Norwegian will continue to operate its route network and both its bonds and shares will trade as normal on the Oslo Stock Exchange,” the carrier said.

Like other airlines, its fleet is now mostly ground...


HSBC Reports 35% Fall in Quarterly Earnings, Announces Business Restructuring

Reuters | Equities.com |

HSBC Holdings PLC on Tuesday signaled it would embark on a pandemic-induced overhaul of its business model, seeking to flip its main source of income from interest rate to fee-based businesses.

Reporting a 35% tumble in quarterly profit, Europe’s largest bank also accelerated plans to shrink in size, targeted deeper cost cuts, and said it will resume conservative dividend payments when able.

The planned business model changes mark one of the biggest shifts in strategy to date from HSBC, which has long touted its ability to generate interest income from its more than $1.5 trillion in customer deposits.


Walt Disney Restructures Entertainment Businesses To Accelerate Streaming Media

Reuters | Equities.com |

Walt Disney Co said on Monday it had restructured its media and entertainment businesses to accelerate growth of Disney+ and other streaming media efforts that are rising in popularity with consumers.

Disney said it would manage media and entertainment programming under three separate groups - studios, general entertainment and sports -- and concentrate distribution and commercialization under a global unit.


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