Tag: Restructuring

Japan’s Toshiba CEO Steps Down Amid Restructuring Efforts

TOKYO—Japanese technology giant Toshiba has named a new chief executive as it seeks shareholder approval for a restructuring plan aimed at restoring its reputation and competitiveness. The company said Tuesday that its board had decided Taro Shimada, an executive officer, and corporate senior vice president, would replace Satoshi Tsunakawa as chief executive. Shimada was an…


Evergrande Shares Fall After Restructuring Roadmap Fails Creditors

Shares of China Evergrande Group tumbled on Jan. 27, a day after the debt-saddled developer announced a six-month preliminary restructuring proposal in a bid to quell its uneasy bondholders. Evergrande, wrestling with liabilities of over $300 billion at home and aboard, “will continue to listen carefully to the opinions and suggestions of the creditors,” Chairman…


Alstom to Cut Up to 1,300 Jobs in Germany in Restructuring Drive

MUNICH—French train maker Alstom plans to cut up to 1,300 of its roughly 10,000 jobs in Germany over the next three years as part of a restructuring after the purchase of Bombardier’s rail unit, a spokesperson for the company said. Production of trains in Germany, where Alstom has its biggest workforce, is to be shrunk…


Ant Group Starts to Differentiate Consumer Loan Business From Bank Loans

Jack Ma’s Ant Group is undergoing a “brand differentiation” process over its loan provider as part of its Beijing-driven restructuring. Some Chinese users recognized changes in the fintech group’s credit services, Jiebei, as the platform now clearly indicates that the loan is provided by banks, rather than Ant’s own consumer finance company, China’s state-run media…


Continental Restructures Technology Unit, Downsizes Board

BERLIN—German car parts maker Continental announced plans for a restructuring that will combine from the start of next year business activities around connectivity, mobility, and high-performance computers, it said on Thursday. Its tires business and the ContiTech division, focused on rubber technologies, will become independent group sectors, while its Automotive Technologies branch will split into…


EU Probes 3.2 Billion Euro Restructuring Aid for Airline TAP

BRUSSELS—EU competition regulators will investigate whether a 3.2–billion-euro ($3.8 billion) restructuring plan for ailing Portuguese airline TAP is proportionate and complies with EU state aid rules, the European Commission said on Friday. The overhaul plan involves around 2,000 job cuts by 2022, pay cuts of up to 25 percent, a reduced fleet, and the sale…


Commerzbank Reports $3.3 Billion Q4 Loss as It Counts Cost of Restructuring, Pandemic

FRANKFURT—Germany’s Commerzbank reported a $3.3 billion fourth-quarter loss on Thursday, sinking further into the red as it continued a major restructuring and dealt with the fallout of the COVID-19 pandemic. Its shares fell nearly 6 percent in mid-morning trade. Germany’s No. 2 bank also said it would swiftly implement plans to cut 10,000 jobs and…