Search results for: restructuring

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A list of search results

  • 2 October 2017
    Business & Finance

    U.S. creditors of the French geophysical player CGG have accepted the company’s proposed restructuring plan under Chapter 11 of the U.S. bankruptcy law as the company is working to reduce its massive debt.  The French company informed on Monday that all creditors entitled to vote on the Chapter 11 plan proposed in the Chapter 11 cases […]

  • 14 September 2017

    Offshore driller Seadrill has informed that the court overseeing the Company’s chapter 11 restructuring proceedings has granted the relief requested by the Company in its key first-day motions related to ordinary course business activities. According to Seadrill, the approved motions give the Company the authority to, among other things, continue to pay employee wages and benefits without interruption, […]

  • 8 July 2015
    Business & Finance

    French oil services company Technip will lay off around 6,000 of its employees within its restructuring and cost reduction plan launched amid ever more challenging environment in oil and gas industry. Through the plan the company is targeting savings of approximately €830 million (USD 914 million), of which €700 million is expected to be delivered in 2016 and […]

  • 11 December 2015
    Business & Finance

    At its meeting today, the Supervisory Board of RWE AG unanimously approved the Executive Board’s plans to restructure the Group. The company will transfer its renewables, grid and retail operations in Germany and abroad to a new subsidiary, which it intends to list on the stock market towards the end of next year. RWE AG […]

  • 1 August 2017
    Business & Finance

    SeaBird said it has obtained all consents required for the restructuring it presented in May this year. The company has signed an agreement with Glander whereupon USD 1,911,896 of the principal amount and all accrued interest as of 3 June 2017 owed to Glander under the Glander Credit Facility shall be irrevocably repaid and discharged upon […]

  • 28 February 2018
    Business & Finance

    Mitsui O.S.K. Lines is set to launch a massive restructuring of its organization on April 1, 2018.

  • 1 June 2015
    Business & Finance

    South Korean shipbuilding giant Daewoo Shipbuilding and Marine Engineering (DSME) is heading into a round of massive restructuring to trim down losses, DSME’s new head Jung Sung-leep announced. As a result, the new chief executive and president said the shipbuilder would focus on core business and dispose of six poor performing subsidiaries, including wind turbine manufacturer […]

  • 13 September 2017
    Business & Finance, Exploration & Production

    Indebted offshore driller Seadrill Limited has entered into a restructuring agreement with the majority of its lenders which will see over $1 billion of new capital injected into the company. The driller informed on Wednesday the agreement was backed by more than 97 percent of its secured bank lenders, approximately 40 percent of its bondholders and […]

  • 14 July 2015
    Business & Finance

    Danish shipping company TORM has wrapped up its comprehensive restructuring process, recapitalizing its balance sheet, by reducing the existing debt worth up to USD 561 million. The restructuring was carried out by way of a lender debt writedown to current asset values against the issuance of warrants and a subsequent optional exchange of debt to equity. As […]

  • 13 April 2018
    Business & Finance

    Vroon has reached an in principle agreement with all its lenders regarding the terms of its financial restructuring.

  • 9 April 2019
    Business & Finance

    Senvion GmbH has filed for self-administered restructuring proceedings after refinancing discussions with lenders have so far not come to a positive conclusion. These preliminary self-administration proceedings relate to Senvion GmbH as well as its subsidiary Senvion Deutschland GmbH. The objective of the proceedings is to allow Senvion to proceed with the transformation process that was […]

  • 13 November 2017
    Business & Finance

    CGG’s shareholders have approved all the resolutions required to implement the company’s financial restructuring plan.

  • 1 August 2017
    Business & Finance

    Seismic services player SeaBird Exploration has obtained all consents required for its comprehensive restructuring announced in May.  As a result of significant market uncertainty, contracting lead times, deteriorating orderbook as well as upcoming debt maturities in 2017 and 1Q 2018, SeaBird has been looking for a refinancing solution since the beginning of this year. On May 26 […]

  • 8 July 2015
    Business & Finance

    French oil services company Technip will lay off around 6,000 of its employees within its restructuring and cost reduction plan launched amid ever more challenging environment in oil and gas industry. Through the plan the company is targeting savings of approximately €830 million (USD 914 million), of which €700 million is expected to be delivered in 2016 and […]

  • 24 February 2017
    Business & Finance

    Starting from April 1, 2017, Japanese shipping company Mitsui O.S.K. Lines (MOL) plans to restructure its organization again with an aim of boosting the firm’s efficiency.  In April 2016, the firm restructured its ailing dry bulk business by creating a new business unit – the dry bulk business unit. Now, MOL intends to establish a product […]

  • 9 June 2015

    MMT Group has made strategic changes to existing organizational structure in line with MMT ambitious aims for growth and in order to meet competitive market conditions. A new Management team will focus on sales and operational efficiency. With a recent launch of a new high-speed Surveyor Interceptor ROV, MMT sees new market opportunities and an increased market […]

  • 14 July 2015
    Business & Finance

    Danish shipping company TORM has wrapped up its comprehensive restructuring process, recapitalizing its balance sheet, by reducing the existing debt worth up to USD 561 million. The restructuring was carried out by way of a lender debt writedown to current asset values against the issuance of warrants and a subsequent optional exchange of debt to equity. As […]

  • 25 January 2019
    Business & Finance, Equipment

    Nexans has moved forward with restructuring of its operations in Europe that could result in the elimination of 939 positions. The French cable specialist also said it will at the same time create 296 positions in Europe as part of its reorganization. The main social impact would be in Germany, France, Switzerland and, to a […]

  • 18 November 2015
    Business & Finance

    Norwegian multi-client geoscience data provider TGS-NOPEC Geophysical Company (TGS) decided to cut its global workforce by 130 people, corresponding to around 16 percent of the total workforce. Due to the continued weak market conditions, the company took the step as a measure of implementing global cost reduction and efficiency plan, and said that the move will reduce operating expenses by […]

  • 18 April 2017
    Business & Finance

    South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) will soon receive a cash injection from its creditors as the company’s remaining investors approved the latest debt rescheduling proposal, Yonhap News Agency said. Namely, the investors, which hold some KRW 1.3 trillion worth of DSME bonds, gave their approval for the proposal devised by the shipbuilder’s main creditors Korea […]

  • 7 November 2017
    Business & Finance

    A court in Paris has rescheduled a hearing date to examine CGG’s request for sanctioning of its draft safeguard plan and the claim filed against it.

  • 8 June 2015
    Business & Finance

    The European Marine Energy Centre (EMEC) will make redundancies as part of restructuring process to ensure the company can respond to wave and tidal industry market demands. Neil Kermode, EMEC’s Managing Director, said the restructuring would take place over the coming months and the staff would receive the necessary support to go through the process. […]