India Crypto Exchange

Best Bitcoin Trading Platform

Tag Archive : restructuring

Malaysia Airlines reaching out lessors, creditors as it plans urgent restructuring

KUALA LUMPUR: Malaysia Airlines Bhd said on Friday it has reached out to lessors, creditors and key suppliers as the company embarks on an urgent restructuring exercise.

Its statement comes in the wake of news that its parent company has told lessors the group is unlikely to be able to make payments owed after November unless it receives more funding from state fund Khazanah, according to a letter reviewed by Reuters.

The airline said it intended for the restructuring exercise to be completed over the next few months, but if that is not possible, the group “will have no choice but to take more drastic measures.”

Malaysia Airlines also said it is committed to ensure its restructuring exercise is duly implemented in a fair manner through any form of mechanism that is appropriate.

It added the negative financial impact from the COVID-19 crisis has been unprecedented, forcing the group “to take drastic steps in revising its business plan to ensure relevance and survival”.

British supermarket Sainsbury’s says 3,500 jobs at risk in restructuring

LONDON: British supermarket group Sainsbury’s said on Thursday it could cut 3,500 jobs in a restructuring that will see in-store meat, fish and deli counters as well as 420 standalone Argos general merchandise stores close.

The group reported a loss before tax of 137 million pounds ($178 million) for the 28 weeks to Sept. 19, reflecting 438 million pounds of one-off costs associated with the Argos store closures and other strategic and market changes introduced by new Chief Executive Simon Roberts.

He plans to refocus on Sainsbury’s core food business, lowering prices, accelerating food innovation and growing online grocery services.

Underlying pretax profit was 301 million pounds – ahead of analysts’ average forecast of 275 million pounds and 238 million pounds made in the same period last year.

Strong sales during the COVID-19 pandemic outweighed the extra costs and losses at its bank.