Sir Philip Green appoints restructuring specialists to Arcadia’s board April 11, 2019 Sir Philip Green has appointed restructuring experts to the board of his retail empire as the billionaire tycoon prepares to overhaul the company. Former Deloitte partner Jamie Drummond Smith, who was the chairman of Cattles, has joined the board as interim chairman and Peter Bloxham, an independent restructuring advisor and former head of restructuring and [...]
Debate: Given the problems at Wow Air, should we be worried about the future of the airline industry? April 5, 2019 Given the problems at Wow Air, should we be worried about the future of the airline industry? Yes – Anthony Hynes is chief executive of eNett international. With Iceland’s Wow Air and other airlines going bust recently, it’s undeniable that the airline industry is going through some turbulent times. In fact, our recent study shows that [...]
Icelandic airline Wow Air closes operations as it fails to secure rescue deal March 28, 2019 Debt-ridden Wow Air shut operations and grounded planes this morning after a last-minute fight for funding failed, leaving thousands stranded and seeking alternative transport. The struggling Icelandic airline told customers it has now ceased operation, cancelling all flights. Read more: Boeing's Ethiopian Airlines crash fallout: Everything you need to know While tickets were still being [...]
Facebook, Cambridge Analytica, and your data – a look back one year after the personal data scandal March 21, 2019 Last Sunday marked the first anniversary of newspapers breaking the story of Cambridge Analytica. The Guardian and the New York Times revealed that the British political consulting firm had been able to harvest the personal data of millions of Facebook users without permission. Cambridge Analytica had to file for insolvency just a few months after [...]
Creditors approve Giraffe and Ed’s Easy Diner CVA March 21, 2019 The operator of Giraffe and Ed’s Easy Diner has been given the green light for store closures today, as creditors voted through a major restructuring plan that puts hundreds of jobs at risk. Giraffe Concepts Limited, which gained the 75 per cent approval it needed from creditors in a vote this afternoon, is now set to [...]
City Moves for 20 March – who’s switching jobs at Crowell & Moring, Delta Capita and DWF? March 20, 2019 Who’s switching jobs today? Crowell & Moring Andrew Knight is joining Crowell & Moring’s London office as a partner in its corporate and financial services practices to strengthen the firm’s ability to advise clients on debt finance and asset-based lending.His practice focuses on international financial law in the context of asset-based lending, syndications, restructurings, loan [...]
Interserve wins £76m oil and gas contract despite falling into administration days ago March 18, 2019 An Interserve subsidiary has won a $100m (£76m) contract to carry out maintenance on oil and gas sites in Abu Dhabi, days after its parent company was forced into administration. The outsourcer will replace firewater pumps and liquid sulphur loading systems at offshore and onshore sites owned by Abu Dhabi National Oil Company (ADNOC). Read [...]
Outsourcer Interserve begins trading as a private company after shares suspended March 18, 2019 Government supplier Interserve has today embarked on a new chapter as a private company, after its shares were removed from the London Stock Exchange. The ex-FTSE 250 mainstay went into administration on Friday after shareholders rejected a plan to alleviate most of its £630m debt pile, which would have seen their collective stake in the [...]
Interserve’s top shareholder warns administrator against selling off to lenders March 12, 2019 Interserve’s largest shareholder has warned the outsourcer’s would-be administrator against arranging a pre-pack insolvency deal that would hand total control to the firm’s lenders, in the event the firm goes bust on Friday. Coltrane Asset Management, a US hedge fund that holds a 27.7 per cent stake in the outsourcer, has written to EY, which [...]
Pensions watchdog drops investigation into publishing giant Johnston Press March 11, 2019 The pensions watchdog has dropped its investigation into the sale of newspaper publisher Johnston Press. The Pensions Regulator (TPR) probe was launched in November after the publishing giant, which owned the I newspaper, The Scotsman and the Yorkshire Post, was sold to JPI Media out of “pre-pack” administration. Read more: Johnston Press administrator warns of [...]