FASB update nixes separate accounting for troubled debt restructurings

CFO Dive

As an alternative to calculating TDR, creditors that have implemented current expected credit losses (CECL) standards are to disclose their restructurings for distressed borrowers

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CERIL Report Reviews Cross-Border Effects in European Preventive Restructuring

Corporate Finance Lab

The independent think tank Conference on European Restructuring and Insolvency Law (CERIL) has published its latest Statement and Report 2022-2 on Cross-Border Effects in European Preventive Restructuring. In the absence of an adequate framework for these new preventive restructuring proceedings, the CERIL Report and Statement formulate recommendations to the EU and national legislators. Cross-Border Dimensions of Preventive Restructuring Proceedings.

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Debt Restructuring or Debt Consolidation – Which is Right for You?

CFO Selections

Debt restructuring and debt consolidation are two debt management strategies that companies can use when they need help getting out from under their debt. Obviously, you cannot simply make business debt disappear. Wouldn’t that be nice?!)

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MoneyGram Works To Restructure Debt; Could Seek Buyer

PYMNTS

Reuters reported that in addition to exploring strategic alternatives, the company is currently working to restructure its outstanding debt, which was at $902.8 Justice Department to extend a deferred prosecution agreement, which paves the way for MoneyGram to restructure its debt. The sources noted that restructuring advisers on Wall Street have contacted Alex Holmes, the chief executive of MoneyGram, to offer advice, but Holmes has not expressed interest.

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Does My Business Debt Need Restructuring?

CFO Share

Then I am hired to negotiate with lenders to help small businesses restructure debt and avoid folding. Does your small business need debt restructuring? When should I restructure my business debt? The post Does My Business Debt Need Restructuring?

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Nike Restructures Corporate Leadership In Digital Push

PYMNTS

Nike announced several changes to its senior leadership Wednesday (July 22) as it looks to accelerate digital business and simplify consumer experiences with its Consumer Direct Acceleration (CDA) strategy, according to a press release. “We

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IEAF Conference: The Emerging New Landscape of European Restructuring and Insolvency

Corporate Finance Lab

The overall theme of the academic conference will be: “The Emerging New Landscape of European Restructuring and Insolvency”. The programme will touch upon this by discussing among others: Current developments in corporate preventive restructuring, Fresh start and other topics related to individual debtors, Design issues in restructuring and insolvency law, and Cross-border and EU law restructuring and insolvency.

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Wells Fargo Restructures Its Commercial Banking Business

PYMNTS

Wells Fargo announced Tuesday (June 4) it has restructured its Commercial banking business. News banking Commercial Banking restructuring wells fargoIn a press release , Wells Fargo said Kyle Hranicky, a twenty-five year veteran of the company will head up the Commercial Banking Business. Under the new structure, the unit will have more than 6,000 employees across twenty-four divisions and eighty markets nationwide.

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HSBC Announces U.S., U.K. Restructuring Amid Q3 Losses

PYMNTS

Losses at some HSBC businesses are causing the bank — Europe’s largest — to restructure, CNBC reported Monday (Oct. HSBC group CFO Ewen Stevenson announced plans to restructure the businesses with the greatest losses, its U.K. We haven’t yet sized what that means in terms of the restructuring.”. B2B Payments B2B earnings HSBC losses News profits Q3 restructure What's Hot In B2B

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LendingClub Lays Off 460 In Restructuring Plan

PYMNTS

A third of online lender LendingClub ’s workers will be laid off , the company said on Tuesday, April 21. That’s 460 employees, including President Steven Allocca, as the company tries to navigate the tumultuous economy surrounding the coronavirus pandemic and slash costs.

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Deutsche Bank Posts $924M Loss As Restructuring Continues

PYMNTS

Germany’s Deutsche Bank reported a net loss below market expectations amid a restructuring plan that includes about 18,000 layoffs, The Wall Street Journal (WSJ) reported Wednesday (Oct. The restructuring has Deutsche Bank leaving equities trading along with other operations that aren’t profitable. Earnings B2B B2B Payments Deutsche Bank Layoffs loss News Q3 restructuring What's Hot In B2B

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JCPenney Explores Debt Restructuring Options With Advisers

PYMNTS

To look into debt restructuring options that would provide the retailer more time to make a turnaround, JCPenney Co Inc has reportedly hired advisers. The retailer had talks with investment bankers as well as lawyers who specialize in helping troubled companies with debt restructuring as well as other financial workouts per unnamed sources, Reuters reported. Even so, one of the unnamed sources put out the caveat that the plans for restructuring are at an early stage.

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Wells Fargo Restructures Commercial Banking Business

PYMNTS

Wells Fargo announced on Tuesday (June 4) that it has restructured its commercial banking business. In a press release , Wells Fargo said Kyle Hranicky, a 25-year veteran of the company, will head up its commercial banking business. Under the new structure, the unit will have more than 6,000 employees across 24 divisions and 80 markets nationwide, who will provide industry expertise, customized services and local support to customers.

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Tencent Is Restructuring For The First Time

PYMNTS

Tencent Holdings revealed that it is restructuring for the first time in six years as it faces tougher Chinese internet regulation. According to Reuters , the Chinese internet giant announced that Tencent executives will consolidate three content business groups to one unit and implement a new group for cloud and smart industries.

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BitPesa Restructures, Secures $15M For Expansion

PYMNTS

B2B FinTech BitPesa , which operates a platform offering foreign exchange and cross-border payment services, is restructuring and has announced new funding to support its expansion efforts. The company said on Tuesday (Oct. 22) that it is now part of parent company AZA Group, which now encompasses the BitPesa, BFX and TransferZero brands.

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BCBG Closes Stores, Faces Restructuring

PYMNTS

BCBG announced plans to close stores and restructure the company due to mounting pressure from its debt burden and more consumers opting to shop online. The company has also hired advisory firm AlixPartners LP to help restructure its debt load so that it can avoid dealing with the bankruptcy court, people familiar with the situation told Bloomberg. Lubove confirmed that BCBG is s looking into a “variety of options” in its efforts to restructure the business.

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Eyeing IPO, Alibaba Gets Go-Ahead To Restructure Ant Financial

PYMNTS

Chinese regulators have given the green light to Alibaba to restructure Ant Financial, which will open a path for an initial public offering (IPO) for the Chinese payments company. . The proposed restructuring will happen with Alibaba exchanging 37.5 Now that the restructuring deal is complete, the ownership of Ant Financial is clarified.

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Sanctioned Russian Oligarch Explores Ways to Ease the Pain of Restrictions

CFO News Room

One of Russia’s richest men is exploring options to restructure ownership of his businesses to ease the burden of Western sanctions , according to people familiar with the matter. Steel magnate Alexey Mordashov, who was sanctioned by the U.S. , the European Union and the U.K.

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3M Unit Defends Request to Shield Parent From Mass Earplug Lawsuits

CFO News Room

and would complicate earplug unit Aearo’s restructuring. Lawyers representing 3M Co. ’s s bankrupt Aearo Technologies LLC subsidiary defended its request to a bankruptcy judge to extend a litigation stay to the parent company to resolve mass earplug lawsuits, saying such a move would be in line with other court rulings. Aearo Technologies lawyer Chad Husnick on Wednesday said before Judge Jeffrey Graham of the U.S.

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Toshiba’s New Breakup Plan Faces Lower Shareholder Hurdle

CFO News Room

s revised plan to break into two parts instead of three might not fully satisfy foreign shareholders who want more radical restructuring but it offers an easier path for the company to divide itself. TOKYO— Toshiba Corp.’s

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Small Business Lawsuit Against RBS’s Restructuring Unit Begins

PYMNTS

A trial has begun against the financial institution Royal Bank of Scotland (RBS) brought by a small business owner and former RBS client suing the bank for damages related to RBS’s disgraced Global Restructuring Group (GRG). Bloomberg reported Tuesday (Oct. 29) that emails sent between RBS executives revealed at the trial’s opening on Monday were used to paint a picture of RBS executives that had “lost their moral compass,” as Hugh Sims, the lawyer for Oliver Morley, told the court.

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Reports Link UK Treasury To RBS’ Small Biz Restructuring Scandal

PYMNTS

Treasury’s Asset Protection Agency (APA) allegedly influenced the strategy of RBS’s Global Restructuring Group (GRG), the unit found to have unfairly treated small business customers and pushed some into insolvency. As the fallout from Royal Bank of Scotland’s small business mistreatment scandal continues, the effects are being felt beyond the institution and across the entire financial services space.

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Wells Fargo Replaces, Restructures Exec Team

PYMNTS

Wells Fargo is re-shuffling the deck after a huge scandal last year left the bank playing 52-card pickup. Under the watch of the former head of the retail business, Carrie Tolstedt, employees created as many as 2.1 million fake accounts in customers’ names to meet aggressive sales goals. The San Francisco-based bank has since replaced Tolstedt with Mary Mack as head of the retail business and is now reassigning four executives to report directly to Mack.

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CFO perspectives on leading agile change

McKinsey

Insights on People and Organizational Performance Organizational restructuringCFOs across industries and regions came together virtually to discuss the impact and the challenge of leading an agile transformation journey.

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Coronavirus outbreak: 43% of APAC firms might restructure operations

Future CFO

Many companies in Asia Pacific will be forced to restructure operations to stay afloat if the new Coronavirus outbreak (COVID-19) worsens, said Tricor Group that recently released its COVID-19 Business Sentiment and Resilience Barometer Report. . 43% of executives report that if the situation gets worse, they will need to consider restructuring operations. The post Coronavirus outbreak: 43% of APAC firms might restructure operations appeared first on FutureCFO.

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Poll: Voters Don’t Like Supreme Court Leak—or Restructuring the Judiciary

CFO News Room

Photo: Mariam Zuhaib/Associated Press. A number of recent polls have suggested that voters aren’t particularly enamored of the Supreme Court, nor with its draft opinion to overturn Roe v. Wade , which was recently leaked to Politico.

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Brown-Forman Structures Tech Leadership Around Supply Chain

CFO News Room

in March restructured its technology leadership around the supply chain, which the company’s chief financial officer has identified as a source of pressure. Jack Daniel’s whiskey maker. Brown-Forman Corp.

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China’s Big Tech Firms Are Axing Thousands of Workers

CFO News Room

Some of the new cuts amount to around 20% of staff in some business units, higher than the single-digit percentage level of cuts common in annual restructuring, people working in the industry said.

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Private Equity Surges in China as Broader M&A Market Stalls

CFO News Room

Private equity accounted for a record share of Chinese mergers and acquisitions in 2021, and the country’s well-funded buyout firms are likely to be busy this year too, as corporate restructurings and multinational disposals generate more targets.

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Zappos Names Amazon Executive as Its First CMO

CFO News Room

Zappos.com Inc. has named. Amazon. executive. Ginny McCormick. as its first chief marketing officer in its 23-year history. McCormick joins the online shoe retailer from Amazon Hub, the division that runs Amazon.com Inc.’s s package pickup and returns lockers, where she was global marketing director.

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HSBC CFO: Bank to restructure after Q3 profit drop

Future CFO

HSBC’s CFO Ewen Stevenson said the bank plans to restructure its loss-making businesses after announcing an 18% year-on-year drop in pre-tax profit in Q3 on Monday. The post HSBC CFO: Bank to restructure after Q3 profit drop appeared first on FutureCFO. The Hong Kong-listed bank reported pre-tax profit of US$4.8 billion, compared with the US$5.3 billion average of the banks’ analyst estimates.

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GST rates overhaul may be delayed by a few months

CFO News Room

Economics accommodative policy stance goods & services tax GST rates overhaul GST restructuring GST slab high global commodity prices inflationary expectations RBI reserve bank of india revenue-neutral rate RNR

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Coinbase to Lay Off 18% of Staff Amid Crypto Meltdown

CFO News Room

Network LLC hiring a law firm to examine restructuring options. Further waves of reckoning swept through the cryptocurrency industry Tuesday, with exchange company Coinbase Global Inc. saying it would cut almost a fifth of its staff and crypto lender. Celsius.

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Discover CFO eyes benefits of downturn

CFO Dive

As smaller fintechs grapple with restructuring challenges, the card company expects there will be more opportunities for it in hiring talent and acquiring businesses, said CFO John Greene

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Bankrupt Revlon to pay $165,000 monthly for interim CFO

CFO Dive

Alvarez & Marsal Managing Director Matt Kvarda will step in as interim CFO for beauty brand Revlon as it goes through corporate restructuring, with the consulting firm reaping a $165,000 monthly fee

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