SPH reports 23.4% drop in FY19 earnings to $213.2 mil; announces plans to cut 5% of media staff

SINGAPORE (Oct 17): Singapore Press Holdings (SPH) is looking to cut 5% of staff from its media group as print revenue continues to slide. Following a review of its media business, SPH says it will be restructuring and streamlining its media and magazines operations.

The exercise is expected to be completed in 1Q20, and is estimated to incur retrenchment costs of around $8 million.

SPH saw its full-year earnings drop 23.4% y-o-y to $213.2 million in FY19, from $278.4 million a year ago.

Malaysia Airlines' new plan targets 2022 break-even

KUALA LUMPUR (July 15): Malaysia Airlines Bhd’s new long-term business plan (LTBP), which is still awaiting approval from the Khazanah Nasional Bhd board of directors, would see the national carrier achieve financial breakeven by 2022 and generate enough income to cover the cost of capital for its operations two years later.

This was revealed by group CEO Izham Ismail in a circular sent to staff on July 11, which was sighted by The Edge. However, he did not say when the airline could turn a profit under the proposed business plan.

Deutsche Bank cuts 18,000 employees in $11.3 bil 'reinvention'

(July 9): Deutsche Bank laid off staff from Sydney to New York on Monday as it began to slash 18,000 jobs in a 7.4 billion euro ($11.3 billion) “reinvention” that will lead to yet another annual loss, a plan that knocked its already battered shares.

Germany’s largest lender said on Sunday it will scrap its global equities unit and cut some fixed-income operations in a retreat from a long-held ambition to make its struggling investment bank, with 38,000 staff, a force on Wall Street. Deutsche Bank has almost 91,500 staff around the world.

Swiber creditors give nod for proposed restructuring with Seaspan

SINGAPORE (May 30): Creditors of Swiber Holdings and its main subsidiary, Swiber Offshore Construciton (SOC), have approved a restructuring proposal which the group says will take it one step nearer to implementing a restructuring with equity investment from Seaspan Corporation.

The news comes nearly three years after Swiber Holdings filed for insolvency.

Backed into a corner, Hyflux remains uncertain over plans to extend debt moratorium

SINGAPORE (April 11): Hyflux remains undecided over the possibility of seeking an extended debt moratorium ahead of the April 30 deadline, according to the troubled water and power company’s representing attorney.

Speaking on behalf of Hyflux at a case management conference today, WongPartnership lawyer Manoj Sandrasegara reportedly said he had “no instruction at this stage” to apply for a moratorium extension, while also opining that “all options are on the table” for the firm as it intends to hold discussions with all senior unsecured groups.

Hyflux restructuring plans rocked by PUB notice to Tuaspring; ESR-REIT files proofs of claims

SINGAPORE (Mar 6): Hyflux, the water treatment firm which is undergoing debt restructuring, has received a notice from Singapore’s Public Utilities Board “asserting certain defaults by Tuaspring” under its 2011 water purchase agreement (WPA) with the Hyflux subsidiary.

Terms of the WPA provide a default cure period of 30 days from March 6, 2019, for Tuaspring to PUB on the steps needed to mitigate the consequences of, and cure, any defaults which may have occurred.

Noble Group restructuring gets green light in Bermuda court

(Dec 14): Embattled commodity trader Noble Group is on track to complete its mammoth restructuring deal after a Bermuda court approved an officer to carry out the plan, using a local kind of insolvency process.

See: Noble says to take 'alternative' restructuring process without transfer of listing to New Noble

Noble queries said to focus on mark-to-market gains

(Nov 27): Singaporean regulators investigating Noble Group have focused their questions so far on the company’s use of mark-to-market accounting, according to people familiar with the matter.

The struggling commodity trader was thrown into fresh crisis last week after Singapore announced a three-agency probe into Noble’s accounts just days before a marathon US$3.5 billion ($4.8 billion) debt restructuring was due to complete. On Sunday, Noble said it would delay the deadline for that deal to Dec 11 to "fully address all concerns of the regulators."

Noble extends restructuring deadline following probe

(Nov 26): Noble Group extended the deadline for its marathon restructuring until Dec 11 to address regulators’ concerns, a week after Singaporean authorities began an investigation into the embattled commodity trader’s finances.

Noble maintains restructuring is of stakeholders' best interests, to proceed as planned amid investigations

SINGAPORE (Nov 21): Noble Group says it intends to continue pressing ahead with its debt restructuring as planned, with the best interests of its stakeholders in mind.

Noble gets go-ahead for controversial restructuring plan, pays funds into court in ongoing legal suit

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