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Tag: Restructuring

Exclusive: Chevron workers face demands to reapply for jobs under global restructuring – sources

October 8, 2020
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By Jennifer Hiller, Devika Krishna Kumar

The logo of Chevron is seen at the company’s office in Caracas, Venezuela April 25, 2018. REUTERS/Marco Bello/Files

HOUSTON/NEW YORK (Reuters) – Chevron Corp employees worldwide are being asked to reapply for positions as part of a cost-cutting program expected to eliminate up to 15% of its workforce, people familiar with the matter said.

The No. 2 U.S. oil producer has begun taking steps to streamline its organization this year to reduce costs and revive declining profits. Oil companies have posted huge losses on asset writedowns and slashed spending as economic downturns caused by the COVID-19 pandemic undercut fuel demand.

Employees who are not chosen for jobs should know within weeks, Chief Executive Michael Wirth said in an interview on Monday. He did not discuss how cuts would be decided nor how many employees were asked to reapply for positions.

The company took a

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Chevron workers face demands to reapply for jobs under global restructuring – sources

October 8, 2020
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| business

Yardeni Research President Edward Yardeni and Cornerstone Macro Co-Founder Nancy Lazar discuss the September jobs report.

Chevron Corp employees worldwide are being asked to reapply for positions as part of a cost-cutting program expected to eliminate up to 15% of its workforce, people familiar with the matter said.

Ticker Security Last Change Change %
CVX CHEVRON CORP. 73.78 +1.48 +2.05%

The No. 2 U.S. oil producer has begun taking steps to streamline its organization this year to reduce costs and revive declining profits. Oil companies have posted huge losses on asset writedowns and slashed spending as economic downturns caused by the COVID-19 pandemic undercut fuel demand.

LAYOFFS ON THE RISE AMID SLOW COVID-19 RECOVERY

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 28.39 0.00 0.00%

Employees who are not chosen for jobs should know within weeks, Chief Executive Michael Wirth said in an interview on Monday.

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What Does Ford’s Restructuring Mean? Leadership Changes And A New Direction For The Automaker

October 1, 2020
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On the same day that he stepped into his new role as CEO at Ford (F), Jim Farley has shaken up his leadership team in an effort to turnaround the company’s automotive operations.

Farley, who succeeded Jim Hackett on Thursday, made the announcements during a virtual town hall meeting with Ford’s global team. As part of Farley’s plan, costs will be reduced, quality will be improved, and underperforming businesses will be restructured.

“During the past three years, under Jim Hackett’s leadership, we have made meaningful progress and opened the door to becoming a vibrant, profitably growing company,” Farley said. “Now it’s time to charge through that door.”

“We are going to compete like a challenger – allocate capital to higher growth and return opportunities to create value – and earn customers for life through great products and a rewarding ownership experience.”

The leadership changes include the appointment of John Lawler,

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Zambia aims to clinch debt restructuring deal by April – finance minister

September 29, 2020
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Adds details, background

LONDON, Sept 29 (Reuters) – Zambia hopes to reach a debt restructuring agreement with creditors by April and hopes to get nearly $1 billion of debt service relief from its requests to official and commercial creditors, Finance Minister Bwalya Ng’andu said on Tuesday.

One of the world’s largest copper producers, Zambia had been wrestling with growing public debt even before the coronavirus outbreak forced lockdowns around the world and cut demand for raw materials.

“We have engaged systematically with our official creditors for debt service suspension as well as our commercial creditors to seek similar debt service treatment, including the rescheduling of past due arrears accumulated throughout the year,” Ng’andu told creditors in a webcast.

“We hope to be in a position to reach an agreement in principle with our external creditor community on a debt treatment and with the IMF on a staff level agreement

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Omega Commercial Finance Corporation Update On Capital Restructuring

September 29, 2020
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MIAMI, Sept. 28, 2020 (GLOBE NEWSWIRE) — Omega Commercial Finance Corporation (OCFN) is hereby providing shareholders and the investment community with an update of its capital restructuring, as a result of the Company having become a non-reporting public company in October 2018..

Becoming a non-reporting public company afforded OCFN the opportunity to restructure the Company’s capital structure and address massive derivative debt that was cultivated overtime by “Bad Actors,” which is pervasive within the over-the-counter market. The derivative debt originated from various holders of promissory notes of which OCFN issued in the period following the 2008 credit crisis to sustain operations and stay afloat during a period where investment bankers where not readily providing capital for over-the-counter companies and instead focusing on top tier public companies trading on national securities exchanges.

Consequently, when the debt from the promissory notes were due, the Company strategically felt it was best to allow

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Cathay Pacific Pilots Push for Seat at Table for Restructuring Talks | Investing News

September 29, 2020
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SYDNEY (Reuters) – Pilots at Hong Kong’s Cathay Pacific Airways Ltd <0293.HK> are pushing to be included in restructuring talks at the carrier and will run a newspaper advertisement to drum up public support, a union representing them told Reuters on Tuesday.

The comments come after the group this month declined to apply for more government employment subsidies for its main business units, freeing it from the condition to retain jobs tied to the grants and fuelling worries of layoffs.

“What we want is to make sure if there is some sort of decision with regards to the future of the pilots, that we will be involved in discussions on what the structure looks like,” said Chris Beebe, the general secretary of the Hong Kong Aircrew Officers Association (HKAOA).

Beebe declined to comment on whether pilots would offer concessions like temporary salary cuts or unpaid leave schemes as have been

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Harley-Davidson Withdraws From India as Part of Restructuring

September 28, 2020
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Harley-Davidson HOG recently announced the decision to exit India, the world’s largest two-wheeler market, by discontinuing its sales and manufacturing operations in the country. The decision comes in as part of the company’s global restructuring plan, per which it has been withdrawing from markets, where achieving high levels of volume and profitability is a daunting task.
 
The coronavirus pandemic has crippled the auto industry, straining auto sales in India. To revitalize the economy, Indian Prime Minister Narendra Modi had announced the “Make in India” program. In this program, the government is offering incentives worth billions of dollars to attract global firms for investing in manufacturing units in the region, including production-linked allowances for automakers. Harley-Davidson’s exit from the Indian market is a setback for Prime Minister Modi’s strategy to persuade global manufacturers to invest in domestic manufacturing in the country.

The iconic motorcycle manufacturer commenced operations in India in 2011,

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