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Leadership Business Events

  • Feb 8- Corn Flakes maker Kellogg Co said on Wednesday it would stop distributing its U.S. snacks business' products directly to stores and switch to its more widely used warehouse model to cut costs and adapt to a changing retail landscape. The distribution model change is part of an expanded "Project K" program, which Kellogg launched in 2013 to save up to $475...

  • CHICAGO, Feb 8- A U.S. federal appeals court dismissed an emergency appeal by opponents of Peabody Energy Corp's reorganization plan on Wednesday, saying any complaints should be lodged after the plan is confirmed by the bankruptcy court. A bankruptcy panel of the 8th U.S. Circuit Court of Appeals did not address the merits of the motion. Peabody hopes to emerge...

  • LONDON, Feb 8- Luxury sports car maker McLaren Automotive said it will create more than 200 jobs in Britain by bringing production of its carbon-fibre chassis from Austria to northern England, a move it said had been initiated long before the Brexit vote. The carbon fibre chassis, which helps to keep the top-end sports cars as light as possible, is currently built...

  • CHICAGO, Feb 6- Opponents of Peabody Energy Corp's reorganization plan have filed an emergency appeal against a key piece of the coal producer's proposal they say violates U.S. bankruptcy law by prematurely requiring creditors to promise support it. At the heart of creditors' complaints are the terms of a $1.5 billion private recapitalization that Peabody...

  • Feb 6- Eastern Outfitters LLC, the parent of discount chain Bob's Stores and outdoor retailer Eastern Mountain Sports, filed for bankruptcy protection on Sunday, the latest U.S. retailer to do so amid increased competitive pressure facing the sector. Eastern Outfitters listed assets and liabilities in the range of $100 million to $500 million, according to...

  • TOKYO, Feb 6- Shares in Japan's Takata Corp were untraded with a glut of sell orders on Monday after sources said the struggling air bag maker had selected Key Safety Systems as the final bidder for its restructuring, raising a concern that the U.S. auto parts supplier could lead Takata into a bankruptcy. Reuters reported on Saturday that Takata's steering...

  • *UK banks must separate retail, investment banking operations. LONDON, Feb 5- Barclays Plc is about to overhaul its back office operations under a restructuring to help it comply with new post-crisis rules forcing British banks to ring-fence their retail operations from their riskier business. While Barclays was not among those that needed a UK...

  • MILAN, Feb 4- Italy's biggest bank UniCredit said on Saturday it had signed a deal with trade unions to cut 3,900 jobs in the country as it prepares to launch a record 13 billion euro share issue next week. The cuts in Italy will be carried out on a voluntary basis and UniCredit has committed to hiring 1,300 people over the next three years. To offset fourth-quarter...

  • SAO PAULO, Feb 2- A court in the Netherlands on Thursday decided that two subsidiaries of debt-laden Brazilian phone carrier Oi SA would not start bankruptcy proceedings, the company said in a securities filing. The filing confirmed a Reuters report that Oi Brasil Holdings Coöperatief UA and Portugal Telecom International Finance BV, would remain operating...

  • Feb 2- Wet Seal LLC filed for bankruptcy protection on Thursday, following reports last week that the struggling teen apparel retailer had closed all its stores after it was unable to find a buyer. The Irving, California- based company listed assets of $10 million- $50 million and liabilities of $50 million- $100 million in a filing with the U.S. bankruptcy court in...

  • The New York Times said in April that it would shut some of its Paris operations, while in November the Wall Street Journal started laying off employees and reducing the number of sections in the newspaper.. Net income attributable to the New York Times fell 28.1 percent to $37.1 million, or 24 cents per share, in the quarter. On an adjusted basis, the company earned 30...

  • The company said it signed an agreement with certain bondholders that includes a $19.25 million equity investment, with some debtors backing a $255.75 million rights offering. Vanguard also said it had obtained a $50 million debtor-in-possession financing facility, underwritten by Citibank NA, JPMorgan Securities LLC and Wells Fargo Bank NA.

  • *Q4 core EPS $1.21 vs consensus forecast $1.13. LONDON, Feb 2- AstraZeneca warned on Thursday that profit and revenue would both fall this year as cheap generic versions of its cholesterol drug Crestor continue to hit sales. It has offset falling sales by divesting some non-core assets, resulting in fourth-quarter 2016 core EPS, which excludes some items, rising...

  • *Q4 core EPS $1.21 vs consensus forecast $1.13. It has offset falling product sales by divesting some non-core assets, resulting in fourth-quarter 2016 core EPS, which excludes some items, up 29 percent in dollar terms at $1.21 on revenue down 13 percent at $5.59 billion. The consensus forecast among industry analysts was for quarterly revenue of $5.57 billion...

  • The company, which plans to invest in a single consumer platform, said it would consolidate its Santa Clara, California- based teams into its headquarters in Redwood City. Shutterfly said its offices at Santa Clara and New York would be shut. Shutterfly said it expects to incur restructuring charges of $15 million- $20 million this year.

  • NEW YORK, Feb 1- JPMorgan Chase& Co will pay $797.5 million in cash to end all litigation brought on behalf the former Lehman Brothers Holdings Inc, whose September 2008 collapse triggered a global financial crisis. Bankruptcy Judge Shelley Chapman in Manhattan. It follows JPMorgan's agreement last January to pay $1.42 billion in cash to resolve most other...

  • WILMINGTON, Del., Feb 1- Financially distressed companies that file for U.S. bankruptcy are emerging from court proceedings more quickly than ever, lowering legal costs but also forcing junior creditors to scramble to protect their interests. "It used to be a roach motel," said Melissa Jacoby, a professor at the University of North Carolina School of Law.

  • WILMINGTON, Del., Feb 1- Financially distressed companies that file for U.S. bankruptcy are emerging from court proceedings more quickly than ever, lowering legal costs but also forcing junior creditors to scramble to protect their interests. "It used to be a roach motel," said Melissa Jacoby, a professor at the University of North Carolina School of Law.

  • *Planemaking chief moves office to new corporate HQ. PARIS, Feb 1- After top-level restructuring at Airbus come the musical chairs and a new logo intended to convey unity as the European giant aims to refocus its management without a return to past infighting. But close watchers of the predominantly Franco-German firm, still bruised by decades of infighting,...

  • TORONTO, Jan 31- Bell Media, a unit of Canadian telecom company BCE Inc, said on Tuesday it is reducing its radio and television industry workforce in more than two dozen locations across the country by an unspecified number. "The restructuring is the result of the challenges Bell Media and other Canadian media companies are facing due to increasing...