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<ul><li>The scale of <keyword id="1501578" type="PERSON" weightage="60" keywordseo="corporate-restructuring">corporate restructuring</keyword> could surpass financial-crisis highs on a swelling pile of junk-rated <keyword id="44647" type="ORGANIZATION" weightage="60" keywordseo="debt">debt</keyword>, <a href="https://markets.businessinsider.com/stocks/blk-stock">BlackRock</a> said Monday.</li><li>Sub-investment grade debt outstanding ballooned to $5.3 trillion since 2007. The coronavirus pandemic only exacerbated the growth, as the Federal Reserve's bond purchases revived the credit market and companies rushed to raise cash.</li><li>Yet the pandemic also curbed companies' ability to repay debts as lockdowns slammed revenue streams, the strategists said.</li><li>Those hoping to capitalize on a "wave of restructurings" should look to distressed-debt specialists and private <keyword id="393253" type="PERSON" weightage="60" keywordseo="credit-markets">credit markets</keyword>, the team added.</li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurl?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest">Visit the Business Insider homepage for more stories</a>.</li></ul>The scale of corporate <keyword id="6438428" type="UNKNOWN" weightage="60" keywordseo="restructuring">restructuring</keyword> could exceed 2008's record high thanks to a leap in sub-investment grade debt, <a href="https://markets.businessinsider.com/stocks/blk-stock">BlackRock</a> said Monday.Junk debt outstanding has more than doubled to $5.3 trillion since 2007, and the virus' economic fallout stands to lift that total even higher. Near-zero interest rates and the Federal Reserve's move into bond-buying reinvigorated the corporate <keyword id="144818" type="PERSON" weightage="60" keywordseo="debt-market">debt market</keyword> early on in the pandemic. Once-stifled liquidity flowed freely through the debt market.The surge in debt issuance leaves firms at a heightened risk of default. The average interest coverage ratio — a popular gauge of companies' ability to pay off debts — for middle-market buyouts in 2019 hit its lowest level since just before the 2008 crisis."This left many vulnerable as their revenues come under pressure from COVID-related disruptions," the team led by Mike Pyle wrote in a note.Read more: <a href="https://www.businessinsider.com/stocks-picks-to-buy-12-underowned-companies-earnings-season-surge-2020-10">Bank of America shares 12 under-owned stocks likely to soar on earnings this quarter with investing conditions ripe for the picking</a>Where the risk of restructuring can slam some portfolios, <keyword id="158169" type="CITY" weightage="60" keywordseo="BlackRock">BlackRock</keyword> identified areas of the market poised to benefit. Distressed-debt specialists should see new opportunities, particularly due to the ballooning share of private debt making up the $5.3 trillion total.Institutional investors are under-invested in private <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> and underappreciating their ability to handle liquidity risk, the team of strategists added. Those focusing on smaller firms are positioned best. Large companies have borrowed more easily through the pandemic amid bolstered credit-market demand. Yet smaller companies lacked such abundant liquidity sources. Many firms are already facing overhauls as the pandemic changes how Americans spend their time and money. This need can create "a wave of restructurings," BlackRock said, adding there's "room for private credit to cater to smaller and lower-credit quality issuers."Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/netflix-q3-earnings-preview-streaming-competition-subscriber-growth-revenue-cuties-2020-10-1029698265">'Stronger than ever': Here's what 4 Wall Street banks expect from Netflix's 3rd-quarter earnings report</a><a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-target-lifted-china-demand-deliveries-pace-wedbush-2020-10-1029693540">Tesla will gain another 14% as company closes in on 500,000 annual deliveries, Wedbush says</a><a href="https://www.businessinsider.com/investing-book-recommendations-11-picks-championship-contenders-reaping-big-returns-2020-10">We spoke to 4 US Investing Championship contenders who raked in a combined return of 1,349% in just 9 months. Here are the 11 books they say transformed them into trading juggernauts.</a>

Corporate restructuring needs could surpass 2008 levels amid a surge in junk debt, BlackRock says

New Delhi, Aug 17 (IANS) The Reserve Bank of India's (RBI) move on one-time loan restructuring will help soften the Covid-19 pandemic's impact on the asset quality of banks, CRISIL Ratings has said in a report earlier. According to the rating agency, without the loan restructuring support, gross non-performing assets (NPAs) could have touched a two-decade high of 11.5 % by the end of this fiscal, but will now likely print considerably below that level. The central bank has permitted relaxations for corporate loans under the June 2019 Prudential Framework on Resolution of Stressed Assets. These will benefit borrowers in most categories. Indeed, in a first, the restructuring option has been extended to retail borrowers as well, given that many of them may face challenges in servicing debt owing to salary cuts and job losses. Micro, small and medium enterprises (MSMEs), which have been substantially a ffected by the pandemic-led disruptions, have also got relief in the form of a three-month extension in the existing restructuring scheme, i.e. till Mar ch 31, 2021. The major beneficiaries, though, will be sub-Rs 500 crore corporate exposures and retail exposures, which were earlier expected to see the highest increase in NPAs in percentage terms. The debt at risk in these segments - or loans at risk of slipping into NPAs this fiscal unless restructured by banks - is a sizeable Rs 3 lakh crore, the report has said. Krishnan Sitaraman, Senior Director, CRISIL Ratings, said, "In the corporate segment, the situation today is different from the previous asset quality stress cycle, which started four years ago. Last time, the NPAs came primarily from bigger, chunkier accounts, whereas this time, an analysis of the top 100 exposures of our large, rated banks reveals that following a period of consolidation and deleveraging, these entities are likely to be better-positioned to withstand the current challenges. The key beneficiaries of the RBI's measures, though, will be small and mid-sized accounts, which are far less resilient in the current situation." CRISIL's analysis of the credit profile of banking sector exposures over Rs 25 crore bears this out. The study, covering 14,000 companies that constitute over 75% of the overall corporate portfolio of banks, shows that the debt at risk in corporate loan accounts with exposure less than Rs 500 crore is Rs 2 lakh crore. As a proportion of loans outstanding in this segment, it is 5 times that for larger corporate loan accounts with exposure more than Rs 500 crore. Further, the retail segment, which was considered a safe haven for banks in r ecent years, is witnessing significant pressure, given the stress being faced by salaried as well as self-employed borrowers. While home loans, the largest secured segment, would be less at risk owing to the psychological attachment of Indians to the homes they live in, and the priority they accord to repaying home loans, this does not hold for segments such as unsecured loans. The total debt at risk in the retail segment is estimated to be Rs 1 lakh crore. Asset quality in the MSME segment, which is among the most vulnerable, is already benefitting from the restructuring scheme that was in force till December 31, 2020, as well as measures such as the Rs 3 lakh crore Emergency Credit Line Guarantee Scheme. With the proposed extension of the restructuring scheme, the reported gross NPA for the segment is, therefore, unlikely to see much of an increase vis-A-vis March 2020 levels. Subha Sri Narayanan, Director, CRISIL Ratings, said, "While the RBI measures will cushion the rise in NPAs, implementation is key, as are individual banks' policies on extending these relaxations to customers. For corporate loans, given the requirements of participation by lenders having 75% of exposure by value and 60% by number, and independent credit assessment by a credit rating agency, as well as the stringent timelines for invocation and implementation, we are likely to see banks being selective in extending restructuring. On the retail side, banks could follow different paths, with the well-capitalised ones choosing to recognise more of the stressed loans as NPAs rather than restructuring these." Factors such as prescribed eligibility criteria, additional provisioning requirements, and capping of restructuring tenures are expected to play a role in limiting the extent of restructured assets. Nevertheless, slippages to NPA in small and mid-size corporate loan accounts this fiscal should be well be low what was envisaged earlier. --IANS sn/ptr

Loan restructuring to stem runaway rise in NPAs this fiscal

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://www.scmp.com/news/china/diplomacy-defence/article/1937437/chinas-president-xi-steps-out-new-military-title-and?utm_source=The+Sinocism+China+Newsletter&amp;utm_campaign=03d6fc0e16-Sinocism04_20_164_20_2016&amp;utm_medium=email&amp;utm_term=0_171f237867-03d6fc0e16-29652241&amp;mc_cid=03d6fc0e16&amp;mc_eid=f4df4b6d0d">SCMP File Photo</a>Xi Jinping wears a camouflage uniform at the PLA's new joint operation command.</div></div></div>China's military underwent a major restructuring last year in a bid to prepare its military for conflict, the Pentagon said in its latest annual assessment of the Communist Party-controlled People's Liberation Army (PLA).The armed forces were reformed with new military regions, a new command structure, and updated strategies to better fight regional, high technology warfare, the <a href="http://freebeacon.com/wp-content/uploads/2016/05/2016-China-Military-Power-Report_FINAL_for-web.pdf" target="_blank">145-page report</a> to Congress says."These reforms aim to strengthen the Chinese Communist Party's (CCP) control over the military, enhance the PLA's ability to conduct joint operations, and improve its ability to fight short-duration, high-intensity regional conflicts at greater distances from the Chinese mainland," the report said.Abraham Denmark, deputy assistant <keyword id="6354810" type="ORGANIZATION" weightage="100" keywordseo="Defense">defense</keyword> secretary for East Asia, told reporters the military reforms "are intended to enhance the PLA's ability to conduct joint operations by replacing the old military regions with new geographic commands.""Our approach focuses on reducing risk, expanding common ground, and maintaining our military superiority," Denmark said.As part of its military strategy, China continued to expand its building of new islands in the South China Sea where military forces can be used to control the strategic waterway linking the Indian and Pacific Oceans.From some of the 3,200 acres of new islands, "China will be able to use them as persistent civil-military bases to enhance its long-term presence in the South China Sea significantly," the report said.China also is asserting sovereignty over Japan's Senkaku Islands in the East China Sea.Beijing has been careful to avoid a confrontation with the United States over the maritime disputes and used "coercive tactics short of armed conflict" in pressing its policies, the report said.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters</div></div></div>The PLA continued a major build up of military forces across the range of weapons and troops, including large numbers of new missiles, warships, aircraft, along with cyber warfare capabilities and space weaponry.The report said among the challenges for the Chinese military is widespread corruption that ensnared more than 40 senior PLA officers in illegal activities since 2012, including the PLA's most senior officer.Chinese leader Xi Jinping has told the PLA to prepare to "fight and win" battles, and the Pentagon said the slogan is an indication Chinese leaders are concerned the military, which has not fought a war in more than 30 years, may not fare well in modern combat.The Chinese military restructuring was announced late last year when China set up five new regional "theaters" out of seven military regions and restructured its military command system and services.The separate nuclear and conventional missile service, Second Artillery Corps, was renamed the Rocket Force.A new Strategic Support Force was created that includes the military intelligence service, and space warfare and cyber warfare forces, key elements of China's asymmetric strategy aimed at defeating more advanced U.S. forces in a war.The report reveals that China is expanding its ability to conduct military operations far from Chinese territory. However, fighting a war over Taiwan remains the PLA's top priority.<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="US-China Economic and Security Review Commission" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5733653d52bcd01a008c23fa-960/screen shot 2016-05-11 at 12.57.12 pm.png"></a><a href="http://origin.www.uscc.gov/sites/default/files/Research/Staff%20Report_China%27s%20Expanding%20Ability%20to%20Conduct%20Conventional%20Missile%20Strikes%20on%20Guam.pdf">US-China Economic and Security Review Commission</a></div></div></div>"China is expanding its access to foreign ports to pre-position the necessary logistics support to regularize and sustain deployments in the 'far seas,' waters as distant as the Indian Ocean, Mediterranean Sea, and Atlantic Ocean," the report said.The report included detailed satellite photos of disputed South China Sea islands where military facilities are being built.Last year, China sped up island building in the Spratly Islands, claimed by China, Philippines, Taiwan, and other states in the region.In early October, island building was completed and the Chinese began building infrastructure including three 9,800-foot runways, communications, and surveillance gear.The construction indicates China "is attempting to bolster its de facto control by improving military and civilian infrastructure in the South China Seas."The airfields, harbors, and resupply facilities will allow China to "detect and challenge" rival claimants to the island and increase the military capabilities available to China and short their deployment times.The report shows before-and-after pictures of seven disputed Spratly islands, including Fiery Cross Reef where a major buildup took place on 663 new acres of the island.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://freebeacon.com/wp-content/uploads/2016/05/2016-China-Military-Power-Report_FINAL_for-web.pdf">Department of Defense</a></div></div></div>China's missile buildup is one of the most prominent features of the PLA arsenal with new missiles and the addition of multiple warheads on both new and older systems.The report also revealed that China is planning a new long-range stealth bomber that would give Beijing a nuclear triad along with ground- and sea-based strategic missiles.China "is developing and testing several new classes and variants of offensive missiles, including a hypersonic glide vehicle; forming additional missile units; upgrading older missile systems; and developing methods to counter ballistic missile defenses," the report said.Several new attack and ballistic missile submarines also have been built and are continuing to be deployed.China is also building up its space warfare capabilities, and last year, it advanced work on an anti-satellite missile tested in July 2014.A section of the report on China's energy strategy reveals that China will remain heavily dependent on foreign oil. Sixty percent of its oil was imported in 2015, and by 2035, Beijing will be importing 80 percent of its oil.Energy supplies are vulnerable to disruption as some 83 percent of China's oil currently passes through the South China Sea and Strait of Malacca.Land pipelines are being built from Russia and Kazakhstan as part of efforts to maintain a supply chain that is less susceptible to disruption.The report described China's development of long-range precision attack capabilities as "extraordinarily rapid."Ten years ago China's military had a limited capability to strike targets beyond the 100-mile-wide Taiwan Strait. "Today, however, China is fielding an array of conventionally armed short-range ballistic missiles (SRBMs), as well as ground- and air-launched land-attack cruise missiles (LACMs), special operations forces (SOF), and cyber warfare capabilities to hold targets at risk throughout the region," the report said.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://freebeacon.com/wp-content/uploads/2016/05/2016-China-Military-Power-Report_FINAL_for-web.pdf">Department of Defense</a></div></div></div>"U.S. bases in Japan are in range of a growing number of Chinese [medium-range ballistic missiles] as well as a variety of [land-attack cruise missiles]," the report said, adding that Guam could be targeted by long-range cruise missiles on H-6K bombers that conducted the first flights into the Pacific last year.The DF-26 missile also was unveiled at a military parade and can conduct precision attacks on Guam, a major U.S. military hub and a key base for the Pentagon's pivot to Asia.Land-attack cruise missiles also are far more accurate and can strike enemy airbases, logistic centers, communications, and other ground-based infrastructure.In a future conflict, the PLA plans to attack supply centers and power projection capabilities that are used in coordinating transportation, communications, and logistics.China's military spending was estimated in the report to be greater than $180 billion but could be larger because of Chinese secrecy. The report estimates the budget will grow to $260 billion by 2020.The report contains a section explaining that the PLA remains a politicized "Party army" rather than a traditional national armed force.Chinese state media rejects the notion of an apolitical national army because Chinese leaders regard the Soviet Communist Party lack of control over the military as a key factor in the 1991 collapse of the Soviet Union.One new reform was creating a Political Work Department within the PLA to maintain party control. "The PLA's political work system is the primary means through which the CCP 'controls the gun' in accordance with Mao Zedong's famous dictum that 'political power grows out of the barrel of a gun,'" the report says.Control mechanisms include political commissars, a Party committee system, and Party investigative units.The Pentagon's policy, according to the report, seeks to "deepen practical cooperation" while managing differences, a policy that critics say has led to misunderstanding China's growing official animosity toward the United States.The solution offered in the report for dealing with the increasing Chinese military threat is to "monitor and adapt" to the buildup and encourage Beijing to end the secrecy of its strategy and arms buildup.The report made no mention of China's growing anti-American stance as reflected in both state-run media and official military writings.In 2013, China's Communist Party-affiliated newspaper Global Times published a detailed report on future nuclear attacks on the western United States showing how the strikes would kill 12 million Americans through blast and radiation.The Obama administration and Pentagon made no condemnation of the unprecedented nuclear threat. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/russia-victory-day-parade-vladimir-putin-military-2016-5">Here's the high-tech military equipment Russia could use against the world</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="1tOThlMzE6AthM8ud0GNys-1Q1ePXfC7" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Pentagon: China is restructuring itself for war

Ride-hailing major <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> has started to lay off 200 employees from its <keyword id="6362049" type="General" weightage="50" keywordseo="ola-cabs" source="Orion">Ola Cabs</keyword>, Ola Electric and <keyword id="7306214" type="General" weightage="50" keywordseo="ola-financial-services" source="Orion">Ola Financial Services</keyword> verticals as part of the "restructuring" exercise. The layoffs, which were first announced in September last year, happened across the teams. The company told IANS that it is "centralising operations and is undertaking a restructuring exercise to minimise redundancy and build a strong lateral structure that strengthens relevant roles and functions". The layoffs constitute 10 per cent of its 2,000-strong engineer workforce "as part of a larger restructuring exercise towards its electric dream". "Currently, the company has around 2,000 engineers and aims to increase its engineering talent pool to 5,000 over the next 18 months," according to the ride-hailing company. The Bhavish Aggarwal-run company has nearly 1,100 employees in its core ride-hailing business. Earlier, restructuring exercises impacted employees across product, marketing, sales, supply, tech, business, and operations verticals at the company, affecting nearly 500 employees that "were a result of restructuring in the cars and dash businesses". The ride-hailing major last year shut down its used vehicle business <keyword id="3295694" type="General" weightage="50" keywordseo="ola-cars" source="Orion">Ola Cars</keyword>, as well as its quick-commerce business, <keyword id="13052888" type="General" weightage="50" keywordseo="ola-dash" source="Orion">Ola Dash</keyword>, as the company shifted to focus on its electric two-wheeler and car verticals. Ola said it plans to hire 5,000 engineers as it doubles down on new engineering verticals and strengthens capabilities across the vehicle, cell, battery, manufacturing and autonomous streams. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/fugitive-diamantaire-mehul-choksi-buying-protection-by-bribing-antigua-officials-says-an-expos-on-blogger/articleshow/96956166.cms">Fugitive diamantaire Mehul Choksi buying protection by bribing Antigua officials, says an exposé on Blogger</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/oneplus-11-5g-launch-event-how-to-buy-event-tickets-price-benefits-and-more/articleshow/96956696.cms">OnePlus 11 5G launch event – how to buy event tickets, price, benefits, and more</a>

Layoffs begin at Ola, 200 employees to be impacted by restructuring exercise

<ul><li>The Group has seen an extraordinary creative transformation over the last four years.</li><li>It has been winning top honors at all the prestigious global creativity festivals including One Show, Clio, LIA, The Andys, D&amp;AD, Spikes and of course Cannes.</li><li>Now, the agency network has announced restructuring and key elevations. </li></ul><keyword id="7612871" type="UNKNOWN" weightage="20" keywordseo="FCB-group">FCB Group</keyword> India today announces the reorganization of its creative agencies in India, along with key elevations. In its ‘Never Finished’ pursuit of excellence, the Group announces organizational restructuring with three full-service agency brands in India – <keyword id="315469" type="COMPANY" weightage="20" keywordseo="FCB-Ulka">FCB Ulka</keyword>, <keyword id="3361020" type="PERSON" weightage="20" keywordseo="FCB-Interface">FCB Interface</keyword>, and FCB India. These three agencies will be a part of FCB Group India. “It is imperative for us now, more than ever before, to be able to provide our clients with the strategic direction and creativity they need to navigate the new world we live in today. Our new structure allows for our best people to provide focused and dedicated partnership to our clients; to bring the disruptive creativity, agility, and fluidity that is required today to transform our clients’ businesses and create unmissable brands” said <keyword id="268920" type="PERSON" weightage="20" keywordseo="Rohit-Ohri">Rohit Ohri</keyword>, Chairman &amp; CEO, FCB Group India. Speaking on the occasion, Rohit Ohri, Chairman &amp; CEO, FCB Group India, said, "Nitin, Swati, Robby, and Joe have been the pillars of the Group. The creative work that Swati and Robby have done over the last four years has made FCB Group India shine brightly on the global creativity firmament. Nitin and Joe have ensured that our creativity was a powerful economic multiplier for our clients. Together, they have scripted our creative transformation story." "I believe this new three creative agency structure sets up the Group perfectly to serve our clients better, with sharper focus on their business, and for accelerated growth as we look to our next 60 years in India. It signals the empowerment of our creative leaders and the building of sustainability in our creative transformation journey." Rohit added. FCB Group India has also appointed the next level of leadership for each of its agencies. The announcement will follow soon. With the new three creative agency structure, agency stalwarts Nitin Karkare, <keyword id="793905" type="PERSON" weightage="20" keywordseo="Swati-Bhattacharya">Swati Bhattacharya</keyword>, Robby Mathew, and Joe Thaliath will take on more prominent roles. One word that is most often used to describe Nitin is 'Mr. Dependable'. It is this trait that has helped him stay cool through 35 action-packed years in advertising. Starting as a management trainee at Ulka Advertising to becoming the Vice Chairman is indeed an extraordinary journey! Nitin is known to forge long-term partnerships, be it his clients, teams, colleagues, or associates. His worldview is driven by a strategic perspective and long-term solutions. His rich industry knowledge and deep insight into clients and their businesses set him apart as a truly inspirational leader. Swati Bhattacharya has recently been named to 'Adweek Creative 100' for 2021! A recognition that does FCB and India proud. Swati is a humanist. Her work finds wonder and awe in the joys and beauty of human existence, its challenges, and its tragedies. It draws from human culture and the life stance that brands can only find relevance if they inspire hope and enrich people's lives. In 2016 she became India's first woman CCO when she joined FCB Ulka. Under her leadership, FCB has won more than 120 awards at prestigious award festivals like One Show, Cannes, Clio, D&amp;AD, Kyoorius, etc. While she stays married to advertising, she periodically makes short films. Despite having an MBA degree, Robby's urge to look at things differently and his out-of-the-box thinking led him to a career not just in Advertising but also in Creative. With over two decades at FCB Interface, Robby drives the agency's creative agenda with a fervent passion. A man of extraordinarily high standards, Robby has created some of the agency's most memorable campaigns for brands like Mahindra, Oreo, Bluestar, and Agrotech Foods. Robby's ability to appreciate the clients' business problems and leverage powerful creative ideas to solve them makes him an exceptional creative leader. A retail pioneer and entrepreneur, Joe started his advertising career with FCB Ulka in Cochin. After a successful stint in Cochin, he came to Mumbai and led many different businesses before becoming the CEO of FCB Interface. Through his 30 odd years with the Group, Joe has worked on global and Indian mega brands across the automotive, FMCG, publishing, media, and telecom sectors. Known for his easy, affable style, Joe believes that good creative is like chess, and you need the right strategy to win.

FCB Group India announces organisational restructuring and key elevations

Global banking major <keyword id="44473" type="General" weightage="20" keywordseo="citigroup" source="Orion">Citigroup</keyword> will reduce 10 per cent of its workforce, or about 20,000 employees, in the next two years in a major <keyword id="6354411" type="General" weightage="20" keywordseo="corporate" source="Orion">corporate</keyword> overhaul. About 20,000 employees will be let go over the "medium term", Citigroup said after presenting <keyword id="526289" type="General" weightage="20" keywordseo="fourth-quarter-earnings" source="Orion">fourth-quarter earnings</keyword> late on Friday. Citigroup CEO Jane Fraser hailed 2024 as a "turning point" for the US banking group, reports CNBC. Citigroup had roughly 200,000 workers at the end of 2023, excluding Mexican operations. The bank posted a $1.8 billion loss for the fourth quarter, after recording $3.8 billion in <keyword id="6438428" type="General" weightage="20" keywordseo="restructuring" source="Orion">restructuring</keyword>, retreat from Russia and exposure to Argentina. "While the fourth quarter was very disappointing due to the impact of notable items, we made substantial progress simplifying Citi and executing our strategy in 2023," Fraser said. Fraser had announced "a sweeping overhaul of the third-largest US bank by assets" in September last year. This year, Citigroup expects to incur as much as $1 billion in severance and reorganisation costs. "Given how far we are down the path of our simplification and divestitures, 2024 will be a turning point," said Citigroup CEO. The company has earlier executed several waves of <keyword id="6357067" type="General" weightage="20" keywordseo="layoffs" source="Orion">layoffs</keyword>, beginning with the top layers of the bank, with another round of cuts set for January 22, according to reports.

Citigroup to cut 20,000 jobs in big corporate overhaul

New Delhi, Dec 5 () Undersea cable firm Global Cloud Xchange, formerly a Reliance Communications' arm, on Thursday said a US court has approved its restructuring plan, clearing the way for completion of bankruptcy proceeding and becoming an independent firm. 
"Global Cloud Xchange announced that the United States Bankruptcy Court for the District of Delaware has confirmed the Company's Plan of Reorganization, clearing the way for GCX to successfully complete its Chapter 11 financial restructuring," GCX said in statement.
 According to the restructuring plan, the company faced uncertainty relating to the refinancing of the USD 350 million Senior Secured Notes and RCom has not been meeting its obligations resulting in RCOM owing GCX and its subsidiaries approximately USD 145 million. 
 Debt-ridden RCom is currently going through insolvency proceedings in India.
 "Upon its emergence from Chapter 11 following regulatory approval, GCX will be an independent company backed by the strong ownership of its existing senior secured noteholders. The Company will have reduced its debt by USD 150 million and gained access to new working capital to further its strategic plan for the benefit of its employees, customers and business partners," GCX said.
 Under the reorganisation plan, the consenting senior secured noteholders will carry only a proportion of their USD 366 million debt into a USD 200 million second lien facility, reducing their headline debt by over USD 150 million, GCX said.
 Further, the reorganisation plan will provide liquidity to GCX to meet its capital requirement to run the business, according to the reorganisation plan note of the company.
 GCX on September 15 announced that it has initiated a voluntary case under Chapter 11 of the United States Bankruptcy Code to effectuate the plan while continuing to serve its customers as usual. PRS MR

US court approves GCX restructuring plan

New Delhi, Nov 25 () Travel services firm Thomas Cook India on Monday said its corporate restructuring process has been completed after receiving approvals from the NCLT Mumbai and Bengaluru.
 "...the Composite Scheme of Arrangement and Amalgamation amongst TC Forex Services Ltd and Travel Corporation (India) Ltd and TC Travel Services Ltd and SOTC Travel Management Pvt Ltd and Thomas Cook (India) Ltd and Quess Corp Ltd and their respective shareholders has become effective today," the company said in a filing to the BSE.
 The appointed date, from which the scheme will take effect, is April 1 next year, it added.
 "Post approval of NCLT Mumbai and Bengaluru on Oct 10, 2019, and Nov 7, 2019, respectively, the board has announced the completion of the demerger of Human Resource Services Business of Thomas Cook (India) Ltd into Quess Corp Ltd on a going concern basis," said Thomas Cook (India) Chairman and Managing Director Madhavan Menon.
 With this restructuring now completed, "we are confident that the new simplified group structure will further enable both Thomas Cook India and Quess to grow independently and consolidate their positions in their segments with far greater clarity of focus from an industry and growth and opportunity point of view -- for investors, management and teams," he added.
 The board also took on record the amalgamation of residual Travel Corporation (India) Ltd, TC Travel Services Ltd and TC Forex Services Ltd with the company with effect from Monday, Thomas Cook India said.
 Shares of Thomas Cook India Ltd closed at Rs 153.10 per scrip on the BSE, up 1.69 per cent from its previous close. AKT HRS

Thomas Cook India completes corporate restructuring

Evercore; Perella Weinberg Partners; Moelis; Lazard; Samantha Lee/Business InsiderWhile the true rush of restructurings and reorganizations is yet to come, many of the top restructuring investment bankers have already been swamped with calls.<ul class="summary-list"><li>The US is facing an unprecedented wave of corporate distress from the Covid-19 pandemic. </li><li>A $2.2 trillion stimulus package will help slow the bleeding for some, but many will still wind up in default. </li><li>While the true rush of restructurings and reorganizations is yet to come, many restructuring investment bankers have already been swamped with calls.</li><li>Business Insider is compiling a list of top bankers who will help navigate corporate defaults, restructurings, and bankruptcies.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Click here for more BI Prime stories</a>.</li></ul>In the coming months, the US is about to be leveled with an unprecedented wave of corporate distress. As the coronavirus pandemic wreaked havoc across the country last month, shutting down industries and confining consumers to their homes, companies scrambled for cash to cope with the loss of business.Corporations drew down nearly $200 billion in revolving credit lines in March, according to research by Goldman Sachs. While the $2.2 trillion stimulus package passed by lawmakers - which includes $350 billion in loans to small businesses and $500 billion in aid to corporations - will help slow the bleeding for some, many will still wind up in default and unable to pay their debts. Credit strategists at UBS recently said that <a href="https://www.businessinsider.com/coronavirus-crisis-corporate-debt-distressed-industries-defaults-ratings-downgrades-ubs-2020-3">more than $1 trillion in corporate debt</a> may be distressed, and ratings <a href="https://www.wsj.com/articles/corporate-bond-downgrades-grow-as-coronavirus-spreads-11585849497">agencies downgraded $560 billion</a> worth of investment-grade bonds last month. The investment bankers who thrive during crises and recessions are about to take center stage. When companies find their balance sheets in disarray, <a href="https://www.businessinsider.com/shadow-lenders-playing-wait-and-see-game-on-restructuring-experts-2019-10">restructuring bankers are hired to clean up the mess</a> and clear a path toward viable operations. While the true rush of restructurings and reorganizations is yet to come, many of the top investment bankers in this arena have <a href="https://www.businessinsider.com/restructuring-banker-advice-to-distressed-firms-amid-coronavirus-crash-2020-3">already been swamped with calls</a> as companies grapple with how to stay solvent. Business Insider is compiling a list of the top restructuring investment bankers in the US. In putting together this group, we scoured industry league tables and spoke with bankers and executive recruiters that know the industry best.Bulge-bracket banks, which help advise on raising and issuing debt and thus don't typically provide companies with restructuring advice, weren't considered, nor were turnaround consulting firms that specialize in retooling operations at distressed firms. All of the bankers on this list have decades of experience to their name, meaning they've soldiered through multiple recessions. Some helped navigate some of the biggest and messiest bankruptcies and restructurings of the financial collapse in 2008 - Lehman Brothers, AIG, General Motors, and Chrysler.In short, there's very little they haven't seen.But the crisis unfolding in 2020 is new to everyone - even the most veteran execs on Wall Street. The coronavirus will likely accelerate work on energy companies and retailers that were already seeing weakness, restructuring <a href="https://www.businessinsider.com/restructuring-lawyers-scramble-as-coronavirus-tanks-economy-2020-3">attorneys have told Business Insider</a>. But the current situation, where healthy businesses have seen their cash flow evaporate overnight and a return to normalcy can't be predicted, is a new frontier. "In my whole career, I've never been asked to review a financial model that says what happens if there's zero revenue. And frankly, I have never even thought about that concept," said Michael Kramer, the founder and CEO of Ducera Partners, a restructuring boutique. Projecting scenarios where a company sees a 20% or 30% decline revenues? De rigueur. But a 100% falloff? "That's what were dealing with now," said Kramer, who's been a restructuring investment banker for three decades. The revenues will come back, for some - but the question remains as to when, and what the financial cost will be in the interim.Here is Business Insider's list of the top US restructuring bankers, who will help manage the corporate defaults, restructurings, and bankruptcies of the coronavirus crisis. Note: The list is sorted alphabetically by company name. <a href="https://store.businessinsider.com/products/banking-briefing-subscription?itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=wallstreet&amp;itm_campaign=banking-briefing-subscription-2"></a>

POWER PLAYERS: Meet 20 Wall Street restructuring bankers who will navigate the defaults and bankruptcies of the coronavirus crisis

New Delhi, Jul 6 () Punjab National Bank Managing Director S S Mallikarjuna Rao on Monday expressed hope that the Reserve Bank will unveil by October its loan restructuring mechanism for some sectors severely hit by the COVID-19 pandemic. Rao also said that the normalcy is still too far which is making it difficult to assess the situation of companies in terms of cash-flows. "We have requested RBI to permit restructuring. Bankers together have requested, through Indian Banks' Association (IBA), to RBI that you need to look at a one-time restructuring in all these accounts so that bankers will undertake the restructuring properly by analysing the cash flow. However, the account should not become NPA," he said during a webinar organised by CII. Citing an example of the US Federal Reserve, Rao said, the Fed has decided to directly lend corporates with two years' installment moratorium and one-year interest moratorium, besides offering longer durations for repayment. It, he stressed, indicates normalcy restoration by some of the industries is going to take longer. As per norms, Rao said, an account is treated as an NPA (non-performing asset) if it is restructured and provisions have to me made accordingly. Therefore, banks through IBA have requested the RBI for forbearance with regard to restructuring norms. "I believe in the recent board meeting they (RBI) have discussed. However, things may come out after some time. We can wait and see because as on today still we are unable to assess the cash flow of any unit because they have not come to normalcy. "So probably in the month of September and October you will have a better visibility in understanding about the cash flow, by which time, I am expecting that some decision in this regard could come from RBI," he said. The Reserve Bank in its 583rd board meeting on June 26 discussed current macroeconomic situation and evolving challenges being posed by the COVID-19 pandemic. In February, the RBI decided to extend the benefit of one-time restructuring without an asset classification downgrade to standard accounts of GST-registered micro, small and medium enterprises (MSMEs) that were in default as on January 1, 2020, in line with the Budget announcement. "More than five lakh MSMEs have benefitted from restructuring of debt permitted by the RBI in the last year. The restructuring window was to end on March 31, 2020. The government has asked the RBI to consider extending this window till March 31, 2021," Finance Minister Nirmala Sitharaman had said in the Budget Speech. Last month, the finance minister said the government is in talks with the RBI for a one-time restructuring of loans to help stressed companies. In 2008 also, when the world was hit by the global financial crisis, the RBI had announced a one-time loan restructuring for several sectors to help them tide over the economic woes. However, the benefit was misused by many corporate borrowers and banks, compelling the regulator to tighten the rules in 2015. The RBI also initiated asset quality review in December 2015 to put an end to the concept of evergreening of accounts to keep them standard and avoid provisioning. Subsequently, one-day default norm was introduced and resolution of default cases are now dealt as per the Insolvency and Bankruptcy Code (IBC). DP MKJ MKJ

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