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Restructuring

BUSINESS
By Ian Johnson and Ian Johnson,New York Bureau | January 16, 1994
NEW YORK -- Conventional wisdom had it that Westinghouse Electric Corp. needed a good thrashing to bring it back into line. Divisions had to be sold, and quickly, while "fat" had to be "trimmed" and management bullwhipped into shape.The problem with that view is that it was wrong, at least according to the company's chairman and chief executive, Michael H. Jordan.Last week, while unveiling Westinghouse's second restructuring in 14 months, the 57-year-old former PepsiCo executive proved to be more of a discrete counselor for the company than the loud-mouthed drill sergeant favored by Wall Street's management mavens.
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BUSINESS
By New York Times News Service | November 2, 1994
Hershey Foods Corp. announced plans yesterday to streamline its North American chocolate and confection operations and eliminate 400 jobs as part of a restructuring.Hershey, based in Hershey, Pa., said its core chocolate and confectionery operations in the United States, Canada and Mexico would be consolidated into a single unit to be named Hershey Chocolate North America.Michael F. Pasquale, president of Hershey Chocolate USA, will head the new unit. The company plans to take a pretax charge of $120 million to $130 million in its fourth quarter to cover the costs of the consolidation.
BUSINESS
By ALLISON CONNOLLY and ALLISON CONNOLLY,SUN REPORTER | June 29, 2006
McCormick & Co. Inc. saw its second-quarter profit jump 44 percent, thanks largely to a $27 million tax gain from the restructuring of a joint venture. The Sparks-based spice maker reported yesterday that it earned $61.6 million, or 46 cents a share, during the three months that ended May 31, compared with $42.8 million, or 31 cents a share, a year earlier. Excluding the tax gain and other restructuring efforts that contributed 14 cents a share to earnings, the company earned 32 cents a share, beating the consensus forecast of analysts polled by Thomson Financial by 2 cents.
BUSINESS
By Peter H. Frank | March 2, 1991
On the heels of a record $610 million loss for the fourth quarter, the credit rating of USF&G Corp. was ratcheted down a notch yesterday by Standard & Poor's Corp., a New York-based rating agency.S&P said it made the move after concluding that the Baltimore-based company's restructuring plan resulted in a "serious deterioration of capital" that went beyond expectations. Nearly $250 million of outstanding debt was affected.USF&G announced Wednesday that it lost $610 million during the last three months of 1990 as it moved to rid itself of much of its real estate, "junk" bond and common stock holdings.
BUSINESS
By Ted Shelsby and Ted Shelsby,Sun Staff Writer | June 28, 1994
AAI Corp., the struggling Cockeysville-based defense arm of United Industrial Corp., announced a major restructuring yesterday aimed at reducing its operating costs and making the company more competitive in both its military and new commercial markets.In what has to be good news for an already nervous work force, the company estimated that the reorganization will eliminate only about 10 jobs. AAI, one of the fastest growing companies in Maryland during the defense buildup of the Reagan administration, has eliminated more than 2,000 jobs in recent years, including about 100 in the past two months.
BUSINESS
By Andrew Ratner and Andrew Ratner,SUN STAFF | May 1, 2001
William L. Schrader, co-founder of PSINet Inc., was one of the first to espouse in the 1980s that the lightning-speed of the Internet would someday revolutionize business communications. His prescience cut painfully close to home yesterday: Minutes after he resigned as chairman and chief executive officer of his ailing Northern Virginia company, his biography vanished from the corporate Web site. The company announced that Harry G. Hobbs will take over as CEO and join its board. Hobbs, a PSINet executive since 1997, was promoted to president six weeks ago after several executives resigned amid reports that the company was facing bankruptcy.
BUSINESS
By John Fairhall and Jay Hancock and John Fairhall and Jay Hancock,SUN STAFF | November 2, 1995
State Insurance Commissioner Dwight K. Bartlett III has chosen Coopers & Lybrand to calculate the value of five Blue Cross HMOs, an analysis that is critical to Blue Cross' restructuring plans.Mr. Bartlett said yesterday that he hopes Coopers & Lybrand, a national accounting and consulting firm, will complete its work in two months.Blue Cross and Blue Shield of Maryland officials said the timetable could enable them to file detailed restructuring plans with Mr. Bartlett in January.The General Assembly, which intends to make the final decision on those plans, would have time to consider them before adjourning in early April, said John A. Picciotto, Blue Cross general counsel and senior vice president.
BUSINESS
By Greg Garland and Greg Garland,SUN STAFF | April 5, 2000
The company that publishes the Frederick News-Post newspapers and runs a cable telecommunications and Internet subsidiary is exploring a restructuring that could include a change in ownership, company officials said yesterday. The Delaplaine and Randall families, which own the company, are talking with industry brokers about ways to reorganize the business, said Jake Tamse, company spokesman. Tamse said a reorganization does not necessarily mean that the Great Southern Printing and Manufacturing Co., which publishes the Frederick News-Post , and GS Communications, the cable and Internet subsidiary, will be sold.
BUSINESS
By Jim Puzzanghera and Martin Zimmerman and Jim Puzzanghera and Martin Zimmerman,Tribune Washington Bureau | December 19, 2008
WASHINGTON - The White House said yesterday that, instead of a financial bailout, it is considering a so-called prepackaged bankruptcy plan for General Motors and Chrysler, a move that many congressional Republicans favor but the automakers and some analysts say could lead to the companies' collapse. Bush administration officials, while still weighing their final set of options, were "very close" to a decision, White House spokeswoman Dana Perino said. The White House, hoping to shield the U.S. economy from more damage, pledged this month to help Detroit stay afloat after Congress deadlocked on a bailout.
BUSINESS
By Mark Ribbing and Mark Ribbing,SUN STAFF | September 25, 1998
In an effort to pull itself out of a financial slump, Manugistics Group Inc. said yesterday that it is restructuring its operations and laying off 80 workers.The Rockville company, which sells software that helps companies manage their inventories, said the moves will allow the firm to focus on key customers and cut costs.The company has 1,451 employees worldwide, 514 in Maryland. Company spokeswoman Charlotte Penner said about 50 of the layoffs will occur in Maryland."We need to adjust our expenses to be in line with our revenue stream," Penner said.
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