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Corporate Restructuring

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BUSINESS
August 19, 1990 | JAMES S. GRANELLI, TIMES STAFF WRITER
FarWest Savings had long been a good investment for the Belzberg brothers of Canada--Samuel, Hyman and William. Acquiring FarWest in 1974 gave the Belzbergs a foothold in the United States. Then, using the Newport Beach thrift and First City Financial Corp. Ltd. in Vancouver, Canada, they became among the most feared corporate raiders and takeover strategists on the U.S. scene during the 1980s. Often acting as greenmailers, their hostile bids made them millions of dollars. But today, their U.S.
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ENTERTAINMENT
September 20, 2013 | By Joe Flint
Salil Mehta, a former senior executive at NBCUniversal, has joined Twentieth Century Fox Film as president of content management. In that newly created role, Mehta will oversee content distribution for the studio's movie and television fare, paying particular attention to exploiting new distribution platforms. Mehta will also have oversight over Twentieth Century Fox's technology and engineering activities and be heavily involved in its anti-piracy efforts. “Salil possesses the perfect mix of problem-solving skills, leadership proficiency, technological savvy and collaborative expertise to play a critical role in guiding our content through the multi-faceted media world we operate in today," said Twentieth Century Fox Chairman and Chief Executive Jim Gianopulos, to whom Mehta reports.
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BUSINESS
March 20, 1996
Vans Inc. said Tuesday that it has agreed to settle a shareholders' lawsuit alleging securities violations. The footwear manufacturer also reported higher earnings and sales for the third quarter and nine months ended Feb. 24. The lawsuit, filed last June in federal court, sought class-action status to represent people who bought shares of Vans from June 27, 1994, to May 12, 1995.
ENTERTAINMENT
July 18, 2013 | By Joe Flint
Reality television savant Mike Darnell is joining Warner Bros. Television Group as president of unscripted and alternative television. Considered one of the pioneers of the reality genre, Darnell has been a free agent since May when he resigned from Fox Broadcasting after almost two decades there. He has played a key part in the success of both wholesome shows such as "American Idol" as well as "When Animals Attack," "My Big Fat Obnoxious Fiance" and more lowbrow fare. At Warner Bros., Darnell will be reunited with Peter Roth, a former top executive at Fox who is now president and chief content officer of the Warner Bros.
CALIFORNIA | LOCAL
February 20, 1996 | WARREN BENNIS, Warren Bennis is Distinguished University Professor of business administration at USC and the author of "On Becoming a Leader" (Addison-Wesley)
It is extremely likely that in the next decade the United States will experience a period of social unrest unequaled in this century. It will dwarf the protests of the late 1960s and early 1970s. The recent strikes and other demonstrations in France are a portent of what is to come for us. Several things lead me to this dreary prediction: % The growing disparity between the nation's rich and its poor.
BUSINESS
December 29, 1993 | JAMES M. GOMEZ, TIMES STAFF WRITER
Emulex Corp., a manufacturer of computer products, blamed a corporate restructuring--including the dismissal of 10% of its work force--for an anticipated second-quarter loss of $14 million to $16 million. In Tuesday's announcement, the company for the first time put a price tag on restructuring efforts it announced in October. "This is not really earth-shattering news," said company spokesman Chuck McBride. "We knew this was coming."
BUSINESS
September 30, 1994 | JAMES S. GRANELLI and HOPE HAMASHIGE, SPECIAL TO THE TIMES
Downey Savings & Loan, the last major thrift still operating under California authority, said Thursday it will create a holding company and convert its operations to a federal charter. Downey, with $3.9 billion in loans and other assets, expects to complete its new corporate structure by early next year, issuing shareholders stock in a new holding company called Downey Financial Corp. The charter conversion will leave only 11 thrifts still holding on to state charters.
BUSINESS
October 27, 1992 | MICHAEL PARRISH, TIMES STAFF WRITER
Ending an ill-fated diversification into retailing and energy exploration, Pacific Enterprises Corp., parent of Southern California Gas Co., confirmed Monday that it will cut its 300-person corporate staff by 90%. The troubled company had mentioned possible cuts in its headquarters staff in February, when it announced that it would sell off all non-utility operations. But the extent of the job cuts wasn't disclosed until Chief Executive Willis B.
BUSINESS
October 12, 2003 | Elizabeth Douglass, Times Staff Writer
Global Crossing Ltd., the telecommunications firm that symbolized the industry's rise, excess and ultimate collapse, may soon emerge as a battered survivor -- a feat few thought possible when the company sought bankruptcy protection nearly two years ago. The company could wrap up its Chapter 11 reorganization as early as this week, with one man being hailed as the tough-minded executive who made it possible: Chief Executive John J. Legere.
BUSINESS
June 17, 2009 | Dawn C. Chmielewski and David Sarno
MySpace is looking to do an about-face. The once-red-hot social networking site acquired three years ago by septuagenarian mogul Rupert Murdoch, which landed him on the cover of Wired magazine and won News Corp. praise for embracing the Internet ahead of its old-media rivals, has cooled considerably. New statistics released this week show MySpace has been surpassed by rival Facebook in the U.S. market, where it once dominated, and ad revenue for the site is projected to decline.
BUSINESS
January 22, 2010 | By Nathan Olivarez-Giles
Freedom Communications Inc., owner of the Orange County Register along with 89 other daily and weekly publications and eight TV stations, received court approval for a disclosure statement supporting its plan to emerge from Chapter 11 bankruptcy protection Thursday. The approval of the Irvine-based company's statement in a Delaware U.S. Bankruptcy Court gives Freedom the clearance to solicit votes on its reorganization plan from its creditors, the company said in a statement. A hearing to grant final approval to the reorganization plan has been set for March 9, the statement said.
BUSINESS
January 13, 2010 | Claudia Eller and Dawn C. Chmielewski
Continuing to clean house and put his own executive team in place, Walt Disney Studios Chairman Rich Ross has ousted the studio's production chief, Oren Aviv, and is expected to name a successor shortly. Ross had approached Erik Feig, the production and acquisitions chief at Summit Entertainment who was the executive behind that studio's "Twilight" franchise, about the position. But Feig, who is under contract to Summit, declined the opportunity, according to Summit Chief Executive Rob Friedman.
BUSINESS
December 16, 2009 | By Dana Hedgpeth
Fourteen days after taking the helm as chief executive of General Motors, Edward E. Whitacre Jr. said the giant automaker, which went through a major bankruptcy restructuring this year, plans to repay loans from the U.S. and Canadian governments by the end of June. In one of his first face-to-face meetings with reporters at the company's headquarters in Detroit, Whitacre talked about a variety of topics, including his visit to an auto plant last week in Flint, Mich., shuffling top managers and the company's strategy of improving its vehicles, sales and brand image.
BUSINESS
December 16, 2009 | Bloomberg News
Chrysler, now known as Old Carco, filed a reorganization plan that gives nothing back to the U.S. for its $4-billion loan under the Troubled Asset Relief Program while repaying some secured lenders in full. The rough outline of a Chapter 11 plan, filed Tuesday in Bankruptcy Court in New York, said creditors classified as "other secured claims" of $20.6 million will get an estimated 100% recovery. The recovery for unsecured claims is "undetermined." The plan winds down Chrysler's 25 units that remained in bankruptcy after the sale of its most valuable assets to Fiat, which was completed June 10. The company isn't operating any businesses, and the plan would liquidate all remaining assets.
BUSINESS
December 4, 2009 | By Peter Whoriskey
Three days after the ouster of Chief Executive Fritz Henderson, General Motors Chairman Edward E. Whitacre Jr. announced a deeper management shake-up at the automaker, naming new presidents for the company's North American, European and other international divisions. The moves come as GM attempts an ambitious comeback that began in Bankruptcy Court this spring. The government-owned company has dropped or sought to sell the Pontiac, Saturn, Saab and Hummer brands, closed hundreds of dealerships and laid off thousands of workers.
BUSINESS
November 23, 2009 | By Claudia Eller and Dawn Chmielewski
If you thought President Obama moved quickly, that's nothing compared with the first 50 days of the Ross administration. In less than eight weeks, Rich Ross has swiftly stamped his imprimatur on Walt Disney Studios. The novice movie chairman and his boss, Walt Disney Co. Chief Executive Bob Iger, want to create a new business model for Hollywood to address the sweeping changes that are roiling the entertainment industry, including slumping DVD sales and the growing role the Internet plays in movie marketing.
CALIFORNIA | LOCAL
March 9, 2006 | Carla Hall, Times Staff Writer
Barely a year after Johnnie L. Cochran Jr.'s death, major changes at his Los Angeles-based law firm have startled and angered many in the city's black community. Though Cochran became internationally famous for his successful defense of O.J. Simpson on murder charges in 1995, he previously made his reputation in legal circles and in the black community for taking on police abuse and civil rights cases.
BUSINESS
December 8, 1998 | Reuters
Samsung will swap its troubled car business for the debt-burdened electronics unit of rival Daewoo Motors as South Korea's conglomerates announced moves to shed scores of their units. Seeking to kick-start its sputtering corporate restructuring campaign, the government also said the family-run conglomerates, or chaebol, plan to raise $58 billion from investors or by selling assets. Samsung is the country's biggest electronics producer and the world's largest producer of memory chips.
BUSINESS
November 14, 2009 | Julie Johnsson and Michael Oneal
Signaling that infighting among creditors is bogging down reorganization efforts, Tribune Co. has asked a U.S. Bankruptcy Court in Delaware to give its management team until March 31 to craft a plan to exit Chapter 11 without interference from other parties. If all goes according to plan and the court agrees to extend management's "exclusivity" -- scheduled to expire at the end of this month -- Tribune will emerge from bankruptcy by May 31, 2010, according to court papers it filed Friday.
BUSINESS
November 13, 2009 | Dawn C. Chmielewski
A high-level executive reshuffling at the Walt Disney Co. on Thursday will give Chief Executive Robert A. Iger a deeper bench from which to choose a No. 2. The restructuring came in advance of the company's fourth-quarter earnings announcement. Disney reported an 18% bump in income, fueled by gains in the television group that helped offset a loss at the film studio and softness in the theme park business. As part of the management changes, Chief Financial Officer Tom Staggs will trade jobs at the end of the year with Parks and Resorts Chairman Jay Rasulo.
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