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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
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
September 10, 1992 | JONATHAN WEBER, TIMES STAFF WRITER
Apple Computer on Wednesday said it would close its only factory in the Silicon Valley area and lay off 345 employees as part of a worldwide reorganization of its manufacturing and distribution operations. The unexpected shuttering of the facility in Fremont, Calif.--which Apple had touted just two years ago as a showpiece of automated production--is the latest setback for recession-ravaged Silicon Valley.
BUSINESS
July 28, 2009 | Meg James
One of Hollywood's juiciest television dramas came to a close Monday when NBC Entertainment chief Ben Silverman said he was leaving the network after two tumultuous years. In the end, NBC Universal Chief Executive Jeff Zucker's big gamble to hand over the keys to NBC's storied legacy to an aggressive young television producer who vowed to revolutionize the network backfired.
BUSINESS
May 5, 2009 | Ken Bensinger
Chrysler's woes could turn out to be a blessing for General Motors Corp., paving a clearer path for the troubled company to avoid bankruptcy. With less than a month before its government-imposed deadline to restructure, GM is still attempting to reduce obligations to the United Auto Workers union and to holders of billions of dollars in the automaker's bonds.
ENTERTAINMENT
March 14, 2009 | PATRICK GOLDSTEIN
Like him or loathe him, Rupert Murdoch is the last of the great media swashbucklers, a throwback to the pirates, cutthroats and visionaries who used to run the business before it was engulfed and devoured by giant risk-averse corporate behemoths. The earthquake that rocked News Corp. this week was a typical Murdoch seismic event. As one of his top executives once told me: "Rupert is a gambler. He tolerates noble failure more than complacency."
BUSINESS
February 27, 2009 | Associated Press
Beleaguered insurer American International Group Inc. could be split into at least three separate government-controlled divisions in an effort to save the business, according to a report Thursday by the Financial Times. This week, reports surfaced that New York-based AIG might be asking for its fourth loan from the federal government just days before it is expected to report a fourth-quarter loss.
BUSINESS
February 25, 2009 | Meg James and Dawn C. Chmielewski
Media Mogul Rupert Murdoch has a knack for corporate chess. Now he's contemplating how to advance his pieces. Murdoch plans to use the exit of his longtime lieutenant, Peter Chernin, to assume more direct involvement in operations and shuffle management at News Corp., which is expected to trigger the departure of some ranking executives, according to people familiar with the matter who asked not to be identified because of its sensitivity. News Corp.
BUSINESS
February 18, 2009 | TIMES WIRE REPORTS
Smithfield Foods Inc. said it planned to cut 1,800 jobs and close six factories as part of a restructuring that comes amid an overall slump in the meat industry. The company plans to combine seven of its independent operating companies into three main units and close plants in six cities, including one in its hometown of Smithfield, Va., by December. The meat industry is slumping as companies such as Smithfield recover from volatile energy and commodity costs that reached record highs over the summer.
ENTERTAINMENT
November 24, 1985 | David T. Friendly \f7
Daily Variety called it "one of the shortest executive tenures in Hollywood history" and the hyperbole was justified. Less than three weeks after Dino De Laurentiis announced ex-Columbia V.P. Robert Lawrence's appointment as president of Embassy Pictures, a spokesman confirmed Lawrence's departure in the wake of "corporate restructuring."
BUSINESS
February 17, 2009 | Jim Puzzanghera and Martin Zimmerman
As General Motors Corp. and Chrysler race to submit plans today for assuring their long-term survival, President Obama's decision to have his top economic advisors bird-dog the auto industry bailout shows how high the stakes have become -- for Detroit, for Washington and for the nation's economy. With job losses escalating and the just-passed $787-billion economic stimulus bill only today being signed into law, the last thing the president or the economy needs is for one or more of the U.S.
BUSINESS
February 13, 2009 | Meg James
Sumner Redstone, under pressure to restructure his family company's $1.6 billion in debt, said Thursday that "substantial progress" had been made in talks with banks. "An agreement acceptable to all parties is now within reach," the 85-year-old Redstone said during a conference call to discuss Viacom Inc.'s quarterly earnings.
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