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Restructuring

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BUSINESS
May 22, 2012 | By Tiffany Hsu
General Mills Inc. will get rid of 850 jobs in an attempt to cut costs and boost productivity as items such as Cheerios cereal, Progresso soups and Hamburger Helper become costlier to make. The downsizing will affect 2.4% of the Minneapolis company's workforce of 35,000 people. Including employee severance, General Mills expects $109 million in pretax restructuring charges. Of that, $94 million will be recorded in the fourth quarter, which ends May 27. The company said the restructuring effort is meant to help “improve organizational effectiveness and focus on key growth strategies.” General Mills spokeswoman Kristie Foster said that the timing of the layoffs will vary, but that “most individual decisions will be communicated in the coming weeks.” About half of the cuts will come from the Minneapolis headquarters; across the company, administrative and support positions will be most affected.
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ENTERTAINMENT
March 28, 2014 | By Jon Christensen
When people say that Los Angeles is hard to read, as they often do, they're usually not talking about books. They're talking about the city itself or rather the megalopolis, made up of dozens of cities. It is this sprawling, tangled, confusing, seemingly homogenous but in fact diverse, mixed-up urban and suburban landscape that people describe as illegible. Edward Soja, a geographer at UCLA, has spent much of his long career trying to read Los Angeles. Along the way, he developed innovative and sometimes controversial theories of urbanization and became a founder of a dynamic "L.A.
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BUSINESS
July 13, 2012 | By Michael Oneal and Jim Puzzanghera
The federal judge in Tribune Co.'s long-running bankruptcy case said in a memorandum Friday that he would approve a reorganization plan proposed by the company and its largest creditors, overruling objections brought by numerous parties. Approval of the plan would begin the process of allowing the company -- parent of the Los Angeles Times and KTLA-TV Channel 5, among others -- to exit bankruptcy after 3 1/2 years. Tribune's plan would transfer ownership of the company to a group of hedge funds and banks.
BUSINESS
February 14, 2014 | By Shan Li
Occidental Petroleum is ending a nearly century-long run as a storied Los Angeles energy company and moving its headquarters to Houston as part of a corporate overhaul. The nation's fourth-largest oil firm also announced plans Friday to spin off its California assets into a separate publicly traded company based in the Southland. Occidental will continue to employ about 8,000 employees and contractors in the state. The company's split signals the end of an era for Occidental, which was founded in 1920 and led for many years by oil industry legend Armand Hammer.
BUSINESS
March 5, 2012 | By Jessica Guynn
He has only been on the job for two months, but Yahoo's new chief executive, Scott Thompson, is already preparing a bold attempt to turn around the struggling Internet company. Thompson is weighing a significant restructuring of Yahoo that could include thousands of layoffs, according to technology blog All Things D . The moves, the first major ones from the former PayPal president, could be announced as early as this month, Kara Swisher reported, citing anonymous sources.
BUSINESS
October 28, 1986
The company, a restaurant and hotel concern, said it is considering the action to head off a potential takeover threat. Restructuring may include the spinoff or sale of one or more of its units, or a stock buyback or other recapitalization, a spokesman said. Transworld made the announcement after it learned that entities associated with Ronald O. Perelman, chairman of Revlon Group, had acquired 15% of Transworld.
BUSINESS
January 19, 1987
The agreement with its lending banks and holders of certain short-term debt securities of Western Union Telegraph Co., its main subsidiary, will allow the company to recapitalize and receive a $250-million investment by Pacific Asset Holdings L. P. and MDC Holdings. Once the restructuring is complete, the banks will accept as full payment cash or cash and common stock of Western Union equal to 68% or 75% of the principal amount of their loans, which currently total $273 million.
BUSINESS
June 12, 1986 | ROBERT E. DALLOS, Times Staff Writer
Union Pacific said Wednesday that it has undertaken a "major restructuring" of the railroad and energy company that will include an extraordinary second-quarter charge of $1.7 billion and result in a loss for the year. In the announcement, William S. Cook, the company's chairman, president and chief executive, said Union Pacific also plans to repurchase $750 million worth of its common shares, or as many as 15 million shares. The company, which has already repurchased 8.
BUSINESS
July 3, 1985 | MICHAEL ABRAMOWITZ, The Washington Post
Although bank officials stressed that there was no danger to depositors' money, it didn't stop thousands of nervous Rhode Islanders from lining up outside branches of Commercial Credit Bank around the state last week to reclaim their savings. With dire news about thrift crises in Ohio and Maryland just months old, Rhode Island depositors were worried about new reports that the bank's parent company--Commercial Credit Corp.
BUSINESS
June 18, 1991
Lee Panavision International Inc., which owns the Panavision camera-equipment company in Tarzana, said it reached agreement with its 17-member bank group on a restructuring of its debt. The privately held New York-based company did not release details about the size of the debt or the restructuring terms. However, the debt was largely incurred in 1987-88, when Panavision changed owners twice. In late 1988, a group led by the investment bankers E. M. Warburg, Pincus & Co.
BUSINESS
February 6, 2014 | By Andrea Chang and Daniel Miller
Sony Corp., a struggling electronics maker trying to regain its once stalwart status, is undertaking a major restructuring that includes the sale of its PC division, a spinoff of its TV business and layoffs of thousands of employees. The Japanese tech giant said Thursday that it had decided to shed its Vaio personal computer brand after a "comprehensive analysis of factors, including the drastic changes in the global PC industry. " It is in talks to sell Vaio to Japan Industrial Partners Inc., a Japanese investment fund.
BUSINESS
December 12, 2013 | By W.J. Hennigan
Aerospace giant Boeing Co. announced that it would reduce its workforce in Southern California by 200 to 300 people who are part of its research and development unit. The reductions, which will affect employees in the company's commercial, defense and space units, are set to begin during the first quarter of 2014 and expected to be completed by the end of 2015. Boeing has about 700 employees in the R&D unit spread across Long Beach, Seal Beach, Huntington Beach and El Segundo.
BUSINESS
November 20, 2013 | By Walter Hamilton
Tribune Co., the parent of the Los Angeles Times, unveiled a restructuring plan that will slash nearly 700 jobs over the next year. The 6% staff reduction will come primarily from the company's newspaper unit but will largely involve operations personnel rather than reporters and editors at its eight daily papers, Peter Liguori, Tribune's chief executive, said in an interview Wednesday. The restructuring is intended to help Tribune withstand the continuing decline in print advertising, which traditionally has been the lifeblood of the newspaper industry.
BUSINESS
September 10, 2013 | Michael Hiltzik
With the Oct. 1 rollout of a major facet of the Affordable Care Act on the horizon, you'll be hearing a lot about the glitches, loopholes and shortcomings of this most important restructuring of America's healthcare system in our lifetimes. Here are a couple of things to keep in mind: First, the vast majority of these issues result from one crucial compromise made in the drafting of the 2010 law, ostensibly to ease its passage through Congress. That was to leave the system in the hands of private health insurance companies.
BUSINESS
July 31, 2013 | By W.J. Hennigan
European aerospace giant EADS announced plans rename itself Wednesday to Airbus Group as part of a major restructuring of its business. The changes are planned to start at the beginning of next year and are set to be completed in the second half of 2014, the company said. The new name reflects EADS' most recognizable business unit, which is passenger jet manufacturer Airbus. The firm's planes are flown by airlines across the globe. "The renaming simply gathers the entire company under the best brand we have, one that stands for internationalization, innovation and integration -- and also for some two-thirds of our revenues,” Chief Executive Tom Enders said.
CALIFORNIA | LOCAL
July 4, 2013 | By Dan Weikel
Without a proposed $2.2-billion bond sale to refinance its debt, a major Orange County tollway could eventually default on its bond payments, according to a report released Wednesday. The analysis by the state treasurer's office supports plans by the Transportation Corridor Agencies to restructure the debt at lower interest on the Foothill-Eastern toll road, which is failing to live up to ridership and revenue projections. "We are pleased with the outcome of the study," said Lisa Telles, communications director for the corridor agency.
BUSINESS
October 22, 1986 | From Reuters
Corporate raider Carl C. Icahn and USX Corp. officials are holding preliminary discussions on the New York financier's takeover bid and the company's restructuring proposals, USX said Tuesday. Meanwhile, USX Chairman David M. Roderick said a report initially expected today will be presented to USX officials "shortly" by the investment banking firms of Goldman, Sachs & Co. and First Boston Corp. on restructuring alternatives.
SPORTS
June 11, 2013 | Staff and Wire reports
Vonta Leach was released Tuesday by the Baltimore Ravens, who failed to agree on a restructured contract with the All-Pro fullback. Leach was an integral part of a running game that helped the Ravens become Super Bowl champions last season. Paving the way for standout halfback Ray Rice, Leach made the Pro Bowl in each of his two seasons with Baltimore and was a key figure in the locker room. After negotiations reached a standstill, both sides agreed it would be best to terminate Leach's contract.
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