All posts tagged: Restructures

Indian carrier SpiceJet restructures dues to Carlyle Aviation

Published by Parlour News

Sep 06, 2024 10:15 PM IST SpiceJet on Friday said it will convert about $97 million of its dues to the commercial aviation investment and servicing arm of Carlyle Group. India’s SpiceJet on Friday said it will convert about $97 million of its dues to the commercial aviation investment and servicing arm of Carlyle Group into equity and debentures. A SpiceJet passenger Boeing 737-800 aircraft (Representational photo)(Reuters) The restructuring plan comes as the budget airline has struggled to fully restore operations despite multiple fundraises over the last year. Late last month, the country’s aviation watchdog placed SpiceJet under enhanced surveillance after a recent audit revealed “certain deficiencies”. The carrier on Friday said it entered into an agreement with Carlyle Aviation Management to restructure certain aircraft lease obligations of about $137.68 million, as of June 30, which upon settlement or waivers will be adjusted to $97.51 million. SpiceJet said it will issue shares worth $30 million to Carlyle, and also transfer $20 million worth of compulsorily converted debentures of SpiceXpress, a separate airline cargo company owned …

BBC India Restructures Business After Centre Tweaks FDI Rules

Published by Webster

The BBC has handed over its newsroom publishing licence in India to a private limited company, Collective Newsroom – a first for the public service broadcaster’s global operations anywhere in the world. The move comes a year after searches at its offices by the Income Tax department. Collective Newsroom, founded by four former BBC employees, will commence its operations from April 10. A wholly India-based company, it will produce content for the BBC’s digital services in English, Hindi, Gujarati, Marathi, Punjabi, Tamil, and Telugu.  As per the Ministry of Corporate Affairs (MCA), Collective Newsroom Private Limited was incorporated on October 27 last year. “We are not exclusively signed up with the BBC. The BBC is our first client. We have a production agreement with the BBC, and we will be producing content for the BBC across its six different language services and India’s English YouTube channel,” Rupa Jha, Chief Executive Officer of the Collective Newsroom, told NDTV. “We will keep the BBC Editorial Guidelines in mind when producing content for them, such as the kind …

Months after income tax raids, BBC restructures India operations

Published by Webster

British Broadcasting Corporation or BBC has announced the restructuring of its operations in India to comply with the country`s foreign investment rules. The company announced on Tuesday that four employees will leave the BBC to form a wholly Indian-owned company, Collective Newsroom, containing the BBC`s six Indian language services. The broadcaster`s English language newsgathering operation in India will remain with the BBC, a news report published on the BBC website said. BBC offices in India were searched in February this year as part of an investigation by income tax authorities. The searches in New Delhi and Mumbai came weeks after the broadcaster aired a documentary in the UK critical of India’s Prime Minister Narendra Modi. Foreign funding for digital news companies based in India was capped at 26 per cent under new regulatory requirements, the report said. “The change effectively means any company publishing digital news content in the country must be majority-owned by Indian nationals.” Rupa Jha, currently the head of India at the BBC, will lead Collective Newsroom alongside Mukesh Sharma, Sanjoy Majumder …

BBC India Restructures For New Entity To Comply With Foreign Investment FDI Rules

Published by Webster

BBC premises in India faced “surveys” by tax authorities over alleged FDI violations earlier this year London: Four BBC staff members on Tuesday announced plans to leave the organisation and form a new entity in India named Collective Newsroom, which will provide services “as commissioned by the BBC” and in compliance with the country’s foreign direct investment (FDI) rules. According to a statement from the UK-based public service broadcaster, Collective Newsroom has been established as an Indian company that is wholly owned by Indian citizens. It replaces BBC World Service India to continue to provide language-based content. The move follows the British Broadcasting Corporation (BBC) premises in India facing “surveys” by tax authorities and an ensuing investigation by the Enforcement Directorate (ED) over alleged FDI violations earlier this year. “The establishment of Collective Newsroom Private Limited ensures the BBC and Collective Newsroom can meet their shared commitment to Indian audiences and cover stories on India that matter to global audiences. It is in compliance with the Indian Foreign Direct Investment law,” reads the BBC statement. …

Black Adam 2 No Longer Moving Forward, as James Gunn Restructures DC Universe

Published by Webster

Black Adam is no longer getting a sequel at DC Studios. In a statement posted on Twitter, lead Dwayne Johnson confirmed that after having spoken to the new company co-CEO James Gunn, it was decided that “Black Adam will not be in the first chapter of [DC Universe’s] storytelling.” That said, the 50-year-old actor and DC will continue exploring the “most valuable ways” to utilise Black Adam in future “multiverse chapters.” Gunn also responded to the tweet, hoping to see what Johnson’s Seven Bucks Productions have in store, further down the line for the revamped DC universe. DC Studios is currently undergoing a massive restructuring, which involves a full “reset”, charting out the next 10 years for the comic book universe. Akin to the Marvel Cinematic Universe, Warner Bros. Discovery CEO David Zaslav wants its superheroes’ arcs to interconnect and create a coherent storyline that builds to a dramatic conclusion, presumably with plans for a new Justice League movie. Amid the shake-up, multiple projects were cancelled over the past couple of weeks, starting with Patty …